0001558370-21-005100 | 10-Q | XBRL Viewer

Financial Instruments and Fair Value Measurements

Investments

5. Investments

Available-For-Sale Investments

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

March 31, 2021

Gross Unrealized

Amortized Cost

Gains

(Losses)

Fair Value

Investments - debt securities:

U.S. Treasury Bills

93,969

(1)

93,973


	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

During the three months ended March 31, 2021 net realized gains from the sale of available-for-sale securities were less than $0.1 million, proceeds from the sale of available-for-sale securities were $1.2 million and purchases of available-for-sale securities were $85.0 million. During the three months ended March 31, 2020 net realized gains from the sale of available-for-sale securities were less than $0.1 million, proceeds from the sale of available-for-sale securities were $1.2 million and purchases of available-for sale securities were less than $49.9 million.

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


	March 31, 2021								December 31, 2020
	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:
U.S. Treasury Bills	$	9,999	$	1	$	—	$	—	$	—	$	—	$	—	$	—

As of March 31, 2021, the Company had de minimis unrealized losses related to U.S. Treasury Bills. As of December 31, 2020, the Company did not have unrealized losses related to investments – debt securities. As of March 31, 2021, the Company determined unrealized losses related to U.S. Treasury Bills were not due to credit impairment and did not record an allowance for credit losses related to available-for-sale debt securities. As of March 31, 2021, the Company did not intend to sell the investments with an unrealized loss and it is more likely than not that the Company will not be required to sell any of these securities prior to their anticipated recovery.

The amortized cost and estimated fair value of investments - debt securities classified as available-for-sale, by contractual maturity are shown in the following table.

Investments - Equity Securities

As of March 31, 2021 and December 31, 2020 investments - equity securities included $1.6 million and $2.6 million, respectively, of preferred stock investments recorded at fair value. During the three months ended March 31, 2021 and 2020, the Company recognized $1.0 million and $4.8 million, respectively of unrealized loss on investments related to equity securities still held as of March 31, 2021 and 2020, respectively. These amounts were included within investment income, net on the condensed consolidated statements of operations.

Investment Management Agreement

Mr. Bruce R. Berkowitz is the Chairman of the Company’s Board of Directors (the “Board”). He is the Manager of, and controls entities that own and control, Fairholme Holdings, LLC, which wholly owns Fairholme Capital

Management, L.L.C. (“FCM”), an investment advisor registered with the SEC. Mr. Berkowitz is the Chief Investment Officer of FCM, which has provided investment advisory services to the Company since April 2013. FCM does not receive any compensation for services as the Company’s investment advisor. As of March 31, 2021, clients of FCM, including Mr. Berkowitz, beneficially owned approximately 43.72% of the Company’s common stock. FCM and its client, The Fairholme Fund, (“Fairholme”) a series of investments originating from the Fairholme Funds, Inc., may be deemed affiliates of the Company.

Pursuant to the terms of an Investment Management Agreement, as amended, (the “Investment Management Agreement”) with the Company, FCM agreed to supervise and direct the investments of investment accounts established by the Company in accordance with the investment guidelines and restrictions approved by the Company. The investment guidelines are set forth in the Investment Management Agreement and require that any new securities for purchase must be issues of the U.S. Treasury or U.S. Treasury Money Market Funds.

Financial Instruments and Fair Value Measurements

3 Months Ended

Mar. 31, 2021

Financial Instruments and Fair Value Measurements

6. Financial Instruments and Fair Value Measurements

Fair Value Measurements

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


	March 31, 2021
							Total Fair
	Level 1		Level 2		Level 3		Value
Cash equivalents:
Money market funds	$	17,049	$	—	$	—	$	17,049
U.S. Treasury Bills		16,000		—		—		16,000
		33,049		—		—		33,049

Investments - debt securities:
U.S. Treasury Bills		93,974		—		—		93,974
		93,974		—		—		93,974

Investments - equity securities:
Preferred stock		—		1,589		—		1,589
		—		1,589		—		1,589
	$	127,023	$	1,589	$	—	$	128,612


	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

Money market funds, 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 and short term U.S. Treasury Bills with a maturity date of 90 days or less from the date of purchase are classified as cash equivalents in the Company’s condensed consolidated balance sheets.

The Company’s corporate debt securities and preferred stock investments are not traded on a nationally recognized exchange, but are traded in the U.S. over-the-counter market where there is less trading activity and the investments are measured primarily using pricing data from external pricing services that report prices observed for recently executed market transactions. For these reasons, the Company has determined that corporate debt securities and preferred stock investments are categorized as Level 2 financial instruments since their fair values were determined from market inputs in an inactive market.

As of December 31, 2020, restricted investments were included within other assets on the condensed consolidated balance sheets and included 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 retained the risks and rewards of ownership of these assets; therefore, the assets held in the suspense account were included in the Company’s condensed consolidated financial statements until they were allocated to participants. The final allocation of the assets occurred in March 2021. As of December 31, 2020, 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. The Vanguard Short-Term Bond Fund is 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 was responsible for investing decisions and allocation decisions of the suspense account. Refer to Note 9. Other Assets.

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


		March 31, 2021
	Location in							Total Fair
	Balance Sheet	Level 1		Level 2		Level 3		Value
Derivative Liabilities:
Interest rate swap	Other liabilities	$	—	$	1,015	$	—	$	1,015
Interest rate swap - unconsolidated affiliate	Investment in unconsolidated joint ventures		—		610		—		610
		$	—	$	1,625	$	—	$	1,625


		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

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 on the notional amount of related debt of $20.0 million. As of March 31, 2021 and December 31, 2020, the interest rate swap was recorded at its estimated fair value, based on Level 2 measurements, of $1.0 million and $1.2 million, respectively, and is included within other liabilities on the condensed consolidated balance sheets. The gain or loss on the derivative instrument is reported as a component of other comprehensive income (loss) and reclassified into earnings in the period during which the hedged transaction affects earnings. The Company did not reclassify any amounts out of other comprehensive income (loss) into interest expense during the three months ended March 31, 2021 and 2020. See Note 10. Debt 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 was 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 March 31, 2021 and 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 $0.6 million and $0.8 million, respectively, and is included within investment in unconsolidated joint ventures on the condensed consolidated balance sheets. The gain or loss on the derivative instrument is reported as a component of other comprehensive income (loss) and reclassified into earnings in the period during which the hedged transaction affects earnings. The Company did not reclassify any amounts out of other comprehensive income (loss) into equity in loss from unconsolidated affiliates during the three months ended March 31, 2021 and 2020. See Note 4. Joint Ventures and Note 18. 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 of the respective JV. The fair value of investment in unconsolidated JVs required to be assessed for impairment is determined on a nonrecurring basis using Level 3 inputs in the fair value hierarchy. No impairment for unconsolidated JVs was recorded during the three months ended March 31, 2021 and 2020. See Note 4. Joint Ventures for additional information.

Fair Value of Financial Instruments

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

●

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

●

The fair value of the investments held by SPEs - U.S. Treasury Bills are measured based on quoted market prices in an active market.

●

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

●

The fair value of the senior notes held by SPE is based on the present value of future cash flows at the current market rate.

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


	March 31, 2021					December 31, 2020
	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	$	5,389	$	5,832	1	$	5,759	$	6,363	1
Liabilities
Debt
Fixed-rate debt	$	117,668	$	118,219	2	$	114,125	$	116,509	2
Variable-rate debt		54,641		54,641	2		47,293		47,293	2
Total debt	$	172,309	$	172,860		$	161,418	$	163,802
Senior Notes held by SPE	$	177,357	$	205,171	3	$	177,289	$	216,363	3

Investments and Senior Notes Held by Special Purpose Entities

In connection with a real estate sale in 2014, the Company received consideration including a $200.0 million fifteen-year installment note (the “Timber Note”) issued by Panama City Timber Finance Company, LLC. The Company contributed the Timber Note and assigned its rights as a beneficiary under a letter of credit to Northwest Florida Timber Finance, LLC. Northwest Florida Timber Finance, LLC monetized the Timber Note by issuing $180.0 million aggregate principal amount of its 4.8% Senior Secured Notes due in 2029 (the “Senior Notes”) at an issue price of 98.5% of face value to third party investors. The investments held by Panama City Timber Finance Company, LLC as of March 31, 2021, 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 $5.4 million and cash of $0.4 million. The Senior Notes held by Northwest Florida Timber Finance, LLC as of March 31, 2021 consist of $177.4 million, net of the $2.6 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.

+ References + Details

Hurricane Michael

3 Months Ended

Mar. 31, 2021

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. A portion of the marinas are expected to open by the end of 2021.

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 exist between the impairment losses, capital expenditures made to repair or restore properties and recognition and receipt of insurance proceeds reflected in the Company’s financial statements. During the three months ended March 31, 2021, no insurance proceeds were received related to business interruption. During the three months ended March 31, 2020, $0.7 million of business interruption insurance proceeds were received related to the Pier Park Crossings JV, which are included within the cost of leasing revenue on the condensed consolidated statements of operations. Costs incurred due to business interruption 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 continue to incur costs for employee retention and property maintenance.

During the three months ended March 31, 2021, the Company recognized a $0.9 million gain on insurance recovery and incurred loss from hurricane damage of less than $0.1 million. During the three months ended March 31, 2020, the Company did not recognize any gain on insurance recovery, but incurred loss from hurricane damage of $0.1 million. The gain on insurance recovery and loss from hurricane damage were included in other income, net on the condensed consolidated statements of operations.

Leases

3 Months Ended

Mar. 31, 2021

Leases

Leases

8. Leases

Leasing revenue consists of rental revenue from multi-family, senior living, retail, office and commercial property, cell towers and other assets, which is recognized as earned, using the straight-line method over the life of each lease. The Company’s leases have remaining lease terms up to the year 2036, some of which include options to terminate or extend.

The components of leasing revenue are as follows:


	Three Months Ended March 31,
	2021		2020
Leasing revenue
Lease payments	$	4,466	$	3,382
Variable lease payments		1,128		918
Total leasing revenue	$	5,594	$	4,300

Minimum future base rental revenue on non-cancelable leases subsequent to March 31, 2021, for the years ending December 31 are:



2021	$	13,000
2022		11,836
2023		9,294
2024		7,769
2025		5,246
Thereafter		14,678
	$	61,823

As of March 31, 2021, the Company leased certain office and other equipment under a finance lease and had operating leases for property and equipment used in corporate, hospitality and commercial operations with remaining lease terms up to the year 2049. Certain leases include options to purchase, terminate or renew for one or more years, which are included in the lease term used to establish right-of-use assets and lease liabilities when it is reasonably certain that the option will be exercised. Finance lease right-of-use assets are included within property, plant and equipment and operating lease right-of-use assets are included within other assets on the condensed consolidated balance sheets, which represent the Company’s right to use an underlying asset during a lease term for leases in excess of one year. Corresponding finance lease liability and operating lease liabilities are included within other liabilities on the condensed consolidated balance sheets and are related to the Company’s obligation to make lease payments for leases in excess of one year. The Company uses its incremental borrowing rate to determine the present value of the lease payments since the rate implicit in each lease is not readily determinable. The 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:



	Three Months Ended March 31,
	2021			2020
Lease cost
Finance lease cost:
Amortization of right-of-use assets	$	27		$	12
Interest on lease liability		5			3
Operating lease cost		77			65
Short-term lease cost		193			78
Total lease cost	$	302		$	158

Other information
Weighted-average remaining lease term - finance lease (in years)		4.0			3.9
Weighted-average remaining lease term - operating leases (in years)		3.4			2.9
Weighted-average discount rate - finance lease		4.5	%		5.0	%
Weighted-average discount rate - operating leases		4.9	%		5.0	%

The aggregate payments of finance lease liability subsequent to March 31, 2021, for the years ending December 31 are:


2021	$	89
2022		120
2023		120
2024		73
2025		37
Total		439
Less imputed interest		(34)
Total finance lease liability	$	405

The aggregate payments of operating lease liabilities subsequent to March 31, 2021, for the years ending December 31 are:


2021	$	221
2022		245
2023		204
2024		103
2025		51
Thereafter		281
Total		1,105
Less imputed interest		(217)
Total operating lease liabilities	$	888

Other Assets

3 Months Ended

Mar. 31, 2021

Other Assets

Other Assets

9. Other Assets

Other assets consist of the following:


	March 31,		December 31,
	2021		2020
Restricted investments	$	—	$	1,171
Accounts receivable, net		10,578		10,791
Homesite sales receivable		6,456		5,675
Notes receivable, net		12,077		10,877
Inventory		2,335		2,026
Prepaid expenses		6,555		7,135
Straight-line rent		2,921		3,174
Operating lease right-of-use assets		888		808
Other assets		6,478		5,743
Retained interest investments		13,092		12,905
Accrued interest receivable for Senior Notes held by SPE		935		2,938
Total other assets	$	62,315	$	63,243

Restricted Investments

As of December 31, 2020, the Company’s restricted investments were 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 retained the risks and rewards of ownership of these assets; therefore, the assets held in the suspense account were included in the Company’s condensed consolidated balance sheets until they were allocated to current or future 401(k) plan participants. The final allocation of the assets occurred in March 2021. During both the three months ended March 31, 2021 and 2020, the Company recorded an expense of $1.2 million for the fair value of the assets, less expenses, that were allocated to participants. Any gain or loss on these assets is reflected in the Company’s condensed consolidated statements of operations and was less than a $0.1 million gain for each of the three months ended March 31, 2021 and 2020. Refer to Note 6. Financial Instruments and Fair Value Measurements.

Accounts Receivable, Net

The Company’s accounts receivable, net primarily include receivables related to certain homesite sales, leasing receivables, membership initiation fees, hospitality receivables and other receivables. At each reporting period, accounts receivable in the scope of Topic 326 are pooled by type and judgements are made based on historical losses and expected credit losses based on economic trends to determine the allowance for credit losses primarily using the aging method. Actual losses could differ from those estimates. Write-offs are recorded when the Company concludes that all or a portion of the receivable is no longer collectible and recoveries on receivables previously charged-off are credited to the allowance. As of both March 31, 2021 and 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. During the three months ended March 31, 2021, allowance for credit losses related to accounts receivable, net increased less than $0.1 million.

Homesite Sales Receivable

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

The following table presents the changes in homesite sales receivable:


				Increases Due To		Decreases Due to
		Balance		Revenue Recognized		Amounts		Balance
		January 1, 2021		for Homesites Sold		Received/Transferred		March 31, 2021
Homesite sales receivable	$	5,675	$	1,768	$	(987)	$	6,456


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

Notes Receivable, Net

Notes receivable, net consists of the following:


	March 31,		December 31,
	2021		2020
Various interest bearing homebuilder notes, secured by the real estate sold — bearing interest at a rate of 5.5%, due June 2021 through March 2023	$	6,540	$	7,544
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		4,843		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		554		556
Non-interest bearing note with a tenant for tenant improvements, due October 2025		82		—
Various mortgage notes, secured by certain real estate, bearing interest at rates of 4.9% to 6.5%, due December 2022 through November 2023		58		63
Total notes receivable, net	$	12,077	$	10,877

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 receivable and the need for an allowance for credit losses at each reporting date. As of both March 31, 2021 and December 31, 2020, notes receivable were presented net of allowance for credit losses of less than $0.1 million. As of March 31, 2021 and December 31, 2020, accrued interest receivable was $0.3 million and $0.2 million, respectively, and is included within other assets on the condensed consolidated balance sheets.

In June 2020, the Company entered into a $10.0 million secured revolving promissory note (the “Latitude Margaritaville Watersound JV 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 condensed consolidated financial statements as of March 31, 2021 and December 31, 2020. The Company’s continuing involvement with the SPEs is the receipt of the net interest payments and the remaining principal of approximately $16.5 million to be received at the end of the installment notes’ fifteen year maturity period, in 2022 through 2024. The Company has a beneficial or retained

interest investment related to these SPEs of $13.1 million and $12.9 million as of March 31, 2021 and December 31, 2020, respectively, recorded in other assets on the Company’s condensed consolidated balance sheets.

Debt, Net

3 Months Ended

Mar. 31, 2021

Debt, Net

Debt, Net

10. Debt, Net

Debt consists of the following:


	March 31, 2021						December 31, 2020
			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%	$	44,325	$	297	$	44,028	$	44,568	$	314	$	44,254
PPC JV Loan, insured by HUD, due June 2060, bearing interest at 4.0%		35,990		1,072		34,918		36,084		1,079		35,005
Watersound Origins Crossings JV Loan, due May 2024, bearing interest at 5.0%		31,061		325		30,736		27,179		351		26,828
Watercrest JV Loan, due June 2047, bearing interest at LIBOR plus 2.2% (effective rate of 2.3% at March 31, 2021)		18,931		347		18,584		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 March 31, 2021)		17,355		191		17,164		15,921		198		15,723
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 March 31, 2021)		7,184		158		7,026		3,548		168		3,380
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%		6,292		—		6,292		6,294		—		6,294
Beckrich Building III Loan, due August 2029, bearing interest at LIBOR plus 1.7% (effective rate of 1.8% at March 31, 2021)		5,363		57		5,306		5,421		59		5,362
Beach Homes Loan, due May 2029, bearing interest at LIBOR plus 1.7% (effective rate of 1.8% at March 31, 2021)		1,532		17		1,515		1,545		17		1,528
Self-Storage Facility Loan, due November 2025, bearing interest at LIBOR plus 2.5%, with a floor rate of 3.0% (effective rate of 3.0% at March 31, 2021)		1,526		83		1,443		—		—		—
Pier Park Outparcel Construction Loan, due March 2027, bearing interest at LIBOR plus 1.7% (effective rate of 1.8% at March 31, 2021)		1,436		12		1,424		1,458		12		1,446
WaterColor Crossings Construction Loan, due February 2029, bearing interest at LIBOR plus 1.7% (effective rate of 1.8% at March 31, 2021)		1,314		20		1,294		1,334		21		1,313
Total debt	$	172,309	$	2,579	$	169,730	$	161,418	$	2,503	$	158,915

In October 2015, the Pier Park North JV entered into a $48.2 million loan (the “PPN JV Loan”), secured by a first lien on, and security interest in, a majority of the Pier Park North JV’s property. The PPN JV Loan provides for principal and interest payments with a final balloon payment at maturity. In connection with the PPN JV Loan, the Company entered into a limited guarantee in favor of the lender, based on its percentage ownership of the JV. In addition, the guarantee can become full recourse in the case of any fraud or intentional misrepresentation by the Pier Park North JV; any voluntary transfer or encumbrance of the property in violation of the due-on-sale clause in the security instrument; upon commencement of voluntary bankruptcy or insolvency proceedings and upon breach of covenants in the security instrument.

In May 2018, the Pier Park Crossings JV entered into a $36.6 million loan, insured by the U.S. Department of Housing and Urban Development (“HUD”), to finance the construction of apartments in Panama City Beach, Florida (the “PPC JV Loan”). The PPC JV Loan provides for 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 (the “Watersound Origins Crossings JV Loan”) to finance the construction of apartments in Watersound, Florida. The Watersound Origins Crossings JV Loan provides for interest only payments for the first thirty months and principal and interest payments thereafter 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 June 2019, the Watercrest JV entered into a $22.5 million loan (the “Watercrest JV Loan”) to finance the construction of a senior living facility in Santa Rosa Beach, Florida. The Watercrest JV Loan provides for interest only payments for the first thirty-six months and principal and interest payments thereafter through maturity in June 2047. The Watercrest JV Loan is secured by the real property, assignment of rents, leases and deposits and the security interest in the rents and personal property. In connection with the Watercrest JV Loan, the Company executed a guarantee in favor of the lender to guarantee the payment and performance of the borrower under the Watercrest JV Loan. The Company is the sole guarantor and 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 on the notional amount of related debt of $20.0 million to a rate of 4.37%.

In October 2019, the Pier Park Crossings Phase II JV entered into a $17.5 million loan (the “PPC II JV Loan”) to finance the construction of apartments in Panama City Beach, Florida. The PPC II JV Loan provides for interest only payments for the first twenty-four months and principal and interest payments thereafter 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. As guarantor, the Company’s liability under the PPC II JV Loan will be reduced to 50% of the principal amount upon satisfaction of final advance conditions and reduced to 25% of the principal amount upon reaching and maintaining a certain debt service coverage ratio. 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 March 2020, a wholly-owned subsidiary of the Company entered into a $15.3 million loan (the “Airport Hotel Loan”) to finance the construction of a Hilton Garden Inn near the Northwest Florida Beaches International Airport in Panama City, Florida. The Airport Hotel Loan provides for interest only payments for the first thirty-six months and principal and interest payments thereafter 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.

Community Development District (“CDD”) bonds financed the construction of infrastructure improvements at some of the Company’s projects. The principal and interest payments on the bonds are paid by assessments on the properties benefited by the improvements financed by the bonds. The Company has recorded a liability for CDD debt that is associated with platted property, which is the point at which it becomes fixed 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 $15.4 million and $15.8 million as of March 31, 2021 and December 31, 2020, 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 (the “Beckrich Building III Loan”) to finance the construction of an office building in Panama City Beach, Florida. The Beckrich Building III Loan provides for 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 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 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”). 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.

In March 2017, a wholly-owned subsidiary of the Company entered into a $1.6 million construction loan to finance the construction of a commercial leasing property located in Panama City Beach, Florida (the “Pier Park Outparcel Construction Loan”). The Pier Park Outparcel Construction Loan provides for monthly principal and interest payments with a final balloon payment at maturity 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”). 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 both March 31, 2021 and December 31, 2020, there was no principal balance and the Company 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”). 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 both March 31, 2021 and 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 January 2021, The Lodge 30A JV entered into a $15.0 million construction loan to finance the construction of a boutique hotel in Seagrove Beach, Florida (the “Lodge 30A JV Hotel Loan”). The Lodge 30A JV Hotel 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 January 2028. The Lodge 30A JV Hotel 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 Lodge 30A JV Hotel Loan, the Company, wholly-owned subsidiaries of the Company and the Company’s JV partner entered into a joint and several payment and performance guarantee in favor of the lender. Upon reaching a certain debt service coverage ratio for a minimum of twenty-four months, the Company’s liability will be reduced to 75.0% for a twelve month period. The debt service coverage ratio will be tested annually thereafter and the Company’s liability will be reduced to 50.0% in year four and 25% in year five. The Company will receive a monthly fee related to the guarantee from its JV partner based on the JV partner’s ownership percentage. As of March 31, 2021, there was no principal balance and the Company had incurred $0.2 million of loan costs related to the Lodge 30A JV Hotel Loan.

In March 2021, a wholly-owned subsidiary of the Company entered into a $26.8 million construction loan to finance the construction of apartments in Panama City, Florida (the “Star Avenue Apartments Loan”). The Star Avenue Apartments Loan provides for interest only payments and a principal balloon payment at maturity in September 2024. The Star Avenue Apartments Loan includes an option for an extension of the maturity date by eighteen months, subject to certain conditions, that would provide for principal and interest payments commencing on the original maturity date with a final balloon payment at the extended maturity date. The Star Avenue Apartments 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 Star Avenue Apartments Loan, the Company executed a guarantee in favor of the lender to guarantee completion of the project and the payment and performance of the borrower under the Star Avenue Apartments Loan. As guarantor, the Company’s liability under the Star Avenue Apartments Loan will be reduced to 50% of the principal amount upon satisfaction of final advance conditions and reduced to 25% of the principal amount upon reaching and maintaining a certain debt service coverage ratio. In addition, the guarantee can become full recourse in the case of any fraud or intentional misrepresentation or failure to abide by other certain obligations on the part of such guarantor. As of March 31, 2021, there was no principal balance and the Company had incurred $0.3 million of loan costs related to the Star Avenue Apartments Loan.

The Company’s financing agreements are subject to various customary debt covenants and as of both March 31, 2021 and December 31, 2020 the Company was in compliance with the financial debt covenants.

The aggregate maturities of debt subsequent to March 31, 2021, for the years ending December 31 are:


	March 31,
	2021
2021	$	2,107
2022		3,452
2023		3,954
2024		50,325
2025		50,717
Thereafter		61,754
	$	172,309

Other Liabilities

3 Months Ended

Mar. 31, 2021

Other Liabilities

Other Liabilities

11. Other Liabilities

Other liabilities consist of the following:


	March 31,		December 31,
	2021		2020
Accounts payable	$	26,404	$	25,376
Finance lease liability		405		316
Operating lease liabilities		888		808
Accrued compensation		2,288		3,337
Other accrued liabilities		8,762		6,892
Deferred revenue		16,718		16,632
Club initiation fees		12,641		10,716
Club membership deposits		3,773		3,764
Advance deposits		4,338		1,344
Accrued interest expense for Senior Notes held by SPE		713		2,850
Total other liabilities	$	76,930	$	72,035

Accounts payable as of March 31, 2021 and December 31, 2020 includes payables for projects under development and construction.

Other accrued liabilities include $1.5 million and $0.1 million of accrued property taxes as of March 31, 2021 and December 31, 2020, respectively, which are generally paid annually in November.

Deferred revenue as of both March 31, 2021 and December 31, 2020 includes $11.5 million related to a 2006 agreement pursuant to which the Company agreed to sell land to the Florida Department of Transportation. Revenue is recognized when title to a specific parcel is legally transferred.

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


	Club Initiation Fees
Balance as of January 1, 2021	$	10,716
New club memberships		2,848
Revenue from amounts included in contract liability opening balance		(852)
Revenue from current period new memberships		(71)
Balance as of March 31, 2021	$	12,641


	Club Initiation Fees
Balance as of January 1, 2020	$	6,917
New club memberships		320
Revenue from amounts included in contract liability opening balance		(579)
Revenue from current period new memberships		(10)
Balance as of March 31, 2020	$	6,648

Remaining performance obligations represent contracted revenue that has not been recognized, which include club initiation fees. As of March 31, 2021 remaining performance obligations were $12.6 million, of which the Company expects to recognize as revenue $2.3 million in less than 1 year, $5.4 million in 1-3 years, $3.8 million in 3-5 years and $1.1 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 condensed consolidated balance sheets without regard to whether they are refundable and are recognized as income at the time the service is provided for the related deposit.

Income Taxes

3 Months Ended

Mar. 31, 2021

Income Taxes

Income Taxes

12. Income Taxes

Income tax expense (benefit) attributable to income from operations differed from the amount computed by applying the statutory federal income tax rate of 21% as of March 31, 2021 and 2020 to pre-tax income as a result of the following:


	Three Months Ended
	March 31,
	2021		2020
Tax at the federal statutory rate	$	892	$	(426)
State income taxes (net of federal benefit)		150		(71)
Other		10		2
Total income tax expense (benefit)	$	1,052	$	(495)

As of March 31, 2021 and December 31, 2020 the Company had income tax payable of $3.5 million and $2.7 million, respectively, included within other liabilities on the condensed consolidated balance sheets.

Significant judgment is required in evaluating the Company's uncertain tax positions and determining its provision for income taxes. The Company regularly assesses the likelihood of adverse outcomes resulting from potential examinations to determine the adequacy of its provision for income taxes and applies a “more-likely-than-not” in determining the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The Company has not identified any material unrecognized tax benefits as of either March 31, 2021 or December 31, 2020.

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted in response to the COVID-19 pandemic. The CARES Act, among other things, permits net operating loss (“NOL”) carryovers and carrybacks to offset 100% of taxable income for taxable years beginning before 2021. In addition, the CARES Act allows NOLs incurred in 2018, 2019, and 2020 to be carried back to each of the five preceding taxable years to generate a refund of previously paid income taxes. The CARES Act also contains modifications on the limitation of business interest for tax years 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.

On March 11, 2021, the American Rescue Plan Act of 2021 was enacted also in response to the COVID-19 pandemic. This legislation contains various provisions that benefit both individuals and their employers, but also expands the definition of “covered employee” as defined by Section 162(m)(1) of the Internal Revenue Code. 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.

Accumulated Other Comprehensive Loss

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.

+ References + Details

Accumulated Other Comprehensive Loss

3 Months Ended

Mar. 31, 2021

Accumulated Other Comprehensive Loss

13. Accumulated Other Comprehensive Loss

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


	Unrealized Gain (Loss)		Unrealized
	on Available-for-		(Loss) Gain
	Sale Securities		Cash Flow Hedge		Total
Accumulated other comprehensive income (loss) at December 31, 2020	$	16	$	(1,488)	$	(1,472)
Other comprehensive (loss) income before reclassifications		(1)		274		273
Amounts reclassified from accumulated other comprehensive loss		(11)		—		(11)
Other comprehensive (loss) income		(12)		274		262
Accumulated other comprehensive income (loss) at March 31, 2021	$	4	$	(1,214)	$	(1,210)

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


	Three Months Ended March 31, 2021
	Before-		Tax Benefit or		Net-of-
	Tax Amount		(Expense)		Tax Amount
Unrealized loss on available-for-sale investments	$	(2)	$	1	$	(1)
Interest rate swap		157		(40)		117
Interest rate swap - unconsolidated affiliate		211		(54)		157
Reclassification adjustment for net gain included in earnings		(15)		4		(11)
Net unrealized gain		351		(89)		262
Other comprehensive income	$	351	$	(89)	$	262


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

Stockholders' Equity

3 Months Ended

Mar. 31, 2021

Stockholders' Equity

Stockholders' Equity

14. Stockholders’ Equity

Dividends

During the three months ended March 31, 2021, the Company paid a cash dividend of $0.08 per share on the Company’s common stock for a total of $4.7 million. The Company did not pay cash dividends during the three months ended March 31, 2020.

Stock Repurchase Program

The Company’s Board has approved a stock repurchase program (the “Stock Repurchase Program”) pursuant to which the Company is authorized to repurchase shares of its common stock. The Stock Repurchase Program has no expiration date.

During the three months ended March 31, 2021, the Company did not repurchase shares of its common stock outstanding. During the three months ended March 31, 2020, the Company repurchased 411,113 shares of its common stock at an average purchase price of $16.55, per share, for an aggregate purchase price of $6.8 million, pursuant to its Stock Repurchase Program. As of March 31, 2021, 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 Securities Exchange Act of 1934, as amended (the “Exchange Act”). The timing and amount of any additional shares to be repurchased will depend upon a variety of factors. Repurchases may be commenced or suspended at any time or from time to time without prior notice. The Stock Repurchase Program will continue until otherwise modified or terminated by the Company’s Board at any time in its sole discretion.

Issuance of Common Stock for Director’s Fees

During the three months ended March 31, 2021 and 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.

During the three months ended March 31, 2021 the Company did not have expense related to restricted stock awards to the Company’s directors. During the three months ended March 31, 2020, the Company recorded expense of less than $0.1 million, related to restricted stock awards to the Company’s directors.

Revenue Recognition

3 Months Ended

Mar. 31, 2021

Revenue Recognition

Revenue Recognition

15. Revenue Recognition

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


	Three Months Ended March 31, 2021
	Residential		Hospitality		Commercial		Other		Total
Revenue by Major Good/Service:
Real estate revenue	$	20,539	$	—	$	35	$	479	$	21,053
Hospitality revenue		81		12,986		—		—		13,067
Leasing revenue		40		8		5,546		—		5,594
Timber revenue		—		—		1,591		—		1,591
Total revenue	$	20,660	$	12,994	$	7,172	$	479	$	41,305

Timing of Revenue Recognition:
Recognized at a point in time	$	20,620	$	9,141	$	1,626	$	479	$	31,866
Recognized over time		—		3,845		—		—		3,845
Over lease term		40		8		5,546		—		5,594
Total revenue	$	20,660	$	12,994	$	7,172	$	479	$	41,305


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

Timing of Revenue Recognition:
Recognized at a point in time	$	3,016	$	3,967	$	4,621	$	89	$	11,693
Recognized over time		—		2,581		—		—		2,581
Over lease term		22		3		4,275		—		4,300
Total revenue	$	3,038	$	6,551	$	8,896	$	89	$	18,574

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Paragraph 12
-Subparagraph (d)
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-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Other Income, Net

3 Months Ended

Mar. 31, 2021

Other Expense, Net

Other Income, Net

16. Other Expense, Net

Other expense, net consists of the following:


	Three Months Ended
	March 31,
	2021		2020
Investment income, net
Interest and dividend income	$	12	$	1,043
Accretion income		12		17
Net realized gain (loss) on the sale of investments		17		(48)
Unrealized loss on investments, net		(1,049)		(4,761)
Interest income from investments in SPEs		2,043		2,046
Interest earned on notes receivable and other interest		160		94
Total investment income (loss), net		1,195		(1,609)
Interest expense
Interest expense and amortization of discount and issuance costs for Senior Notes issued by SPE		(2,205)		(2,202)
Other interest expense		(1,466)		(1,143)
Total interest expense		(3,671)		(3,345)
Gain on contribution to equity method investment		120		4,277
Other income (expense), net
Accretion income from retained interest investments		361		344
Gain on insurance recovery		866		—
Loss from hurricane damage		(7)		(55)
Miscellaneous income (expense), net		74		(34)
Other income, net		1,294		255
Total other expense, net	$	(1,062)	$	(422)

Investment Income, Net

Interest and dividend income includes interest income accrued or received on the Company’s investments. Accretion income includes the amortization of the premium or accretion of discount related to the Company’s available-for-sale securities, which is amortized based on an effective interest rate method over the term of the available-for-sale securities. Net realized gain (loss) on the sale of investments include the gains or losses recognized on the sale of available-for-sale and equity securities prior to maturity. 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 the three months ended March 31, 2021 and 2020 the Company capitalized $0.4 million and $0.1 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 condensed consolidated balance sheets.

Gain on Contribution to Equity Method Investment

Gain on contribution to equity method investment for the three months ended March 31, 2021 includes a gain of $0.1 million on additional infrastructure improvements contributed to the Company’s unconsolidated Latitude Margaritaville Watersound JV. The three months ended March 31, 2020 includes a gain of $4.3 million on land and mitigation credits contributed to the Company’s unconsolidated Sea Sound Apartments 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 11.4%.

During the three months ended March 31, 2021, the Company had a gain on insurance recovery of $0.9 million and incurred less than $0.1 million of loss from hurricane damage related to Hurricane Michael. During the three months ended March 31, 2020, the Company did not have any gain on insurance recovery, but incurred $0.1 million of loss from hurricane damage related to Hurricane Michael. See Note 7. Hurricane Michael for additional information.

Segment Information

3 Months Ended

Mar. 31, 2021

Segment Information

Segment Information

17. Segment Information

The Company currently conducts primarily all of its business in the following three reportable segments: (1) residential, (2) hospitality and (3) commercial.

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 (loss) before equity in loss from unconsolidated affiliates, income taxes and non-controlling interest, cash flows and other measures for purposes of making decisions about allocating resources to each segment and assessing each segment’s performance, which the Company believes represents current performance measures.

The accounting policies of the segments are set forth in Note 2 to the Company’s consolidated financial statements contained in Item 15 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Total revenue represents sales to unaffiliated customers, as reported in the Company’s condensed consolidated statements of operations. All significant intercompany transactions have been eliminated in consolidation. The caption entitled “Other”

consists of mitigation credit and title fee revenue and cost of revenue and corporate operating expenses, corporate depreciation and amortization and corporate other income and expense items.

Information by business segment is as follows:


	Three Months Ended
	March 31,
	2021		2020
Operating revenue:
Residential	$	20,660	$	3,038
Hospitality		12,994		6,551
Commercial		7,172		8,896
Other		479		89
Consolidated operating revenue	$	41,305	$	18,574

Income (loss) before equity in loss from unconsolidated affiliates and income taxes:
Residential	$	8,595	$	404
Hospitality		284		(2,258)
Commercial ^(a)		17		7,954
Other		(4,419)		(7,847)
Consolidated income (loss) before equity in loss from unconsolidated affiliates and income taxes	$	4,477	$	(1,747)

(a)	The three months ended March 31, 2020 includes a gain of $3.9 million on land contributed to the Sea Sound Apartments JV. See Note 4. Joint Ventures for additional information.


	March 31,		December 31,
	2021		2020
Total assets:
Residential	$	177,309	$	172,610
Hospitality		164,366		146,724
Commercial		341,405		332,649
Other		370,313		385,341
Total assets	$	1,053,393	$	1,037,324

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
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Commitments and Contingencies

Commitments and Contingencies

3 Months Ended

Mar. 31, 2021

Commitments and Contingencies

18. Commitments and Contingencies

The Company establishes an accrued liability when it is both probable that a material loss has been incurred and the amount of the loss can be reasonably estimated. The Company will evaluate the range of reasonably estimated losses and record an accrued liability based on what it believes to be the minimum amount in the range, unless it believes an amount within the range is a better estimate than any other amount. In such cases, there may be an exposure to loss in excess of the amounts accrued. The Company evaluates quarterly whether further developments could affect the amount of the accrued liability previously established or would make a loss contingency both probable and reasonably estimable.

The Company also provides disclosure when it believes it is reasonably possible that a material loss will be incurred or when it believes it is reasonably possible that the amount of a loss will exceed the recorded liability. The Company reviews loss contingencies at least quarterly to determine whether the likelihood of loss has changed and to assess whether a reasonable estimate of the loss or range of loss can be made. This estimated range of possible losses is based upon currently available information and is subject to significant judgment and a variety of assumptions, as well as known and unknown uncertainties. The matters underlying the estimated range will change from time to time, and actual results may vary significantly from the current estimate.

The Company is subject to a variety of litigation, claims, other disputes and governmental proceedings that arise from time to time in the ordinary course of its business, including litigation related to its prior homebuilding and

development activities. The Company cannot make assurances that it will be successful in defending these matters. Based on current knowledge, the Company does not believe that loss contingencies arising from pending litigation, claims, other disputes and governmental proceedings, including those described herein, will have a material adverse effect on the consolidated financial position or liquidity of the Company. However, in light of the inherent uncertainties involved in these matters, an adverse outcome in one or more of these matters could be material to the Company’s results of operations or cash flows for any particular reporting period.

The Company is subject to costs arising out of environmental laws and regulations, which include obligations to remove or limit the effects on the environment of the disposal or release of certain wastes or substances at various sites, including sites which have been previously sold. It is the Company’s policy to accrue and charge against earnings environmental cleanup costs when it is probable that a liability has been incurred and a range of loss can be reasonably estimated. As assessments and cleanups proceed, these accruals are reviewed and adjusted, if necessary, as additional information becomes available. The Company is in the process of assessing certain properties in regard to the effects, if any, on the environment from the disposal or release of wastes or substances. Management is unable to quantify future rehabilitation costs above present accruals at this time or provide a reasonably estimated range of loss.

Other litigation, claims 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 as of both March 31, 2021 and December 31, 2020. 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 the time. As additional information becomes available, management reassesses potential liabilities related to pending claims and litigation and may revise its previous estimates, which could materially affect the Company’s results of operations for any particular reporting period.

The Company has retained certain self-insurance risks with respect to losses for third party liability and property damage, including its timber assets.

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 March 31, 2021 and December 31, 2020, $4.8 million and $2.7 million, respectively, 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 March 31, 2021 and December 31, 2020, 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 as of each period, as well as standby letters of credit in the amount of $4.6 million and $6.6 million, respectively, which may potentially result in liability to the Company if certain obligations of the Company are not met.

As of March 31, 2021, the Company had a total of $167.4 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 provides for monthly principal and interest payments with a final balloon payment at maturity 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 is 50.0% and will be reduced to 25.0% of the outstanding principal balance upon reaching and maintaining certain debt service coverage. The guarantee contains customary provisions providing for full recourse upon the occurrence of certain events. 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 was effective

January 14, 2021 and matures on January 14, 2026 and fixed the variable rate on the related debt, initially at $14.4 million to a rate of 5.21%. As of March 31, 2021 and December 31, 2020, $14.3 million and $14.4 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 (the “Busy Bee JV Construction Loan”) and a $1.2 million equipment loan (the “Busy Bee JV Equipment Loan”). The Busy Bee JV Construction Loan and the Busy Bee JV Equipment Loan bear interest at LIBOR plus 1.5%. The Busy Bee JV Construction Loan provides for monthly principal and interest payments with a final balloon payment at maturity in November 2035. The Busy Bee JV Equipment Loan provides for monthly principal and interest payments through maturity in November 2027. 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 both March 31, 2021 and December 31, 2020, $5.4 million was outstanding on the Busy Bee JV Construction Loan. As of both March 31, 2021 and December 31, 2020, $1.2 million 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 provides for monthly interest payments with a final balloon payment at maturity in November 2023. The Latitude Margaritaville Watersound JV Loan includes annual maturity extension rights for a total of three additional years, 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 March 31, 2021 and December 31, 2020, $2.7 million and $0.6 million, respectively, 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 March 31, 2021 and December 31, 2020. As of both March 31, 2021 and 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 condensed consolidated balance sheets.

Subsequent Event

3 Months Ended

Mar. 31, 2021

Subsequent Event

Subsequent Event

19. Subsequent Event

On April 28, 2021, the Company’s Board of Directors declared a cash dividend of $0.08 per share on the Company’s common stock, payable on June 10, 2021 to shareholders of record at the close of business on May 12, 2021.

Significant Accounting Policies (Policies)	3 Months Ended
Significant Accounting Policies (Policies)	Mar. 31, 2021
Significant Accounting Policies
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The accompanying unaudited interim condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for reporting on Form 10-Q. Accordingly, certain information and footnotes required by United States generally accepted accounting principles (“GAAP”) for complete financial statements are not included herein. The unaudited interim condensed consolidated financial statements include the accounts of the Company and all of its majority-owned and controlled subsidiaries and variable interest entities where the Company deems itself the primary beneficiary. Investments in joint ventures (“JV”) and limited partnerships in which the Company is not the primary beneficiary are accounted for by the equity method. All significant intercompany transactions and balances have been eliminated in consolidation. The December 31, 2020 condensed consolidated balance sheet amounts have been derived from the Company’s December 31, 2020 audited consolidated financial statements. Certain prior period amounts in the accompanying condensed consolidated financial statements have been reclassified to conform to the current year presentation. These reclassifications had no effect on the Company’s previously reported total assets and liabilities, stockholders’ equity or net income (loss). Operating results for the three months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2021. 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. The unaudited interim condensed consolidated financial statements reflect all normal recurring adjustments that, in the opinion of management, are necessary for fair presentation of the information contained herein. The unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. The Company adheres to the same accounting policies in preparation of its unaudited interim condensed consolidated financial statements as the Company’s December 31, 2020 annual financial statements, except for recently adopted accounting pronouncements detailed below. As required under GAAP, interim accounting for certain expenses, including income taxes, are based on full year assumptions. For interim financial reporting purposes, income taxes are recorded based upon estimated annual income tax rates.
Concentration of Risks and Uncertainties	Concentration of Risks and Uncertainties The Company’s real estate investments are concentrated in Northwest Florida. Uncertain economic conditions could have an adverse impact on the Company’s real estate values. On March 11, 2020, the World Health Organization characterized the outbreak of the novel coronavirus (“COVID-19”), as a global pandemic and recommended containment and mitigation measures. The 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. 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 March 31, 2021, these balances exceeded the amount of F.D.I.C. insurance provided on such deposits. In addition, as of March 31, 2021 the company had $16.0 million invested in short-term U.S. Treasury Bills classified as cash equivalents, $17.0 million invested in U.S. Treasury Money Market Funds, $94.0 million invested in U.S. Treasury Bills classified as investments – debt securities, and $1.6 million invested in two issuers of preferred stock that are non-investment grade.
Earnings Per Share	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 months ended March 31, 2021 and 2020 the Company did not have any potential dilutive instruments, therefore, basic and diluted weighted average shares outstanding were equal.
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements	Recently Adopted Accounting Pronouncements Income Taxes In December 2019, the FASB issued ASU 2019-12, Income Taxes - Simplifying the Accounting for Income Taxes 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. The Company adopted the new guidance as of January 1, 2021. The adoption of this guidance did not have an impact on the Company’s financial condition, results of operations and cash flows. Investments – Equity Securities, Investments-Equity Method and Joint Ventures and Derivatives and Hedging In January 2020, the FASB issued ASU 2020-01, Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 (a consensus of the Emerging Issues Task Force), which clarifies the interaction between the accounting standard on recognition and measurement of financial instruments in Topic 321, Investments—Equity Securities and Topic 323, Investments—Equity Method and Joint Ventures. The Company adopted the new guidance as of January 1, 2021. The adoption of this guidance did not have a material impact on the Company’s financial condition, results of operations and cash flows. Codification Improvements In October 2020, the FASB issued ASU 2020-10, Codification Improvements that improves consistency by including all disclosure guidance in the appropriate disclosure sections and clarifies application of various provisions in the Codification. The Company adopted the new guidance as of January 1, 2021. The adoption of this guidance did not have an impact on the Company’s financial condition, results of operations and cash flows and did not have a material impact on the disclosures to the financial statements. Recently Issued Accounting Pronouncements Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting that provides temporary optional guidance to ease the potential burden in accounting for or recognizing the effects of reference rate reform on financial reporting. The new guidance provides expedients and exceptions for applying GAAP to contract modifications and hedging relationships affected by reference rate reform if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference LIBOR or another reference rate that is expected to be discontinued due to reference rate reform. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848) which clarifies the original guidance 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 was effective upon issuance and may be applied prospectively through December 31, 2022, as reference rate activities occur. 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.

Investment in Real Estate (Table)

3 Months Ended

Mar. 31, 2021

Investment in Real Estate

Schedule of real estate by property type and segment


	March 31,		December 31,
	2021		2020
Development property:
Residential	$	115,099	$	116,911
Hospitality		66,430		51,113
Commercial		98,352		123,389
Other		3,259		2,691
Total development property		283,140		294,104

Operating property:
Residential		13,253		13,254
Hospitality		105,046		103,687
Commercial		246,054		216,439
Other		129		129
Total operating property		364,482		333,509
Less: Accumulated depreciation		78,421		75,960
Total operating property, net		286,061		257,549
Investment in real estate, net	$	569,201	$	551,653

Joint Ventures (Tables)

3 Months Ended

Mar. 31, 2021

Schedule of financial information of unconsolidated joint venture


	March 31,		December 31,
	2021		2020
Investment in unconsolidated joint ventures
Latitude Margaritaville Watersound JV	$	26,714	$	24,288
Sea Sound Apartments JV		10,346		10,348
Pier Park TPS JV		2,314		2,149
Busy Bee JV		1,402		1,180
Total investment in unconsolidated joint ventures	$	40,776	$	37,965

Outstanding debt of unconsolidated JVs
Latitude Margaritaville Watersound JV^(a)	$	7,599	$	3,297
Sea Sound Apartments JV		15,648		8,789
Pier Park TPS JV		14,340		14,388
Busy Bee JV		6,539		6,614
Total outstanding debt of unconsolidated JVs^(b)	$	44,126	$	33,088

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

(b)	See Note 18. Commitments and Contingencies for additional information.


	Three Months Ended March 31,
	2021		2020
Equity in (loss) income from unconsolidated affiliates
Latitude Margaritaville Watersound JV	$	(642)	$	(74)
Sea Sound Apartments JV		(2)		—
Pier Park TPS JV		(46)		(3)
Busy Bee JV		222		(6)
Total equity in loss from unconsolidated affiliates	$	(468)	$	(83)

Latitude Margaritaville Watersound JV

Schedule of financial information of unconsolidated joint venture


	March 31,		December 31,
	2021		2020
BALANCE SHEETS:
Investment in real estate^(a)	$	24,466	$	18,255
Cash and cash equivalents		3,116		1,603
Other assets		156		136
Total assets	$	27,738	$	19,994

Debt, net	$	7,185	$	2,844
Other liabilities		862		1,794
Equity		19,691		15,356
Total liabilities and equity	$	27,738	$	19,994

(a)



	Three Months Ended March 31,
	2021			2020
STATEMENTS OF OPERATIONS:
Total expenses	$	1,239	$	149
Net loss	$	(1,239)	$	(149)

Sea Sound Apartments JV

Schedule of financial information of unconsolidated joint venture


	March 31,		December 31,
	2021		2020
BALANCE SHEET:
Investment in real estate	$	38,339	$	29,085
Cash and cash equivalents		14		15
Other assets		20		—
Total assets	$	38,373	$	29,100

Debt, net	$	15,286	$	8,378
Other liabilities		5,807		3,439
Equity		17,280		17,283
Total liabilities and equity	$	38,373	$	29,100


	Three Months Ended March 31,
	2021		2020
STATEMENTS OF OPERATIONS:
Total expenses	$	3	$	—
Net loss	$	(3)	$	—

Pier Park TPS JV

Schedule of financial information of unconsolidated joint venture


	March 31,		December 31,
	2021		2020
BALANCE SHEETS:
Property and equipment, net	$	17,595	$	17,946
Cash and cash equivalents		2,080		1,705
Other assets		207		483
Total assets	$	19,882	$	20,134

Debt, net	$	14,045	$	14,090
Other liabilities		1,453		1,745
Equity		4,384		4,299
Total liabilities and equity	$	19,882	$	20,134


	Three Months Ended March 31,
	2021		2020
STATEMENTS OF OPERATIONS:
Total revenue	$	937	$	—
Expenses:
Cost of revenue		435		—
Other operating expenses		78		3
Depreciation and amortization		358		—
Total expenses		871		3
Operating income (loss)		66		(3)
Interest expense		(158)		(3)
Net loss	$	(92)	$	(6)

Busy Bee JV (SJBB, LLC)

Schedule of financial information of unconsolidated joint venture


	March 31,		December 31,
	2021		2020
BALANCE SHEETS:
Property and equipment, net	$	8,385	$	8,466
Cash and cash equivalents		284		227
Other assets		941		717
Total assets	$	9,610	$	9,410

Debt, net	$	6,463	$	6,532
Other liabilities		385		506
Equity		2,762		2,372
Total liabilities and equity	$	9,610	$	9,410


	Three Months Ended March 31,
	2021		2020
STATEMENTS OF OPERATIONS:
Total revenue	$	2,792	$	—
Expenses:
Cost of revenue		2,247		—
Other operating expenses		462		6
Depreciation and amortization		115		—
Total expenses		2,824		6
Operating loss		(32)		(6)
Other (expense) income:
Interest expense		(53)		(5)
Other income, net		474		—
Total other income (expense)		421		(5)
Net income (loss)	$	389	$	(11)

Investments (Tables)

3 Months Ended

Mar. 31, 2021

Schedule of Unrealized Loss Position and Related Fair Value of Investments

Schedule of Investments

March 31, 2021

Gross Unrealized

Amortized Cost

Gains

(Losses)

Fair Value

Investments - debt securities:

U.S. Treasury Bills

93,969

(1)

93,973


	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


	March 31, 2021								December 31, 2020
	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:
U.S. Treasury Bills	$	9,999	$	1	$	—	$	—	$	—	$	—	$	—	$	—

Schedule of Contractual Maturities of Investments

Financial Instruments and Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

Financial Instruments and Fair Value Measurements

Schedule of Financial Instruments Measured at Fair Value on Recurring Basis


	March 31, 2021
							Total Fair
	Level 1		Level 2		Level 3		Value
Cash equivalents:
Money market funds	$	17,049	$	—	$	—	$	17,049
U.S. Treasury Bills		16,000		—		—		16,000
		33,049		—		—		33,049

Investments - debt securities:
U.S. Treasury Bills		93,974		—		—		93,974
		93,974		—		—		93,974

Investments - equity securities:
Preferred stock		—		1,589		—		1,589
		—		1,589		—		1,589
	$	127,023	$	1,589	$	—	$	128,612


	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

Schedule of Liabilities Measured at Fair Value on Recurring Basis


		March 31, 2021
	Location in							Total Fair
	Balance Sheet	Level 1		Level 2		Level 3		Value
Derivative Liabilities:
Interest rate swap	Other liabilities	$	—	$	1,015	$	—	$	1,015
Interest rate swap - unconsolidated affiliate	Investment in unconsolidated joint ventures		—		610		—		610
		$	—	$	1,625	$	—	$	1,625


		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

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


	March 31, 2021					December 31, 2020
	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	$	5,389	$	5,832	1	$	5,759	$	6,363	1
Liabilities
Debt
Fixed-rate debt	$	117,668	$	118,219	2	$	114,125	$	116,509	2
Variable-rate debt		54,641		54,641	2		47,293		47,293	2
Total debt	$	172,309	$	172,860		$	161,418	$	163,802
Senior Notes held by SPE	$	177,357	$	205,171	3	$	177,289	$	216,363	3

Leases (Tables)

3 Months Ended

Mar. 31, 2021

Leases

Schedule of components of leasing revenue


	Three Months Ended March 31,
	2021		2020
Leasing revenue
Lease payments	$	4,466	$	3,382
Variable lease payments		1,128		918
Total leasing revenue	$	5,594	$	4,300

Schedule of minimum future base rental revenue



2021	$	13,000
2022		11,836
2023		9,294
2024		7,769
2025		5,246
Thereafter		14,678
	$	61,823

Schedule of lease cost



	Three Months Ended March 31,
	2021			2020
Lease cost
Finance lease cost:
Amortization of right-of-use assets	$	27		$	12
Interest on lease liability		5			3
Operating lease cost		77			65
Short-term lease cost		193			78
Total lease cost	$	302		$	158

Other information
Weighted-average remaining lease term - finance lease (in years)		4.0			3.9
Weighted-average remaining lease term - operating leases (in years)		3.4			2.9
Weighted-average discount rate - finance lease		4.5	%		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 March 31, 2021, for the years ending December 31 are:


2021	$	89
2022		120
2023		120
2024		73
2025		37
Total		439
Less imputed interest		(34)
Total finance lease liability	$	405

Schedule of aggregate payments of operating lease liabilities

The aggregate payments of operating lease liabilities subsequent to March 31, 2021, for the years ending December 31 are:


2021	$	221
2022		245
2023		204
2024		103
2025		51
Thereafter		281
Total		1,105
Less imputed interest		(217)
Total operating lease liabilities	$	888

Other Assets (Tables)

3 Months Ended

Mar. 31, 2021

Other Assets

Schedule of Other Assets


	March 31,		December 31,
	2021		2020
Restricted investments	$	—	$	1,171
Accounts receivable, net		10,578		10,791
Homesite sales receivable		6,456		5,675
Notes receivable, net		12,077		10,877
Inventory		2,335		2,026
Prepaid expenses		6,555		7,135
Straight-line rent		2,921		3,174
Operating lease right-of-use assets		888		808
Other assets		6,478		5,743
Retained interest investments		13,092		12,905
Accrued interest receivable for Senior Notes held by SPE		935		2,938
Total other assets	$	62,315	$	63,243

Schedule of Lot Sales Receivable


				Increases Due To		Decreases Due to
		Balance		Revenue Recognized		Amounts		Balance
		January 1, 2021		for Homesites Sold		Received/Transferred		March 31, 2021
Homesite sales receivable	$	5,675	$	1,768	$	(987)	$	6,456


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

Schedule of Notes Receivable, Net


	March 31,		December 31,
	2021		2020
Various interest bearing homebuilder notes, secured by the real estate sold — bearing interest at a rate of 5.5%, due June 2021 through March 2023	$	6,540	$	7,544
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		4,843		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		554		556
Non-interest bearing note with a tenant for tenant improvements, due October 2025		82		—
Various mortgage notes, secured by certain real estate, bearing interest at rates of 4.9% to 6.5%, due December 2022 through November 2023		58		63
Total notes receivable, net	$	12,077	$	10,877

Debt, Net (Tables)

3 Months Ended

Mar. 31, 2021

Debt, Net

Schedule of Debt


	March 31, 2021						December 31, 2020
			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%	$	44,325	$	297	$	44,028	$	44,568	$	314	$	44,254
PPC JV Loan, insured by HUD, due June 2060, bearing interest at 4.0%		35,990		1,072		34,918		36,084		1,079		35,005
Watersound Origins Crossings JV Loan, due May 2024, bearing interest at 5.0%		31,061		325		30,736		27,179		351		26,828
Watercrest JV Loan, due June 2047, bearing interest at LIBOR plus 2.2% (effective rate of 2.3% at March 31, 2021)		18,931		347		18,584		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 March 31, 2021)		17,355		191		17,164		15,921		198		15,723
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 March 31, 2021)		7,184		158		7,026		3,548		168		3,380
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%		6,292		—		6,292		6,294		—		6,294
Beckrich Building III Loan, due August 2029, bearing interest at LIBOR plus 1.7% (effective rate of 1.8% at March 31, 2021)		5,363		57		5,306		5,421		59		5,362
Beach Homes Loan, due May 2029, bearing interest at LIBOR plus 1.7% (effective rate of 1.8% at March 31, 2021)		1,532		17		1,515		1,545		17		1,528
Self-Storage Facility Loan, due November 2025, bearing interest at LIBOR plus 2.5%, with a floor rate of 3.0% (effective rate of 3.0% at March 31, 2021)		1,526		83		1,443		—		—		—
Pier Park Outparcel Construction Loan, due March 2027, bearing interest at LIBOR plus 1.7% (effective rate of 1.8% at March 31, 2021)		1,436		12		1,424		1,458		12		1,446
WaterColor Crossings Construction Loan, due February 2029, bearing interest at LIBOR plus 1.7% (effective rate of 1.8% at March 31, 2021)		1,314		20		1,294		1,334		21		1,313
Total debt	$	172,309	$	2,579	$	169,730	$	161,418	$	2,503	$	158,915

Schedule of Aggregate Maturities of Debt

The aggregate maturities of debt subsequent to March 31, 2021, for the years ending December 31 are:


	March 31,
	2021
2021	$	2,107
2022		3,452
2023		3,954
2024		50,325
2025		50,717
Thereafter		61,754
	$	172,309

Other Liabilities (Tables)

3 Months Ended

Mar. 31, 2021

Other Liabilities

Schedule of Other Liabilities


	March 31,		December 31,
	2021		2020
Accounts payable	$	26,404	$	25,376
Finance lease liability		405		316
Operating lease liabilities		888		808
Accrued compensation		2,288		3,337
Other accrued liabilities		8,762		6,892
Deferred revenue		16,718		16,632
Club initiation fees		12,641		10,716
Club membership deposits		3,773		3,764
Advance deposits		4,338		1,344
Accrued interest expense for Senior Notes held by SPE		713		2,850
Total other liabilities	$	76,930	$	72,035

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


	Club Initiation Fees
Balance as of January 1, 2021	$	10,716
New club memberships		2,848
Revenue from amounts included in contract liability opening balance		(852)
Revenue from current period new memberships		(71)
Balance as of March 31, 2021	$	12,641


	Club Initiation Fees
Balance as of January 1, 2020	$	6,917
New club memberships		320
Revenue from amounts included in contract liability opening balance		(579)
Revenue from current period new memberships		(10)
Balance as of March 31, 2020	$	6,648

Income Taxes (Tables)

3 Months Ended

Mar. 31, 2021

Income Taxes

Schedule of effective income tax rate reconciliation


	Three Months Ended
	March 31,
	2021		2020
Tax at the federal statutory rate	$	892	$	(426)
State income taxes (net of federal benefit)		150		(71)
Other		10		2
Total income tax expense (benefit)	$	1,052	$	(495)

Accumulated Other Comprehensive Loss (Tables)

3 Months Ended

Mar. 31, 2021

Accumulated Other Comprehensive Loss

Summary of Changes in Accumulated Other Comprehensive Loss


	Unrealized Gain (Loss)		Unrealized
	on Available-for-		(Loss) Gain
	Sale Securities		Cash Flow Hedge		Total
Accumulated other comprehensive income (loss) at December 31, 2020	$	16	$	(1,488)	$	(1,472)
Other comprehensive (loss) income before reclassifications		(1)		274		273
Amounts reclassified from accumulated other comprehensive loss		(11)		—		(11)
Other comprehensive (loss) income		(12)		274		262
Accumulated other comprehensive income (loss) at March 31, 2021	$	4	$	(1,214)	$	(1,210)

Summary of Tax Effects Allocated to Other Comprehensive Income


	Three Months Ended March 31, 2021
	Before-		Tax Benefit or		Net-of-
	Tax Amount		(Expense)		Tax Amount
Unrealized loss on available-for-sale investments	$	(2)	$	1	$	(1)
Interest rate swap		157		(40)		117
Interest rate swap - unconsolidated affiliate		211		(54)		157
Reclassification adjustment for net gain included in earnings		(15)		4		(11)
Net unrealized gain		351		(89)		262
Other comprehensive income	$	351	$	(89)	$	262


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

Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2021

Revenue Recognition

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


	Three Months Ended March 31, 2021
	Residential		Hospitality		Commercial		Other		Total
Revenue by Major Good/Service:
Real estate revenue	$	20,539	$	—	$	35	$	479	$	21,053
Hospitality revenue		81		12,986		—		—		13,067
Leasing revenue		40		8		5,546		—		5,594
Timber revenue		—		—		1,591		—		1,591
Total revenue	$	20,660	$	12,994	$	7,172	$	479	$	41,305

Timing of Revenue Recognition:
Recognized at a point in time	$	20,620	$	9,141	$	1,626	$	479	$	31,866
Recognized over time		—		3,845		—		—		3,845
Over lease term		40		8		5,546		—		5,594
Total revenue	$	20,660	$	12,994	$	7,172	$	479	$	41,305


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

Timing of Revenue Recognition:
Recognized at a point in time	$	3,016	$	3,967	$	4,621	$	89	$	11,693
Recognized over time		—		2,581		—		—		2,581
Over lease term		22		3		4,275		—		4,300
Total revenue	$	3,038	$	6,551	$	8,896	$	89	$	18,574

Other Income, Net - (Tables)

3 Months Ended

Mar. 31, 2021

Other Expense, Net

Schedule of Other (Expense) Income, Net


	Three Months Ended
	March 31,
	2021		2020
Investment income, net
Interest and dividend income	$	12	$	1,043
Accretion income		12		17
Net realized gain (loss) on the sale of investments		17		(48)
Unrealized loss on investments, net		(1,049)		(4,761)
Interest income from investments in SPEs		2,043		2,046
Interest earned on notes receivable and other interest		160		94
Total investment income (loss), net		1,195		(1,609)
Interest expense
Interest expense and amortization of discount and issuance costs for Senior Notes issued by SPE		(2,205)		(2,202)
Other interest expense		(1,466)		(1,143)
Total interest expense		(3,671)		(3,345)
Gain on contribution to equity method investment		120		4,277
Other income (expense), net
Accretion income from retained interest investments		361		344
Gain on insurance recovery		866		—
Loss from hurricane damage		(7)		(55)
Miscellaneous income (expense), net		74		(34)
Other income, net		1,294		255
Total other expense, net	$	(1,062)	$	(422)

Segment Information (Tables)

3 Months Ended

Mar. 31, 2021

Segment Information

Schedule of Information by Business Segment


	Three Months Ended
	March 31,
	2021		2020
Operating revenue:
Residential	$	20,660	$	3,038
Hospitality		12,994		6,551
Commercial		7,172		8,896
Other		479		89
Consolidated operating revenue	$	41,305	$	18,574

Income (loss) before equity in loss from unconsolidated affiliates and income taxes:
Residential	$	8,595	$	404
Hospitality		284		(2,258)
Commercial ^(a)		17		7,954
Other		(4,419)		(7,847)
Consolidated income (loss) before equity in loss from unconsolidated affiliates and income taxes	$	4,477	$	(1,747)

(a)	The three months ended March 31, 2020 includes a gain of $3.9 million on land contributed to the Sea Sound Apartments JV. See Note 4. Joint Ventures for additional information.


	March 31,		December 31,
	2021		2020
Total assets:
Residential	$	177,309	$	172,610
Hospitality		164,366		146,724
Commercial		341,405		332,649
Other		370,313		385,341
Total assets	$	1,053,393	$	1,037,324

Nature of Operations - Real Estate Assets (Details)	3 Months Ended
Nature of Operations - Real Estate Assets (Details)	Mar. 31, 2021 segment item
Real estate
Number of reportable segments \| segment	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%
Maximum
Real estate
Miles real estate is located from Gulf of Mexico \| item	15

Significant Accounting Policies - Concentrations (Details) $ in Thousands	Mar. 31, 2021 USD ($) issuer	Dec. 31, 2020 USD ($)	Mar. 31, 2020 USD ($)
Concentration risk
Cash and cash equivalents	$ 52,313	$ 106,794	$ 106,427
Investments - debt securities	93,973	48,051
Investments - equity securities	1,589	2,623
Preferred stock
Concentration risk
Investments - equity securities	1,600	$ 2,600
Credit concentration risk \| Assets \| U.S. Treasury Bills
Concentration risk
Cash and cash equivalents	16,000
Investments - debt securities	94,000
Credit concentration risk \| Assets \| Money Market Funds
Concentration risk
Cash and cash equivalents	17,000
Credit concentration risk \| Assets \| Preferred stock \| Non-investment grade
Concentration risk
Investments - equity securities	$ 1,600
Number of issuers \| issuer	2

Significant Accounting Policies - Recently Issued Accounting Pronouncements (Details)	Jan. 01, 2021
ASU 2019-12
New accounting pronouncements or change in accounting principle
Change in Accounting Principle, Accounting Standards Update, Adopted	true
ASU 2020-01
New accounting pronouncements or change in accounting principle
Change in Accounting Principle, Accounting Standards Update, Adopted	true
ASU 2020-10
New accounting pronouncements or change in accounting principle
Change in Accounting Principle, Accounting Standards Update, Adopted	true

Indicates (true false) whether accounting standards update was adopted.

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Investment in Real Estate - Real Estate by Property Type and Segment (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Real estate properties
Investment in real estate, net	$ 569,201	$ 551,653
Development property
Real estate properties
Investment in real estate, net	283,140	294,104
Development property \| Other
Real estate properties
Investment in real estate, net	3,259	2,691
Development property \| Residential \| Operating Segments
Real estate properties
Investment in real estate, net	115,099	116,911
Development property \| Hospitality \| Operating Segments
Real estate properties
Investment in real estate, net	66,430	51,113
Development property \| Commercial \| Operating Segments
Real estate properties
Investment in real estate, net	98,352	123,389
Operating property
Real estate properties
Operating property	364,482	333,509
Less: Accumulated depreciation	78,421	75,960
Investment in real estate, net	286,061	257,549
Operating property \| Other
Real estate properties
Operating property	129	129
Operating property \| Residential \| Operating Segments
Real estate properties
Operating property	13,253	13,254
Operating property \| Hospitality \| Operating Segments
Real estate properties
Operating property	105,046	103,687
Operating property \| Commercial \| Operating Segments
Real estate properties
Operating property	$ 246,054	$ 216,439

Joint Ventures - General (Details) - USD ($) $ in Millions	Mar. 31, 2021	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)	1 Months Ended	3 Months Ended		12 Months Ended
Joint Ventures - Consolidated Joint Ventures (Details)	Dec. 31, 2020 item	Mar. 31, 2021 item room	Dec. 31, 2020 item	Dec. 31, 2020	Mar. 31, 2020 item
Lodge 30A JV
Variable interest entity
Variable interest entity, ownership percentage		52.80%		52.80%
Lodge 30A JV \| Hotel
Variable interest entity
Number of units to be developed \| room		85
Pier Park Resort Hotel JV
Variable interest entity
Variable interest entity, ownership percentage		70.00%		70.00%
Pier Park Resort Hotel JV \| Hotel
Variable interest entity
Number of units to be developed, under development, or developed and constructed \| 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 in period	120
Watersound Closings JV
Variable interest entity
Variable interest entity, ownership percentage		58.00%		58.00%
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 in period			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		163
Number of units to be developed, under development, or developed and constructed		217
Pier Park Crossings JV
Variable interest entity
Variable interest entity, ownership percentage		75.00%		75.00%
Pier Park Crossings JV \| Apartment
Variable interest entity
Number of completed units					240
Pier Park North JV
Variable interest entity
Variable interest entity, ownership percentage		60.00%		60.00%

Joint Ventures - Investment in Unconsolidated JVs (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Investments
Investment in unconsolidated joint ventures	$ 40,776	$ 37,965
Latitude Margaritaville Watersound JV
Investments
Investment in unconsolidated joint ventures	26,714	24,288
Sea Sound Apartments JV
Investments
Investment in unconsolidated joint ventures	10,346	10,348
Pier Park TPS JV
Investments
Investment in unconsolidated joint ventures	2,314	2,149
Busy Bee JV (SJBB, LLC)
Investments
Investment in unconsolidated joint ventures	$ 1,402	$ 1,180

Joint Ventures - Unconsolidated JV Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2020
Investments
Outstanding debt	$ 172,309	$ 161,418
Unconsolidated joint ventures
Investments
Outstanding debt	44,126	33,088
Latitude Margaritaville Watersound JV
Investments
Outstanding debt	7,599	3,297
Sea Sound Apartments JV
Investments
Outstanding debt	15,648	8,789
Pier Park TPS JV
Investments
Outstanding debt	14,340	14,388
Busy Bee JV (SJBB, LLC)
Investments
Outstanding debt	6,539	$ 6,614
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	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Investments
Equity in loss from unconsolidated affiliates	$ (468)	$ (83)
Latitude Margaritaville Watersound JV
Investments
Equity in loss from unconsolidated affiliates	(642)	(74)
Sea Sound Apartments JV
Investments
Equity in loss from unconsolidated affiliates	(2)
Pier Park TPS JV
Investments
Equity in loss from unconsolidated affiliates	(46)	(3)
Busy Bee JV (SJBB, LLC)
Investments
Equity in loss from unconsolidated affiliates	$ 222	$ (6)

Joint Ventures - Unconsolidated JV - Latitude Margaritaville Watersound JV (Details) $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	Apr. 30, 2021 home	Mar. 31, 2021 USD ($) home site	Mar. 31, 2020 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Summarized financial information
Investment in real estate		$ 569,201		$ 551,653
Cash and cash equivalents		52,313	$ 106,427	106,794
Other assets		62,315		63,243
Total assets		1,053,393		1,037,324
Debt, net		169,730		158,915
Other liabilities		76,930		72,035
Equity		568,104	520,910	568,170	$ 529,670
Total liabilities and equity		1,053,393		1,037,324
Total expenses		35,766	19,899
Net income (loss)		2,957	(1,335)
Latitude Margaritaville Watersound JV
Investments
Contractual value of land and improvements to be contributed		35,000
Cash contributed		9,200
Net present value of land contribution		16,600
Cash contributed by JV partner		$ 9,200
Imputed interest rate (as a percent)		5.75%
Amount of infrastructure improvements completed		$ 2,400		$ 1,800
Variable interest entity, ownership percentage		50.00%		50.00%
Average amount of land contribution returned per home		$ 10
Summarized financial information
Historical cost basis of land contributed		1,300		$ 1,300
Latitude Margaritaville Watersound JV
Summarized financial information
Investment in real estate		24,466		18,255
Cash and cash equivalents		3,116		1,603
Other assets		156		136
Total assets		27,738		19,994
Debt, net		7,185		2,844
Other liabilities		862		1,794
Equity		19,691		15,356
Total liabilities and equity		27,738		$ 19,994
Total expenses		1,239	149
Net income (loss)		$ (1,239)	$ (149)
Latitude Margaritaville Watersound JV \| Residential homes
Investments
Number of units to be developed, under development, or developed and constructed \| home		3,500
Latitude Margaritaville Watersound JV \| Residential homes \| Subsequent Event.
Investments
Number of units completed in period \| home	13
Latitude Margaritaville Watersound JV \| Homesites
Investments
Number of units under construction \| site		616

Joint Ventures - Unconsolidated JV - Sea Sound Apartments JV (Details) $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	Jan. 31, 2020 USD ($)	Mar. 31, 2021 USD ($) item	Mar. 31, 2020 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Investments
Net income		$ 2,957	$ (1,335)
Outstanding debt		172,309		$ 161,418
Summarized financial information
Investment in real estate		569,201		551,653
Cash and cash equivalents		52,313	106,427	106,794
Other assets		62,315		63,243
Total assets		1,053,393		1,037,324
Debt, net		169,730		158,915
Other liabilities		76,930		72,035
Equity		568,104	520,910	568,170	$ 529,670
Total liabilities and equity		1,053,393		1,037,324
Total expenses		35,766	19,899
Net income (loss)		$ 2,957	$ (1,335)
Sea Sound Apartments JV
Investments
Value of land contributed	$ 5,100
Mitigation bank credits contributed				400
Cash contributed				4,900
Cash contributed by JV partner				$ 6,900
Ownership percentage		60.00%		60.00%
Unconsolidated joint ventures
Investments
Outstanding debt		$ 44,126		$ 33,088
Sea Sound Apartments JV
Investments
Net income		(3)
Outstanding debt		15,648		8,789
Summarized financial information
Investment in real estate		38,339		29,085
Cash and cash equivalents		14		15
Other assets		20
Total assets		38,373		29,100
Debt, net		15,286		8,378
Other liabilities		5,807		3,439
Equity		17,280		17,283
Total liabilities and equity		38,373		29,100
Total expenses		3
Net income (loss)		(3)
Sea Sound Apartments JV \| Sea Sound Apartments JV Loan
Investments
Loan amount	$ 40,300
Outstanding debt		$ 15,600		$ 8,800
Sea Sound Apartments JV \| LIBOR \| Sea Sound Apartments JV Loan
Investments
Basis spread on variable rate (as a percent)	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	3 Months Ended
	Mar. 31, 2021 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2020 USD ($)	May 31, 2020 room	Dec. 31, 2019 USD ($)
Summarized financial information
Property and equipment, net	$ 27,456		$ 20,846
Cash and cash equivalents	52,313	$ 106,427	106,794
Other assets	62,315		63,243
Total assets	1,053,393		1,037,324
Debt, net	169,730		158,915
Other liabilities	76,930		72,035
Equity	568,104	520,910	568,170		$ 529,670
Total liabilities and equity	1,053,393		$ 1,037,324
Total revenue	41,305	18,574
Other operating expenses	7,069	6,916
Depreciation and amortization	3,853	3,073
Total expenses	35,766	19,899
Operating income (loss)	5,539	(1,325)
Interest expense	(3,671)	(3,345)
Net income (loss)	$ 2,957	(1,335)
Pier Park TPS JV
Investments
Ownership percentage	50.00%		50.00%
Pier Park TPS JV
Summarized financial information
Property and equipment, net	$ 17,595		$ 17,946
Cash and cash equivalents	2,080		1,705
Other assets	207		483
Total assets	19,882		20,134
Debt, net	14,045		14,090
Other liabilities	1,453		1,745
Equity	4,384		4,299
Total liabilities and equity	19,882		$ 20,134
Total revenue	937
Cost of revenue	435
Other operating expenses	78	3
Depreciation and amortization	358
Total expenses	871	3
Operating income (loss)	66	(3)
Interest expense	(158)	(3)
Net income (loss)	$ (92)	$ (6)
Pier Park TPS JV \| Hotel
Investments
Number of completed units \| room				124

Joint Ventures - Unconsolidated JV - Busy Bee JV (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Investments
Notes receivable, net	$ 12,077		$ 10,877
Summarized financial information
Property and equipment, net	27,456		20,846
Cash and cash equivalents	52,313	$ 106,427	106,794
Other assets	62,315		63,243
Total assets	1,053,393		1,037,324
Debt, net	169,730		158,915
Other liabilities	76,930		72,035
Equity	568,104	520,910	568,170	$ 529,670
Total liabilities and equity	1,053,393		$ 1,037,324
Total revenue	41,305	18,574
Other operating expenses	7,069	6,916
Depreciation and amortization	3,853	3,073
Total expenses	35,766	19,899
Operating income (loss)	5,539	(1,325)
Interest expense	(3,671)	(3,345)
Other (expense) income, net	1,294	255
Total other expense, net	(1,062)	(422)
Net income (loss)	$ 2,957	(1,335)
Busy Bee JV (SJBB, LLC)
Investments
Ownership percentage	50.00%		50.00%
Busy Bee JV (SJBB, LLC)
Summarized financial information
Property and equipment, net	$ 8,385		$ 8,466
Cash and cash equivalents	284		227
Other assets	941		717
Total assets	9,610		9,410
Debt, net	6,463		6,532
Other liabilities	385		506
Equity	2,762		2,372
Total liabilities and equity	9,610		$ 9,410
Total revenue	2,792
Cost of revenue	2,247
Other operating expenses	462	6
Depreciation and amortization	115
Total expenses	2,824	6
Operating income (loss)	(32)	(6)
Interest expense	(53)	(5)
Other (expense) income, net	474
Total other expense, net	421	(5)
Net income (loss)	$ 389	$ (11)

Investments - Schedule of Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt securities and restricted investments
Amortized Cost		$ 49,206
Gross Unrealized Gains		16
Fair Value		49,222
Unrestricted available-for-sale, Debt securities
Debt securities and restricted investments
Amortized Cost		48,046
Gross Unrealized Gains		5
Fair Value		48,051
Unrestricted available-for-sale, Debt securities \| U.S. Treasury Bills
Debt securities and restricted investments
Amortized Cost	$ 93,969	47,986
Gross Unrealized Gains	5	5
Gross Unrealized (Losses)	(1)
Fair Value	$ 93,973	47,991
Unrestricted available-for-sale, Debt securities \| Corporate debt securities
Debt securities and restricted investments
Amortized Cost		60
Fair Value		60
Restricted
Debt securities and restricted investments
Amortized Cost		1,160
Gross Unrealized Gains		11
Fair Value		1,171
Restricted \| Short-term bond
Debt securities and restricted investments
Amortized Cost		1,160
Gross Unrealized Gains		11
Fair Value		$ 1,171

Investments - Gains and Proceeds (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Investments
Proceeds from sale of available-for-sale debt securities	$ 1,200	$ 1,200
Maturities of investments - debt securities	39,000
Purchases of available-for-sale securities	85,000
Maximum
Investments
Net realized gain (loss) on sale of investments	$ 100	100
Purchases of available-for-sale securities		$ 49,900

Investments - Unrealized Loss Position (Details) - Unrestricted available-for-sale, Debt securities - U.S. Treasury Bills $ in Thousands	Mar. 31, 2021 USD ($)
Investments
Less Than 12 Months, Fair Value	$ 9,999
Less Than 12 Months, Unrealized Losses	$ 1

Investments - Contractual Maturities of Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Amortized Cost
Amortized Cost		$ 49,206
Fair Value
Fair Value		49,222
Unrestricted available-for-sale, Debt securities
Amortized Cost
Amortized Cost, Due in one year or less	$ 93,969
Amortized Cost		48,046
Fair Value
Fair Value, Due in one year or less	$ 93,973
Fair Value		48,051
Restricted
Amortized Cost
Amortized Cost		1,160
Fair Value
Fair Value		$ 1,171

Investments - Equity Securities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Equity Securities
Investments - equity securities	$ 1,589		$ 2,623
Unrealized loss on investments, net	(1,049)	$ (4,761)
Preferred stock
Equity Securities
Investments - equity securities	$ 1,600		$ 2,600

Investments - Investment Management Agreement (Details)	Mar. 31, 2021
Investor \| Clients of FCM, including Mr. Berkowitz
Investments
Common stock ownership percentage	43.72%

Financial Instruments and Fair Value Measurements - Measurements on Recurring Basis (Details) - Recurring basis - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Financial instruments and fair value measurements
Cash equivalents	$ 33,049	$ 89,964
Total	128,612	141,809
Level 1
Financial instruments and fair value measurements
Cash equivalents	33,049	89,964
Total	127,023	139,126
Level 2
Financial instruments and fair value measurements
Total	1,589	2,683
Unrestricted available-for-sale, Debt securities
Financial instruments and fair value measurements
Investments	93,974	48,051
Unrestricted available-for-sale, Debt securities \| Level 1
Financial instruments and fair value measurements
Investments	93,974	47,991
Unrestricted available-for-sale, Debt securities \| Level 2
Financial instruments and fair value measurements
Investments		60
Equity securities
Financial instruments and fair value measurements
Investments	1,589	2,623
Equity securities \| Level 2
Financial instruments and fair value measurements
Investments	1,589	2,623
Restricted
Financial instruments and fair value measurements
Investments		1,171
Restricted \| Level 1
Financial instruments and fair value measurements
Investments		1,171
Money Market Funds
Financial instruments and fair value measurements
Cash equivalents	17,049	10,973
Money Market Funds \| Level 1
Financial instruments and fair value measurements
Cash equivalents	17,049	10,973
U.S. Treasury Bills
Financial instruments and fair value measurements
Cash equivalents	16,000	78,991
U.S. Treasury Bills \| Level 1
Financial instruments and fair value measurements
Cash equivalents	16,000	78,991
U.S. Treasury Bills \| Unrestricted available-for-sale, Debt securities
Financial instruments and fair value measurements
Investments	93,974	47,991
U.S. Treasury Bills \| Unrestricted available-for-sale, Debt securities \| Level 1
Financial instruments and fair value measurements
Investments	93,974	47,991
Corporate debt securities \| Unrestricted available-for-sale, Debt securities
Financial instruments and fair value measurements
Investments		60
Corporate debt securities \| Unrestricted available-for-sale, Debt securities \| Level 2
Financial instruments and fair value measurements
Investments		60
Preferred stock \| Equity securities
Financial instruments and fair value measurements
Investments	1,589	2,623
Preferred stock \| Equity securities \| Level 2
Financial instruments and fair value measurements
Investments	$ 1,589	2,623
Short-term bond \| Restricted
Financial instruments and fair value measurements
Investments		1,171
Short-term bond \| Restricted \| Level 1
Financial instruments and fair value measurements
Investments		$ 1,171

Financial Instruments and Fair Value Measurements - Expected Maturity (Details) - Restricted - Short-term bond - Y	Mar. 31, 2021	Dec. 31, 2020
Financial instruments and fair value measurements
Debt Securities, Available-for-sale, Measurement Input [Extensible List]	us-gaap:MeasurementInputExpectedTermMember	us-gaap:MeasurementInputExpectedTermMember
Minimum
Financial instruments and fair value measurements
Measurement input (in years)	0	0
Maximum
Financial instruments and fair value measurements
Measurement input (in years)	3	3

Financial Instruments and Fair Value Measurements - Liabilities Measured at FV (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2019	Jan. 31, 2019
Interest rate swap \| Watercrest JV
Financial instruments and fair value measurements
Notional amount			$ 20,000
Recurring basis
Financial instruments and fair value measurements
Liabilities	$ 1,625	$ 1,993
Recurring basis \| Interest rate swap \| Other liabilities.
Financial instruments and fair value measurements
Derivative liabilities	1,015	1,172
Recurring basis \| Interest rate swap \| Investment in unconsolidated joint ventures
Financial instruments and fair value measurements
Derivative liabilities	610	821
Recurring basis \| Level 2
Financial instruments and fair value measurements
Liabilities	1,625	1,993
Recurring basis \| Level 2 \| Interest rate swap \| Pier Park TPS JV
Financial instruments and fair value measurements
Derivative liabilities	600	800
Recurring basis \| Level 2 \| Interest rate swap \| Other liabilities.
Financial instruments and fair value measurements
Derivative liabilities	1,015	1,172
Recurring basis \| Level 2 \| Interest rate swap \| Investment in unconsolidated joint ventures
Financial instruments and fair value measurements
Derivative liabilities	$ 610	$ 821
Pier Park TPS JV \| Interest rate swap
Financial instruments and fair value measurements
Notional amount				$ 14,400

Financial Instruments and Fair Value Measurements - Investment in Unconsolidated JVs and Long-lived assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Financial Instruments and Fair Value Measurements
Impairment loss on investment in unconsolidated joint ventures	$ 0	$ 0

Financial Instruments and Fair Value Measurements - Carrying Amount and Fair Value (Details) - Nonrecurring - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Carrying Value
Financial instruments and fair value measurements
Debt	$ 172,309	$ 161,418
Fair Value
Financial instruments and fair value measurements
Debt	172,860	163,802
Level 1 \| Carrying Value \| U.S. Treasury Bills
Financial instruments and fair value measurements
Investments held by SPEs	5,389	5,759
Level 1 \| Fair Value \| U.S. Treasury Bills
Financial instruments and fair value measurements
Investments held by SPEs	5,832	6,363
Level 2 \| Carrying Value \| Fixed-rate debt
Financial instruments and fair value measurements
Debt	117,668	114,125
Level 2 \| Carrying Value \| Variable rate debt
Financial instruments and fair value measurements
Debt	54,641	47,293
Level 2 \| Fair Value \| Fixed-rate debt
Financial instruments and fair value measurements
Debt	118,219	116,509
Level 2 \| Fair Value \| Variable rate debt
Financial instruments and fair value measurements
Debt	54,641	47,293
Level 3 \| Carrying Value
Financial instruments and fair value measurements
Senior Notes held by SPE	177,357	177,289
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	205,171	216,363
Level 3 \| Fair Value \| Time deposit
Financial instruments and fair value measurements
Investments held by SPEs	$ 200,000	$ 200,000

Financial Instruments and Fair Value Measurements - Held by Special Purpose Entities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Mar. 31, 2021	Dec. 31, 2020
Financial instruments and fair value measurements
Investments held by special purpose entities		$ 205,770	$ 206,149
Senior Notes held by special purpose entity		177,357	177,289
Variable Interest Entities
Financial instruments and fair value measurements
Investments held by special purpose entities		205,770	206,149
Senior Notes held by special purpose entity		177,357	$ 177,289
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		$ 5,400
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		177,400
Unamortized discount and debt issuance costs		$ 2,600

Hurricane Michael (Details) - USD ($) $ in Thousands	3 Months Ended
Hurricane Michael (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Loss contingency
Insurance recovery	$ 866
Loss from hurricane damage	7	$ 55
Hurricane Michael.
Loss contingency
Proceeds from business interruption insurance	0	700
Insurance recovery	900	0
Loss from hurricane damage		$ 100
Hurricane Michael. \| Maximum
Loss contingency
Loss from hurricane damage	$ 100

Leases - Components of Lease Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Leasing revenue
Lease payments	$ 4,466	$ 3,382
Variable lease payments	1,128	918
Total leasing revenue	$ 5,594	$ 4,300

Leases - Minimum Future Base Rental Revenue (Details) $ in Thousands	Mar. 31, 2021 USD ($)
Minimum future base rental revenue:
2021	$ 13,000
2022	11,836
2023	9,294
2024	7,769
2025	5,246
Thereafter	14,678
Total	$ 61,823

Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Lease cost
Finance lease cost: Amortization of right-of-use assets	$ 27	$ 12
Finance lease cost: Interest on lease liability	5	3
Operating lease cost	77	65
Short-term lease cost	193	78
Total lease cost	$ 302	$ 158

Leases - Lease Cost - Other Information (Details)	Mar. 31, 2021	Mar. 31, 2020
Leases
Weighted-average remaining lease term - finance lease (in years)	4 years	3 years 10 months 24 days
Weighted-average remaining lease term - operating leases (in years)	3 years 4 months 24 days	2 years 10 months 24 days
Weighted-average discount rate - finance lease (as a percent)	4.50%	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	Mar. 31, 2021	Dec. 31, 2020
Aggregate payments of finance lease liability:
2021	$ 89
2022	120
2023	120
2024	73
2025	37
Total	439
Less imputed interest	(34)
Total finance lease liability	$ 405	$ 316

Leases - Aggregate Payments of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Aggregate payments of operating lease liabilities:
2021	$ 221
2022	245
2023	204
2024	103
2025	51
Thereafter	281
Total	1,105
Less imputed interest	(217)
Total operating lease liabilities	$ 888	$ 808

Other Assets - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Other Assets
Restricted investments		$ 1,171
Accounts receivable, net	$ 10,578	10,791
Homesite sales receivable	6,456	5,675	$ 4,547	$ 5,211
Notes receivable, net	12,077	10,877
Inventory	2,335	2,026
Prepaid expenses	6,555	7,135
Straight-line rent	2,921	3,174
Operating lease, right-of use assets	888	808
Other assets	6,478	5,743
Retained interest investments	13,092	12,905
Accrued interest receivable for Senior Notes held by SPE	935	2,938
Total other assets	$ 62,315	$ 63,243

Other Assets - Restricted Investments (Details) - Restricted - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Investments
Expense for fair value of assets, less expenses, allocated to participants		$ 1.2
Maximum
Investments
Gain (loss) on assets	$ 0.1	$ 0.1

Other Assets - Accounts Receivable, Net (Details) - USD ($) $ in Millions	15 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Accounts Receivable, Net
Allowance for credit losses	$ 0.2	$ 0.2
Allowance for lease related receivables	0.1	$ 0.1
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	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Changes in lot sales receivable
Homesite Sales Receivable, Beginning Balance	$ 5,675	$ 5,211
Increases Due To Revenue Recognized for Lots Sold	1,768
Decreases Due to Amounts Received/Transferred	(987)	(664)
Homesite Sales Receivable, Ending Balance	$ 6,456	$ 4,547

Other Assets - Notes Receivable, Net (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2020
Receivables
Notes receivable, net	$ 12,077	$ 10,877
Accrued interest receivable	935	2,938
Latitude Margaritaville Watersound JV
Receivables
Notes receivable, net	4,800	2,700
Amount as lender of secured revolving promissory note	10,000		$ 10,000
Maximum
Receivables
Allowance for credit losses, Notes receivable	100	100
Notes Receivable
Receivables
Accrued interest receivable	300	200
Various interest bearing homebuilder notes, secured by the real estate sold - bearing interest at a rate of 5.5%, due June 2021 through March 2023
Receivables
Notes receivable, net	$ 6,540	$ 7,544
Interest rate, note (as a percent)	5.50%	5.50%
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	$ 4,843	$ 2,714
Interest rate, note (as a percent)	5.00%	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	$ 554	$ 556
Interest rate, note (as a percent)	8.00%	8.00%
Non-interest bearing note with a tenant for tenant improvements, due October 2025
Receivables
Notes receivable, net	$ 82
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	$ 58	$ 63
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, mortgage (as a percent)	4.90%	4.90%
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, mortgage (as a percent)	6.50%	6.50%

Other Assets - Retained Interest Investments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Investments
Retained interest investments	$ 13,092	$ 12,905
Retained interest investments
Investments
Expected amount to receive upon maturity of note after payment of note and any other liabilities	$ 16,500
Promissory notes maturity period	15 years
Retained interest investments	$ 13,100	$ 12,900
Minimum \| Retained interest investments
Investments
Notes maturity year	2022
Maximum \| Retained interest investments
Investments
Notes maturity year	2024

Debt, Net - Schedule of Debt (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Debt instruments
Outstanding debt	$ 172,309	$ 161,418
Unamortized Discount and Debt Issuance Costs	2,579	2,503
Debt, Net	169,730	158,915
PPN JV Loan, due November 2025, bearing interest at 4.1%
Debt instruments
Outstanding debt	44,325	44,568
Unamortized Discount and Debt Issuance Costs	297	314
Debt, Net	$ 44,028	$ 44,254
Debt interest rate (as a percent)	4.10%	4.10%
PPC JV Loan, due June 2060, bearing interest at 4.0%
Debt instruments
Outstanding debt	$ 35,990	$ 36,084
Unamortized Discount and Debt Issuance Costs	1,072	1,079
Debt, Net	$ 34,918	$ 35,005
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	$ 31,061	$ 27,179
Unamortized Discount and Debt Issuance Costs	325	351
Debt, Net	$ 30,736	$ 26,828
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	$ 18,931	$ 18,066
Unamortized Discount and Debt Issuance Costs	347	284
Debt, Net	$ 18,584	$ 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 (as a percent)	2.20%	2.20%
PPC II JV Loan, due October 2024, bearing interest at LIBOR plus 2.3%
Debt instruments
Outstanding debt	$ 17,355	$ 15,921
Unamortized Discount and Debt Issuance Costs	191	198
Debt, Net	$ 17,164	$ 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 (as a percent)	2.30%	2.30%
Airport Hotel Loan, due March 2025, bearing interest at LIBOR plus 2.0%, with a floor rate of 3.0%
Debt instruments
Outstanding debt	$ 7,184	$ 3,548
Unamortized Discount and Debt Issuance Costs	158	168
Debt, Net	$ 7,026	$ 3,380
Floor rate (as a percent)	3.00%	3.00%
Effective interest rate (as a percent)	3.00%
Airport Hotel Loan, due March 2025, bearing interest at LIBOR plus 2.0%, with a floor rate of 3.0% \| LIBOR
Debt instruments
Basis spread on variable rate (as a percent)	2.00%	2.00%
Community Development District debt, secured by certain real estate or other collateral, due May 2023 through May 2039, bearing interest at 3.6% to 6.0%
Debt instruments
Outstanding debt	$ 6,292	$ 6,294
Debt, Net	$ 6,292	$ 6,294
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	$ 5,363	$ 5,421
Unamortized Discount and Debt Issuance Costs	57	59
Debt, Net	$ 5,306	$ 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 (as a percent)	1.70%	1.70%
Beach Homes Loan, due May 2029, bearing interest at LIBOR plus 1.7%.
Debt instruments
Outstanding debt	$ 1,532	$ 1,545
Unamortized Discount and Debt Issuance Costs	17	17
Debt, Net	$ 1,515	$ 1,528
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 (as a percent)	1.70%	1.70%
Self-Storage Facility Loan, due November 2025, bearing interest at LIBOR plus 2.5%, with a floor rate of 3.0%
Debt instruments
Outstanding debt	$ 1,526
Unamortized Discount and Debt Issuance Costs	83
Debt, Net	$ 1,443
Floor rate (as a percent)	3.00%	3.00%
Effective interest rate (as a percent)	3.00%
Self-Storage Facility Loan, due November 2025, bearing interest at LIBOR plus 2.5%, with a floor rate of 3.0% \| LIBOR
Debt instruments
Basis spread on variable rate (as a percent)	2.50%	2.50%
Pier Park Outparcel Construction Loan, due March 2027, bearing interest at LIBOR plus 1.7%
Debt instruments
Outstanding debt	$ 1,436	$ 1,458
Unamortized Discount and Debt Issuance Costs	12	12
Debt, Net	$ 1,424	$ 1,446
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 (as a percent)	1.70%	1.70%
WaterColor Crossings Construction Loan, due February 2029, bearing interest at LIBOR plus 1.7%
Debt instruments
Outstanding debt	$ 1,314	$ 1,334
Unamortized Discount and Debt Issuance Costs	20	21
Debt, Net	$ 1,294	$ 1,313
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 (as a percent)	1.70%	1.70%

Debt, Net - Debt Agreements (Details) $ in Thousands	1 Months Ended								120 Months Ended
Debt, Net - Debt Agreements (Details) $ in Thousands	Mar. 31, 2021 USD ($)	Jan. 31, 2021 USD ($)	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 ($)	Aug. 31, 2019 USD ($)	May 31, 2018 USD ($) item	Feb. 28, 2018 USD ($)	Mar. 31, 2017 USD ($)	Oct. 31, 2015 USD ($)
Debt instruments
Outstanding debt	$ 172,309									$ 161,418
Total Community Development District debt	15,400									15,800
PPN JV Loan, due November 2025, bearing interest at 4.1%
Debt instruments
Loan amount															$ 48,200
Outstanding debt	44,325									44,568
PPC JV Loan, due June 2060, bearing interest at 4.0%
Debt instruments
Loan amount												$ 36,600
Outstanding debt	35,990									36,084
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	31,061									27,179
Debt instrument, period subject to interest payments only								30 months
Watercrest JV Loan, due June 2047, bearing interest at LIBOR plus 2.2%
Debt instruments
Loan amount							$ 22,500
Outstanding debt	18,931									18,066
Debt instrument, period subject to interest payments only							36 months
Fixed interest rate (as a percent)							4.37%
Watercrest JV Loan, due June 2047, bearing interest at LIBOR plus 2.2% \| Interest rate swap
Debt instruments
Notional amount							$ 20,000
PPC II JV Loan, due October 2024, bearing interest at LIBOR plus 2.3%
Debt instruments
Loan amount						$ 17,500
Outstanding debt	17,355									15,921
Debt instrument, period subject to interest payments only						24 months
Company's liability as guarantor, upon satisfaction of final advance conditions (as a percent)						50.00%
Company's liability as guarantor, upon reaching and maintaining a certain debt service coverage ratio (as a percent)						25.00%
Airport Hotel Loan, due March 2025, bearing interest at LIBOR plus 2.0%, with a floor rate of 3.0%
Debt instruments
Loan amount					$ 15,300
Outstanding debt	7,184									3,548
Debt instrument, period subject to interest payments only					36 months
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	6,292									6,294
Beckrich Building III Loan, due August 2029, bearing interest at LIBOR plus 1.7%
Debt instruments
Loan amount											$ 5,500
Outstanding debt	5,363									5,421
Beach Homes Loan, due May 2029, bearing interest at LIBOR plus 1.7%.
Debt instruments
Loan amount												$ 1,700
Outstanding debt	1,532									1,545
Number of homes financed \| item												2
Self-Storage Facility Loan, due November 2025, bearing interest at LIBOR plus 2.5%, with a floor rate of 3.0%
Debt instruments
Loan amount			$ 5,800
Outstanding debt	1,526
Debt instrument, period subject to interest payments only			48 months
Self-Storage Facility Loan, due November 2025, bearing interest at LIBOR plus 2.5%, with a floor rate of 3.0% \| Maximum
Debt instruments
Amount of liability as guarantor			$ 2,900
Pier Park Outparcel Construction Loan, due March 2027, bearing interest at LIBOR plus 1.7%
Debt instruments
Loan amount														$ 1,600
Outstanding debt	1,436									1,458
WaterColor Crossings Construction Loan, due February 2029, bearing interest at LIBOR plus 1.7%
Debt instruments
Loan amount													$ 1,900
Outstanding debt	1,314									1,334
Pier Park Resort Hotel JV Loan
Debt instruments
Loan amount				$ 52,500
Outstanding debt	0									0
Debt instrument, period subject to interest payments only				36 months
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									0
Debt instrument, period subject to interest payments only			24 months
Loan costs	200									$ 200
Lodge 30A JV Hotel Loan
Debt instruments
Loan amount		$ 15,000
Outstanding debt	0
Debt instrument, period subject to interest payments only		24 months
Debt service coverage period		24 months
Loan costs	200
Company's liability as guarantor, third year (as a percent)		75.00%
Company's liability as guarantor, fourth year (as a percent)		50.00%
Company's liability as guarantor, fifth year (as a percent)		25.00%
Star Avenue Apartments Loan
Debt instruments
Loan amount	26,800
Outstanding debt	0
Loan costs	$ 300
Loan extension period	18 months
Company's liability as guarantor, upon satisfaction of final advance conditions (as a percent)	50.00%
Company's liability as guarantor, upon reaching and maintaining a certain debt service coverage ratio (as a percent)	25.00%

Debt, Net - Maturities of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt, Net
2021	$ 2,107
2022	3,452
2023	3,954
2024	50,325
2025	50,717
Thereafter	61,754
Long term debt	$ 172,309	$ 161,418

Other Liabilities - Schedule of Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Other Liabilities
Accounts payable	$ 26,404	$ 25,376
Finance lease liability	405	316
Operating lease liabilities	888	808
Accrued compensation	2,288	3,337
Other accrued liabilities	8,762	6,892
Deferred revenue	16,718	16,632
Club initiation fees	12,641	10,716
Club membership deposits	3,773	3,764
Advance deposits	4,338	1,344
Accrued interest expense for Senior Notes held by SPE	713	2,850
Total other liabilities	$ 76,930	$ 72,035

Other Liabilities - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Other Liabilities
Accrued property taxes	$ 1,500	$ 100
Deferred revenue	16,718	16,632
Florida Department of Transportation
Other Liabilities
Deferred revenue	$ 11,500	$ 11,500

Other Liabilities - Changes in Contract Liabilities (Details) - Club Membership - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Change in contract with customer liability
Balance at beginning of period	$ 10,716	$ 6,917
New club memberships	2,848	320
Revenue from amounts included in contract liability opening balance	(852)	(579)
Revenue from current period new memberships	(71)	(10)
Balance at end of period	$ 12,641	$ 6,648

Other Liabilities - Performance Obligations (Details) $ in Millions	Mar. 31, 2021 USD ($)
Performance obligations
Remaining performance obligations	$ 12.6
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01
Performance obligations
Remaining performance obligations	$ 2.3
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01
Performance obligations
Remaining performance obligations	$ 5.4
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Performance obligations
Remaining performance obligations	$ 3.8
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01
Performance obligations
Remaining performance obligations	$ 1.1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period

Income Taxes - Expense (Benefit) Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Taxes
Statutory federal income tax rate (as a percent)	21.00%	21.00%
Tax at the statutory federal rate	$ 892	$ (426)
State income taxes (net of federal benefit)	150	(71)
Other permanent items	10	2
Total income tax expense (benefit)	$ 1,052	$ (495)

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

+ References + Details

Income Taxes - Tax Credit Carryforward (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Income Taxes
Income tax payable	$ 3.5	$ 2.7

Accumulated Other Comprehensive Loss - Summary of Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Summary of changes in accumulated other comprehensive loss
Beginning Balance	$ 568,170	$ 529,670
Amounts reclassified from accumulated other comprehensive loss	(11)	(3)
Total other comprehensive income (loss), net of tax	262	(555)
Ending Balance	568,104	520,910
Accumulated Other Comprehensive Loss.
Summary of changes in accumulated other comprehensive loss
Beginning Balance	(1,472)	(335)
Other comprehensive (loss) income before reclassifications	273
Amounts reclassified from accumulated other comprehensive loss	(11)
Total other comprehensive income (loss), net of tax	262	(555)
Ending Balance	(1,210)	$ (890)
Unrealized (loss) and gain on available for sale securities
Summary of changes in accumulated other comprehensive loss
Beginning Balance	16
Other comprehensive (loss) income before reclassifications	(1)
Amounts reclassified from accumulated other comprehensive loss	(11)
Total other comprehensive income (loss), net of tax	(12)
Ending Balance	4
Unrealized loss Cash flow hedge, Interest rate swap
Summary of changes in accumulated other comprehensive loss
Beginning Balance	(1,488)
Other comprehensive (loss) income before reclassifications	274
Total other comprehensive income (loss), net of tax	274
Ending Balance	$ (1,214)

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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