Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 25, 2019 | Jun. 30, 2018 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | ST JOE CO | ||
Trading Symbol | JOE | ||
Entity Central Index Key | 745,308 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Current Reporting Status | Yes | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 351.9 | ||
Entity Common Stock, Shares Outstanding | 60,200,534 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
ASSETS | ||
Investment in real estate, net | $ 350,994 | $ 332,624 |
Cash and cash equivalents | 195,155 | 192,083 |
Investments - debt securities | 8,958 | 76,245 |
Investments - equity securities | 36,132 | |
Investments - equity securities | 35,023 | |
Restricted investments | 3,432 | 4,469 |
Income tax receivable | 3,914 | 8,371 |
Claim settlement receivable | 2,679 | 5,280 |
Other assets | 50,283 | 47,133 |
Property and equipment, net of accumulated depreciation of $60,271 and $60,697 at December 31, 2018 and December 31, 2017, respectively | 12,031 | 11,776 |
Investments held by special purpose entities | 207,384 | 207,989 |
Total assets | 870,962 | 920,993 |
Liabilities: | ||
Debt, net | 69,374 | 55,630 |
Other liabilities | 47,387 | 47,259 |
Deferred tax liabilities, net | 44,315 | 48,983 |
Senior Notes held by special purpose entity | 176,775 | 176,537 |
Total liabilities | 337,851 | 328,409 |
Equity: | ||
Common stock, no par value; 180,000,000 shares authorized; 60,672,034 and 65,897,866 issued and outstanding at December 31, 2018 and December 31, 2017, respectively | 331,395 | 424,694 |
Retained earnings | 187,450 | 154,324 |
Accumulated other comprehensive loss | (674) | (1,461) |
Total stockholders' equity | 518,171 | 577,557 |
Non-controlling interest | 14,940 | 15,027 |
Total equity | 533,111 | 592,584 |
Total liabilities and equity | $ 870,962 | $ 920,993 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
CONSOLIDATED BALANCE SHEETS | ||
Property and equipment, Accumulated depreciation | $ 60,271 | $ 60,697 |
Common stock, par value | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 180,000,000 | 180,000,000 |
Common stock, issued (in shares) | 60,672,034 | 65,897,866 |
Common stock, outstanding (in shares) | 60,672,034 | 65,897,866 |
CONSOLIDATED BALANCE SHEETS - V
CONSOLIDATED BALANCE SHEETS - VIEs - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
ASSETS | ||
Investment in real estate | $ 350,994 | $ 332,624 |
Cash and cash equivalents | 195,155 | 192,083 |
Other assets | 50,283 | 47,133 |
Investments held by special purpose entities | 207,384 | 207,989 |
Total assets | 870,962 | 920,993 |
LIABILITIES | ||
Debt, net | 69,374 | 55,630 |
Other liabilities | 47,387 | 47,259 |
Senior Notes held by special purpose entity | 176,775 | 176,537 |
Total liabilities | 337,851 | 328,409 |
Variable Interest Entities | ||
ASSETS | ||
Investment in real estate | 70,124 | 58,441 |
Cash and cash equivalents | 2,113 | 5,084 |
Other assets | 16,165 | 11,889 |
Investments held by special purpose entities | 207,384 | 207,989 |
Total assets | 295,786 | 283,403 |
LIABILITIES | ||
Debt, net | 60,262 | 46,783 |
Other liabilities | 5,773 | 4,357 |
Senior Notes held by special purpose entity | 176,775 | 176,537 |
Total liabilities | $ 242,810 | $ 227,677 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenue: | |||
Leasing revenue | $ 13,727 | $ 12,940 | $ 12,230 |
Total revenue | 110,276 | 100,038 | 96,862 |
Expenses: | |||
Cost of leasing revenue | 4,700 | 4,548 | 4,487 |
Other operating and corporate expenses | 20,557 | 20,382 | 23,019 |
Depreciation, depletion and amortization | 8,998 | 8,885 | 8,571 |
Total expenses | 80,872 | 96,461 | 93,784 |
Operating income | 29,404 | 3,577 | 3,078 |
Other income (expense): | |||
Investment income, net | 12,150 | 35,410 | 17,776 |
Interest expense | (11,840) | (12,145) | (12,295) |
Claim settlement | 12,548 | ||
Sale of vacation rental management, net | 9,800 | ||
Other income, net | 1,152 | 4,713 | 1,504 |
Total other income, net | 1,462 | 37,778 | 19,533 |
Income before income taxes | 30,866 | 41,355 | 22,611 |
Income tax benefit (expense) | 736 | 17,881 | (7,147) |
Net income | 31,602 | 59,236 | 15,464 |
Net loss attributable to non-controlling interest | 767 | 342 | 431 |
Net income attributable to the Company | $ 32,369 | $ 59,578 | $ 15,895 |
Basic and Diluted | |||
Weighted average shares outstanding (in shares) | 62,725,954 | 70,548,411 | 74,457,541 |
Net income per share attributable to the Company (in dollars per share) | $ 0.52 | $ 0.84 | $ 0.21 |
Real estate | |||
Revenue: | |||
Revenue | $ 52,183 | $ 27,717 | $ 23,397 |
Expenses: | |||
Cost of revenue | 13,442 | 15,370 | 8,036 |
Hospitality | |||
Revenue: | |||
Revenue | 38,736 | 53,217 | 55,644 |
Expenses: | |||
Cost of revenue | 32,465 | 46,467 | 48,850 |
Timber | |||
Revenue: | |||
Revenue | 5,630 | 6,164 | 5,591 |
Expenses: | |||
Cost of revenue | $ 710 | $ 809 | $ 821 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Net income: | $ 31,602 | $ 59,236 | $ 15,464 | |
Other comprehensive income (loss): | ||||
Reclassification of net realized loss (gain) included in earnings | 1,061 | (10,750) | (795) | |
Reclassification into retained earnings | [1] | 932 | ||
Reclassification of other-than-temporary impairment loss included in earnings | 2,330 | 2,288 | ||
Total before income taxes | 1,472 | (6,456) | 5,196 | |
Income tax (expense) benefit | [2] | (685) | 2,488 | (2,003) |
Total other comprehensive income (loss), net of tax | 787 | (3,968) | 3,193 | |
Total comprehensive income, net of tax | 32,389 | 55,268 | 18,657 | |
Unrestricted available-for-sale, Debt securities | ||||
Other comprehensive income (loss): | ||||
Net unrealized (loss) gain on investments | (2,845) | |||
Unrestricted available-for-sale, Debt and equity securities | ||||
Other comprehensive income (loss): | ||||
Net unrealized (loss) gain on investments | 2,015 | 5,997 | ||
Restricted | ||||
Other comprehensive income (loss): | ||||
Net unrealized (loss) gain on investments | $ (6) | $ (9) | $ (6) | |
[1] | The reclassification into retained earnings relates to the adoption of ASU 2016-01. The new guidance was effective January 1, 2018, and required equity investments to be measured at fair value with changes in fair value recognized in results of operations rather than the consolidated statements of comprehensive income. See Note 2. Summary of Significant Accounting Policies. | |||
[2] | Income tax expense for the year ended December 31, 2018 includes $0.3 million of income tax expense related to the adoption of ASU 2018-02. The new guidance was effective January 1, 2018, and allowed a reclassification from accumulated other comprehensive loss to retained earnings for stranded tax effects resulting from the Tax Act. See Note 2. Summary of Significant Accounting Policies. |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018USD ($) | ||
Income tax (expense) benefit | $ (685) | [1] |
Scenario, Adjustment | ASU 2018-02 | ||
Income tax (expense) benefit | $ (300) | |
[1] | Income tax expense for the year ended December 31, 2018 includes $0.3 million of income tax expense related to the adoption of ASU 2018-02. The new guidance was effective January 1, 2018, and allowed a reclassification from accumulated other comprehensive loss to retained earnings for stranded tax effects resulting from the Tax Act. See Note 2. Summary of Significant Accounting Policies. |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock | Retained Earnings | Accumulated Other Comprehensive (Loss) Income | Treasury Stock | Non-controlling Interest | Total |
Beginning Balance (in shares) at Dec. 31, 2015 | 75,329,557 | |||||
Beginning Balance at Dec. 31, 2015 | $ 892,387 | $ 78,851 | $ (686) | $ (305,289) | $ 8,184 | |
Increase (Decrease) in Stockholders' Equity | ||||||
Capital contribution from non-controlling interest | 10,353 | |||||
Capital distribution to non-controlling interest | (600) | |||||
Issuance of common stock for director's fees (in shares) | 8,919 | |||||
Issuance of common stock for director's fees | $ 131 | |||||
Reduction in excess tax benefits on stock options | $ (369) | |||||
Repurchase of common shares (in shares) | (995,650) | |||||
Repurchase of common shares | (14,820) | |||||
Retirement of treasury stock | $ (320,109) | 320,109 | ||||
Other comprehensive income | 3,193 | |||||
Net income | 15,895 | (431) | $ 15,464 | |||
Ending Balance (in shares) at Dec. 31, 2016 | 74,342,826 | |||||
Ending Balance at Dec. 31, 2016 | $ 572,040 | 94,746 | 2,507 | 17,506 | ||
Increase (Decrease) in Stockholders' Equity | ||||||
Capital contribution from non-controlling interest | 193 | |||||
Capital distribution to non-controlling interest | (2,330) | |||||
Issuance of common stock for director's fees (in shares) | 5,334 | |||||
Issuance of common stock for director's fees | $ 76 | |||||
Repurchase of common shares (in shares) | (8,450,294) | |||||
Repurchase of common shares | (147,422) | |||||
Retirement of treasury stock | $ (147,422) | 147,422 | ||||
Other comprehensive income | (3,968) | |||||
Net income | 59,578 | (342) | $ 59,236 | |||
Ending Balance (in shares) at Dec. 31, 2017 | 65,897,866 | 65,897,866 | ||||
Ending Balance at Dec. 31, 2017 | $ 424,694 | 154,324 | (1,461) | 15,027 | $ 592,584 | |
Increase (Decrease) in Stockholders' Equity | ||||||
Allocation of ownership interest in Pier Park Crossings JV | (490) | 490 | ||||
Additional ownership interest acquired in Artisan Park, LLC | $ 297 | (297) | ||||
Capital contribution from non-controlling interest | 887 | |||||
Capital distribution to non-controlling interest | (400) | |||||
Issuance of common stock for director's fees (in shares) | 2,778 | |||||
Issuance of common stock for director's fees | $ 71 | |||||
Issuance of common stock for officer compensation, net of tax withholding | $ 192 | |||||
Issuance of common stock for officer compensation, net of tax withholding (in shares) | 9,956 | |||||
Repurchase of common shares (in shares) | (5,238,566) | |||||
Repurchase of common shares | (93,369) | |||||
Retirement of treasury stock | $ (93,369) | $ 93,369 | ||||
Adoption of ASU 2018-02 Income Statement - Reporting Comprehensive Income | 313 | (313) | ||||
Other comprehensive income | 404 | |||||
Net income | 32,369 | (767) | $ 31,602 | |||
Ending Balance (in shares) at Dec. 31, 2018 | 60,672,034 | 60,672,034 | ||||
Ending Balance at Dec. 31, 2018 | $ 331,395 | 187,450 | (674) | $ 14,940 | $ 533,111 | |
Increase (Decrease) in Stockholders' Equity | ||||||
Adoption of ASU | ASU 2014-09 | 1,140 | |||||
Adoption of ASU | ASU 2016-01 | $ (696) | $ 696 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities: | |||
Net income | $ 31,602 | $ 59,236 | $ 15,464 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation, depletion and amortization | 8,998 | 8,885 | 8,571 |
Stock based compensation | 263 | 76 | 131 |
Loss (gain) on sale of investments | 973 | ||
Loss (gain) on sale of investments | (10,750) | (795) | |
Unrealized loss on investments, net | 3,035 | ||
Other-than-temporary impairment loss | 2,330 | ||
Other-than-temporary impairment loss | 2,288 | ||
Deferred income tax (benefit) expense | (4,804) | (17,375) | 29,627 |
Impairment loss on investment in real estate | 99 | 714 | 357 |
Loss on disposal of real estate and property and equipment | 5,223 | 887 | 9 |
Gain on sale of vacation rental management | (9,800) | ||
Cost of real estate sold | 12,235 | 13,727 | 6,489 |
Expenditures for and acquisition of real estate to be sold | (19,819) | (8,475) | (8,335) |
Accretion income and other | (1,919) | (3,159) | (2,792) |
Changes in operating assets and liabilities: | |||
Claim settlement receivable | 2,741 | 2,741 | (7,804) |
Other assets | (2,758) | (8,398) | (3,094) |
Other liabilities | (1,236) | 4,734 | (2,384) |
Income taxes receivable | 4,457 | 18,300 | (24,782) |
Net cash provided by operating activities | 41,420 | 53,631 | 10,662 |
Cash flows from investing activities: | |||
Expenditures for operating property | (22,762) | (28,400) | (3,226) |
Expenditures for property and equipment | (2,615) | (3,005) | (1,297) |
Proceeds from the disposition of assets | 5,000 | 2,518 | 3 |
Purchases of investments - debt securities | (6,995) | (94,791) | (322,004) |
Purchases of investments - equity securities | (15,105) | (21,153) | (35,783) |
Maturities of investments - debt securities | 10,000 | 13,988 | 185,000 |
Sales of investments - debt securities | 64,706 | 152,985 | 197,548 |
Sales of investments - equity securities | 11,051 | 21,522 | |
Maturities of assets held by special purpose entities | 785 | 787 | 787 |
Net cash provided by investing activities | 44,065 | 44,451 | 21,028 |
Cash flows from financing activities: | |||
Capital contribution from non-controlling interest | 887 | 193 | 10,353 |
Capital distribution to non-controlling interest | (400) | (2,330) | (600) |
Capital contribution to unconsolidated affiliate | (1,105) | ||
Repurchase of common shares | (93,369) | (147,422) | (14,820) |
Borrowings on debt | 16,644 | 1,624 | |
Principal payments for debt | (1,362) | (1,290) | (497) |
Debt issuance costs | (1,158) | (20) | |
Net cash used in financing activities | (79,863) | (149,245) | (5,564) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 5,622 | (51,163) | 26,126 |
Cash, cash equivalents and restricted cash at beginning of the year | 192,451 | 243,614 | 217,488 |
Cash, cash equivalents and restricted cash at end of the year | $ 198,073 | $ 192,451 | $ 243,614 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash, cash equivalents and restricted cash: | |||
Cash and cash equivalents | $ 195,155 | $ 192,083 | $ 241,111 |
Restricted cash included in other assets | 2,918 | 368 | 2,503 |
Total cash, cash equivalents and restricted cash shown in the statement of cash flows | 198,073 | 192,451 | 243,614 |
Cash paid during the period for: | |||
Interest | 11,852 | 11,823 | 11,811 |
Income taxes | 2,005 | 5,430 | 2,302 |
Non-cash financing and investment activities: | |||
Increase in notes receivable - PCR Note | (5,000) | ||
(Decrease) increase in Community Development District debt | (467) | 174 | 955 |
(Decrease) increase in expenditures for operating properties and property and equipment financed through accounts payable | $ (1,273) | $ 2,525 | $ 139 |
Nature of Operations
Nature of Operations | 12 Months Ended |
Dec. 31, 2018 | |
Nature of Operations | |
Nature of Operations | 1. Nature of Operations The St. Joe Company, together with its consolidated subsidiaries, (“St. Joe” or the “Company”) is a Florida real estate development, asset management and operating company with real estate assets and operations currently concentrated in Northwest Florida. Approximately 90% of the Company’s real estate land holdings are located within fifteen miles of the Gulf of Mexico. The Company conducts primarily all of its business in the following four reportable operating segments: 1) residential real estate, 2) hospitality, 3) commercial leasing and sales and 4) forestry. Commencing in the fourth quarter of 2018, our previously titled “resorts and leisure” segment was retitled “hospitality,” with no effect on the consolidated balance sheets, statements of income, statements of comprehensive income or statements of cash flows for the periods presented. In 2016, the Company’s reportable operating segments were 1) residential real estate, 2) commercial real estate, 3) resorts and leisure 4) leasing operations and 5) forestry. Commencing in the fourth quarter of 2017, the Company’s commercial real estate segment and leasing operations segment were combined into a new segment titled “commercial leasing and sales”. This change is consistent with the Company’s belief that the decision making and management of the assets in these segments are being made as one group. Prior to the fourth quarter of 2017, commercial real estate and leasing operations were treated as individual operating segments. All 2016 segment information has been reclassified to conform to the 2018 and 2017 presentation. The change in reporting segments has no effect on the consolidated balance sheets, statements of income, statements of comprehensive income or statements of cash flows for the periods presented. See Note 21. Segment Information . |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Significant Accounting Policies | |
Significant Accounting Policies | 2. Significant Accounting Policies Basis of Presentation and Principles of Consolidation The consolidated financial statements include the accounts of the Company and all of its majority-owned and controlled subsidiaries and variable interest entities where the Company deems itself the primary beneficiary. Investments in JVs and limited partnerships in which the Company is not the primary beneficiary are accounted for by the equity method. All significant intercompany transactions and balances have been eliminated in consolidation. Certain prior year amounts in the accompanying consolidated financial statements have been reclassified to conform to the current year presentation. These reclassifications had no effect on the Company’s previously reported total assets and liabilities, stockholders’ equity or net income. A variable interest entity (“VIE”) is an entity in which a controlling financial interest may be achieved through arrangements that do not involve voting interests. A VIE is required to be consolidated by its primary beneficiary, which is the entity that possesses the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and has the obligation to absorb losses or the right to receive benefits from the VIE that are significant to the entity. The Company consolidates VIEs when it is the primary beneficiary of the VIE, including real estate JVs determined to be VIEs. See Note 11. Real Estate Joint Ventures . Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates and assumptions including investment in real estate, real estate impairment assessments, investments, other-than-temporary impairment assessments, retained interest investments, accruals and deferred income taxes. Actual results could differ from those estimates. Investment in Real Estate The Company capitalizes costs directly associated with development and construction of identified real estate projects. The Company also capitalizes those indirect costs that relate to the projects under development or construction. These indirect costs include construction and development administration, legal fees, capitalized interest, and project administration to the extent that such costs are related to a specific project. Interest is capitalized (up to total interest expense) based on the amount of underlying borrowings and real estate taxes are capitalized on real estate projects under development. Real estate development costs also include land and common development costs (such as roads, utilities and amenities), capitalized property taxes, capitalized interest and certain indirect costs. A portion of real estate development costs and estimates for costs to complete are allocated to each unit based on the relative sales value of each unit as compared to the estimated sales value of the total project. These estimates are reevaluated at least annually and more frequently if warranted by market conditions, changes in the project’s scope or other factors, with any adjustments being allocated prospectively to the remaining property or units available for sale. The capitalization period relating to direct and indirect project costs is the period in which activities necessary to ready a property for its intended use are in progress. The period begins when such activities commence, typically when the Company begins site work for land already owned, and ends when the asset is substantially complete and ready for its intended use. Determination of when construction of a project is substantially complete and ready for its intended use requires judgment. The Company determines when the capitalization period begins and ends through communication with project and other managers responsible for the tracking and oversight of individual projects. In the event that the activities to ready the asset for its intended use are suspended, the capitalization period will cease until such activities are resumed. If the Company determines not to complete a project, any previously capitalized costs are expensed in the period in which the determination is made and recovery is not deemed probable. Investment in real estate is carried at cost, net of depreciation and timber depletion, unless circumstances indicate that the carrying value of the assets may not be recoverable. If the Company determines that an impairment exists due to the inability to recover an asset’s carrying value, an impairment charge is recorded to the extent that the carrying value exceeds estimated fair value. If such assets were held for sale, the provision for loss would be recorded to the extent that the carrying value exceeds estimated fair value less costs to sell. Depreciation is computed on the straight-line method over the estimated economic lives of the assets, as follows: Estimated Useful Life (in years) Land N/A Land improvements 15 - 20 Buildings 20-40 Building improvements 5-25 Timber N/A Building improvements are amortized on a straight-line basis over the shorter of the minimum lease term or the estimated economic life of the assets. Cash and Cash Equivalents Cash and cash equivalents include cash on hand, bank demand accounts, money market instruments, short term commercial paper and short term U.S. Treasury securities having original maturities at acquisition date, of ninety days or less. Investments Investments – debt securities and restricted investments consist of available-for-sale securities recorded at fair value, which is established through external pricing services that use quoted market prices and pricing data from recently executed market transactions. Unrealized gains and temporary losses on investments, net of tax, are recorded in other comprehensive income (loss). Realized gains and losses on investments are determined using the specific identification method. The amortized cost of debt securities are adjusted for amortization of premiums and accretion of discounts to maturity computed under the effective interest method. Such amortization and accretion is included in investment income, net. The Company evaluates investments classified as available-for-sale with an unrealized loss to determine if they are other-than-temporarily impaired. This evaluation is based on various factors, including the financial condition, business prospects, industry and creditworthiness of the issuer, severity and length of time the securities were in a loss position, the Company’s ability and intent to hold investments until the unrealized loss is recovered or until maturity and the amount of the unrealized loss. If a decline in fair value is considered other-than-temporary, the decline is then bifurcated into its credit and non-credit related components. The amount of the credit-related component is recognized in earnings, and the amount of the non-credit related component is recognized in other comprehensive income (loss), unless the Company intends to sell the security or it is more likely than not that the Company will be required to sell the security prior to its anticipated recovery, in which case the decline in fair value is recognized entirely in earnings. Due to the adoption of ASU 2016-01 on January 1, 2018, investments - equity securities with a readily determinable fair value are recorded at fair value, which is established through external pricing services that use quoted market prices and pricing data from recently executed market transactions. Unrealized holding gains and losses are recognized in investment income, net in the consolidated statements of income. Prior to 2018, unrealized gains and losses related to these investments were recognized in other comprehensive income (loss). Restricted Investments The Company’s restricted investments are related to the Company’s deferred compensation plan. As part of the Pension Plan termination in 2014, the Company directed the Pension Plan to transfer the Pension Plan’s surplus assets into a suspense account in the Company’s 401(k) plan. The Company has retained the risks and rewards of ownership of these assets; therefore, the assets held in the suspense account are included in the Company’s consolidated balance sheets until they are allocated to current or future 401(k) plan participants for up to the next three years. See Note 18. Employee Benefit Plan . Fair Value Measurements Fair value is an exit price, representing the amount that would be received by selling an asset or paying to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. A three-tier fair value hierarchy is established as a basis for considering such assumptions and for inputs used in the valuation methodologies in measuring fair value: Level 1. Quoted prices in active markets for identical assets or liabilities; Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3. Unobservable inputs in which there is little or no market data, such as internally-developed valuation models, which require the reporting entity to develop its own assumptions. Comprehensive Income The Company’s comprehensive income includes unrealized gains and losses on available-for-sale securities and restricted investments, which may be temporary. Receivables The Company’s receivables primarily include hurricane insurance proceeds receivable, receivables related to certain homesite sales, claim settlement receivable, homebuilder notes and Pier Park CDD notes. The Company evaluates the carrying value of receivables at each reporting date. Receivable balances are adjusted to net realizable value based upon a review of entity specific facts or when terms are modified. Judgments are made with respect to the collectability of accounts based on historical experience and current economic trends. Actual losses could differ from those estimates. As of December 31, 2018 and 2017 , all amounts were deemed collectable . Long-Lived Assets Long-lived assets include the Company’s investments in operating and development property and property and equipment. The Company reviews its long-lived assets for impairment quarterly to determine whether events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. As part of the Company’s review for impairment of its long-lived assets, the Company reviews the long-lived asset’s carrying value, current period actual financial results as compared to prior period and forecasted results contained in the Company’s business plan and any other events or changes in circumstances to identify whether an indicator of potential impairment may exist. Some of the events or changes in circumstances that are considered by the Company as indicators of potential impairment include: · a prolonged decrease in the fair value or demand for the Company’s properties; · a change in the expected use or development plans for the Company’s properties; · a material change in strategy that would affect the fair value of the Company’s properties; · continuing operating or cash flow loss for an operating property; · an accumulation of costs in excess of the projected costs for development or operating property; and · any other adverse change that may affect the fair value of the property. The Company uses varying methods to determine if an impairment exists, such as (i) considering indicators of potential impairment, (ii) analyzing expected future cash flows and comparing the expected future undiscounted cash flows of the property to its carrying value or (iii) determining market resale values. For projects under development, an estimate of undiscounted future cash flows is performed using estimated future expenditures necessary to develop and maintain the existing project and using management’s best estimates about future sales prices and holding periods. The projection of undiscounted cash flows requires that management develop various assumptions including: · the projected pace of sales of homesites based on estimated market conditions and the Company’s development plans; · estimated pricing and projected price appreciation over time; · the amount and trajectory of price appreciation over the estimated selling period; · the length of the estimated development and selling periods, which can differ depending on the size of the development and the number of phases to be developed; · the amount of remaining development costs, including the extent of infrastructure or amenities included in such development costs; · holding costs to be incurred over the selling period; · for bulk land sales of undeveloped and developed parcels future pricing is based upon estimated developed homesite pricing less estimated development costs and estimated developer profit; · for commercial development property, future pricing is based on sales of comparable property in similar markets; and · whether liquidity is available to fund continued development. For operating properties, an estimate of undiscounted cash flows also requires management to make assumptions about the use and disposition of such properties. These assumptions include: · for investments in inns and rental condominium units, average occupancy and room rates, revenue from food and beverage and other amenity operations, operating expenses and capital expenditures, and eventual disposition of such properties as private residence vacation units or condominiums, based on current prices for similar units appreciated to the expected sale date; · for investments in commercial or retail property, future occupancy and rental rates and the amount of proceeds to be realized upon eventual disposition of such property at a terminal capitalization rate; and, · for investments in club assets, memberships dues, future rounds and greens fees, operating expenses and capital expenditures, and the amount of proceeds to be realized upon eventual disposition of such properties at a multiple of terminal year cash flows. Homesites substantially completed and ready for sale are measured at the lower of carrying value or fair value less costs to sell. Management identifies homesites as being substantially completed and ready for sale when the properties are being actively marketed with intent to sell such properties in the near term and under current market conditions. Other homesites, which management does not intend to sell in the near term under current market conditions, are evaluated for impairment based on management’s best estimate of the long-term use and eventual disposition of such property. Other properties that management does not intend to sell in the near term under current market conditions and has the ability to hold are evaluated for impairment based on management’s best estimate of the long-term use and eventual disposition of the property. The results of impairment analyses for development and operating properties are particularly dependent on the estimated holding and selling period for each asset group. If a property is considered impaired, the impairment charge is determined by the amount the property’s carrying value exceeds its fair value. The Company uses varying methods to determine fair value, such as (i) analyzing expected future cash flows, (ii) determining resale values in a given market (iii) applying a capitalization rate to net operating income using prevailing rates in a given market or (iv) applying a multiplier to revenue using prevailing rates in a given market. The fair value of a property may be derived either from discounting projected cash flows at an appropriate discount rate, through appraisals of the underlying property, or a combination thereof. The Company classifies the assets and liabilities of a long-lived asset as held-for-sale when management approves and commits to a formal plan of sale and it is probable that a sale will be completed. The carrying value of the assets held-for-sale are then recorded at the lower of their carrying value or fair value less estimated costs to sell. Timber Inventory The Company estimates its standing timber inventory on an annual basis utilizing a process referred to as a “timber cruise.” Specifically, the Company conducts field measurements of the number of trees, tree height and tree diameter on a sample area equal to approximately 20% of the Company’s timber holdings each year. Inventory data is used to calculate volumes and products along with growth projections to maintain accurate data. Industry practices are used for modeling, including growth projections, volume and product classifications. A depletion rate is established annually by dividing merchantable inventory cost by standing merchantable inventory volume. Property and Equipment, net Property and equipment is stated at cost, net of accumulated depreciation. Major improvements are capitalized while maintenance and repairs are expensed in the period the cost is incurred. Depreciation is computed using the straight-line method over the estimated economic lives of various assets, as follows: Estimated Useful Life (in years) Railroad and equipment 15-30 Furniture and fixtures 5-10 Machinery and equipment 3-10 Office equipment 5-10 Autos and trucks 5 Income Taxes The Company’s provision for income taxes includes the current tax owed on the current period earnings, as well as a deferred provision, which reflects the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Changes in existing tax laws and rates, their related interpretations, as well as the uncertainty generated by the prospect of tax legislation in the future may affect the amounts of deferred tax liabilities or the realizability of deferred tax assets. For tax positions the Company has taken or expects to take in a tax return, the Company applies a more likely than not assessment (i.e., there is a greater than 50 percent chance) about whether the tax position will be sustained upon examination by the appropriate tax authority with full knowledge of all relevant information. Amounts recorded for uncertain tax positions are periodically assessed, including the evaluation of new facts and circumstances, to ensure sustainability of the position. The Company records interest related to unrecognized tax benefits, if any, in interest expense and penalties in other income, net. Concentration of Risks and Uncertainties The Company’s real estate investments are concentrated in Northwest Florida in a number of specific development projects. Uncertain economic conditions could have an adverse impact on the Company’s real estate values and could cause the Company to sell assets at depressed values in order to pay ongoing obligations. Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash, cash equivalents, investments, other receivables, investments held by special purpose entity or entities (“SPE”), and investments in retained interests. The Company deposits and invests cash with local and regional financial institutions and as of December 31, 2018 these balances exceed the amount of FDIC insurance provided on such deposits by $15.9 million. In addition, as of December 31, 2018, the Company had $6.9 million invested in U.S. Treasury securities, $2.0 million invested in two issuers of corporate debt securities that are non-investment grade, $36.1 million invested in five issuers of preferred stock that are non-investment grade and one issuer of preferred stock that is investment grade, as well as investments of $107.6 million in short term commercial paper from eleven issuers and short term U.S. Treasury securities of $30.0 million. Earnings Per Share Basic and diluted earnings per share are calculated by dividing net income attributable to the Company by the average number of common shares outstanding for the period. For the three years ended December 31, 2018, basic and diluted average shares outstanding were the same. There were no outstanding common stock equivalents as of December 31, 2018 or 2017. Non-vested restricted stock is included in outstanding shares at the time of grant. Revenue and Revenue Recognition Revenue consists primarily of real estate sales, hospitality operations, leasing operations, and timber sales. Taxes collected from customers and remitted to governmental authorities (e.g., sales tax) are excluded from revenue, costs and expenses. In accordance with Topic 606, revenue is recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services by applying the following steps; (1) identifying the contract(s) with a customer, (2) identifying the performance obligations in the contract, (3) determining the transaction price, (4) allocating the transaction price to the performance obligations in the contract and (5) recognizing revenue when (or as) the Company satisfies a performance obligation. The adoption of Topic 606 impacted the Company’s residential real estate segment as detailed below and had a de minimis impact on the hospitality segment, but did not impact the commercial leasing and sales or forestry segments. Lease related revenue is excluded from Topic 606. The following summary details the Company’s revenue and the related timing of revenue recognition by segment. Real Estate Revenue Revenue from real estate sales, including sales of homesites, commercial properties, operating properties and rural or timberland, is recognized at the point in time when a sale is closed and title and control have been transferred to the buyer. If a performance obligation is not yet complete when title transfers to the buyer, the revenue associated with the incomplete performance obligation is deferred until completed. Residential real estate revenue includes the sale of developed homesites; the sale of parcels of entitled, undeveloped land; a homesite residual on homebuilder sales that provides the Company a percentage of the sale price of the completed home if the home price exceeds a negotiated threshold; the sale of tap and impact fee credits; marketing fees and other fees on certain transactions. Effective January 1, 2018, with the adoption of Topic 606, estimated homesite residuals and certain estimated fees are recognized as revenue at the point in time of sale to homebuilders, subject to constraints, and any change in material circumstances from the estimated amounts are updated at each reporting period. The variable consideration for homesite residuals and certain estimated fees are based on historical experience and are recognized as revenue when it can be reasonably estimated and only to the extent it is probable that a significant reversal in the estimated amount of cumulative revenue will not occur when uncertainties are resolved. For the year ended December 31, 2018, real estate revenue includes $1.0 million of estimated homesite residuals and $1.1 million of certain estimated fees related to homebuilder homesite sales. Prior to 2018, these homesite residuals and fees were recognized in revenue when consideration was received by the Company in periods subsequent to the initial recognition of revenue for the sale of the homesite. Hospitality Revenue The Company’s hospitality segment generates revenue from the WaterColor Inn and WaterSound Inn, lodging rentals, management of The Pearl Hotel, membership sales, membership reservations, restaurants, golf courses, beach clubs, marina operations and other related resort activities. Hospitality revenue is generally recognized at the point in time services are provided and represent a single performance obligation with a fixed transaction price. Hospitality revenue recognized over time includes non-refundable membership initiation fees and management fees. WaterColor Inn, WaterSound Inn, Lodging and Other Management Services - WaterColor Inn, WaterSound Inn and lodging generate revenue from (1) the WaterColor Inn, WaterSound Inn and other management services, (2) management of The Pearl Hotel, (3) lodging and (4) restaurants. The WaterColor Inn and WaterSound Inn generate revenue from service and daily lodging fees, recognized at the point in time services are provided . Revenue generated from the Company’s management services of The Pearl Hotel includes a monthly management fee, fifty percent of certain resort fees and a percentage of The Pearl Hotel’s gross operating profit, which is recognized over time as time elapses and the Company’s performance obligations are met . As discussed further in Note 8. Sale of Vacation Rental Management , the Company sold its short term vacation rental management business in December 2017. Prior to the sale of the short term vacation rental management business in December 2017, the vacation rental management business generated revenue from the rental of private homes owned by third parties and other services, which included the entire lodging fee collected from the customer, including the homeowner’s portion. A percentage of the fee was remitted to the homeowner and presented in the cost of hospitality revenue. Following the December 2017 sale, the Company no longer manages third party vacation rentals, but continues to manage rental properties the Company owns. The Company’s restaurants generate revenue from food and beverage sales, which are recognized at the point of sale . Clubs - Club operations include the Company’s golf courses, beach club and facilities that generate revenue from membership sales, membership reservations, daily play at the golf courses, merchandise sales and food and beverage sales. Daily play at the golf courses, merchandise sales and food and beverages sales are recognized at the point of sale. Club membership revenue consists of monthly dues, which are recognized monthly at the point in time as access is provided for the period, membership reservations that are recognized at the point in time when certain performance obligations are met and non-refundable initiation fees that are deferred and recognized ratably over time, which is the estimated membership period . Leasing Revenue Leasing revenue is excluded from the adoption of Topic 606 and consists of long term rental revenue from 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. Certain leases provide for tenant occupancy during periods for which no rent is due or where minimum rent payments change during the lease term. Accordingly, a receivable or liability is recorded representing the difference between the straight-line rent and the rent that is contractually due from the tenant. Leasing revenue includes properties located in the Company’s Beckrich Office Park, consolidated Pier Park North JV and Windmark JV, as well as the Company’s industrial park, VentureCrossings and other properties. Leasing revenue within the forestry segment consists primarily of hunting leases, which is recognized as income over the term of each lease. The Company’s marinas generate revenue from boat slip rentals recognized over the term of the lease. Minimum future base rental revenue on non-cancelable leases for the next five years are: 2019 $ 10,743 2020 10,214 2021 9,527 2022 9,001 2023 7,127 $ 46,612 Forestry Product Revenue Revenue from the sale of the Company’s forestry products is primarily from open market sales of timber on site without the associated delivery costs and is derived from either pay-as-cut sales contracts or timber bid sales. Under a pay-as-cut sales contract, the risk of loss and title to the specified timber transfers to the buyer when cut by the buyer, and the buyer or some other third party is responsible for all logging and hauling costs, if any. Revenue is recognized at the point in time when risk of loss and title to the specified timber are transferred. Timber bid sales are agreements in which the buyer agrees to purchase and harvest specified timber (i.e., mature pulpwood and/or sawlogs) on a tract of land over the term of the contract. Unlike a pay-as-cut sales contract, risk of loss and title to the trees transfer to the buyer when the contract is signed and revenue is recognized at that point in time accordingly. The buyer pays the full purchase price when the contract is signed and the Company does not have any additional performance obligations. The following represents revenue disaggregated by segment, good or service and timing: Year Ended December 31, 2018 Commercial Residential Leasing Real Estate Hospitality and Sales Forestry Other Total Revenue by Major Good/Service: Real estate revenue $ 42,761 $ - $ 4,801 $ 1,807 $ 2,814 $ 52,183 Hospitality revenue - 38,736 - - - 38,736 Leasing revenue - 1,237 11,684 806 - 13,727 Timber revenue 108 - - 5,522 - 5,630 Total revenue $ 42,869 $ 39,973 $ 16,485 $ 8,135 $ 2,814 $ 110,276 Timing of Revenue Recognition: Recognized at a point in time $ 42,869 $ 36,700 $ 4,801 $ 7,329 $ 2,814 $ 94,513 Recognized over time - 2,036 - - - 2,036 Over lease term - 1,237 11,684 806 - 13,727 Total revenue $ 42,869 $ 39,973 $ 16,485 $ 8,135 $ 2,814 $ 110,276 Recently Adopted Accounting Pronouncements Revenue Recognition In May 2014, the FASB issued ASU 2014-09 that established the principles used to recognize revenue for all entities. In March 2016, the FASB issued ASU 2016‑08 that further clarified the implementation guidance on principal versus agent considerations. In April 2016, the FASB issued ASU 2016‑10 that clarified guidance on identifying performance obligations and to improve the operability and understandability of licensing implementation guidance. In May 2016, the FASB issued ASU 2016‑11 that rescinded SEC guidance pursuant to announcements at the March 3, 2016 Emerging Issues Task Force Meeting. In May 2016, the FASB issued ASU 2016‑12 that provided narrow-scope improvements and practical expedients to Revenue from Contracts with Customers . In December 2016, the FASB issued ASU 2016‑20 that included technical corrections and improvements to Topic 606. The Company adopted the new guidance as of January 1, 2018 and elected to implement Topic 606 using the modified retrospective application, with the cumulative effect recorded as an adjustment to beginning retained earnings. The impact of adopting this guidance resulted in an adjustment to increase retained earnings by $1.5 million, offset by a decrease of $0.4 million related to tax effects, for a net effect of $1.1 million, an increase to accounts receivable, net by $2.1 million and a decrease to investment in real estate, net by $0.6 million as of January 1, 2018, related to the recognition of estimated homesite residuals and certain fees for homesites sold to homebuilders, where the homes had not yet been sold to homeowners as of December 31, 2017. Financial Instruments In January 2016, the FASB issued ASU 2016‑01 that amended existing guidance to address certain aspects of recognition, measurement, presentation and disclosure of financial instruments. The new guidance requires equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in results of operations. Additionally, certain disclosure requirements and other aspects of accounting for financial instruments changed as a result of the new guidance. In February 2018, the FASB issued ASU 2018‑03 that included technical corrections and improvements to ASU 2016‑01. The Company adopted ASU 2016‑01 and ASU 2018‑03 simultaneously, effective January 1, 2018, and implemented it using a cumulative-effect adjustment between accumulated other comprehensive loss and retained earnings of $0.9 million, offset by an adjustment |
Investment in Real Estate
Investment in Real Estate | 12 Months Ended |
Dec. 31, 2018 | |
Investment in Real Estate | |
Investment in Real Estate | 3. Investment in Real Estate Real estate by property type and segment includes the following: December 31, December 31, 2018 2017 Development property: Residential real estate $ 105,323 $ 100,279 Hospitality 3,726 4,131 Commercial leasing and sales 73,128 53,896 Forestry 2,144 2,488 Corporate 2,497 2,571 Total development property 186,818 163,365 Operating property: Residential real estate 7,344 7,344 Hospitality 93,046 103,616 Commercial leasing and sales 111,471 110,491 Forestry 19,765 19,510 Other 50 50 Total operating property 231,676 241,011 Less: Accumulated depreciation 67,500 71,752 Total operating property, net 164,176 169,259 Investment in real estate, net $ 350,994 $ 332,624 Development property consists of land the Company is developing or intends to develop for sale or future operations and includes direct costs associated with the land, development and construction costs and indirect costs. Residential real estate includes residential communities. Hospitality development property consists of the improvement and expansion of existing beach club property, land and construction costs related to two gulf-front vacation rental homes and development costs and improvements for other property. Commercial leasing and sales development property primarily consists of land and development costs for commercial and industrial uses, including the Pier Park Crossings JV, land holdings near the Northwest Florida Beaches International Airport and Port of Port St. Joe. Development property in the hospitality and commercial leasing and sales segments will be reclassified as operating property as it is placed into service. Operating property includes the following components: December 31, December 31, 2018 2017 Land and land improvements $ 75,663 $ 77,788 Buildings and building improvements 144,730 152,272 Timber 11,283 10,951 231,676 241,011 Less: Accumulated depreciation 67,500 71,752 Total operating property, net $ 164,176 $ 169,259 Operating property includes property that the Company uses for operations and activities. Residential real estate operating property consists primarily of residential utility assets. The hospitality operating property includes the WaterColor Inn, WaterSound Inn, golf courses, a beach club, marinas and certain rental properties. Commercial leasing and sales operating property includes property developed or purchased by the Company and used for retail and commercial rental purposes, including property in the Pier Park North JV, VentureCrossings and Beckrich Office Park as well as other properties. Forestry operating property includes the Company’s timberlands. Operating property may be sold in the future as part of the Company’s principal real estate business. Depreciation expense related to real estate investments was $6.0 million, $6.2 million and $6.0 million in 2018, 2017 and 2016, respectively. Depletion and amortization expense related to the Company’s timber operations was $0.5 million in each of 2018, 2017 and 2016. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2018 | |
Investments | |
Investments | 4. Investments Available-For-Sale Investments Investments classified as available-for-sale securities were as follows: December 31, 2018 Gross Unrealized Gross Unrealized Amortized Cost Gains (Losses) Fair Value Investments - debt securities: U.S. Treasury securities $ 6,936 $ 1 $ — $ 6,937 Corporate debt securities 2,908 — (887) 2,021 9,844 1 (887) 8,958 Restricted investments: Short-term bond 3,274 — (9) 3,265 Money market fund 167 — — 167 3,441 — (9) 3,432 $ 13,285 $ 1 $ (896) $ 12,390 December 31, 2017 Gross Unrealized Gross Unrealized Amortized Cost Gains (Losses) Fair Value Investments - debt securities: U.S. Treasury securities $ 9,892 $ — $ (22) $ 9,870 Corporate debt securities 67,781 411 (1,817) 66,375 77,673 411 (1,839) 76,245 Investments - equity securities: Preferred stock 35,955 423 (1,355) 35,023 Restricted investments: Short-term bond 4,264 — (13) 4,251 Money market fund 218 — — 218 4,482 — (13) 4,469 $ 118,110 $ 834 $ (3,207) $ 115,737 During 2018, net realized losses from the sale of available-for-sale securities were $1.0 million, proceeds from the sale of available-for-sale securities were $64.7 million, proceeds from the maturity of available-for-sale securities were $10.0 million and purchases of available-for-sale securities were $7.0 million. During 2017, net realized gains from the sale of available-for-sale securities were $10.7 million, proceeds from the sale of available-for-sale securities were $174.5 million, proceeds from the maturity of available-for-sale securities were $14.0 million and purchases of available-for-sale securities were $115.9 million. The following table provides the available-for-sale investments unrealized loss position and related fair values: December 31, 2018 Less Than 12 Months 12 Months or Greater Unrealized Unrealized Fair Value Losses Fair Value Losses Investments - debt securities: Corporate debt securities $ — $ — $ 1,843 $ 887 Restricted investments: Short-term bond — — 3,265 9 $ — $ — $ 5,108 $ 896 December 31, 2017 Less Than 12 Months 12 Months or Greater Unrealized Unrealized Fair Value Losses Fair Value Losses Investments - debt securities: U.S. Treasury securities $ 9,870 $ 22 $ — $ — Corporate debt securities 15,515 691 29,595 1,126 Investments - equity securities: Preferred stock 11,263 1,337 1,986 18 Restricted investments: Short-term bond — — 4,251 13 $ 36,648 $ 2,050 $ 35,832 $ 1,157 As of December 31, 2018, the Company had unrealized losses of $0.9 million related to corporate debt securities and restricted investments. The Company had unrealized losses of $3.2 million as of December 31, 2017, related to U.S. Treasury securities, corporate debt securities, preferred stock investments and restricted investments. As of December 31, 2018 and 2017, the Company did not intend to sell the investments with a material unrealized loss and it is more likely than not that the Company will not be required to sell any of these securities prior to their anticipated recovery, which could be maturity. During 2018, the Company determined that unrealized losses related to its corporate debt securities were other-than-temporary and recorded an impairment of $2.3 million for credit-related loss in investment income, net in the Company’s consolidated statements of income. During 2017, the Company determined that unrealized losses related to its corporate debt securities and preferred stock were other-than-temporary and recorded an impairment of $2.3 million for credit-related loss in investment income, net in the Company’s consolidated statements of income. The amortized cost and estimated fair value of investments – debt securities and restricted investments classified as available-for-sale, by contractual maturity are shown in the following table. Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay obligations. December 31, 2018 Amortized Cost Fair Value Due in one year or less $ 9,844 $ 8,958 Restricted investments 3,441 3,432 $ 13,285 $ 12,390 Investments – Equity Securities At December 31, 2018, investments – equity securities included $36.1 million of preferred stock investments recorded at fair value. During 2018, the Company had unrealized losses on investments – equity securities of $3.0 million, which were included within investment income, net on the consolidated statements of income due to the adoption of ASU 2016-01 on January 1, 2018. Prior to 2018, unrealized gains and losses related to these investments were recognized in other comprehensive income (loss). As of January 1, 2018, the outstanding unrealized losses of $0.9 million were reclassified to retained earnings with the adoption of ASU 2016-01. Investment Management Agreement Mr. Bruce R. Berkowitz is the Chairman of the Company’s Board. He is the Manager of, and controls entities that own and control, Fairholme Holdings, which wholly owns FCM and FTC. Mr. Berkowitz is the Chief Investment Officer of FCM, and the Chief Executive Officer and a director of FTC. Since April 2013, FCM has provided investment advisory services to the Company directly, or more recently, as the sub-advisor to FTC. Neither FCM nor FTC receives any compensation for services as the Company’s investment advisor. As of December 31, 2018, clients of FCM and FTC beneficially owned approximately 41.18% of the Company’s common stock and Fairholme, including Mr. Berkowitz and clients of FCM and FTC, collectively beneficially owned 43.76% of the Company’s common stock. FCM and its client, The Fairholme Fund, a series of the Fairholme Funds, Inc., may be deemed affiliates of the Company. Both Mr. Cesar Alvarez and Mr. Howard Frank are members of the Company’s Board and also serve as directors of Fairholme Funds, Inc. Mr. Alvarez is also a director of FTC. Pursuant to the terms of the Investment Management Agreement, as amended, with the Company, FTC agreed to supervise and direct the investment accounts established by the Company in accordance with the investment guidelines and restrictions approved by the Investment Committee of the Company’s Board. The investment guidelines are set forth in the Investment Management Agreement and require that, as of the date of any investment: (i) no more than 15% of the investment account may be invested in securities of any one issuer (excluding the U.S. Government), (ii) any investment in any one issuer (excluding the U.S. Government) that exceeds 10% of the investment account, but not 15%, requires the consent of at least two members of the Investment Committee, (iii) 25% of the investment account must be held in cash and cash equivalents, (iv) the investment account is permitted to be invested in common equity securities; however, common stock investments shall be limited to exchange-traded common equities, shall not exceed 5% ownership of a single issuer and, cumulatively, the common stock held in the Company’s investment portfolio shall not exceed $100.0 million market value and (v) the aggregate market value of investments in common stock, preferred stock or other equity investments cannot exceed 25% of the market value of the Company’s investment portfolio at the time of purchase. |
Financial Instruments and Fair
Financial Instruments and Fair Value Measurements | 12 Months Ended |
Dec. 31, 2018 | |
Financial Instruments and Fair Value Measurements | |
Financial Instruments and Fair Value Measurements | 5. Financial Instruments and Fair Value Measurements Fair Value Measurements The financial instruments measured at fair value on a recurring basis are as follows: December 31, 2018 Total Fair Level 1 Level 2 Level 3 Value Cash equivalents: Money market funds $ 43,346 $ — $ — $ 43,346 Commercial paper 107,586 — — 107,586 U.S. Treasury securities 29,998 — — 29,998 180,930 — — 180,930 Investments - debt securities: U.S. Treasury securities 6,937 — — 6,937 Corporate debt securities — 2,021 — 2,021 6,937 2,021 — 8,958 Investments - equity securities: Preferred stock 10,470 25,662 — 36,132 Restricted investments: Short-term bond 3,265 — — 3,265 Money market fund 167 — — 167 3,432 — — 3,432 $ 201,769 $ 27,683 $ — $ 229,452 December 31, 2017 Total Fair Level 1 Level 2 Level 3 Value Cash equivalents: Money market funds $ 10,505 $ — $ — $ 10,505 Commercial paper 159,970 — — 159,970 170,475 — — 170,475 Investments - debt securities: U.S. Treasury securities 9,870 — — 9,870 Corporate debt securities — 66,375 — 66,375 9,870 66,375 — 76,245 Investments - equity securities: Preferred stock 10,717 24,306 — 35,023 Restricted investments: Short-term bond 4,251 — — 4,251 Money market fund 218 — — 218 4,469 — — 4,469 $ 195,531 $ 90,681 $ — $ 286,212 Money market funds, commercial paper, U.S. Treasury securities, certain preferred stock investments and short-term bonds are measured based on quoted market prices in an active market and categorized within Level 1 of the fair value hierarchy. Money market funds, commercial paper and short term U.S. Treasury securities with a maturity date of 90 days or less from the date of purchase are classified as cash equivalents in the Company’s consolidated balance sheets. The Company’s corporate debt securities and certain preferred stock investments are not traded on a nationally recognized exchange, but are traded in the U.S. over-the-counter market where there is less trading activity and the investments are measured primarily using pricing data from external pricing services that report prices observed for recently executed market transactions. For these reasons, the Company has determined that corporate debt securities and certain preferred stock investments are categorized as Level 2 financial instruments since their fair values were determined from market inputs in an inactive market. Restricted investments include certain of the surplus assets that were transferred from the Company’s Pension Plan to a suspense account in the Company’s 401(k) plan in December 2014. The Company has retained the risks and rewards of ownership of these assets; therefore, the assets held in the suspense account are included in the Company’s consolidated financial statements until they are allocated to participants. As of December 31, 2018 and 2017, the assets held in the suspense account were invested in Vanguard Money Market Funds, which invest in short-term, high quality securities or short-term U.S. government securities and seek to provide current income and preserve shareholders’ principal investment and a Vanguard Short-Term Bond Fund, which invests in money market instruments and short-term high quality bonds, including asset-backed, government, and investment grade corporate securities with an expected maturity of 0‑3 years. The Vanguard Money Market Funds and Vanguard Short-Term Bond Fund are measured based on quoted market prices in an active market and categorized within Level 1 of the fair value hierarchy. The Company’s Retirement Plan Investment Committee is responsible for investing decisions and allocation decisions of the suspense account. Refer to Note 18. Employee Benefit Plan . Long-lived Assets The Company reviews its long lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The fair value of long-lived assets required to be assessed for impairment is determined on a nonrecurring basis using Level 3 inputs in the fair value hierarchy. During 2018 and 2017, the Company recorded impairment charges of $0.1 million and $0.7 million, respectively, included in cost of hospitality revenue, related to non-strategic hospitality assets. During 2016 the Company recorded an impairment charge of $0.4 million, included in cost of real estate revenue, related to a commercial leasing and sales property. Fair Value of Financial Instruments The Company uses the following methods and assumptions in estimating fair value for financial instruments: · The fair value of the Investments held by SPE - time deposit is based on the present value of future cash flows at the current market rate. · The fair value of the Investments held by SPE - U.S. Treasury securities are measured based on quoted market prices in an active market. · The fair value of the Senior Notes held by SPE is based on the present value of future cash flows at the current market rate. The carrying amount and fair value, measured on a nonrecurring basis, of the Company’s financial instruments were as follows: December 31, 2018 December 31, 2017 Carrying Carrying value Fair value Level value Fair value Level Assets Investments held by SPEs: Time deposit $ 200,000 $ 200,000 3 $ 200,000 $ 200,000 3 U.S. Treasury securities and cash $ 7,384 $ 7,092 1 $ 7,989 $ 7,797 1 Liabilities Senior Notes held by SPE $ 176,775 $ 193,293 3 $ 176,537 $ 198,530 3 Investments and Senior Notes Held by Special Purpose Entities In connection with a real estate sale in 2014, the Company received consideration including the $200.0 million fifteen-year installment Timber Note issued by Panama City Timber Finance Company, LLC. The Company contributed the Timber Note and assigned its rights as a beneficiary under a letter of credit to Northwest Florida Timber Finance, LLC. Northwest Florida Timber Finance, LLC monetized the Timber Note by issuing $180.0 million aggregate principal amount of its 4.8% Senior Secured Notes due in 2029 at an issue price of 98.5% of face value to third party investors. The investments held by Panama City Timber Finance Company, LLC as of December 31, 2018, 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 $7.0 million and cash of $0.4 million. The Senior Notes held by Northwest Florida Timber Finance, LLC as of December 31, 2018, consist of $176.8 million, net of the $3.2 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. |
Claim Settlement Receivable
Claim Settlement Receivable | 12 Months Ended |
Dec. 31, 2018 | |
Claim Settlement Receivable | |
Claim Settlement Receivable | 6. Claim Settlement Receivable On March 24, 2016, the Company entered into a full and final release agreement with BP p.l.c. and various related entities pursuant to which the Company, on its own behalf and on behalf of certain wholly owned subsidiaries, released any and all claims related to the Deepwater Horizon oil spill, which occurred on April 20, 2010. In exchange for this release, the Company will receive $13.2 million, from BP Exploration & Production Inc., a large portion of which will reimburse the Company for expenses incurred. In both October 2018 and 2017, the Company received a payment of $2.7 million and in October 2016 the Company received a payment of $5.0 million. The remaining settlement amount of $2.7 million is due in October 2019. The Company also received a guaranty of payments from BP North America Corporation Inc. As of March 24, 2016, the Company recorded the claim settlement receivable using an imputed interest rate of 3.0%, based on its best estimate of the prevailing market rates for the source of credit, resulting in an initial present value of $12.5 million and a discount of $0.7 million. The claim settlement of $12.5 million was recognized as other income in the Company’s consolidated statements of income for the year ended December 31, 2016. The discount is being accreted over the term of the receivable using the effective interest method. Interest income for the years ended December 31, 2018 and 2017 and the period from March 24, 2016 to December 31, 2016 was $0.1 million, $0.2 million and $0.3 million, respectively. |
Hurricane Michael
Hurricane Michael | 12 Months Ended |
Dec. 31, 2018 | |
Hurricane Michael | |
Hurricane Michael | 7. Hurricane Michael On October 10, 2018, Hurricane Michael made landfall in the Florida Panhandle, which resulted in widespread damage to the area. The majority of the Company’s properties incurred minimal or no damage; however the Company’s Bay Point Marina in Bay County and Port St. Joe Marina in Gulf County, as well as certain timber and commercial leasing assets were impacted. The marinas suffered significant damage requiring long-term restoration and will remain closed during the reconstruction of significant portions of these assets, which is currently underway. The Company maintains property and business interruption insurance, subject to certain deductibles, and is currently assessing claims under such policies; however, the timing and amount of insurance proceeds are uncertain and may not be sufficient to cover all losses. Timing differences are likely to exist between the impairment losses, capital expenditures made to repair or restore properties and recognition and receipt of insurance proceeds reflected in the Company’s financial statements. GAAP guidance provides that property damaged by a natural disaster be evaluated for impairment loss in the period the loss occurs, recording an insurance receivable for the lesser of the expected net insurance recovery or the net book value of damaged assets that are planned to be replaced. Insurance recoveries for business interruption, clean-up and demolition costs, post-event costs or property damage in excess of net book value will be recognized in income in the period received or when all contingencies associated with the recoveries are resolved and the insurance companies have committed to a recovery amount. The impairment loss represents the Company’s estimate of property damage. The Company is continuing to make a full assessment of the extent of the impact. During 2018, the Company recorded a loss on disposal of assets of $7.3 million related to the net book value of the marinas and certain forestry and commercial leasing assets. As of December 31, 2018, the Company has recognized $7.2 million of insurance proceeds, of which $6.7 million was included in accounts receivable, net and the Company believes is probable of receipt. The loss on disposal of assets and insurance proceeds were recorded in other income, net on the consolidated statements of income. The insurance proceeds receivable are included in other assets on the consolidated balance sheets. The Company’s timber assets are self-insured and an initial assessment of timber operations revealed an approximate 3% loss of total timber assets, primarily located in eastern Bay County and Gulf County. Approximately 234,000 tons, of timber were affected and is being salvaged or will be lost. During 2018, the Company recorded timber loss expense of $0.3 million included in other income, net on the consolidated statements of income. The majority of the Company’s other timberlands have little or no damage. The Company has incurred costs of $1.0 million during 2018 for additional hurricane expense items such as clean-up costs, landscape repairs, demolition costs, food spoilage, damaged inventory and temporary housing for employees included in other income, net on the consolidated statements of income. No insurance recoveries have been recorded for these costs, however some of these costs may be covered by business interruption or property insurance. Costs incurred due to business interruption, primarily at the marinas are currently being evaluated. The Company does not expect revenue at these locations until the properties have been rebuilt, but will incur costs for employee retention and property maintenance. As of December 31, 2018, no insurance proceeds have been recorded related to business interruption insurance. The Company expects that its results of operations related to the marinas and timber assets will be impacted in the near term. Subsequent to December 31, 2018 and through February 25, 2019, the Company has received $6.1 million of the $6.7 million insurance proceeds receivable from its insurance carriers for property damage. |
Sale of Vacation Rental Managem
Sale of Vacation Rental Management | 12 Months Ended |
Dec. 31, 2018 | |
Sale of Vacation Rental Management | |
Sale of Vacation Rental Management | 8. Sale of Vacation Rental Management In December 2017, the Company entered into and consummated the PCR Purchase Agreement with PCR for the sale of the Company’s short term vacation rental management business. In December 2017, the Company received proceeds of approximately $9.9 million, which resulted in a net gain of $9.8 million, from the PCR Rentals Sale and included $5.0 million in the form of a promissory note. On February 14, 2018, the PCR Note was paid in full. See Note 9. Other Assets for additional information on the PCR Note. |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2018 | |
Other Assets | |
Other Assets | 9. Other Assets Other assets consist of the following: December 31, December 31, 2018 2017 Accounts receivable, net $ 14,061 $ 8,460 Homesite sales receivable 2,977 — Notes receivable 2,265 9,522 Prepaid expenses 6,751 6,625 Straight line rent 3,581 3,804 Other assets 6,174 4,637 Retained interest investments 11,536 11,147 Accrued interest receivable for Senior Notes held by SPE 2,938 2,938 Total other assets $ 50,283 $ 47,133 Accounts Receivable, Net As of December 31, 2018, accounts receivable, net includes $6.7 million of insurance proceeds receivable related to Hurricane Michael that the Company believes are probable of receipt. See Note 7. Hurricane Michael for additional information. Homesite Sales Receivable Effective January 1, 2018, with the adoption of Topic 606, homesite sales receivable from contracts with customers include estimated homesite residuals and certain estimated fees that are recognized as revenue at the time of sale to homebuilders, subject to constraints. Any change in circumstances from the estimated amounts will be updated at each reporting period. The receivable will be collected as the homebuilders build the homes and sell to retail consumers, which can occur over multiple years. See Note 2. Summary of Significant Accounting Policies for additional information . The following table presents the changes in homesite sales receivable during 2018: Increases Due To Balance Revenue Recognized Decreases Due to Balance January 1, 2018 for Lots Sold Amounts Received December 31, 2018 Homesite sales receivable $ 2,585 $ 2,085 $ (1,693) $ 2,977 Notes Receivable Notes receivable consist of the following: December 31, December 31, 2018 2017 PCR Note, secured by certain assets, 10% interest rate, principal payments due beginning September 2018 per agreed upon schedule, and any remaining amount outstanding is due by December 2020, paid in full February 2018 $ — $ 5,000 Pier Park Community Development District notes, non-interest bearing, due September 2022 803 1,527 Interest bearing homebuilder note, secured by the real estate sold — 5.5% interest rate, principal payment of $0.1 million due September 2018 and any remaining amount outstanding is due by September 2019 749 904 Interest bearing homebuilder note, secured by the real estate sold — 5.5% interest rate, principal payment of $0.1 million due June 2018 and any remaining amount outstanding is due by June 2019 422 857 Interest bearing homebuilder note, secured by the real estate sold — 5.5% interest rate, principal payment of $0.1 million due November 2018 and any remaining amount outstanding is due by November 2019, paid in full December 2018 — 1,060 Interest bearing homebuilder note, secured by the real estate sold — 6.3% interest rate, principal payment of less than $0.1 million due March 2019 and any remaining amount outstanding is due by March 2020 150 — Various mortgage notes, secured by certain real estate, bearing interest at various rates 141 174 Total notes receivable $ 2,265 $ 9,522 The Company evaluates the carrying value of the notes receivable and the need for an allowance for doubtful notes receivable at each reporting date. As of December 31, 2018 and 2017, there was no allowance for doubtful notes receivable. Retained Interest Investments The Company has a beneficial interest in certain bankruptcy-remote qualified SPEs used in the installment sale monetization of certain sales of timberlands in 2007 and 2008. The SPEs’ assets are not available to satisfy the Company’s liabilities or obligations and the liabilities of the SPEs are not the Company’s liabilities or obligations. Therefore, the SPEs’ assets and liabilities are not consolidated in the Company’s consolidated financial statements as of December 31, 2018 and 2017. The Company’s continuing involvement with the SPEs is the receipt of the net interest payments and the remaining principal of approximately $16.9 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 $11.5 million and $11.1 million as of December 31, 2018 and 2017, respectively, recorded in other assets on the Company’s consolidated balance sheets. |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment, Net | |
Property and Equipment, Net | 10. Property and Equipment, Net Property and equipment, net consists of the following: December 31, December 31, 2018 2017 Railroad and equipment $ 33,626 $ 33,626 Furniture and fixtures 22,438 22,552 Machinery and equipment 8,964 9,468 Office equipment 5,237 5,322 Autos and trucks 988 1,012 71,253 71,980 Less: Accumulated depreciation 60,271 60,697 10,982 11,283 Construction in progress 1,049 493 Total property and equipment, net $ 12,031 $ 11,776 Depreciation expense on property and equipment was $2.4 million, $1.9 million and $2.1 million in 2018, 2017 and 2016, respectively. |
Real Estate Joint Ventures
Real Estate Joint Ventures | 12 Months Ended |
Dec. 31, 2018 | |
Real Estate Joint Ventures | |
Real Estate Joint Ventures | 11. Real Estate Joint Ventures The Company enters into real estate JVs, from time to time, for the purpose of developing real estate in which the Company may or may not have a controlling financial interest. GAAP requires consolidation of VIEs in which an enterprise has a controlling financial interest and is the primary beneficiary. A controlling financial interest will have both of the following characteristics: (a) the power to direct the VIE activities that most significantly impact economic performance and (b) the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. The Company examines specific criteria and uses judgment when determining whether the Company is the primary beneficiary and must consolidate a VIE. The Company continues to assess whether it is the primary beneficiary on an ongoing basis. Consolidated Real Estate Joint Ventures In April 2017, the Company entered into a JV agreement to develop, manage and lease apartments in Panama City Beach, Florida. The JV parties are working together to develop and construct a 240 unit apartment community. The community will be located on land in the Pier Park area that was contributed to the JV by the Company. As of December 31, 2018 and 2017, the Company owned a 75.0% equity interest in the consolidated JV. The Company’s partners are responsible for the day-to-day activities of the JV. However, the Company has significant involvement in the design of the development and approves all major decisions, including project development, annual budgets and financing. The Company determined Pier Park Crossings JV is a VIE and that the Company is the VIE’s primary beneficiary as of December 31, 2018 and 2017. In December 2016, the Company sold all of its interest in the Windmark Beach project to Windmark JV. As of December 31, 2018 and 2017, the Company owned a 49.0% equity interest in Windmark JV. A wholly owned subsidiary of the Company is the managing member of Windmark JV and runs its day-to-day operations. Windmark JV owns and its members make major decisions related to the management and development of the WindMark Beach project. The Company determined Windmark JV is a VIE and that the Company is the VIE’s primary beneficiary as of December 31, 2018 and 2017. During 2012, the Company entered into a JV agreement with a partner to develop a retail center at Pier Park North. As of December 31, 2018 and 2017, the Company owned a 60.0% equity interest in the consolidated JV. The Company’s partner is responsible for the day-to-day activities of the JV. However, the Company has significant involvement in the design of the development and approves all major decisions, including project development, annual budgets and financing. The Company determined the Pier Park North JV is a VIE and that the Company is the VIE’s primary beneficiary as of December 31, 2018 and 2017. As of December 31, 2017, the Company was the primary beneficiary of Artisan Park, L.L.C. and entitled to 74.0% of the profit or loss of this VIE. The Company is responsible for the day-to-day activities of Artisan Park L.L.C. Effective January 1, 2018, the Company acquired 100.0% ownership interest of Artisan Park, L.L.C. Unconsolidated Joint Ventures In April 2018, the Company entered into a JV agreement to develop and operate a 124 room hotel in Panama City Beach, Florida. The hotel will be located on land in the Pier Park area that the Company contributed to the JV on January 14, 2019. As of December 31, 2018, the Company owned a 50.0% equity interest in the JV. The Company’s partners are responsible for the day-to-day activities of the JV. The Company has determined that Pier Park TPS, LL is a VIE, but that the Company is not the primary beneficiary since it does not have the power to direct the activities that most significantly impact the economic performance of the JV. The Company’s investment in Pier Park TPS, LLC is accounted for using the equity method. As of December 31, 2018, the investment in the unconsolidated JV was $1.1 million. For the year ended December 31, 2018, the Company did not recognize any income or loss on this investment. Through November 2018, the Company was a partner in ALP and beneficially owned 23.9% of ALP’s outstanding beneficial interest units, for which the Company had no basis. The JV was entered into to develop and sell certain mixed use residential and commercial projects. In November 2018, the Company received a final distribution of $2.2 million, which is recorded in other income, net on the consolidated statements of income. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2018 | |
Debt | |
Debt | 12. Debt Debt consists of the following: December 31, 2018 December 31, 2017 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% $ 46,423 $ 446 $ 45,977 $ 47,295 $ 512 $ 46,783 Loan in the Pier Park Crossings JV, insured by HUD, due June 2060, bearing interest at 4.0% 15,399 1,114 14,285 — — — Community Development District debt, secured by certain real estate or other collateral, due May 2023 through May 2039, bearing interest at 3.6% to 6.0% 6,324 — 6,324 7,241 — 7,241 Pier Park Outparcel Construction Loan, due March 2027, bearing interest at LIBOR plus 1.7% (effective rate of 4.2% at December 31, 2018) 1,585 16 1,569 1,624 18 1,606 WaterColor Crossings Construction Loan, due February 2029, bearing interest at LIBOR plus 1.7% (effective rate of 4.2% at December 31, 2018) 1,245 26 1,219 — — — Total debt $ 70,976 $ 1,602 $ 69,374 $ 56,160 $ 530 $ 55,630 In October 2015, the Pier Park North JV entered into a $48.2 million loan, secured by a first lien on, and security interest in, a majority of the Pier Park North JV’s property. 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 HUD, to finance the construction of apartments in Panama City Beach, Florida. The PPC JV Loan provides for interest only payments during the first twenty-four months and monthly principal and interest payments thereafter through maturity in June 2060. The PPC JV Loan may not be prepaid prior to July 1, 2020. From July 1, 2020 through June 30, 2030, a prepayment premium is due to the lender of 1.0% - 10.0% of any prepaid principal. The PPC JV Loan is secured by the Pier Park Crossings JV’s real property and the assignment of rents and leases. CDD bonds financed the construction of infrastructure improvements at some of the Company’s projects. The principal and interest payments on the bonds are paid by assessments on the properties benefited by the improvements financed by the bonds. The Company has recorded a liability for CDD debt that is associated with platted property, which is the point at which it becomes fixed or determinable. Additionally, the Company has recorded a liability for the portion of the CDD debt that is associated with unplatted property if it is probable and reasonably estimable that the Company will ultimately be responsible for repayment. The Company’s total CDD debt assigned to property it owns was $19.9 million and $21.7 million at December 31, 2018 and 2017, respectively. The Company pays interest on this total outstanding CDD debt. During the second quarter of 2018, the CDD at SouthWood completed a refinance of its 2008 and 2011 bonds into 2018 bonds, reducing the interest rates. 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 interest only payments during the first twelve months and principal and interest payments thereafter with a final balloon payment at maturity. The Pier Park Outparcel Construction Loan is secured by the real property, assignment of rents and the security interest in the rents and personal property. In connection with the Pier Park Outparcel Construction Loan, the Company executed a guarantee in favor of the lender to guarantee the payment and performance of the borrower under the Pier Park Outparcel Construction Loan until the project meets certain cash flow stabilization requirements. 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 interest only payments during the first twelve months and monthly principal and interest payments thereafter with a final balloon payment at maturity. The WaterColor Crossings Construction Loan is secured by the real property, assignment of rents and the security interest in the rents and personal property. In connection with the WaterColor Crossings Construction Loan, the Company executed a guarantee in favor of the lender to guarantee the payment and performance of the borrower under the WaterColor Crossings Construction Loan. In May 2018, a wholly owned subsidiary of the Company entered into a $1.7 million construction loan to finance the construction of two beach homes located in Panama City Beach, Florida (the “Beach Homes Loan”). The Beach Homes Loan provides for interest only payments during the first twelve months and monthly principal and interest payments thereafter with a final balloon payment at maturity. The Beach Homes Loan is secured by the real property, assignment of rents and the security interest in the rents and personal property. In connection with the Beach Homes Loan, the Company executed a guarantee in favor of the lender to guarantee the payment and performance of the borrower under the Beach Homes Loan. As of December 31, 2018, there was no principal balance and the Company incurred less than $0.1 million of loan costs related to the Beach Homes Loan. The aggregate maturities of debt subsequent to December 31, 2018 are: December 31, 2018 2019 $ 1,675 2020 1,778 2021 1,962 2022 1,942 2023 1,910 Thereafter 61,709 $ 70,976 |
Other Liabilities
Other Liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Other Liabilities | |
Other Liabilities | 13. Other Liabilities Other liabilities consist of the following: December 31, December 31, 2018 2017 Accounts payable $ 10,148 $ 7,524 Accrued compensation 3,112 2,664 Other accrued liabilities 2,560 5,185 Deferred revenue 17,478 17,864 Club initiation fees 5,676 5,199 Club membership deposits 4,286 4,505 Advance deposits 1,277 1,468 Accrued interest expense for Senior Notes held by SPE 2,850 2,850 Total other liabilities $ 47,387 $ 47,259 Deferred revenue as of December 31, 2018 and 2017 includes $12.5 million related to a 2006 agreement pursuant to which the Company agreed to sell land to the Florida Department of Transportation. Revenue is recognized when title to a specific parcel is legally transferred. Club initiation fees are recognized as revenue over the estimated average duration of membership, which is evaluated periodically. Advance deposits consist of deposits received on hotel rooms and lodging rentals. Advance deposits are recorded as other liabilities in the consolidated balance sheets without regard to whether they are refundable and are recognized as income at the time the service is provided for the related deposit. The following table presents the changes in contract liabilities related to contracts with customers during 2018: Balance Increases Due To Decreases Due to Balance January 1, 2018 Cash Received Revenue Recognized December 31, 2018 Contract liabilities Club initiation fees $ 5,199 $ 1,886 $ (1,409) $ 5,676 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Taxes | |
Income Taxes | 14. Income Taxes Income tax (benefit) expense consist of the following: Year Ended December 31, 2018 2017 2016 Current: Federal $ 4,305 $ 7,418 $ (22,416) State — 48 (64) Total 4,305 7,466 (22,480) Deferred: Federal 488 (23,512) 29,796 State (5,529) (1,835) (169) Total (5,041) (25,347) 29,627 Income tax (benefit) expense $ (736) $ (17,881) $ 7,147 Total income tax (benefit) expense was allocated in the consolidated financial statements as follows: Year Ended December 31, 2018 2017 2016 Income tax (benefit) expense $ (736) $ (17,881) $ 7,147 Income tax recorded in accumulated other comprehensive loss Income tax expense (benefit) 685 (2,488) 2,003 Total income tax (benefit) expense $ (51) $ (20,369) $ 9,150 Income tax (benefit) expense attributable to income from operations differed from the amount computed by applying the statutory federal income tax rate of 21% as of December 31, 2018 and 35% as of December 31, 2017 and 2016 to pre-tax income or loss as a result of the following: Year Ended December 31, 2018 2017 2016 Tax at the statutory federal rate $ 6,643 $ 14,594 $ 8,065 State income taxes (net of federal benefit) 1,392 1,340 806 Decrease in valuation allowance, net (4,993) (142) (941) Decrease in uncertain tax positions (2,165) — — Change in US tax law (1,035) (33,542) — Dividend received deduction (322) (530) (40) Other permanent items (256) 399 (743) Total income tax (benefit) expense $ (736) $ (17,881) $ 7,147 The tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities are presented below: December 31, December 31, 2018 2017 Deferred tax assets: State net operating loss carryforwards $ 15,709 $ 17,237 Impairment losses 38,844 41,837 Prepaid income from land sales 2,597 3,734 Capitalized costs 2,107 — Other 3,508 322 Total gross deferred tax assets 62,765 63,130 Valuation allowance — (4,993) Total net deferred tax assets 62,765 58,137 Deferred tax liabilities: Investment in real estate and property and equipment basis differences 2,358 525 Deferred gain on land sales and involuntary conversions 19,109 19,671 Installment sales 83,268 85,769 Pension Plan assets transferred to the 401(k) plan 872 1,155 Other 1,473 — Total gross deferred tax liabilities 107,080 107,120 Net deferred tax liabilities $ (44,315) $ (48,983) As of December 31, 2018 and 2017, the Company had state net operating loss carryforwards of $357.0 million and $391.7 million, respectively and no federal net operating loss carryforwards. The majority of state net operating losses are available to offset future taxable income through 2038. As of December 31, 2017, the Company had an income tax receivable of $8.4 million related to the reclassification of a U.S. federal AMT credit carryforward following the enactment of the Tax Act in December 2017, which is refundable to the Company in the years 2018 through 2021. During the year ended December 31, 2018, the U.S. federal AMT credit carryforward decreased $4.5 million to $3.9 million due to the expected utilization in 2018 offset by the 2018 enactment of the Qualified Timber Gain preferential rate and other items impacting the 2017 U.S. federal income tax return. The Tax Act was enacted on December 22, 2017, and changed many aspects of U.S. corporate income taxation including reducing the U.S. federal corporate tax rate from 35% to 21% for tax years beginning after December 31, 2017. The Company recognized the tax effects of the Tax Act during the year ended December 31, 2017, which included a $33.5 million income tax benefit from the reassessment of net deferred tax balances to reflect the newly enacted tax rate. In general, a valuation allowance is recorded if, based on the available evidence, it is more likely than not that some portion or all of the deferred tax asset will not be realized. Realization of the Company’s deferred tax assets is dependent upon the Company generating sufficient taxable income in future years in the appropriate tax jurisdictions to obtain a benefit from the reversal of deductible temporary differences and from loss carryforwards. In 2018, the Company reassessed its need for a valuation allowance by evaluating all available evidence, including but not limited to historical and projected pre-tax profits. Based on this assessment the Company determined it had the ability to fully realize the future benefit of its net operating loss carryforward and released the valuation allowance in full resulting in a $5.0 million tax benefit. As of December 31, 2017, the Company had a valuation allowance of $5.0 million. The Company had no unrecognized tax benefits as of December 31, 2018 and approximately $2.1 million of total unrecognized tax benefits as of December 31, 2017. During 2018, the Company recognized a $2.1 million income tax benefit due to the expiration of the statute of limitations for the tax year covering the previously unrecognized tax benefits. There were no penalties required to be accrued as of December 31, 2018 and 2017. The Company records interest related to unrecognized tax benefits, if any, in interest expense and penalties in other income, net. In December 2016, the Company entered into a JV agreement, pursuant to which the Company sold to Windmark JV all of its interest in the WindMark Beach project. The sale of the WindMark Beach project created a net taxable loss for the Company in 2016. The loss was carried back to 2014 for a federal income tax refund of $21.9 million, which was received during 2017. In addition, the Company received a federal tax refund for 2016 of $4.4 million during 2017. The Company is currently open to examination by taxing authorities for the years ended December 31, 2015 through 2017. The IRS has completed a limited scope review of the Company’s tax returns for 2015 and 2016 without adjustment. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2018 | |
Accumulated Other Comprehensive Loss | |
Accumulated Other Comprehensive Loss | 15. Accumulated Other Comprehensive Loss Following is a summary of the changes in the balances of accumulated other comprehensive loss, which is presented net of tax, as of December 31, 2018 and 2017: Unrealized Gain and (Loss) on Available- for-Sale Securities Accumulated other comprehensive income at December 31, 2016 $ 2,507 Other comprehensive income before reclassifications 1,235 Amounts reclassified from accumulated other comprehensive income (5,203) Other comprehensive loss (3,968) Accumulated other comprehensive loss at December 31, 2017 $ (1,461) Other comprehensive loss before reclassifications (2,127) Amounts reclassified from accumulated other comprehensive loss 2,914 Other comprehensive income 787 Accumulated other comprehensive loss at December 31, 2018 $ (674) The following is a summary of the tax effects allocated to other comprehensive income (loss): Year Ended December 31, 2018 Before- Tax Benefit or Net-of- Tax Amount (Expense) Tax Amount Unrealized loss on investments - debt securities and restricted investments: Unrealized loss on available-for-sale investments $ (2,845) $ 723 $ (2,122) Unrealized loss on restricted investments (6) 2 (4) Reclassification adjustment for net loss included in earnings 1,061 (269) 792 Reclassification adjustment for other-than-temporary impairment loss included in earnings 2,330 (592) 1,738 Reclassification into retained earnings for the adoption of ASU 2016-01 (1) 932 (236) 696 Reclassification into retained earnings for the adoption of ASU 2018-02 (2) — (313) (313) Net unrealized gain 1,472 (685) 787 Other comprehensive income $ 1,472 $ (685) $ 787 (1) The reclassification into retained earnings relates to the adoption of ASU 2016-01. The new guidance was effective January 1, 2018, and required equity investments to be measured at fair value with changes in fair value recognized in results of operations rather than the consolidated statements of comprehensive income. See Note 2. Summary of Significant Accounting Policies . (2) The reclassification into retained earnings relates to the adoption of ASU 2018-02. The new guidance was effective January 1, 2018, and allowed a reclassification from accumulated other comprehensive loss to retained earnings for stranded tax effects resulting from the Tax Act. See Note 2. Summary of Significant Accounting Policies . Year Ended December 31, 2017 Before- Tax (Expense) or Net-of- Tax Amount Benefit Tax Amount Unrealized gain (loss) on investments and restricted investments: Unrealized gain on available-for-sale investments $ 2,015 $ (774) $ 1,241 Unrealized loss on restricted investments (9) 3 (6) Reclassification adjustment for net gain included in earnings (10,750) 4,139 (6,611) Reclassification adjustment for other-than-temporary impairment loss included in earnings 2,288 (880) 1,408 Net unrealized loss (6,456) 2,488 (3,968) Other comprehensive loss $ (6,456) $ 2,488 $ (3,968) |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2018 | |
Stockholders’ Equity | |
Stockholders' Equity | 16. Stockholders’ Equity Stock Repurchase Program The Company’s Board has approved a Stock Repurchase Program pursuant to which the Company is authorized to repurchase shares of its common stock. The Stock Repurchase Program has no expiration date. During the years ended December 31, 2018 and 2017, the Company repurchased 5,238,566 and 8,450,294 shares, respectively, of its common stock at an average purchase price of $17.82 and $17.46, per share, respectively, for an aggregate purchase price of $93.4 million and $147.4 million, respectively, pursuant to its Stock Repurchase Program. As of December 31, 2018, the Company had a total authority of $42.9 million available for purchase of shares of its common stock pursuant to its Stock Repurchase Program. The Company may repurchase its common stock in open market purchases from time to time, in privately negotiated transactions or otherwise, pursuant to Rule 10b‑18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The timing and amount of any additional shares to be repurchased will depend upon a variety of factors, including market and business conditions. Repurchases may be commenced or suspended at any time or from time to time without prior notice. The Stock Repurchase Program will continue until otherwise modified or terminated by the Company’s Board at any time in its sole discretion. In September 2018, the Company retired 5,238,566 shares of treasury stock at an aggregate cost of $93.4 million. In December 2017, the Company retired 8,450,294 shares of treasury stock at a value of $147.4 million. Subsequent to December 31, 2018 and through February 25, 2019, the Company purchased an additional 471,500 shares for an aggregate purchase price of $7.1 million. Issuance of Common Stock for Director’s Fees On May 23, 2018, the Company’s Board approved granting to each non-employee director an equity grant with an aggregate fair market value of $50,000 or, at the director’s election, its cash equivalent. On July 2, 2018, 2,778 shares of restricted stock were granted to one of the Company’s directors pursuant to the Board’s May 23, 2018 approval and the Company’s 2015 Performance and Equity Incentive Plan (the “2015 Plan”). This restricted stock will vest on the date of the Company’s 2019 Annual Meeting of Shareholders (the “2019 Annual Meeting”) and is subject to forfeiture upon termination of service on the Board prior to the 2019 Annual Meeting. Three non-employee directors elected to receive cash in lieu of the stock. On May 25, 2017, the Company’s Board approved granting to each non-employee director an equity grant with an aggregate fair market value of $50,000 or, at the director’s election, its cash equivalent. On July 3, 2017, 5,334 shares of restricted stock were granted to two of the Company’s directors pursuant to the Board’s May 25, 2017 approval and the Company’s 2015 Plan. This restricted stock vested on May 23, 2018, the date of the Company’s 2018 Annual Meeting of Shareholders. Four non-employee directors elected to receive cash in lieu of the stock. On May 17, 2016, the Board approved the issuance of 8,919 restricted stock awards to three members of the Board as part of their 2016 compensation package and pursuant to the 2015 Plan. These restricted stock awards vested 25% on the date of issue and 25% on August 17, 2016, November 17, 2016, and February 17, 2017. For each of the years ended December 31, 2018, 2017 and 2016, the Company recorded expense of $0.1 million, related to restricted stock awards to the Company’s directors. Issuance of Common Stock for Officer Compensation Pursuant to the Company’s 2015 Plan, the Company’s named executive officers (“NEOs”) were provided with the opportunity to elect to receive up to 50% of their discretionary cash incentive award for 2017 performance in shares of Company stock and four of the Company’s NEOs elected to do so. On March 15, 2018, 9,956 shares, net of shares withheld for taxes, of restricted stock were granted to four of the Company’s NEOs. The restricted stock vested immediately. For the year ended December 31, 2018, the Company recorded expense of $0.2 million related to restricted stock awards to the Company’s NEOs. |
Stock Based Compensation
Stock Based Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Stock Based Compensation | |
Stock Based Compensation | 17. Stock Based Compensation The Company’s 2015 Performance and Equity Incentive Plan offers a stock incentive plan whereby awards are granted to certain employees and non-employee directors of the Company in various forms including restricted shares of Company common stock and options to purchase Company common stock. Awards are discretionary and determined by the Compensation Committee of the Board. Stock based compensation cost is measured at the grant date based on the fair value of the award and is typically recognized as expense on a straight-line basis over the requisite service period, which is the vesting period. As of December 31, 2018, 1,469,251 shares were available for awards under the 2015 Plan. Total stock-based compensation recorded in other operating and corporate expenses on the consolidated statements of income is as follows: Year Ended December 31, 2018 2017 2016 Stock compensation expense before tax benefit $ 71 $ 76 $ 131 Income tax benefit (19) (22) (50) $ 52 $ 54 $ 81 In 2018, 2017 and 2016, the Company granted 2,778, 5,334 and 8,919 shares, respectively, of restricted stock awards to certain of the Company’s directors as fees for services rendered under the 2015 Plan, of which 5,334, 2,229 and 6,690 vested during the years ended December 31, 2018, 2017 and 2016, respectively. As of December 31, 2018, the Company had 2,778 unvested restricted stock units outstanding, which will vest in May 2019. The weighted average grant date fair value of restricted stock units during 2018, 2017 and 2016 were $18.00, $18.75 and $16.82, respectively. The total fair values of restricted stock units that vested were $0.1 million during each 2018, 2017 and 2016. In 2018, the Company granted 9,956 shares, net of shares withheld for taxes, of restricted stock awards to certain of the Company’s NEO’s as their discretionary cash incentive award for 2017 performance under the 2015 Plan, of which all vested during the year ended December 31, 2018. The weighted average grant date fair value of the restricted stock units granted to the Company’s NEO’s during 2018 was $19.32. The total fair value of restricted stock units related to restricted stock awards to the Company’s NEO’s that vested were $0.2 million during 2018. |
Employee Benefit Plan
Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2018 | |
Employee Benefit Plan | |
Employee Benefit Plan | 18. Employee Benefit Plan The Company maintains a 401(k) retirement plan covering substantially all officers and employees of the Company, which permits participants to defer up to the maximum allowable amount determined by the IRS of their eligible compensation. As part of the Pension Plan termination in 2014, the Company directed the Pension Plan to transfer $7.9 million of the Pension Plan’s surplus assets into a suspense account in the Company’s 401(k) plan. The Company has retained the risks and rewards of ownership of these assets; therefore, the assets held in the suspense account are included in the Company’s consolidated financial statements until they are allocated to participants. As of December 31, 2018 and 2017, the fair value of these assets was recorded in restricted investments on the Company’s consolidated balance sheets and were $3.4 million and $4.5 million, respectively. The Company expenses the fair value of the assets at the time the assets are allocated to participants, which is expected to be allocated up to the next three years. During 2018, 2017 and 2016, the Company recorded an expense of $1.1 million, $1.2 million and $1.4 million, respectively, for the fair value of the assets, less expenses, that were allocated to participants. Any gain or loss on these assets is reflected in the Company’s consolidated statements of income and was less than a $0.1 million loss for the years ended December 31, 2018 and 2016 and less than a $0.1 million gain for the year ended December 31, 2017. |
RiverTown Impact Fees
RiverTown Impact Fees | 12 Months Ended |
Dec. 31, 2018 | |
RiverTown Impact Fees | |
RiverTown Impact Fees | 19. RiverTown Impact Fees As part of the Company’s April 2014 RiverTown transaction, the buyer, an affiliate of Mattamy (Jacksonville) Partnership d/b/a Mattamy Homes (“Mattamy”), was obligated to pay certain impact fees to the Company prior to April 2, 2019 and, depending on circumstances, potentially thereafter. On April 3, 2018, the Board of County Commissioners for St. Johns County, Florida adopted revised impact fee schedules that went into effect as of July 3, 2018, and increased impact fee rates for residential units. In June 2018, the Company received $23.1 million from Mattamy to pay the estimated impact fees based on Mattamy’s current development plans and the impact fee schedule in effect at the time of the payment. For the year ended December 31, 2018, the impact fees of $23.1 million were included in real estate revenue in the Company’s consolidated statements of income. Mattamy may be required to pay to the Company additional impact fees based on its future development plans. Any consideration the Company may receive for additional impact fees will be based on a variety of factors outside the Company’s control, including impact fee increases or decreases by St. Johns County, home sizes and the number of homes built in the project. The Company received impact fees for a total of $23.7 million, $0.9 million and $0.4 million during 2018, 2017 and 2016, respectively. |
Other Income (Expense)
Other Income (Expense) | 12 Months Ended |
Dec. 31, 2018 | |
Other Income (Expense) | |
Other Income (Expense) | 20. Other Income (Expense) Other income (expense) consists of the following: Year Ended December 31, 2018 2017 2016 Investment income, net Interest and dividend income $ 9,060 $ 16,380 $ 6,602 Accretion income 684 1,983 1,829 Net realized (loss) gain on the sale of investments (973) 10,750 795 Other-than-temporary impairment loss (2,330) (2,288) — Unrealized loss on investments, net (3,035) — — Interest income from investments in SPEs 8,197 8,201 8,202 Interest accrued on notes receivable and other interest 547 384 348 Total investment income, net 12,150 35,410 17,776 Interest expense Interest expense and amortization of discount and issuance costs for Senior Notes issued by SPE (8,788) (8,777) (8,833) Other interest expense (3,052) (3,368) (3,462) Total interest expense (11,840) (12,145) (12,295) Claim settlement — — 12,548 Sale of vacation rental management, net — 9,800 — Other income, net Accretion income from retained interest investments 1,232 1,100 991 Insurance proceeds 7,199 — — Hurricane expense (8,628) — — Miscellaneous income, net 1,349 3,613 513 Other income, net 1,152 4,713 1,504 Total other income, net $ 1,462 $ 37,778 $ 19,533 Investment Income, Net Interest and dividend income includes interest income accrued or received on the Company’s corporate debt securities, commercial paper and money market funds, and dividend income received from the Company’s investment in preferred stock. Accretion income includes the amortization of the premium or accretion of discount related to the Company’s available-for-sale securities, which is amortized based on an effective interest rate method over the term of the available-for-sale securities. Net realized (loss) gain on the sale of investments include the gains or losses recognized on the sale of an available-for-sale securities prior to maturity. Other-than-temporary impairment loss includes impairments related to the Company’s corporate debt securities for the year ended December 31, 2018 and impairments related to the Company’s corporate debt securities and preferred stock investments for the year ended December 31, 2017. Unrealized loss on investments, net includes unrealized gains or losses on investments – equity securities due to the adoption of ASU 2016-01. Prior to 2018, unrealized gains or losses related to these investments were recorded in accumulated other comprehensive loss. 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 expense related to the Company’s CDD debt, PPN North JV Loan, Pier Park Outparcel Construction Loan and WaterColor Crossings Construction Loan. 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%. Claim Settlement Claim settlement during the year ended December 31, 2016 includes $12.5 million for a settlement related to the Deepwater Horizon oil spill. See Note 6. Claim Settlement Receivable for further discussion. Sale of Vacation Rental Management, Net Sale of vacation rental management, net includes proceeds of $9.9 million, which resulted in a gain of $9.8 million from the PCR Rentals sale in December 2017. See Note 8. Sale of Vacation Rental Management for further discussion. Other Income, Net Other income, net primarily includes income from the Company’s retained interest investments, insurance proceeds, hurricane expenses and other income and expense items. Insurance proceeds during the year ended December 31, 2018, includes $7.2 million of hurricane insurance proceeds that the Company believes are probable of receipt. Hurricane expenses during the year ended December 31, 2018, includes a $7.3 million loss on disposal of assets related to damage from Hurricane Michael and $1.3 million of additional hurricane expenses. See Note 7. Hurricane Michael for additional information . Miscellaneous income, net primarily consists of $2.2 million of income related to the final distribution from the Company’s unconsolidated JV ALP, offset by $0.6 million for a homeowners’ association settlement related to one of the Company’s residential communities. During 2017, the Company negotiated an insurance settlement that resulted in proceeds of $3.5 million, included within miscellaneous income, net, for reimbursement of certain attorney fees and related costs incurred by the Company. 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 12.0%. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2018 | |
Segment Information | |
Segment Information | 21. Segment Information The Company currently conducts primarily all of its business in the following four operating segments: 1) residential real estate, 2) hospitality, 3) commercial leasing and sales and 4) forestry. Prior to the fourth quarter of 2017, commercial real estate and leasing operations were treated as individual operating segments. See Note 1. Nature of Operations for additional information. The Company’s reportable segments are strategic business units that offer different products and services. They are each managed separately and decisions about allocations of resources are determined by management based on these strategic business units. The Company uses income before income taxes and non-controlling interest and other measures for purposes of making decisions about allocating resources to each segment and assessing each segment’s performance, which the Company believes represents current performance measures. The accounting policies of the segments are the same as those described herein. Total revenue represents sales to unaffiliated customers, as reported in the Company’s consolidated statements of income. All significant intercompany transactions have been eliminated in consolidation. The caption entitled “Other” consists of mitigation credit and title fee revenue and non-allocated corporate general and administrative expenses, net of investment income. Information by business segment is as follows: Year Ended December 31, 2018 2017 2016 Operating revenue: Residential real estate (a) $ 42,869 $ 21,747 $ 19,483 Hospitality 39,973 54,820 57,284 Commercial leasing and sales 16,485 14,510 11,929 Forestry revenue 8,135 8,443 7,791 Other (b) 2,814 518 375 Consolidated operating revenue $ 110,276 $ 100,038 $ 96,862 Cost of revenue: Cost of residential real estate revenue $ 9,775 $ 12,455 $ 6,383 Cost of hospitality revenue 33,825 47,816 50,229 Cost of commercial leasing and sales revenue 6,397 5,979 4,431 Cost of forestry revenue 1,097 903 1,121 Cost of other revenue 223 41 30 Consolidated cost of revenue $ 51,317 $ 67,194 $ 62,194 Other operating and corporate expenses: Residential real estate $ 4,695 $ 4,297 $ 5,744 Hospitality 555 494 547 Commercial leasing and sales 3,183 3,444 3,492 Forestry 384 396 530 Other 11,740 11,751 12,706 Consolidated other operating and corporate expenses $ 20,557 $ 20,382 $ 23,019 Depreciation, depletion and amortization: Residential real estate $ 167 $ 187 $ 286 Hospitality 3,761 4,225 4,402 Commercial leasing and sales 4,411 3,729 3,137 Forestry 514 575 552 Other 145 169 194 Consolidated depreciation, depletion and amortization $ 8,998 $ 8,885 $ 8,571 Investment income, net: Residential real estate and other $ 320 $ 89 $ 97 Corporate (c) 11,830 35,321 17,679 Consolidated investment income, net $ 12,150 $ 35,410 $ 17,776 Interest expense: Residential real estate $ (867) $ (1,164) $ (1,284) Commercial leasing and sales (2,180) (2,200) (2,169) Corporate and other (d) (8,793) (8,781) (8,842) Consolidated interest expense $ (11,840) $ (12,145) $ (12,295) Sale of vacation rental management, net: Hospitality (e) $ — $ 9,800 $ — Consolidated sale of vacation rental management, net $ — $ 9,800 $ — Income (loss) before income taxes: Residential real estate (a) $ 27,084 $ 3,903 $ 5,887 Hospitality (e) 1,652 12,444 2,087 Commercial leasing and sales (121) (836) (1,233) Forestry 6,222 6,586 5,609 Corporate (b) (c) (d) (3,971) 19,258 10,261 Consolidated income before income taxes $ 30,866 $ 41,355 $ 22,611 Capital expenditures: Residential real estate $ 15,865 $ 8,407 $ 3,319 Hospitality 7,400 4,918 1,287 Commercial leasing and sales 20,483 25,248 6,836 Forestry 1,069 1,100 1,095 Other 379 207 321 Total capital expenditures $ 45,196 $ 39,880 $ 12,858 December 31, December 31, 2018 2017 Total assets: Residential real estate $ 125,642 $ 117,732 Hospitality 70,746 83,151 Commercial leasing and sales 182,658 163,271 Forestry 20,189 20,212 Other 471,727 536,627 Total assets $ 870,962 $ 920,993 (a) Includes revenue of $23.1 million in 2018 for a one-time receipt of RiverTown impact fees related to the 2014 RiverTown transaction. See Note 19. RiverTown Impact Fees . (b) Includes revenue of $2.2 million in 2018 related to a specific sale of mitigation bank credits. (c) Includes interest income from investments in SPEs of $8.2 million in each 2018, 2017 and 2016. (d) Includes interest expense from Senior Notes issued by SPE of $8.8 million in each 2018, 2017 and 2016. (e) Includes proceeds of $9.9 million, which resulted in a net gain of $9.8 million from the PCR Rentals sale in 2017. See Note 8. Sale of Vacation Rental Management . |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies | |
Commitments and Contingencies | 22. Commitments and Contingencies The Company establishes an accrued liability when it is both probable that a material loss has been incurred and the amount of the loss can be reasonably estimated. The Company will evaluate the range of reasonably estimated losses and record an accrued liability based on what it believes to be the minimum amount in the range, unless it believes an amount within the range is a better estimate than any other amount. In such cases, there may be an exposure to loss in excess of the amounts accrued. The Company evaluates quarterly whether further developments could affect the amount of the accrued liability previously established or would make a loss contingency both probable and reasonably estimable. The Company also provides disclosure when it believes it is reasonably possible that a material loss will be incurred or when it believes it is reasonably possible that the amount of a loss will exceed the recorded liability. The Company reviews loss contingencies at least quarterly to determine whether the likelihood of loss has changed and to assess whether a reasonable estimate of the loss or range of loss can be made. This estimated range of possible losses is based upon currently available information and is subject to significant judgment and a variety of assumptions, as well as known and unknown uncertainties. The matters underlying the estimated range will change from time to time, and actual results may vary significantly from the current estimate. The Company is subject to a variety of litigation, claims, other disputes and governmental proceedings that arise from time to time in the ordinary course of its business, including litigation related to its prior homebuilding and development activities. The Company cannot make assurances that it will be successful in defending these matters. Based on current knowledge, the Company does not believe that loss contingencies arising from pending litigation, claims, other disputes and governmental proceedings, including those described herein, will have a material adverse effect on the consolidated financial position or liquidity of the Company. However, in light of the inherent uncertainties involved in these matters, an adverse outcome in one or more of these matters could be material to the Company’s results of operations or cash flows for any particular reporting period. The Company is subject to costs arising out of environmental laws and regulations, which include obligations to remove or limit the effects on the environment of the disposal or release of certain wastes or substances at various sites, including sites that have been previously sold. It is the Company’s policy to accrue and charge against earnings environmental cleanup costs when it is probable that a liability has been incurred or range of loss can be reasonably estimated. As assessments and cleanups proceed, these accruals are reviewed and adjusted, if necessary, as additional information becomes available. The Company is in the process of assessing certain properties in regard to the effects, if any, on the environment from the disposal or release of wastes or substances. Management is unable to quantify future rehabilitation costs above present accruals at this time or provide a reasonably estimated range of loss. Other litigation, claims, disputes and governmental proceedings, including environmental matters, are pending against the Company. Accrued aggregate liabilities related to the matters described above and other litigation matters were $1.2 million and $1.3 million as of December 31, 2018 and 2017, respectively. Significant judgment is required in both the determination of probability and the determination as to whether the amount of an exposure is reasonably estimable. Due to uncertainties related to these matters, accruals are based only on the information available at the time. As additional information becomes available, management reassesses potential liabilities related to pending claims and litigation and may revise its previous estimates, which could materially affect the Company’s results of operations for any particular reporting period. The Company has retained certain self-insurance risks with respect to losses for third party liability and property damage, including its timber assets. At December 31, 2018 and 2017, the Company was required to provide surety bonds that guarantee completion of certain infrastructure in certain development projects and mitigation banks of $9.4 million and $8.6 million, respectively, as well as standby letters of credit in the amount of less than $0.1 million at December 31, 2017, which may potentially result in liability to the Company if certain obligations of the Company are not met. As of December 31, 2018, the Company had a total of $ 34.6 million in contractual obligations. As part of certain sales of timberlands in 2007, 2008 and 2014, the Company generated significant tax gains. The installment notes structure allowed the Company to defer the resulting federal tax liability of $33.7 million until 2022 - 2024 and $37.8 million until 2029, respectively, the maturity dates for the installment notes. The Company has a deferred tax liability related to the gains in connection with these sales. |
Quarterly Financial Data (unaud
Quarterly Financial Data (unaudited) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (unaudited) | 23. Quarterly Financial Data (unaudited) Quarters Ended December 31, September 30, June 30, March 31, 2018 Operating revenue $ 16,301 $ 23,676 $ 50,434 $ 19,865 Operating (loss) income $ (1,343) $ 1,944 $ 29,344 $ (541) Net (loss) income attributable to the Company $ (66) $ 5,483 $ 26,195 $ 757 Basic and diluted income per share attributable to the Company (1) $ — $ 0.09 $ 0.41 $ 0.01 2017 Operating revenue $ 21,891 $ 33,988 $ 30,647 $ 13,512 Operating (loss) income $ (1,555) $ 4,787 $ 4,927 $ (4,582) Net income attributable to the Company $ 38,503 $ 5,943 $ 10,764 $ 4,368 Basic and diluted income per share attributable to the Company (1) $ 0.58 $ 0.08 $ 0.15 $ 0.06 (1) Quarterly and year-to-date computations of per share amounts are made independently. Therefore, the sum of per share amounts for the quarters may not be consistent with the per share amounts for the year. |
Schedule III (Consolidated) - R
Schedule III (Consolidated) - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2018 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
SCHEDULE III (CONSOLIDATED) - REAL ESTATE AND ACCUMULATED DEPRECIATION | THE ST. JOE COMPANY SCHEDULE III (CONSOLIDATED) - REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2018 (in thousands) Initial Cost to Company (2) Gross Amount at December 31, 2018 Costs Capitalized Subsequent to Date of Depreciation Land & Buildings & Acquisition or Land & Land Buildings and Accumulated Construction or Life Description (1) Encumbrances Improvements Improvements Construction (3) Improvements Improvements Total Depreciation Acquisition (In Years) Residential developments $ 1,471 $ 48,430 $ 10,954 $ 53,283 $ 111,207 $ 1,460 $ 112,667 $ 2,044 through 2018 5-25 Hospitality WaterColor Inn — 2,237 15,790 6,778 3,259 21,546 24,805 9,591 2002. 2013, 2018 10 - 40 Clubs and golf courses — 34,227 16,272 3,105 37,137 16,467 53,604 20,623 2001 - 2007, 2018 10 - 25 Marinas — 5,351 2,540 329 5,559 2,661 8,220 1,517 2006 - 2007 10 - 25 Other — — 10,054 89 — 10,143 10,143 4,232 2008 - 2009 10 - 30 Commercial leasing and sales Leasing properties: Pier Park North 45,977 13,711 35,243 3,115 13,711 38,358 52,069 7,643 2014 - 2017 15 - 39 Town centers — 713 21,887 (2,138) 787 19,675 20,462 15,424 2001 - 2008 10 - 25 VentureCrossings — 5,791 24,490 (2,566) 3,775 23,940 27,715 3,433 2012. 2017 10 - 39 Pier Park Crossings 14,285 705 — 13,092 13,796 — 13,796 — 2018 N/A Other 2,788 2,962 8,684 2,970 5,933 8,684 14,617 913 through 2018 10 - 39 Commercial developments 4,853 34,922 — 21,018 55,940 — 55,940 66 through 2018 5 Timberlands — 6,687 1,796 11,282 17,969 1,796 19,765 1,983 n/a 5 - 30 Unimproved land — 85 — 4,606 4,691 — 4,691 31 n/a 15 - 20 Total $ 69,374 $ 155,821 $ 147,710 $ 114,963 $ 273,764 $ 144,730 $ 418,494 $ 67,500 (1) All real estate properties are located in Northwest Florida. (2) Includes initial costs to the Company to place the assets in service. (3) Includes cumulative impairments. Notes: (A) The aggregate cost of real estate owned at December 31, 2018 for federal income tax purposes is approximately $432.7 million. (B) Reconciliation of real estate owned (in thousands of dollars): December 31, December 31, December 31, 2018 2017 2016 Balance at beginning of the year $ 404,376 $ 381,969 $ 377,668 Amounts capitalized 43,306 39,261 13,875 Impairments (99) (714) (357) Cost of real estate sold (18,928) (14,274) (6,489) Amounts retired or adjusted (10,161) (1,866) (2,728) Balance at the end of the year $ 418,494 $ 404,376 $ 381,969 (C) Reconciliation of accumulated depreciation (in thousands of dollars): December 31, December 31, December 31, 2018 2017 2016 Balance at beginning of the year $ 71,752 $ 67,349 $ 64,069 Depreciation expense 6,018 6,245 6,002 Amounts retired or adjusted (10,270) (1,842) (2,722) Balance at the end of the year $ 67,500 $ 71,752 $ 67,349 |
Schedule IV (Consolidated) - Mo
Schedule IV (Consolidated) - Mortgage Loans on Real Estate | 12 Months Ended |
Dec. 31, 2018 | |
Mortgage Loans on Real Estate [Abstract] | |
SCHEDULE IV (CONSOLIDATED) - MORTGAGE LOANS ON REAL ESTATE | THE ST. JOE COMPANY SCHEDULE IV (CONSOLIDATED) - MORTGAGE LOANS ON REAL ESTATE DECEMBER 31, 2018 (in thousands) Principal Amount of Periodic Face Carrying Loans Subject to Payment Amount of Amount of Delinquent Principal Description (a) Interest Rate Final Maturity Date Terms Prior Liens Mortgages Mortgages or Interest Seller financing, residential homesites 5.5% September 2019 P&I (b) — $ 749 $ 749 — Seller financing, residential homesites 5.5% June 2019 P&I (b) — 422 422 — Seller financing, residential homesites 6.3% March 2020 P&I (c) — 150 150 — Various other seller financing, rural land 6.4% to 6.7% December 2022 through November 2023 P&I (d) — 141 141 — Total (e) $ 1,462 $ 1,462 (a) All seller financed properties are located in Northwest Florida. (b) Annual principal payment of $0.1 million due and interest is paid quarterly over a twenty year amortization schedule. On the maturity date, all outstanding principal, all accrued interest and any other customary charges shall be due and payable in full. (c) Annual principal payment of $0.1 million due and interest is accrued over a twenty year amortization schedule. On the maturity date, all outstanding principal, all accrued interest and any other customary charges shall be due and payable in full. (d) Principal and interest is paid monthly. (e) The aggregate cost for federal income tax purposes approximates the amount of unpaid principal. The summarized changes in the carrying amount of mortgage loans are as follows: December 31, December 31, December 31, 2018 2017 2016 Balance at beginning of the year $ 2,995 $ 242 $ 570 Additions during the year - new mortgage loans 1,471 2,821 — Deductions during the year: Collections of principal 3,004 68 328 Foreclosures — — — Balance at the end of the year $ 1,462 $ 2,995 $ 242 |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Significant Accounting Policies | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The consolidated financial statements include the accounts of the Company and all of its majority-owned and controlled subsidiaries and variable interest entities where the Company deems itself the primary beneficiary. Investments in JVs and limited partnerships in which the Company is not the primary beneficiary are accounted for by the equity method. All significant intercompany transactions and balances have been eliminated in consolidation. Certain prior year amounts in the accompanying consolidated financial statements have been reclassified to conform to the current year presentation. These reclassifications had no effect on the Company’s previously reported total assets and liabilities, stockholders’ equity or net income. A variable interest entity (“VIE”) is an entity in which a controlling financial interest may be achieved through arrangements that do not involve voting interests. A VIE is required to be consolidated by its primary beneficiary, which is the entity that possesses the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and has the obligation to absorb losses or the right to receive benefits from the VIE that are significant to the entity. The Company consolidates VIEs when it is the primary beneficiary of the VIE, including real estate JVs determined to be VIEs. See Note 11. Real Estate Joint Ventures . |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates and assumptions including investment in real estate, real estate impairment assessments, investments, other-than-temporary impairment assessments, retained interest investments, accruals and deferred income taxes. Actual results could differ from those estimates. |
Investment in Real Estate | Investment in Real Estate The Company capitalizes costs directly associated with development and construction of identified real estate projects. The Company also capitalizes those indirect costs that relate to the projects under development or construction. These indirect costs include construction and development administration, legal fees, capitalized interest, and project administration to the extent that such costs are related to a specific project. Interest is capitalized (up to total interest expense) based on the amount of underlying borrowings and real estate taxes are capitalized on real estate projects under development. Real estate development costs also include land and common development costs (such as roads, utilities and amenities), capitalized property taxes, capitalized interest and certain indirect costs. A portion of real estate development costs and estimates for costs to complete are allocated to each unit based on the relative sales value of each unit as compared to the estimated sales value of the total project. These estimates are reevaluated at least annually and more frequently if warranted by market conditions, changes in the project’s scope or other factors, with any adjustments being allocated prospectively to the remaining property or units available for sale. The capitalization period relating to direct and indirect project costs is the period in which activities necessary to ready a property for its intended use are in progress. The period begins when such activities commence, typically when the Company begins site work for land already owned, and ends when the asset is substantially complete and ready for its intended use. Determination of when construction of a project is substantially complete and ready for its intended use requires judgment. The Company determines when the capitalization period begins and ends through communication with project and other managers responsible for the tracking and oversight of individual projects. In the event that the activities to ready the asset for its intended use are suspended, the capitalization period will cease until such activities are resumed. If the Company determines not to complete a project, any previously capitalized costs are expensed in the period in which the determination is made and recovery is not deemed probable. Investment in real estate is carried at cost, net of depreciation and timber depletion, unless circumstances indicate that the carrying value of the assets may not be recoverable. If the Company determines that an impairment exists due to the inability to recover an asset’s carrying value, an impairment charge is recorded to the extent that the carrying value exceeds estimated fair value. If such assets were held for sale, the provision for loss would be recorded to the extent that the carrying value exceeds estimated fair value less costs to sell. Depreciation is computed on the straight-line method over the estimated economic lives of the assets, as follows: Estimated Useful Life (in years) Land N/A Land improvements 15 - 20 Buildings 20-40 Building improvements 5-25 Timber N/A Building improvements are amortized on a straight-line basis over the shorter of the minimum lease term or the estimated economic life of the assets. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash on hand, bank demand accounts, money market instruments, short term commercial paper and short term U.S. Treasury securities having original maturities at acquisition date, of ninety days or less. |
Investments | Investments Investments – debt securities and restricted investments consist of available-for-sale securities recorded at fair value, which is established through external pricing services that use quoted market prices and pricing data from recently executed market transactions. Unrealized gains and temporary losses on investments, net of tax, are recorded in other comprehensive income (loss). Realized gains and losses on investments are determined using the specific identification method. The amortized cost of debt securities are adjusted for amortization of premiums and accretion of discounts to maturity computed under the effective interest method. Such amortization and accretion is included in investment income, net. The Company evaluates investments classified as available-for-sale with an unrealized loss to determine if they are other-than-temporarily impaired. This evaluation is based on various factors, including the financial condition, business prospects, industry and creditworthiness of the issuer, severity and length of time the securities were in a loss position, the Company’s ability and intent to hold investments until the unrealized loss is recovered or until maturity and the amount of the unrealized loss. If a decline in fair value is considered other-than-temporary, the decline is then bifurcated into its credit and non-credit related components. The amount of the credit-related component is recognized in earnings, and the amount of the non-credit related component is recognized in other comprehensive income (loss), unless the Company intends to sell the security or it is more likely than not that the Company will be required to sell the security prior to its anticipated recovery, in which case the decline in fair value is recognized entirely in earnings. Due to the adoption of ASU 2016-01 on January 1, 2018, investments - equity securities with a readily determinable fair value are recorded at fair value, which is established through external pricing services that use quoted market prices and pricing data from recently executed market transactions. Unrealized holding gains and losses are recognized in investment income, net in the consolidated statements of income. Prior to 2018, unrealized gains and losses related to these investments were recognized in other comprehensive income (loss). |
Restricted Investments | Restricted Investments The Company’s restricted investments are related to the Company’s deferred compensation plan. As part of the Pension Plan termination in 2014, the Company directed the Pension Plan to transfer the Pension Plan’s surplus assets into a suspense account in the Company’s 401(k) plan. The Company has retained the risks and rewards of ownership of these assets; therefore, the assets held in the suspense account are included in the Company’s consolidated balance sheets until they are allocated to current or future 401(k) plan participants for up to the next three years. See Note 18. Employee Benefit Plan . |
Fair Value Measurements | Fair Value Measurements Fair value is an exit price, representing the amount that would be received by selling an asset or paying to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. A three-tier fair value hierarchy is established as a basis for considering such assumptions and for inputs used in the valuation methodologies in measuring fair value: Level 1. Quoted prices in active markets for identical assets or liabilities; Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3. Unobservable inputs in which there is little or no market data, such as internally-developed valuation models, which require the reporting entity to develop its own assumptions. |
Comprehensive Income | Comprehensive Income The Company’s comprehensive income includes unrealized gains and losses on available-for-sale securities and restricted investments, which may be temporary. |
Receivables | Receivables The Company’s receivables primarily include hurricane insurance proceeds receivable, receivables related to certain homesite sales, claim settlement receivable, homebuilder notes and Pier Park CDD notes. The Company evaluates the carrying value of receivables at each reporting date. Receivable balances are adjusted to net realizable value based upon a review of entity specific facts or when terms are modified. Judgments are made with respect to the collectability of accounts based on historical experience and current economic trends. Actual losses could differ from those estimates. As of December 31, 2018 and 2017 , all amounts were deemed collectable . |
Long-Lived Assets | Long-Lived Assets Long-lived assets include the Company’s investments in operating and development property and property and equipment. The Company reviews its long-lived assets for impairment quarterly to determine whether events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. As part of the Company’s review for impairment of its long-lived assets, the Company reviews the long-lived asset’s carrying value, current period actual financial results as compared to prior period and forecasted results contained in the Company’s business plan and any other events or changes in circumstances to identify whether an indicator of potential impairment may exist. Some of the events or changes in circumstances that are considered by the Company as indicators of potential impairment include: · a prolonged decrease in the fair value or demand for the Company’s properties; · a change in the expected use or development plans for the Company’s properties; · a material change in strategy that would affect the fair value of the Company’s properties; · continuing operating or cash flow loss for an operating property; · an accumulation of costs in excess of the projected costs for development or operating property; and · any other adverse change that may affect the fair value of the property. The Company uses varying methods to determine if an impairment exists, such as (i) considering indicators of potential impairment, (ii) analyzing expected future cash flows and comparing the expected future undiscounted cash flows of the property to its carrying value or (iii) determining market resale values. For projects under development, an estimate of undiscounted future cash flows is performed using estimated future expenditures necessary to develop and maintain the existing project and using management’s best estimates about future sales prices and holding periods. The projection of undiscounted cash flows requires that management develop various assumptions including: · the projected pace of sales of homesites based on estimated market conditions and the Company’s development plans; · estimated pricing and projected price appreciation over time; · the amount and trajectory of price appreciation over the estimated selling period; · the length of the estimated development and selling periods, which can differ depending on the size of the development and the number of phases to be developed; · the amount of remaining development costs, including the extent of infrastructure or amenities included in such development costs; · holding costs to be incurred over the selling period; · for bulk land sales of undeveloped and developed parcels future pricing is based upon estimated developed homesite pricing less estimated development costs and estimated developer profit; · for commercial development property, future pricing is based on sales of comparable property in similar markets; and · whether liquidity is available to fund continued development. For operating properties, an estimate of undiscounted cash flows also requires management to make assumptions about the use and disposition of such properties. These assumptions include: · for investments in inns and rental condominium units, average occupancy and room rates, revenue from food and beverage and other amenity operations, operating expenses and capital expenditures, and eventual disposition of such properties as private residence vacation units or condominiums, based on current prices for similar units appreciated to the expected sale date; · for investments in commercial or retail property, future occupancy and rental rates and the amount of proceeds to be realized upon eventual disposition of such property at a terminal capitalization rate; and, · for investments in club assets, memberships dues, future rounds and greens fees, operating expenses and capital expenditures, and the amount of proceeds to be realized upon eventual disposition of such properties at a multiple of terminal year cash flows. Homesites substantially completed and ready for sale are measured at the lower of carrying value or fair value less costs to sell. Management identifies homesites as being substantially completed and ready for sale when the properties are being actively marketed with intent to sell such properties in the near term and under current market conditions. Other homesites, which management does not intend to sell in the near term under current market conditions, are evaluated for impairment based on management’s best estimate of the long-term use and eventual disposition of such property. Other properties that management does not intend to sell in the near term under current market conditions and has the ability to hold are evaluated for impairment based on management’s best estimate of the long-term use and eventual disposition of the property. The results of impairment analyses for development and operating properties are particularly dependent on the estimated holding and selling period for each asset group. If a property is considered impaired, the impairment charge is determined by the amount the property’s carrying value exceeds its fair value. The Company uses varying methods to determine fair value, such as (i) analyzing expected future cash flows, (ii) determining resale values in a given market (iii) applying a capitalization rate to net operating income using prevailing rates in a given market or (iv) applying a multiplier to revenue using prevailing rates in a given market. The fair value of a property may be derived either from discounting projected cash flows at an appropriate discount rate, through appraisals of the underlying property, or a combination thereof. The Company classifies the assets and liabilities of a long-lived asset as held-for-sale when management approves and commits to a formal plan of sale and it is probable that a sale will be completed. The carrying value of the assets held-for-sale are then recorded at the lower of their carrying value or fair value less estimated costs to sell. |
Timber Inventory | Timber Inventory The Company estimates its standing timber inventory on an annual basis utilizing a process referred to as a “timber cruise.” Specifically, the Company conducts field measurements of the number of trees, tree height and tree diameter on a sample area equal to approximately 20% of the Company’s timber holdings each year. Inventory data is used to calculate volumes and products along with growth projections to maintain accurate data. Industry practices are used for modeling, including growth projections, volume and product classifications. A depletion rate is established annually by dividing merchantable inventory cost by standing merchantable inventory volume. |
Property and Equipment, net | Property and Equipment, net Property and equipment is stated at cost, net of accumulated depreciation. Major improvements are capitalized while maintenance and repairs are expensed in the period the cost is incurred. Depreciation is computed using the straight-line method over the estimated economic lives of various assets, as follows: Estimated Useful Life (in years) Railroad and equipment 15-30 Furniture and fixtures 5-10 Machinery and equipment 3-10 Office equipment 5-10 Autos and trucks 5 |
Income Taxes | Income Taxes The Company’s provision for income taxes includes the current tax owed on the current period earnings, as well as a deferred provision, which reflects the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Changes in existing tax laws and rates, their related interpretations, as well as the uncertainty generated by the prospect of tax legislation in the future may affect the amounts of deferred tax liabilities or the realizability of deferred tax assets. For tax positions the Company has taken or expects to take in a tax return, the Company applies a more likely than not assessment (i.e., there is a greater than 50 percent chance) about whether the tax position will be sustained upon examination by the appropriate tax authority with full knowledge of all relevant information. Amounts recorded for uncertain tax positions are periodically assessed, including the evaluation of new facts and circumstances, to ensure sustainability of the position. The Company records interest related to unrecognized tax benefits, if any, in interest expense and penalties in other income, net. |
Concentration of Risks and Uncertainties | Concentration of Risks and Uncertainties The Company’s real estate investments are concentrated in Northwest Florida in a number of specific development projects. Uncertain economic conditions could have an adverse impact on the Company’s real estate values and could cause the Company to sell assets at depressed values in order to pay ongoing obligations. Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash, cash equivalents, investments, other receivables, investments held by special purpose entity or entities (“SPE”), and investments in retained interests. The Company deposits and invests cash with local and regional financial institutions and as of December 31, 2018 these balances exceed the amount of FDIC insurance provided on such deposits by $15.9 million. In addition, as of December 31, 2018, the Company had $6.9 million invested in U.S. Treasury securities, $2.0 million invested in two issuers of corporate debt securities that are non-investment grade, $36.1 million invested in five issuers of preferred stock that are non-investment grade and one issuer of preferred stock that is investment grade, as well as investments of $107.6 million in short term commercial paper from eleven issuers and short term U.S. Treasury securities of $30.0 million. |
Earnings Per Share | Earnings Per Share Basic and diluted earnings per share are calculated by dividing net income attributable to the Company by the average number of common shares outstanding for the period. For the three years ended December 31, 2018, basic and diluted average shares outstanding were the same. There were no outstanding common stock equivalents as of December 31, 2018 or 2017. Non-vested restricted stock is included in outstanding shares at the time of grant. |
Revenue and Revenue Recognition | Revenue and Revenue Recognition Revenue consists primarily of real estate sales, hospitality operations, leasing operations, and timber sales. Taxes collected from customers and remitted to governmental authorities (e.g., sales tax) are excluded from revenue, costs and expenses. In accordance with Topic 606, revenue is recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services by applying the following steps; (1) identifying the contract(s) with a customer, (2) identifying the performance obligations in the contract, (3) determining the transaction price, (4) allocating the transaction price to the performance obligations in the contract and (5) recognizing revenue when (or as) the Company satisfies a performance obligation. The adoption of Topic 606 impacted the Company’s residential real estate segment as detailed below and had a de minimis impact on the hospitality segment, but did not impact the commercial leasing and sales or forestry segments. Lease related revenue is excluded from Topic 606. The following summary details the Company’s revenue and the related timing of revenue recognition by segment. Real Estate Revenue Revenue from real estate sales, including sales of homesites, commercial properties, operating properties and rural or timberland, is recognized at the point in time when a sale is closed and title and control have been transferred to the buyer. If a performance obligation is not yet complete when title transfers to the buyer, the revenue associated with the incomplete performance obligation is deferred until completed. Residential real estate revenue includes the sale of developed homesites; the sale of parcels of entitled, undeveloped land; a homesite residual on homebuilder sales that provides the Company a percentage of the sale price of the completed home if the home price exceeds a negotiated threshold; the sale of tap and impact fee credits; marketing fees and other fees on certain transactions. Effective January 1, 2018, with the adoption of Topic 606, estimated homesite residuals and certain estimated fees are recognized as revenue at the point in time of sale to homebuilders, subject to constraints, and any change in material circumstances from the estimated amounts are updated at each reporting period. The variable consideration for homesite residuals and certain estimated fees are based on historical experience and are recognized as revenue when it can be reasonably estimated and only to the extent it is probable that a significant reversal in the estimated amount of cumulative revenue will not occur when uncertainties are resolved. For the year ended December 31, 2018, real estate revenue includes $1.0 million of estimated homesite residuals and $1.1 million of certain estimated fees related to homebuilder homesite sales. Prior to 2018, these homesite residuals and fees were recognized in revenue when consideration was received by the Company in periods subsequent to the initial recognition of revenue for the sale of the homesite. Hospitality Revenue The Company’s hospitality segment generates revenue from the WaterColor Inn and WaterSound Inn, lodging rentals, management of The Pearl Hotel, membership sales, membership reservations, restaurants, golf courses, beach clubs, marina operations and other related resort activities. Hospitality revenue is generally recognized at the point in time services are provided and represent a single performance obligation with a fixed transaction price. Hospitality revenue recognized over time includes non-refundable membership initiation fees and management fees. WaterColor Inn, WaterSound Inn, Lodging and Other Management Services - WaterColor Inn, WaterSound Inn and lodging generate revenue from (1) the WaterColor Inn, WaterSound Inn and other management services, (2) management of The Pearl Hotel, (3) lodging and (4) restaurants. The WaterColor Inn and WaterSound Inn generate revenue from service and daily lodging fees, recognized at the point in time services are provided . Revenue generated from the Company’s management services of The Pearl Hotel includes a monthly management fee, fifty percent of certain resort fees and a percentage of The Pearl Hotel’s gross operating profit, which is recognized over time as time elapses and the Company’s performance obligations are met . As discussed further in Note 8. Sale of Vacation Rental Management , the Company sold its short term vacation rental management business in December 2017. Prior to the sale of the short term vacation rental management business in December 2017, the vacation rental management business generated revenue from the rental of private homes owned by third parties and other services, which included the entire lodging fee collected from the customer, including the homeowner’s portion. A percentage of the fee was remitted to the homeowner and presented in the cost of hospitality revenue. Following the December 2017 sale, the Company no longer manages third party vacation rentals, but continues to manage rental properties the Company owns. The Company’s restaurants generate revenue from food and beverage sales, which are recognized at the point of sale . Clubs - Club operations include the Company’s golf courses, beach club and facilities that generate revenue from membership sales, membership reservations, daily play at the golf courses, merchandise sales and food and beverage sales. Daily play at the golf courses, merchandise sales and food and beverages sales are recognized at the point of sale. Club membership revenue consists of monthly dues, which are recognized monthly at the point in time as access is provided for the period, membership reservations that are recognized at the point in time when certain performance obligations are met and non-refundable initiation fees that are deferred and recognized ratably over time, which is the estimated membership period . Leasing Revenue Leasing revenue is excluded from the adoption of Topic 606 and consists of long term rental revenue from 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. Certain leases provide for tenant occupancy during periods for which no rent is due or where minimum rent payments change during the lease term. Accordingly, a receivable or liability is recorded representing the difference between the straight-line rent and the rent that is contractually due from the tenant. Leasing revenue includes properties located in the Company’s Beckrich Office Park, consolidated Pier Park North JV and Windmark JV, as well as the Company’s industrial park, VentureCrossings and other properties. Leasing revenue within the forestry segment consists primarily of hunting leases, which is recognized as income over the term of each lease. The Company’s marinas generate revenue from boat slip rentals recognized over the term of the lease. Minimum future base rental revenue on non-cancelable leases for the next five years are: 2019 $ 10,743 2020 10,214 2021 9,527 2022 9,001 2023 7,127 $ 46,612 Forestry Product Revenue Revenue from the sale of the Company’s forestry products is primarily from open market sales of timber on site without the associated delivery costs and is derived from either pay-as-cut sales contracts or timber bid sales. Under a pay-as-cut sales contract, the risk of loss and title to the specified timber transfers to the buyer when cut by the buyer, and the buyer or some other third party is responsible for all logging and hauling costs, if any. Revenue is recognized at the point in time when risk of loss and title to the specified timber are transferred. Timber bid sales are agreements in which the buyer agrees to purchase and harvest specified timber (i.e., mature pulpwood and/or sawlogs) on a tract of land over the term of the contract. Unlike a pay-as-cut sales contract, risk of loss and title to the trees transfer to the buyer when the contract is signed and revenue is recognized at that point in time accordingly. The buyer pays the full purchase price when the contract is signed and the Company does not have any additional performance obligations. The following represents revenue disaggregated by segment, good or service and timing: Year Ended December 31, 2018 Commercial Residential Leasing Real Estate Hospitality and Sales Forestry Other Total Revenue by Major Good/Service: Real estate revenue $ 42,761 $ - $ 4,801 $ 1,807 $ 2,814 $ 52,183 Hospitality revenue - 38,736 - - - 38,736 Leasing revenue - 1,237 11,684 806 - 13,727 Timber revenue 108 - - 5,522 - 5,630 Total revenue $ 42,869 $ 39,973 $ 16,485 $ 8,135 $ 2,814 $ 110,276 Timing of Revenue Recognition: Recognized at a point in time $ 42,869 $ 36,700 $ 4,801 $ 7,329 $ 2,814 $ 94,513 Recognized over time - 2,036 - - - 2,036 Over lease term - 1,237 11,684 806 - 13,727 Total revenue $ 42,869 $ 39,973 $ 16,485 $ 8,135 $ 2,814 $ 110,276 |
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements | Recently Adopted Accounting Pronouncements Revenue Recognition In May 2014, the FASB issued ASU 2014-09 that established the principles used to recognize revenue for all entities. In March 2016, the FASB issued ASU 2016‑08 that further clarified the implementation guidance on principal versus agent considerations. In April 2016, the FASB issued ASU 2016‑10 that clarified guidance on identifying performance obligations and to improve the operability and understandability of licensing implementation guidance. In May 2016, the FASB issued ASU 2016‑11 that rescinded SEC guidance pursuant to announcements at the March 3, 2016 Emerging Issues Task Force Meeting. In May 2016, the FASB issued ASU 2016‑12 that provided narrow-scope improvements and practical expedients to Revenue from Contracts with Customers . In December 2016, the FASB issued ASU 2016‑20 that included technical corrections and improvements to Topic 606. The Company adopted the new guidance as of January 1, 2018 and elected to implement Topic 606 using the modified retrospective application, with the cumulative effect recorded as an adjustment to beginning retained earnings. The impact of adopting this guidance resulted in an adjustment to increase retained earnings by $1.5 million, offset by a decrease of $0.4 million related to tax effects, for a net effect of $1.1 million, an increase to accounts receivable, net by $2.1 million and a decrease to investment in real estate, net by $0.6 million as of January 1, 2018, related to the recognition of estimated homesite residuals and certain fees for homesites sold to homebuilders, where the homes had not yet been sold to homeowners as of December 31, 2017. Financial Instruments In January 2016, the FASB issued ASU 2016‑01 that amended existing guidance to address certain aspects of recognition, measurement, presentation and disclosure of financial instruments. The new guidance requires equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in results of operations. Additionally, certain disclosure requirements and other aspects of accounting for financial instruments changed as a result of the new guidance. In February 2018, the FASB issued ASU 2018‑03 that included technical corrections and improvements to ASU 2016‑01. The Company adopted ASU 2016‑01 and ASU 2018‑03 simultaneously, effective January 1, 2018, and implemented it using a cumulative-effect adjustment between accumulated other comprehensive loss and retained earnings of $0.9 million, offset by an adjustment of $0.2 million related to tax effects, for a net effect of $0.7 million as of the date of adoption. As a result of the adoption of this guidance the change in the fair value of the Company’s equity investments is recognized in the consolidated statements of income rather than the consolidated statements of comprehensive income. Statement of Cash Flows In August 2016, the FASB issued ASU 2016‑15, which amended the classification of certain cash receipts and cash payments, to reduce the diversity in how these cash receipts and cash payments are presented and classified in the statement of cash flows. The Company adopted the new guidance as of January 1, 2018. As this guidance only affects the classification within the statement of cash flows, it did not have any impact on the Company’s cash flows. Statement of Cash Flows - Restricted Cash In November 2016, the FASB issued ASU 2016‑18, which required that the statement of cash flows explain the change during the period in the total of cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash or restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The Company adopted the new guidance as of January 1, 2018, using a retrospective transition method to each period presented. The adoption of this guidance did not have a material impact on the Company’s cash flows. Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Loss In February 2018, the FASB issued ASU 2018‑02, which allowed a reclassification from accumulated other comprehensive loss to retained earnings for stranded tax effects resulting from the Tax Act. The ASU also required additional disclosures that include a description of the accounting policy for releasing income tax effects from accumulated other comprehensive loss, whether the Company elected to reclassify the effects from the Tax Act and information about other tax effects related to the Tax Act that are reclassified from accumulated other comprehensive loss to retained earnings, if any. This guidance is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years and should be applied either in the period of adoption or retrospectively to each period in which the effect of the Tax Act is recognized. Early adoption is permitted, including adoption in an interim period. The Company elected to early adopt the new guidance as of January 1, 2018, and implemented it using a cumulative-effect adjustment to retained earnings from accumulated other comprehensive loss of $0.3 million related to unrealized gains and losses on available-for-sale securities as of the date of adoption. The new guidance also required the Company to disclose its policy on accounting for income tax effects in accumulated other comprehensive loss. In general, the Company applies the aggregate portfolio method with respect to available-for-sale debt securities. Recently Issued Accounting Pronouncements Leases In February 2016, the FASB issued ASU 2016‑02 that amends the existing accounting standards for lease accounting, including requiring lessees to recognize both finance and operating leases with terms of more than 12 months on the balance sheet. The accounting applied by a lessor is largely unchanged from existing guidance. This amendment also requires certain quantitative and qualitative disclosures about leasing arrangements. In January 2018, the FASB issued ASU 2018‑01, which provides an optional transition practical expedient to not evaluate under the new lease standard, existing or expired land easements that were not previously accounted for as leases. In July 2018, the FASB issued ASU 2018-10 that provides clarifications and improvements to ASU 2016-02. In July 2018, the FASB issued ASU 2018-11 that provides entities with an additional and optional transition method to apply the new standard at the adoption date and recognize a cumulative-effect adjustment to the beginning balance of retained earnings in the period of adoption. In December 2018, the FASB issued ASU 2018-20 that provides an accounting policy election for certain narrow-scope improvements for lessors. The new guidance will be effective for annual and interim periods beginning after December 15, 2018. Accordingly, the standard is effective for the Company beginning January 1, 2019. During the Company’s evaluation of ASU 2016-02, as amended, the following practical expedients and accounting policies with respect to Topic 842 have been elected and/or adopted effective January 1, 2019: · The Company, as lessee and as lessor, will not reassess (i) whether any expired or existing contracts are or contain leases, (ii) lease classification for any expired or existing leases or (iii) initial direct costs for any expired or existing leases. · The Company, as lessee, will not apply the recognition requirements of Topic 842 to short-term (twelve months or less) leases. Instead, the Company, as lessee, will recognize the lease payments in profit or loss on a straight-line basis over the lease term and variable lease payments in the period in which the obligation for those payments is incurred. · The Company, as lessor, will not separate nonlease components from lease components and, instead, will account for each separate lease component and the nonlease components associated with that lease as a single component if the nonlease components otherwise would be accounted for under ASC Topic 606. The primary reason for this election is related to instances where common area maintenance is, or may be, a component of base rent within a lease agreement. The Company has elected to implement ASC 842 retrospectively at the beginning of the period of adoption, January 1, 2019, through a cumulative-effect adjustment. The Company estimates an adjustment of less than $0.5 million to increase right-of use assets and lease liabilities for operating leases for which the Company is the lessee. The Company does not anticipate any adjustment related to the leases for which the Company is the lessor. Financial Instruments - Credit Losses In June 2016, the FASB issued ASU 2016‑13 that requires a financial asset measured at amortized cost to be presented at the net amount expected to be collected and requires that credit losses from available-for-sale debt securities be presented as an allowance for credit loss. In November 2018, the FASB issued ASU 2018-19, which clarifies that impairment of receivables from operating leases should be accounted for using lease guidance. This new guidance will be effective for annual and interim periods beginning after December 15, 2019, with early adoption permitted for annual and interim periods beginning after December 15, 2018. The Company is currently evaluating the impact that the adoption of this guidance will have on its financial condition, results of operations and cash flows. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Significant Accounting Policies | |
Schedule of minimum future base rental revenue on non-cancelable leases | Minimum future base rental revenue on non-cancelable leases for the next five years are: 2019 $ 10,743 2020 10,214 2021 9,527 2022 9,001 2023 7,127 $ 46,612 |
Schedule of revenue disaggregated by segment, good or service and timing | The following represents revenue disaggregated by segment, good or service and timing: Year Ended December 31, 2018 Commercial Residential Leasing Real Estate Hospitality and Sales Forestry Other Total Revenue by Major Good/Service: Real estate revenue $ 42,761 $ - $ 4,801 $ 1,807 $ 2,814 $ 52,183 Hospitality revenue - 38,736 - - - 38,736 Leasing revenue - 1,237 11,684 806 - 13,727 Timber revenue 108 - - 5,522 - 5,630 Total revenue $ 42,869 $ 39,973 $ 16,485 $ 8,135 $ 2,814 $ 110,276 Timing of Revenue Recognition: Recognized at a point in time $ 42,869 $ 36,700 $ 4,801 $ 7,329 $ 2,814 $ 94,513 Recognized over time - 2,036 - - - 2,036 Over lease term - 1,237 11,684 806 - 13,727 Total revenue $ 42,869 $ 39,973 $ 16,485 $ 8,135 $ 2,814 $ 110,276 |
Investment in real estate, net | |
Significant Accounting Policies | |
Schedule of estimated economic lives | Estimated Useful Life (in years) Land N/A Land improvements 15 - 20 Buildings 20-40 Building improvements 5-25 Timber N/A |
Property and equipment, net | |
Significant Accounting Policies | |
Schedule of estimated economic lives | Estimated Useful Life (in years) Railroad and equipment 15-30 Furniture and fixtures 5-10 Machinery and equipment 3-10 Office equipment 5-10 Autos and trucks 5 |
Investment in Real Estate (Tabl
Investment in Real Estate (Table) - Investment in real estate, net | 12 Months Ended |
Dec. 31, 2018 | |
Real estate properties | |
Schedule of real estate by property type and segment | December 31, December 31, 2018 2017 Development property: Residential real estate $ 105,323 $ 100,279 Hospitality 3,726 4,131 Commercial leasing and sales 73,128 53,896 Forestry 2,144 2,488 Corporate 2,497 2,571 Total development property 186,818 163,365 Operating property: Residential real estate 7,344 7,344 Hospitality 93,046 103,616 Commercial leasing and sales 111,471 110,491 Forestry 19,765 19,510 Other 50 50 Total operating property 231,676 241,011 Less: Accumulated depreciation 67,500 71,752 Total operating property, net 164,176 169,259 Investment in real estate, net $ 350,994 $ 332,624 |
Operating property | |
Real estate properties | |
Schedule of property | December 31, December 31, 2018 2017 Land and land improvements $ 75,663 $ 77,788 Buildings and building improvements 144,730 152,272 Timber 11,283 10,951 231,676 241,011 Less: Accumulated depreciation 67,500 71,752 Total operating property, net $ 164,176 $ 169,259 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Investments | |
Schedule of Investments | Investments classified as available-for-sale securities were as follows: December 31, 2018 Gross Unrealized Gross Unrealized Amortized Cost Gains (Losses) Fair Value Investments - debt securities: U.S. Treasury securities $ 6,936 $ 1 $ — $ 6,937 Corporate debt securities 2,908 — (887) 2,021 9,844 1 (887) 8,958 Restricted investments: Short-term bond 3,274 — (9) 3,265 Money market fund 167 — — 167 3,441 — (9) 3,432 $ 13,285 $ 1 $ (896) $ 12,390 December 31, 2017 Gross Unrealized Gross Unrealized Amortized Cost Gains (Losses) Fair Value Investments - debt securities: U.S. Treasury securities $ 9,892 $ — $ (22) $ 9,870 Corporate debt securities 67,781 411 (1,817) 66,375 77,673 411 (1,839) 76,245 Investments - equity securities: Preferred stock 35,955 423 (1,355) 35,023 Restricted investments: Short-term bond 4,264 — (13) 4,251 Money market fund 218 — — 218 4,482 — (13) 4,469 $ 118,110 $ 834 $ (3,207) $ 115,737 |
Schedule of Unrealized Loss Position and Related Fair Value of Investments | The following table provides the available-for-sale investments unrealized loss position and related fair values: December 31, 2018 Less Than 12 Months 12 Months or Greater Unrealized Unrealized Fair Value Losses Fair Value Losses Investments - debt securities: Corporate debt securities $ — $ — $ 1,843 $ 887 Restricted investments: Short-term bond — — 3,265 9 $ — $ — $ 5,108 $ 896 December 31, 2017 Less Than 12 Months 12 Months or Greater Unrealized Unrealized Fair Value Losses Fair Value Losses Investments - debt securities: U.S. Treasury securities $ 9,870 $ 22 $ — $ — Corporate debt securities 15,515 691 29,595 1,126 Investments - equity securities: Preferred stock 11,263 1,337 1,986 18 Restricted investments: Short-term bond — — 4,251 13 $ 36,648 $ 2,050 $ 35,832 $ 1,157 |
Schedule of Contractual Maturities of Investments | December 31, 2018 Amortized Cost Fair Value Due in one year or less $ 9,844 $ 8,958 Restricted investments 3,441 3,432 $ 13,285 $ 12,390 |
Financial Instruments and Fai_2
Financial Instruments and Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Financial Instruments and Fair Value Measurements | |
Schedule of Financial Instruments Measured at Fair Value on Recurring Basis | The financial instruments measured at fair value on a recurring basis are as follows: December 31, 2018 Total Fair Level 1 Level 2 Level 3 Value Cash equivalents: Money market funds $ 43,346 $ — $ — $ 43,346 Commercial paper 107,586 — — 107,586 U.S. Treasury securities 29,998 — — 29,998 180,930 — — 180,930 Investments - debt securities: U.S. Treasury securities 6,937 — — 6,937 Corporate debt securities — 2,021 — 2,021 6,937 2,021 — 8,958 Investments - equity securities: Preferred stock 10,470 25,662 — 36,132 Restricted investments: Short-term bond 3,265 — — 3,265 Money market fund 167 — — 167 3,432 — — 3,432 $ 201,769 $ 27,683 $ — $ 229,452 December 31, 2017 Total Fair Level 1 Level 2 Level 3 Value Cash equivalents: Money market funds $ 10,505 $ — $ — $ 10,505 Commercial paper 159,970 — — 159,970 170,475 — — 170,475 Investments - debt securities: U.S. Treasury securities 9,870 — — 9,870 Corporate debt securities — 66,375 — 66,375 9,870 66,375 — 76,245 Investments - equity securities: Preferred stock 10,717 24,306 — 35,023 Restricted investments: Short-term bond 4,251 — — 4,251 Money market fund 218 — — 218 4,469 — — 4,469 $ 195,531 $ 90,681 $ — $ 286,212 |
Schedule of Carrying Amount and Fair Value Measured on Nonrecurring Basis of Financial Instruments | December 31, 2018 December 31, 2017 Carrying Carrying value Fair value Level value Fair value Level Assets Investments held by SPEs: Time deposit $ 200,000 $ 200,000 3 $ 200,000 $ 200,000 3 U.S. Treasury securities and cash $ 7,384 $ 7,092 1 $ 7,989 $ 7,797 1 Liabilities Senior Notes held by SPE $ 176,775 $ 193,293 3 $ 176,537 $ 198,530 3 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Assets | |
Schedule of Other Assets | December 31, December 31, 2018 2017 Accounts receivable, net $ 14,061 $ 8,460 Homesite sales receivable 2,977 — Notes receivable 2,265 9,522 Prepaid expenses 6,751 6,625 Straight line rent 3,581 3,804 Other assets 6,174 4,637 Retained interest investments 11,536 11,147 Accrued interest receivable for Senior Notes held by SPE 2,938 2,938 Total other assets $ 50,283 $ 47,133 |
Schedule of Lot Sales Receivable | The following table presents the changes in homesite sales receivable during 2018: Increases Due To Balance Revenue Recognized Decreases Due to Balance January 1, 2018 for Lots Sold Amounts Received December 31, 2018 Homesite sales receivable $ 2,585 $ 2,085 $ (1,693) $ 2,977 |
Schedule of Notes Receivable | December 31, December 31, 2018 2017 PCR Note, secured by certain assets, 10% interest rate, principal payments due beginning September 2018 per agreed upon schedule, and any remaining amount outstanding is due by December 2020, paid in full February 2018 $ — $ 5,000 Pier Park Community Development District notes, non-interest bearing, due September 2022 803 1,527 Interest bearing homebuilder note, secured by the real estate sold — 5.5% interest rate, principal payment of $0.1 million due September 2018 and any remaining amount outstanding is due by September 2019 749 904 Interest bearing homebuilder note, secured by the real estate sold — 5.5% interest rate, principal payment of $0.1 million due June 2018 and any remaining amount outstanding is due by June 2019 422 857 Interest bearing homebuilder note, secured by the real estate sold — 5.5% interest rate, principal payment of $0.1 million due November 2018 and any remaining amount outstanding is due by November 2019, paid in full December 2018 — 1,060 Interest bearing homebuilder note, secured by the real estate sold — 6.3% interest rate, principal payment of less than $0.1 million due March 2019 and any remaining amount outstanding is due by March 2020 150 — Various mortgage notes, secured by certain real estate, bearing interest at various rates 141 174 Total notes receivable $ 2,265 $ 9,522 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property and equipment, net | |
Property, plant and equipment | |
Schedule of property and equipment, net | December 31, December 31, 2018 2017 Railroad and equipment $ 33,626 $ 33,626 Furniture and fixtures 22,438 22,552 Machinery and equipment 8,964 9,468 Office equipment 5,237 5,322 Autos and trucks 988 1,012 71,253 71,980 Less: Accumulated depreciation 60,271 60,697 10,982 11,283 Construction in progress 1,049 493 Total property and equipment, net $ 12,031 $ 11,776 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt | |
Schedule of Debt | Debt consists of the following: December 31, 2018 December 31, 2017 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% $ 46,423 $ 446 $ 45,977 $ 47,295 $ 512 $ 46,783 Loan in the Pier Park Crossings JV, insured by HUD, due June 2060, bearing interest at 4.0% 15,399 1,114 14,285 — — — Community Development District debt, secured by certain real estate or other collateral, due May 2023 through May 2039, bearing interest at 3.6% to 6.0% 6,324 — 6,324 7,241 — 7,241 Pier Park Outparcel Construction Loan, due March 2027, bearing interest at LIBOR plus 1.7% (effective rate of 4.2% at December 31, 2018) 1,585 16 1,569 1,624 18 1,606 WaterColor Crossings Construction Loan, due February 2029, bearing interest at LIBOR plus 1.7% (effective rate of 4.2% at December 31, 2018) 1,245 26 1,219 — — — Total debt $ 70,976 $ 1,602 $ 69,374 $ 56,160 $ 530 $ 55,630 |
Schedule of Aggregate Maturities of Debt | December 31, 2018 2019 $ 1,675 2020 1,778 2021 1,962 2022 1,942 2023 1,910 Thereafter 61,709 $ 70,976 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Liabilities | |
Schedule of Other Liabilities | December 31, December 31, 2018 2017 Accounts payable $ 10,148 $ 7,524 Accrued compensation 3,112 2,664 Other accrued liabilities 2,560 5,185 Deferred revenue 17,478 17,864 Club initiation fees 5,676 5,199 Club membership deposits 4,286 4,505 Advance deposits 1,277 1,468 Accrued interest expense for Senior Notes held by SPE 2,850 2,850 Total other liabilities $ 47,387 $ 47,259 |
Schedule of changes in contract liabilities related to contracts with customers | The following table presents the changes in contract liabilities related to contracts with customers during 2018: Balance Increases Due To Decreases Due to Balance January 1, 2018 Cash Received Revenue Recognized December 31, 2018 Contract liabilities Club initiation fees $ 5,199 $ 1,886 $ (1,409) $ 5,676 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Taxes | |
Schedule of current and deferred income tax expense (benefit) | Year Ended December 31, 2018 2017 2016 Current: Federal $ 4,305 $ 7,418 $ (22,416) State — 48 (64) Total 4,305 7,466 (22,480) Deferred: Federal 488 (23,512) 29,796 State (5,529) (1,835) (169) Total (5,041) (25,347) 29,627 Income tax (benefit) expense $ (736) $ (17,881) $ 7,147 |
Summary of income tax expense (benefit) allocated in consolidated financial statements | Year Ended December 31, 2018 2017 2016 Income tax (benefit) expense $ (736) $ (17,881) $ 7,147 Income tax recorded in accumulated other comprehensive loss Income tax expense (benefit) 685 (2,488) 2,003 Total income tax (benefit) expense $ (51) $ (20,369) $ 9,150 |
Schedule of effective income tax rate reconciliation | Year Ended December 31, 2018 2017 2016 Tax at the statutory federal rate $ 6,643 $ 14,594 $ 8,065 State income taxes (net of federal benefit) 1,392 1,340 806 Decrease in valuation allowance, net (4,993) (142) (941) Decrease in uncertain tax positions (2,165) — — Change in US tax law (1,035) (33,542) — Dividend received deduction (322) (530) (40) Other permanent items (256) 399 (743) Total income tax (benefit) expense $ (736) $ (17,881) $ 7,147 |
Schedule of deferred tax assets and liabilities | December 31, December 31, 2018 2017 Deferred tax assets: State net operating loss carryforwards $ 15,709 $ 17,237 Impairment losses 38,844 41,837 Prepaid income from land sales 2,597 3,734 Capitalized costs 2,107 — Other 3,508 322 Total gross deferred tax assets 62,765 63,130 Valuation allowance — (4,993) Total net deferred tax assets 62,765 58,137 Deferred tax liabilities: Investment in real estate and property and equipment basis differences 2,358 525 Deferred gain on land sales and involuntary conversions 19,109 19,671 Installment sales 83,268 85,769 Pension Plan assets transferred to the 401(k) plan 872 1,155 Other 1,473 — Total gross deferred tax liabilities 107,080 107,120 Net deferred tax liabilities $ (44,315) $ (48,983) |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accumulated Other Comprehensive Loss | |
Summary of Changes in Accumulated Other Comprehensive Loss | Unrealized Gain and (Loss) on Available- for-Sale Securities Accumulated other comprehensive income at December 31, 2016 $ 2,507 Other comprehensive income before reclassifications 1,235 Amounts reclassified from accumulated other comprehensive income (5,203) Other comprehensive loss (3,968) Accumulated other comprehensive loss at December 31, 2017 $ (1,461) Other comprehensive loss before reclassifications (2,127) Amounts reclassified from accumulated other comprehensive loss 2,914 Other comprehensive income 787 Accumulated other comprehensive loss at December 31, 2018 $ (674) |
Summary of Tax Effects Allocated to Other Comprehensive Income | The following is a summary of the tax effects allocated to other comprehensive income (loss): Year Ended December 31, 2018 Before- Tax Benefit or Net-of- Tax Amount (Expense) Tax Amount Unrealized loss on investments - debt securities and restricted investments: Unrealized loss on available-for-sale investments $ (2,845) $ 723 $ (2,122) Unrealized loss on restricted investments (6) 2 (4) Reclassification adjustment for net loss included in earnings 1,061 (269) 792 Reclassification adjustment for other-than-temporary impairment loss included in earnings 2,330 (592) 1,738 Reclassification into retained earnings for the adoption of ASU 2016-01 (1) 932 (236) 696 Reclassification into retained earnings for the adoption of ASU 2018-02 (2) — (313) (313) Net unrealized gain 1,472 (685) 787 Other comprehensive income $ 1,472 $ (685) $ 787 (1) The reclassification into retained earnings relates to the adoption of ASU 2016-01. The new guidance was effective January 1, 2018, and required equity investments to be measured at fair value with changes in fair value recognized in results of operations rather than the consolidated statements of comprehensive income. See Note 2. Summary of Significant Accounting Policies . (2) The reclassification into retained earnings relates to the adoption of ASU 2018-02. The new guidance was effective January 1, 2018, and allowed a reclassification from accumulated other comprehensive loss to retained earnings for stranded tax effects resulting from the Tax Act. See Note 2. Summary of Significant Accounting Policies . Year Ended December 31, 2017 Before- Tax (Expense) or Net-of- Tax Amount Benefit Tax Amount Unrealized gain (loss) on investments and restricted investments: Unrealized gain on available-for-sale investments $ 2,015 $ (774) $ 1,241 Unrealized loss on restricted investments (9) 3 (6) Reclassification adjustment for net gain included in earnings (10,750) 4,139 (6,611) Reclassification adjustment for other-than-temporary impairment loss included in earnings 2,288 (880) 1,408 Net unrealized loss (6,456) 2,488 (3,968) Other comprehensive loss $ (6,456) $ 2,488 $ (3,968) |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Stock Based Compensation | |
Stock-Based Compensation Recognized as Expense | Year Ended December 31, 2018 2017 2016 Stock compensation expense before tax benefit $ 71 $ 76 $ 131 Income tax benefit (19) (22) (50) $ 52 $ 54 $ 81 |
Other Income (Expense) - (Table
Other Income (Expense) - (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Income (Expense) | |
Schedule of Other Income (Expense) | Year Ended December 31, 2018 2017 2016 Investment income, net Interest and dividend income $ 9,060 $ 16,380 $ 6,602 Accretion income 684 1,983 1,829 Net realized (loss) gain on the sale of investments (973) 10,750 795 Other-than-temporary impairment loss (2,330) (2,288) — Unrealized loss on investments, net (3,035) — — Interest income from investments in SPEs 8,197 8,201 8,202 Interest accrued on notes receivable and other interest 547 384 348 Total investment income, net 12,150 35,410 17,776 Interest expense Interest expense and amortization of discount and issuance costs for Senior Notes issued by SPE (8,788) (8,777) (8,833) Other interest expense (3,052) (3,368) (3,462) Total interest expense (11,840) (12,145) (12,295) Claim settlement — — 12,548 Sale of vacation rental management, net — 9,800 — Other income, net Accretion income from retained interest investments 1,232 1,100 991 Insurance proceeds 7,199 — — Hurricane expense (8,628) — — Miscellaneous income, net 1,349 3,613 513 Other income, net 1,152 4,713 1,504 Total other income, net $ 1,462 $ 37,778 $ 19,533 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Information | |
Schedule of Information by Business Segment | Year Ended December 31, 2018 2017 2016 Operating revenue: Residential real estate (a) $ 42,869 $ 21,747 $ 19,483 Hospitality 39,973 54,820 57,284 Commercial leasing and sales 16,485 14,510 11,929 Forestry revenue 8,135 8,443 7,791 Other (b) 2,814 518 375 Consolidated operating revenue $ 110,276 $ 100,038 $ 96,862 Cost of revenue: Cost of residential real estate revenue $ 9,775 $ 12,455 $ 6,383 Cost of hospitality revenue 33,825 47,816 50,229 Cost of commercial leasing and sales revenue 6,397 5,979 4,431 Cost of forestry revenue 1,097 903 1,121 Cost of other revenue 223 41 30 Consolidated cost of revenue $ 51,317 $ 67,194 $ 62,194 Other operating and corporate expenses: Residential real estate $ 4,695 $ 4,297 $ 5,744 Hospitality 555 494 547 Commercial leasing and sales 3,183 3,444 3,492 Forestry 384 396 530 Other 11,740 11,751 12,706 Consolidated other operating and corporate expenses $ 20,557 $ 20,382 $ 23,019 Depreciation, depletion and amortization: Residential real estate $ 167 $ 187 $ 286 Hospitality 3,761 4,225 4,402 Commercial leasing and sales 4,411 3,729 3,137 Forestry 514 575 552 Other 145 169 194 Consolidated depreciation, depletion and amortization $ 8,998 $ 8,885 $ 8,571 Investment income, net: Residential real estate and other $ 320 $ 89 $ 97 Corporate (c) 11,830 35,321 17,679 Consolidated investment income, net $ 12,150 $ 35,410 $ 17,776 Interest expense: Residential real estate $ (867) $ (1,164) $ (1,284) Commercial leasing and sales (2,180) (2,200) (2,169) Corporate and other (d) (8,793) (8,781) (8,842) Consolidated interest expense $ (11,840) $ (12,145) $ (12,295) Sale of vacation rental management, net: Hospitality (e) $ — $ 9,800 $ — Consolidated sale of vacation rental management, net $ — $ 9,800 $ — Income (loss) before income taxes: Residential real estate (a) $ 27,084 $ 3,903 $ 5,887 Hospitality (e) 1,652 12,444 2,087 Commercial leasing and sales (121) (836) (1,233) Forestry 6,222 6,586 5,609 Corporate (b) (c) (d) (3,971) 19,258 10,261 Consolidated income before income taxes $ 30,866 $ 41,355 $ 22,611 Capital expenditures: Residential real estate $ 15,865 $ 8,407 $ 3,319 Hospitality 7,400 4,918 1,287 Commercial leasing and sales 20,483 25,248 6,836 Forestry 1,069 1,100 1,095 Other 379 207 321 Total capital expenditures $ 45,196 $ 39,880 $ 12,858 December 31, December 31, 2018 2017 Total assets: Residential real estate $ 125,642 $ 117,732 Hospitality 70,746 83,151 Commercial leasing and sales 182,658 163,271 Forestry 20,189 20,212 Other 471,727 536,627 Total assets $ 870,962 $ 920,993 (a) Includes revenue of $23.1 million in 2018 for a one-time receipt of RiverTown impact fees related to the 2014 RiverTown transaction. See Note 19. RiverTown Impact Fees . (b) Includes revenue of $2.2 million in 2018 related to a specific sale of mitigation bank credits. (c) Includes interest income from investments in SPEs of $8.2 million in each 2018, 2017 and 2016. (d) Includes interest expense from Senior Notes issued by SPE of $8.8 million in each 2018, 2017 and 2016. (e) Includes proceeds of $9.9 million, which resulted in a net gain of $9.8 million from the PCR Rentals sale in 2017. See Note 8. Sale of Vacation Rental Management . |
Quarterly Financial Data (una_2
Quarterly Financial Data (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data | Quarters Ended December 31, September 30, June 30, March 31, 2018 Operating revenue $ 16,301 $ 23,676 $ 50,434 $ 19,865 Operating (loss) income $ (1,343) $ 1,944 $ 29,344 $ (541) Net (loss) income attributable to the Company $ (66) $ 5,483 $ 26,195 $ 757 Basic and diluted income per share attributable to the Company (1) $ — $ 0.09 $ 0.41 $ 0.01 2017 Operating revenue $ 21,891 $ 33,988 $ 30,647 $ 13,512 Operating (loss) income $ (1,555) $ 4,787 $ 4,927 $ (4,582) Net income attributable to the Company $ 38,503 $ 5,943 $ 10,764 $ 4,368 Basic and diluted income per share attributable to the Company (1) $ 0.58 $ 0.08 $ 0.15 $ 0.06 (1) Quarterly and year-to-date computations of per share amounts are made independently. Therefore, the sum of per share amounts for the quarters may not be consistent with the per share amounts for the year. |
Nature of Operations - Real Est
Nature of Operations - Real Estate Assets (Details) | 12 Months Ended |
Dec. 31, 2018segment | |
Nature of Operations | |
Percentage of real estate land holdings located within fifteen miles of Gulf of Mexico | 90.00% |
Number of reportable operating segments | 4 |
Significant Accounting Polici_4
Significant Accounting Policies - Investment in Real Estate (Details) - Real estate | 12 Months Ended |
Dec. 31, 2018 | |
Land improvements | Minimum | |
Property, plant and equipment | |
Estimated useful life (in years) | 15 years |
Land improvements | Maximum | |
Property, plant and equipment | |
Estimated useful life (in years) | 20 years |
Buildings | Minimum | |
Property, plant and equipment | |
Estimated useful life (in years) | 20 years |
Buildings | Maximum | |
Property, plant and equipment | |
Estimated useful life (in years) | 40 years |
Building improvements | Minimum | |
Property, plant and equipment | |
Estimated useful life (in years) | 5 years |
Building improvements | Maximum | |
Property, plant and equipment | |
Estimated useful life (in years) | 25 years |
Significant Accounting Polici_5
Significant Accounting Policies - Restricted Investments and Timber Inventory (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Significant Accounting Policies | |
401(k) Plan distribution period (in years) | 3 years |
Timber holdings valuation sample (as a percent) | 20 |
Significant Accounting Polici_6
Significant Accounting Policies - Property and Equipment, Net (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Railroad and equipment | Minimum | |
Property, plant and equipment | |
Estimated useful life (in years) | 15 years |
Railroad and equipment | Maximum | |
Property, plant and equipment | |
Estimated useful life (in years) | 30 years |
Furniture and fixtures | Minimum | |
Property, plant and equipment | |
Estimated useful life (in years) | 5 years |
Furniture and fixtures | Maximum | |
Property, plant and equipment | |
Estimated useful life (in years) | 10 years |
Machinery and equipment | Minimum | |
Property, plant and equipment | |
Estimated useful life (in years) | 3 years |
Machinery and equipment | Maximum | |
Property, plant and equipment | |
Estimated useful life (in years) | 10 years |
Office equipment | Minimum | |
Property, plant and equipment | |
Estimated useful life (in years) | 5 years |
Office equipment | Maximum | |
Property, plant and equipment | |
Estimated useful life (in years) | 10 years |
Autos and trucks | |
Property, plant and equipment | |
Estimated useful life (in years) | 5 years |
Significant Accounting Polici_7
Significant Accounting Policies - Concentrations (Details) $ in Thousands | Dec. 31, 2018USD ($)issuer | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Concentration risk | |||
Cash amount not insured by FDIC | $ 15,900 | ||
Investments - debt securities | 8,958 | $ 76,245 | |
Investments - equity securities | 36,132 | ||
Cash and cash equivalents | 195,155 | $ 192,083 | $ 241,111 |
U.S. Treasury securities | |||
Concentration risk | |||
Investments - debt securities | 6,900 | ||
Cash and cash equivalents | 30,000 | ||
Commercial paper | |||
Concentration risk | |||
Cash and cash equivalents | $ 107,600 | ||
Number of issuers | issuer | 11 | ||
Non-investment grade | Corporate debt securities | |||
Concentration risk | |||
Investments - debt securities | $ 2,000 | ||
Number of issuers | issuer | 2 | ||
Non-investment grade | Preferred stock | |||
Concentration risk | |||
Number of issuers | issuer | 5 | ||
Investment grade | Preferred stock | |||
Concentration risk | |||
Number of issuers | issuer | 1 |
Significant Accounting Polici_8
Significant Accounting Policies - EPS (Details) - shares | Dec. 31, 2018 | Dec. 31, 2017 |
Significant Accounting Policies | ||
Common stock equivalents (in shares) | 0 | 0 |
Significant Accounting Polici_9
Significant Accounting Policies - Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Real estate | |||
Disaggregation of revenue | |||
Revenue | $ 52,183 | $ 27,717 | $ 23,397 |
Homebuilder homesite sales, Lot residuals | |||
Disaggregation of revenue | |||
Revenue | 1,000 | ||
Homebuilder homesite sales, Certain products and services | |||
Disaggregation of revenue | |||
Revenue | $ 1,100 |
Significant Accounting Polic_10
Significant Accounting Policies - Leasing Revenue (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Significant Accounting Policies | |
2,019 | $ 10,743 |
2,020 | 10,214 |
2,021 | 9,527 |
2,022 | 9,001 |
2,023 | 7,127 |
Operating Leases, Future Minimum Payments Receivable | $ 46,612 |
Significant Accounting Polic_11
Significant Accounting Policies - Disaggregation of revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disaggregation of revenue | |||||||||||
Leasing revenue | $ 13,727 | $ 12,940 | $ 12,230 | ||||||||
Total revenue | $ 16,301 | $ 23,676 | $ 50,434 | $ 19,865 | $ 21,891 | $ 33,988 | $ 30,647 | $ 13,512 | 110,276 | 100,038 | 96,862 |
Recognized at a point in time | |||||||||||
Disaggregation of revenue | |||||||||||
Revenue | 94,513 | ||||||||||
Recognized over time | |||||||||||
Disaggregation of revenue | |||||||||||
Revenue | 2,036 | ||||||||||
Real estate | |||||||||||
Disaggregation of revenue | |||||||||||
Revenue | 52,183 | 27,717 | 23,397 | ||||||||
Hospitality | |||||||||||
Disaggregation of revenue | |||||||||||
Revenue | 38,736 | 53,217 | 55,644 | ||||||||
Timber | |||||||||||
Disaggregation of revenue | |||||||||||
Revenue | 5,630 | 6,164 | 5,591 | ||||||||
Operating Segments | Residential real estate | |||||||||||
Disaggregation of revenue | |||||||||||
Total revenue | 42,869 | 21,747 | 19,483 | ||||||||
Operating Segments | Residential real estate | Recognized at a point in time | |||||||||||
Disaggregation of revenue | |||||||||||
Revenue | 42,869 | ||||||||||
Operating Segments | Residential real estate | Real estate | |||||||||||
Disaggregation of revenue | |||||||||||
Revenue | 42,761 | ||||||||||
Operating Segments | Residential real estate | Timber | |||||||||||
Disaggregation of revenue | |||||||||||
Revenue | 108 | ||||||||||
Operating Segments | Hospitality | |||||||||||
Disaggregation of revenue | |||||||||||
Leasing revenue | 1,237 | ||||||||||
Total revenue | 39,973 | 54,820 | 57,284 | ||||||||
Operating Segments | Hospitality | Recognized at a point in time | |||||||||||
Disaggregation of revenue | |||||||||||
Revenue | 36,700 | ||||||||||
Operating Segments | Hospitality | Recognized over time | |||||||||||
Disaggregation of revenue | |||||||||||
Revenue | 2,036 | ||||||||||
Operating Segments | Hospitality | Hospitality | |||||||||||
Disaggregation of revenue | |||||||||||
Revenue | 38,736 | ||||||||||
Operating Segments | Commercial leasing and sales | |||||||||||
Disaggregation of revenue | |||||||||||
Leasing revenue | 11,684 | ||||||||||
Total revenue | 16,485 | 14,510 | 11,929 | ||||||||
Operating Segments | Commercial leasing and sales | Recognized at a point in time | |||||||||||
Disaggregation of revenue | |||||||||||
Revenue | 4,801 | ||||||||||
Operating Segments | Commercial leasing and sales | Real estate | |||||||||||
Disaggregation of revenue | |||||||||||
Revenue | 4,801 | ||||||||||
Operating Segments | Forestry | |||||||||||
Disaggregation of revenue | |||||||||||
Leasing revenue | 806 | ||||||||||
Total revenue | 8,135 | 8,443 | 7,791 | ||||||||
Operating Segments | Forestry | Recognized at a point in time | |||||||||||
Disaggregation of revenue | |||||||||||
Revenue | 7,329 | ||||||||||
Operating Segments | Forestry | Real estate | |||||||||||
Disaggregation of revenue | |||||||||||
Revenue | 1,807 | ||||||||||
Operating Segments | Forestry | Timber | |||||||||||
Disaggregation of revenue | |||||||||||
Revenue | 5,522 | ||||||||||
Other | |||||||||||
Disaggregation of revenue | |||||||||||
Total revenue | 2,814 | $ 518 | $ 375 | ||||||||
Other | Recognized at a point in time | |||||||||||
Disaggregation of revenue | |||||||||||
Revenue | 2,814 | ||||||||||
Other | Real estate | |||||||||||
Disaggregation of revenue | |||||||||||
Revenue | $ 2,814 |
Significant Accounting Polic_12
Significant Accounting Policies - ASUs (Details) - USD ($) $ in Thousands | Jan. 01, 2018 | Dec. 31, 2018 | Dec. 31, 2017 |
Revenue initial application period cumulative effect transition | |||
Accounts receivable, net | $ 14,061 | $ 8,460 | |
Investment in real estate, net | $ 350,994 | $ 332,624 | |
Difference between Revenue Guidance in Effect before and after Topic 606 | ASU 2014-09 | |||
Revenue initial application period cumulative effect transition | |||
Adjustment to retained earnings, before tax | $ 1,500 | ||
Adjustment to retained earnings, tax | (400) | ||
Adjustment to retained earnings, net of tax | 1,100 | ||
Accounts receivable, net | 2,100 | ||
Investment in real estate, net | (600) | ||
Retained Earnings | ASU 2016-01 | |||
Revenue initial application period cumulative effect transition | |||
Adjustment to retained earnings, before tax | (900) | ||
Adjustment to retained earnings, tax | 200 | ||
Adjustment to retained earnings, net of tax | $ (700) |
Significant Accounting Polic_13
Significant Accounting Policies - Reclassification of Certain Tax Effects (Details) - USD ($) $ in Thousands | Jan. 01, 2018 | Dec. 31, 2018 |
Accumulated Other Comprehensive (Loss) Income | ||
New accounting pronouncements or change in accounting principle | ||
Reclassification into retained earnings for the adoption of ASU 2018-02, Tax (expense) or benefit | $ (300) | $ (313) |
Retained Earnings | ||
New accounting pronouncements or change in accounting principle | ||
Reclassification into retained earnings for the adoption of ASU 2018-02, Tax (expense) or benefit | $ 300 | $ 313 |
Significant Accounting Polic_14
Significant Accounting Policies - Recently Issued Accounting Pronouncements (Details) - Adjustments for New Accounting Principle, Early Adoption - ASU 2016-02 - Maximum $ in Millions | Jan. 01, 2019USD ($) |
New accounting pronouncements or change in accounting principle | |
Operating lease, right-of use assets | $ 0.5 |
Operating lease, Liability | $ 0.5 |
Investment in Real Estate - Rea
Investment in Real Estate - Real Estate by Property Type and Segment (Details) $ in Thousands | Dec. 31, 2018USD ($)item | Dec. 31, 2017USD ($) |
Real estate properties | ||
Less: Accumulated depreciation | $ 67,500 | |
Investment in real estate, net | $ 350,994 | $ 332,624 |
Hospitality | ||
Real estate properties | ||
Number of gulf-front vacation homes under construction | item | 2 | |
Development property | ||
Real estate properties | ||
Investment in real estate, net | $ 186,818 | 163,365 |
Development property | Corporate | ||
Real estate properties | ||
Investment in real estate, net | 2,497 | 2,571 |
Development property | Residential real estate | Operating Segments | ||
Real estate properties | ||
Investment in real estate, net | 105,323 | 100,279 |
Development property | Hospitality | Operating Segments | ||
Real estate properties | ||
Investment in real estate, net | 3,726 | 4,131 |
Development property | Commercial leasing and sales | Operating Segments | ||
Real estate properties | ||
Investment in real estate, net | 73,128 | 53,896 |
Development property | Forestry | Operating Segments | ||
Real estate properties | ||
Investment in real estate, net | 2,144 | 2,488 |
Operating property | ||
Real estate properties | ||
Investment in real estate | 231,676 | 241,011 |
Less: Accumulated depreciation | 67,500 | 71,752 |
Investment in real estate, net | 164,176 | 169,259 |
Operating property | Corporate | ||
Real estate properties | ||
Investment in real estate | 50 | 50 |
Operating property | Residential real estate | Operating Segments | ||
Real estate properties | ||
Investment in real estate | 7,344 | 7,344 |
Operating property | Hospitality | Operating Segments | ||
Real estate properties | ||
Investment in real estate | 93,046 | 103,616 |
Operating property | Commercial leasing and sales | Operating Segments | ||
Real estate properties | ||
Investment in real estate | 111,471 | 110,491 |
Operating property | Forestry | Operating Segments | ||
Real estate properties | ||
Investment in real estate | $ 19,765 | $ 19,510 |
Investment in Real Estate - Ope
Investment in Real Estate - Operating Property (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Real estate properties | ||
Less: Accumulated depreciation | $ 67,500 | |
Investment in real estate, net | 350,994 | $ 332,624 |
Operating property | ||
Real estate properties | ||
Investment in real estate | 231,676 | 241,011 |
Less: Accumulated depreciation | 67,500 | 71,752 |
Investment in real estate, net | 164,176 | 169,259 |
Operating property | Land and land improvements | ||
Real estate properties | ||
Investment in real estate | 75,663 | 77,788 |
Operating property | Building and Building improvements | ||
Real estate properties | ||
Investment in real estate | 144,730 | 152,272 |
Operating property | Timber property | ||
Real estate properties | ||
Investment in real estate | $ 11,283 | $ 10,951 |
Investment in Real Estate - Dep
Investment in Real Estate - Depreciation, depletion and amortization (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Investment in Real Estate | |||
Depreciation expense related to real estate investments | $ 6 | $ 6.2 | $ 6 |
Depletion and amortization | $ 0.5 | $ 0.5 | $ 0.5 |
Investments - Schedule of inves
Investments - Schedule of investments (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Debt securities and restricted investments | ||
Amortized Cost | $ 13,285 | |
Gross Unrealized Gain | 1 | |
Gross Unrealized Loss | (896) | |
Fair Value | 12,390 | |
Debt securities, equity securities and restricted investments | ||
Amortized Cost | $ 118,110 | |
Gross Unrealized Gains | 834 | |
Gross Unrealized Losses | (3,207) | |
Fair Value | 115,737 | |
Unrestricted available-for-sale, Debt securities | ||
Debt securities and restricted investments | ||
Amortized Cost | 9,844 | |
Gross Unrealized Gain | 1 | |
Gross Unrealized Loss | (887) | |
Fair Value | 8,958 | |
Debt securities, equity securities and restricted investments | ||
Amortized Cost | 77,673 | |
Gross Unrealized Gains | 411 | |
Gross Unrealized Losses | (1,839) | |
Fair Value | 76,245 | |
Unrestricted available-for-sale, Debt securities | U.S. Treasury securities | ||
Debt securities and restricted investments | ||
Amortized Cost | 6,936 | |
Gross Unrealized Gain | 1 | |
Fair Value | 6,937 | |
Debt securities, equity securities and restricted investments | ||
Amortized Cost | 9,892 | |
Gross Unrealized Losses | (22) | |
Fair Value | 9,870 | |
Unrestricted available-for-sale, Debt securities | Corporate debt securities | ||
Debt securities and restricted investments | ||
Amortized Cost | 2,908 | |
Gross Unrealized Loss | (887) | |
Fair Value | 2,021 | |
Debt securities, equity securities and restricted investments | ||
Amortized Cost | 67,781 | |
Gross Unrealized Gains | 411 | |
Gross Unrealized Losses | (1,817) | |
Fair Value | 66,375 | |
Equity securities | Preferred stock | ||
Debt securities, equity securities and restricted investments | ||
Amortized Cost | 35,955 | |
Gross Unrealized Gains | 423 | |
Gross Unrealized Losses | (1,355) | |
Fair Value | 35,023 | |
Restricted | ||
Debt securities and restricted investments | ||
Amortized Cost | 3,441 | |
Gross Unrealized Loss | (9) | |
Fair Value | 3,432 | |
Debt securities, equity securities and restricted investments | ||
Amortized Cost | 4,482 | |
Gross Unrealized Losses | (13) | |
Fair Value | 4,469 | |
Restricted | Short-term bond | ||
Debt securities and restricted investments | ||
Amortized Cost | 3,274 | |
Gross Unrealized Loss | (9) | |
Fair Value | 3,265 | |
Debt securities, equity securities and restricted investments | ||
Amortized Cost | 4,264 | |
Gross Unrealized Losses | (13) | |
Fair Value | 4,251 | |
Restricted | Money market fund | ||
Debt securities and restricted investments | ||
Amortized Cost | 167 | |
Fair Value | $ 167 | |
Debt securities, equity securities and restricted investments | ||
Amortized Cost | 218 | |
Fair Value | $ 218 |
Investments - Gains and proceed
Investments - Gains and proceeds (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Investments | |||
Net realized gains on sale of investments | $ (973) | ||
(Losses) gains on sale of investments | $ 10,750 | $ 795 | |
Proceeds from sale of available-for-sale debt securities | 64,706 | 152,985 | 197,548 |
Proceeds from sale of available-for-sale securities | 174,500 | ||
Maturities of investments - debt securities | 10,000 | 13,988 | 185,000 |
Purchases of investments - debt securities | $ 6,995 | 94,791 | $ 322,004 |
Purchases of available-for-sale securities | $ 115,900 |
Investments - Unrealized Loss P
Investments - Unrealized Loss Position (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Investments | ||
12 Months or Greater, Fair Value | $ 5,108 | |
12 Months or Greater, Unrealized Losses | 896 | |
Less Than 12 Months, Fair Value | $ 36,648 | |
Less Than 12 Months, Unrealized Losses | 2,050 | |
12 Months or Greater, Fair Value | 35,832 | |
12 Months or Greater, Unrealized Losses | 1,157 | |
Unrestricted available-for-sale, Debt securities | U.S. Treasury securities | ||
Investments | ||
Less Than 12 Months, Fair Value | 9,870 | |
Less Than 12 Months, Unrealized Losses | 22 | |
Unrestricted available-for-sale, Debt securities | Corporate debt securities | ||
Investments | ||
12 Months or Greater, Fair Value | 1,843 | |
12 Months or Greater, Unrealized Losses | 887 | |
Less Than 12 Months, Fair Value | 15,515 | |
Less Than 12 Months, Unrealized Losses | 691 | |
12 Months or Greater, Fair Value | 29,595 | |
12 Months or Greater, Unrealized Losses | 1,126 | |
Equity securities | Preferred stock | ||
Investments | ||
Less Than 12 Months, Fair Value | 11,263 | |
Less Than 12 Months, Unrealized Losses | 1,337 | |
12 Months or Greater, Fair Value | 1,986 | |
12 Months or Greater, Unrealized Losses | 18 | |
Restricted | Short-term bond | ||
Investments | ||
12 Months or Greater, Fair Value | 3,265 | |
12 Months or Greater, Unrealized Losses | $ 9 | |
12 Months or Greater, Fair Value | 4,251 | |
12 Months or Greater, Unrealized Losses | $ 13 |
Investments - Unrealized Losses
Investments - Unrealized Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Investments | ||
Unrealized losses, debt securities | $ 896 | |
Unrealized losses, all investments | $ 3,207 | |
Other-than-temporary impairment loss | $ 2,330 | |
Other-than-temporary impairment loss | $ 2,288 |
Investments - Contractual Matur
Investments - Contractual Maturities of Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Amortized Cost | ||
Amortized Cost | $ 13,285 | |
Fair Value | ||
Fair Value | 12,390 | |
Preferred stock | $ 35,023 | |
Unrestricted available-for-sale, Debt securities | ||
Amortized Cost | ||
Due in one year or less | 9,844 | |
Amortized Cost | 9,844 | |
Fair Value | ||
Due in one year or less | 8,958 | |
Fair Value | 8,958 | |
Restricted | ||
Amortized Cost | ||
Amortized Cost | 3,441 | |
Fair Value | ||
Fair Value | $ 3,432 |
Investments - Equity Securities
Investments - Equity Securities (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018USD ($) | ||
Investments | ||
Investments - equity securities | $ 36,132 | |
Unrealized gains on investments - equity securities | (3,035) | |
Reclassification into retained earnings | $ 932 | [1] |
[1] | The reclassification into retained earnings relates to the adoption of ASU 2016-01. The new guidance was effective January 1, 2018, and required equity investments to be measured at fair value with changes in fair value recognized in results of operations rather than the consolidated statements of comprehensive income. See Note 2. Summary of Significant Accounting Policies. |
Investments - Investment Manage
Investments - Investment Management Agreement (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($)item | |
Securities of any one issuer (excluding the U.S. Government) | |
Investments | |
Number of Investment Committee members required to authorize investment | item | 2 |
Minimum | Securities of any one issuer (excluding the U.S. Government) | |
Investments | |
Investments, portfolio allocations requiring additional consent | 10.00% |
Maximum | Securities of any one issuer (excluding the U.S. Government) | |
Investments | |
Investments, target portfolio allocations percent | 15.00% |
Investments, portfolio allocations requiring additional consent | 15.00% |
Cash investment grade cash equivalents or U . S . treasury securities | Minimum | |
Investments | |
Investments, target portfolio allocations percent | 25.00% |
Common stock investments | Maximum | |
Investments | |
Investments, target portfolio allocations, amount | $ | $ 100 |
Common stock investments | Maximum | Single issuer of exchange-traded common equities | |
Investments | |
Investments, target portfolio allocations percent | 5.00% |
Common, preferred or other equity investments | Maximum | |
Investments | |
Investments, target portfolio allocations percent | 25.00% |
Investor | FCM and FTC | |
Investments | |
Common stock ownership percentage | 41.18% |
Investor | FCM, FTC and Mr Berkowitz | |
Investments | |
Common stock ownership percentage | 43.76% |
Financial Instruments and Fai_3
Financial Instruments and Fair Value Measurements - Measurements on Recurring Basis (Details) - Recurring basis - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Financial instruments and fair value measurements | ||
Cash equivalents | $ 180,930 | $ 170,475 |
Total | 229,452 | 286,212 |
Level 1 | ||
Financial instruments and fair value measurements | ||
Cash equivalents | 180,930 | 170,475 |
Total | 201,769 | 195,531 |
Level 2 | ||
Financial instruments and fair value measurements | ||
Total | 27,683 | 90,681 |
Unrestricted available-for-sale, Debt securities | ||
Financial instruments and fair value measurements | ||
Investments | 8,958 | 76,245 |
Unrestricted available-for-sale, Debt securities | Level 1 | ||
Financial instruments and fair value measurements | ||
Investments | 6,937 | 9,870 |
Unrestricted available-for-sale, Debt securities | Level 2 | ||
Financial instruments and fair value measurements | ||
Investments | 2,021 | 66,375 |
Restricted | ||
Financial instruments and fair value measurements | ||
Investments | 3,432 | 4,469 |
Restricted | Level 1 | ||
Financial instruments and fair value measurements | ||
Investments | 3,432 | 4,469 |
Money market fund | ||
Financial instruments and fair value measurements | ||
Cash equivalents | 43,346 | 10,505 |
Money market fund | Level 1 | ||
Financial instruments and fair value measurements | ||
Cash equivalents | 43,346 | 10,505 |
Money market fund | Restricted | ||
Financial instruments and fair value measurements | ||
Investments | 167 | 218 |
Money market fund | Restricted | Level 1 | ||
Financial instruments and fair value measurements | ||
Investments | 167 | 218 |
Commercial paper | ||
Financial instruments and fair value measurements | ||
Cash equivalents | 107,586 | 159,970 |
Commercial paper | Level 1 | ||
Financial instruments and fair value measurements | ||
Cash equivalents | 107,586 | 159,970 |
U.S. Treasury securities | ||
Financial instruments and fair value measurements | ||
Cash equivalents | 29,998 | |
U.S. Treasury securities | Level 1 | ||
Financial instruments and fair value measurements | ||
Cash equivalents | 29,998 | |
U.S. Treasury securities | Unrestricted available-for-sale, Debt securities | ||
Financial instruments and fair value measurements | ||
Investments | 6,937 | 9,870 |
U.S. Treasury securities | Unrestricted available-for-sale, Debt securities | Level 1 | ||
Financial instruments and fair value measurements | ||
Investments | 6,937 | 9,870 |
Corporate debt securities | Unrestricted available-for-sale, Debt securities | ||
Financial instruments and fair value measurements | ||
Investments | 2,021 | 66,375 |
Corporate debt securities | Unrestricted available-for-sale, Debt securities | Level 2 | ||
Financial instruments and fair value measurements | ||
Investments | 2,021 | 66,375 |
Preferred stock | Equity securities | ||
Financial instruments and fair value measurements | ||
Investments | 36,132 | 35,023 |
Preferred stock | Equity securities | Level 1 | ||
Financial instruments and fair value measurements | ||
Investments | 10,470 | 10,717 |
Preferred stock | Equity securities | Level 2 | ||
Financial instruments and fair value measurements | ||
Investments | 25,662 | 24,306 |
Short-term bond | Restricted | ||
Financial instruments and fair value measurements | ||
Investments | 3,265 | 4,251 |
Short-term bond | Restricted | Level 1 | ||
Financial instruments and fair value measurements | ||
Investments | $ 3,265 | $ 4,251 |
Financial Instruments and Fai_4
Financial Instruments and Fair Value Measurements - Expected Maturity (Details) - Y | Dec. 31, 2018 | Dec. 31, 2017 |
Financial instruments and fair value measurements | ||
Debt Securities, Available-for-sale, Measurement Input [Extensible List] | us-gaap:MeasurementInputExpectedTermMember | us-gaap:MeasurementInputExpectedTermMember |
Restricted | Short-term bond | Minimum | ||
Financial instruments and fair value measurements | ||
Measurement input (in years) | 0 | 0 |
Restricted | Short-term bond | Maximum | ||
Financial instruments and fair value measurements | ||
Measurement input (in years) | 3 | 3 |
Financial Instruments and Fai_5
Financial Instruments and Fair Value Measurements - Long-lived Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Financial Instruments and Fair Value Measurements | |||
Impairment loss on investment in real estate | $ 99 | $ 714 | $ 357 |
Financial Instruments and Fai_6
Financial Instruments and Fair Value Measurements - Carrying Amount and Fair Value (Details) - Nonrecurring - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Level 3 | Carrying Value | ||
Financial instruments and fair value measurements | ||
Senior Notes held by SPE | $ 176,775 | $ 176,537 |
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 | 193,293 | 198,530 |
Level 3 | Fair Value | Time deposit | ||
Financial instruments and fair value measurements | ||
Investments held by SPEs | 200,000 | 200,000 |
Level 1 | Carrying Value | U. S Treasury securities and cash | ||
Financial instruments and fair value measurements | ||
Investments held by SPEs | 7,384 | 7,989 |
Level 1 | Fair Value | U. S Treasury securities and cash | ||
Financial instruments and fair value measurements | ||
Investments held by SPEs | $ 7,092 | $ 7,797 |
Financial Instruments and Fai_7
Financial Instruments and Fair Value Measurements - Held by Special Purpose Entities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2014 | Dec. 31, 2017 | |
Financial instruments and fair value measurements | |||
Investments held by special purpose entities | $ 207,384 | $ 207,989 | |
Senior Notes held by special purpose entity | 176,775 | $ 176,537 | |
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 securities | |||
Financial instruments and fair value measurements | |||
Investments held by special purpose entities | $ 7,000 | ||
Panama City Timber Finance Company, LLC | Cash | |||
Financial instruments and fair value measurements | |||
Investments held by special purpose entities | 400 | ||
Northwest Florida Timber Finance, LLC | |||
Financial instruments and fair value measurements | |||
Loan amount | $ 180,000 | ||
Debt interest rate (as a percent) | 4.80% | ||
Issue price of senior secured notes (as a percent) | 98.50% | ||
Senior Notes held by special purpose entity | 176,800 | ||
Unamortized discount and debt issuance costs | $ 3,200 |
Claim Settlement Receivable (De
Claim Settlement Receivable (Details) - USD ($) $ in Thousands | Mar. 24, 2016 | Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Receivables | |||||||||
Claim settlement | $ 12,548 | ||||||||
Litigation settlement receivable | $ 2,679 | $ 5,280 | |||||||
BP Exploration & Production Inc. | |||||||||
Receivables | |||||||||
Claim settlement | $ 13,200 | 12,500 | |||||||
Litigation settlement amount received | $ 2,700 | $ 2,700 | $ 5,000 | ||||||
Imputed interest rate on litigation settlement receivable | 3.00% | ||||||||
Litigation settlement receivable | $ 12,500 | ||||||||
Unamortized discount | $ 700 | ||||||||
Interest income | $ 300 | $ 100 | $ 200 | ||||||
BP Exploration & Production Inc. | Forecast | |||||||||
Receivables | |||||||||
Litigation settlement amount received | $ 2,700 | ||||||||
Other income | BP Exploration & Production Inc. | |||||||||
Receivables | |||||||||
Claim settlement | $ 12,500 |
Hurricane Michael (Details)
Hurricane Michael (Details) $ in Thousands | 2 Months Ended | 12 Months Ended | ||
Feb. 28, 2019USD ($) | Dec. 31, 2018USD ($)T | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Loss Contingencies [Line Items] | ||||
Loss on disposal of assets | $ 5,223 | $ 887 | $ 9 | |
Insurance proceeds | 7,199 | |||
Proceeds from settlement received | $ 3,500 | |||
Hurricane Michael | ||||
Loss Contingencies [Line Items] | ||||
Loss on disposal of assets | 7,300 | |||
Insurance proceeds | 7,200 | |||
Insurance settlements receivable | $ 6,700 | |||
Estimated loss as a percent of total timber assets | 3.00% | |||
Estimated quantity of timber lost or to be salvaged (in tons) | T | 234,000 | |||
Timber loss expense | $ 300 | |||
Additional hurricane expense excluding timber loss | 1,000 | |||
Insurance recovery for additional hurricane expense | 0 | |||
Proceeds from business interruption insurance | $ 0 | |||
Proceeds from settlement received | $ 6,100 |
Sale of Vacation Rental Manag_2
Sale of Vacation Rental Management (Details) $ in Thousands | 1 Months Ended | 12 Months Ended |
Dec. 31, 2017USD ($) | Dec. 31, 2017USD ($) | |
Sale of business | ||
Gain on sale of assets | $ 9,800 | |
PCR Rentals Sale | Disposed of by Sale | ||
Sale of business | ||
Consideration received from sale of assets | $ 9,900 | 9,900 |
Gain on sale of assets | 9,800 | |
Promissory note | $ 5,000 | $ 5,000 |
Other Assets - Schedule of Othe
Other Assets - Schedule of Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Other Assets | |||
Accounts receivable, net | $ 14,061 | $ 8,460 | |
Homesite sales receivable | 2,977 | $ 2,585 | |
Notes receivable | 2,265 | 9,522 | |
Prepaid expenses | 6,751 | 6,625 | |
Straight line rent | 3,581 | 3,804 | |
Other assets | 6,174 | 4,637 | |
Retained interest investments | 11,536 | 11,147 | |
Accrued interest receivable for Senior Notes held by SPE | 2,938 | 2,938 | |
Total other assets | $ 50,283 | $ 47,133 |
Other Assets - Accounts Receiva
Other Assets - Accounts Receivable, Net (Details) $ in Millions | Dec. 31, 2018USD ($) |
Hurricane Michael | |
Investments | |
Insurance settlements receivable | $ 6.7 |
Other Assets - Homesite Sales R
Other Assets - Homesite Sales Receivable (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Changes in lot sales receivable | |
Increases Due To Revenue Recognized for Lots Sold | $ 2,085 |
Decreases Due to Amounts Received | (1,693) |
Homesite Sales Receivable, Ending Balance | $ 2,977 |
Other Assets - Notes Receivable
Other Assets - Notes Receivable (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
Mar. 31, 2019 | Nov. 30, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Receivables | |||||||
Notes receivable | $ 2,265 | $ 9,522 | |||||
Proceeds from collection of principal | 3,004 | 68 | $ 328 | ||||
Allowance for notes receivable | 0 | 0 | |||||
PCR Note | |||||||
Receivables | |||||||
Notes receivable | $ 5,000 | ||||||
Interest rate on note receivable (as a percent) | 10.00% | ||||||
Pier Park Community Development District notes, non-interest bearing, due September 2022 | |||||||
Receivables | |||||||
Notes receivable | 803 | $ 1,527 | |||||
Interest bearing homebuilder note - 5.5% interest rate, due September 2019 | |||||||
Receivables | |||||||
Notes receivable | $ 749 | $ 904 | |||||
Interest rate (as a percent) | 5.50% | 5.50% | |||||
Proceeds of principal payment | $ 100 | ||||||
Interest bearing homebuilder note - 5.5% interest rate, due June 2019 | |||||||
Receivables | |||||||
Notes receivable | $ 422 | $ 857 | |||||
Interest rate (as a percent) | 5.50% | 5.50% | |||||
Proceeds of principal payment | $ 100 | ||||||
Interest bearing homebuilder note - 5.5% interest rate, due November 2019 | |||||||
Receivables | |||||||
Notes receivable | $ 1,060 | ||||||
Interest rate (as a percent) | 5.50% | ||||||
Proceeds of principal payment | $ 100 | ||||||
Interest bearing homebuilder note - 6.3% interest rate, due March 2020 | |||||||
Receivables | |||||||
Notes receivable | $ 150 | ||||||
Interest rate (as a percent) | 6.30% | ||||||
Interest bearing homebuilder note - 6.3% interest rate, due March 2020 | Maximum | Forecast | |||||||
Receivables | |||||||
Proceeds of principal payment | $ 100 | ||||||
Various other seller financing maturing December 2022 through November 2023 | |||||||
Receivables | |||||||
Notes receivable | $ 141 | $ 174 |
Other Assets - Retained Interes
Other Assets - Retained Interest Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Investments | ||
Retained interest investments | $ 11,536 | $ 11,147 |
Retained interest investments | ||
Investments | ||
Expected amount to receive upon maturity of note after payment of note and any other liabilities | $ 16,900 | |
Promissory notes maturity period | 15 years | |
Minimum | Retained interest investments | ||
Investments | ||
Notes maturity year | 2,022 | |
Maximum | Retained interest investments | ||
Investments | ||
Notes maturity year | 2,024 |
Property and Equipment, Net (De
Property and Equipment, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property, plant and equipment | |||
Property and equipment, gross | $ 71,253 | $ 71,980 | |
Less: Accumulated depreciation | 60,271 | 60,697 | |
Property, plant and equipment, excluding construction in progress, net | 10,982 | 11,283 | |
Construction in progress | 1,049 | 493 | |
Total | 12,031 | 11,776 | |
Depreciation expense | 2,400 | 1,900 | $ 2,100 |
Railroad and equipment | |||
Property, plant and equipment | |||
Property and equipment, gross | 33,626 | 33,626 | |
Furniture and fixtures | |||
Property, plant and equipment | |||
Property and equipment, gross | 22,438 | 22,552 | |
Machinery and equipment | |||
Property, plant and equipment | |||
Property and equipment, gross | 8,964 | 9,468 | |
Office equipment | |||
Property, plant and equipment | |||
Property and equipment, gross | 5,237 | 5,322 | |
Autos and trucks | |||
Property, plant and equipment | |||
Property and equipment, gross | $ 988 | $ 1,012 |
Real Estate Joint Ventures - Co
Real Estate Joint Ventures - Consolidated Real Estate Joint Ventures (Details) - item | Jan. 01, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Apr. 30, 2017 |
Pier Park Crossings JV | ||||
Variable interest entity | ||||
Number of units | 240 | |||
Variable interest entity, ownership percentage | 75.00% | 75.00% | ||
Windmark JV | ||||
Variable interest entity | ||||
Variable interest entity, ownership percentage | 49.00% | 49.00% | ||
Pier Park North | ||||
Variable interest entity | ||||
Variable interest entity, ownership percentage | 60.00% | 60.00% | ||
Artisan Park, L.L.C | ||||
Variable interest entity | ||||
Variable interest entity, ownership percentage | 100.00% | 74.00% |
Real Estate Joint Ventures - Un
Real Estate Joint Ventures - Unconsolidated Joint Ventures (Details) $ in Millions | 1 Months Ended | 11 Months Ended | 12 Months Ended | |
Nov. 30, 2018USD ($) | Nov. 30, 2018 | Dec. 31, 2018USD ($) | Apr. 30, 2018item | |
Pier Park TPS JV | ||||
Investments | ||||
Number of hotel rooms | item | 124 | |||
Ownership percentage | 50.00% | |||
Investment in joint venture | $ 1.1 | |||
ALP Liquidating Trust | ||||
Investments | ||||
Variable interest entity, ownership percentage | 23.90% | |||
Distributions from termination of unconsolidated joint venture | $ 2.2 | $ 2.2 |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Debt instruments | ||
Debt, Principal | $ 70,976 | $ 56,160 |
Unamortized Discount and Debt Issuance Costs | 1,602 | 530 |
Debt, Net | $ 69,374 | 55,630 |
Effective interest rate (as a percent) | 4.90% | |
PPN JV Loan, due November 2025, bearing interest at 4.1% | ||
Debt instruments | ||
Debt, Principal | $ 46,423 | 47,295 |
Unamortized Discount and Debt Issuance Costs | 446 | 512 |
Debt, Net | $ 45,977 | $ 46,783 |
Debt interest rate (as a percent) | 4.10% | 4.10% |
Loan in Pier Park Crossings JV, due June 2060, bearing interest at 4.0% | ||
Debt instruments | ||
Debt, Principal | $ 15,399 | |
Unamortized Discount and Debt Issuance Costs | 1,114 | |
Debt, Net | $ 14,285 | |
Debt interest rate (as a percent) | 4.00% | |
Community Development District debt | ||
Debt instruments | ||
Debt, Principal | $ 6,324 | $ 7,241 |
Debt, Net | $ 6,324 | $ 7,241 |
Community Development District debt | Minimum | ||
Debt instruments | ||
Debt interest rate (as a percent) | 3.60% | 3.60% |
Community Development District debt | Maximum | ||
Debt instruments | ||
Debt interest rate (as a percent) | 6.00% | 6.00% |
Pier Park Outparcel Construction Loan, due March 2027, bearing interest at LIBOR plus 1.7% | ||
Debt instruments | ||
Debt, Principal | $ 1,585 | $ 1,624 |
Unamortized Discount and Debt Issuance Costs | 16 | 18 |
Debt, Net | $ 1,569 | $ 1,606 |
Effective interest rate (as a percent) | 4.20% | |
Pier Park Outparcel Construction Loan, due March 2027, bearing interest at LIBOR plus 1.7% | LIBOR | ||
Debt instruments | ||
Basis spread on variable rate | 1.70% | 1.70% |
WaterColor Crossings Construction Loan, due February 2029, bearing interest at LIBOR plus 1.7% | ||
Debt instruments | ||
Debt, Principal | $ 1,245 | |
Unamortized Discount and Debt Issuance Costs | 26 | |
Debt, Net | $ 1,219 | |
Effective interest rate (as a percent) | 4.20% | |
WaterColor Crossings Construction Loan, due February 2029, bearing interest at LIBOR plus 1.7% | LIBOR | ||
Debt instruments | ||
Basis spread on variable rate | 1.70% |
Debt - Debt Agreements (Details
Debt - Debt Agreements (Details) $ in Thousands | 1 Months Ended | 120 Months Ended | |||||
May 31, 2018USD ($)item | Feb. 28, 2018USD ($) | Mar. 31, 2017USD ($) | Jun. 30, 2030 | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Oct. 31, 2015USD ($) | |
Debt instruments | |||||||
Total Community Development District debt | $ 19,900 | $ 21,700 | |||||
Outstanding debt | 69,374 | 55,630 | |||||
PPN JV Loan, due November 2025, bearing interest at 4.1% | |||||||
Debt instruments | |||||||
Loan amount | $ 48,200 | ||||||
Outstanding debt | 45,977 | 46,783 | |||||
Pier Park Outparcel Construction Loan, due March 2027, bearing interest at LIBOR plus 1.7% | |||||||
Debt instruments | |||||||
Loan amount | $ 1,600 | ||||||
Debt instrument, period subject to interest payments only | 12 months | ||||||
Outstanding debt | 1,569 | $ 1,606 | |||||
Loan in Pier Park Crossings JV, due June 2060, bearing interest at 4.0% | |||||||
Debt instruments | |||||||
Loan amount | $ 36,600 | ||||||
Debt instrument, period subject to interest payments only | 24 months | ||||||
Outstanding debt | 14,285 | ||||||
Loan in Pier Park Crossings JV, due June 2060, bearing interest at 4.0% | Minimum | Forecast | |||||||
Debt instruments | |||||||
Prepayment premium, as a percent of principal repaid | 1.00% | ||||||
Loan in Pier Park Crossings JV, due June 2060, bearing interest at 4.0% | Maximum | Forecast | |||||||
Debt instruments | |||||||
Prepayment premium, as a percent of principal repaid | 10.00% | ||||||
WaterColor Crossings Construction Loan, due February 2029, bearing interest at LIBOR plus 1.7% | |||||||
Debt instruments | |||||||
Loan amount | $ 1,900 | ||||||
Debt instrument, period subject to interest payments only | 12 months | ||||||
Outstanding debt | 1,219 | ||||||
Beach Homes Loan | |||||||
Debt instruments | |||||||
Loan amount | $ 1,700 | ||||||
Debt instrument, period subject to interest payments only | 12 months | ||||||
Number of homes financed | item | 2 | ||||||
Outstanding debt | 0 | ||||||
Beach Homes Loan | Maximum | |||||||
Debt instruments | |||||||
Loan costs | $ 100 |
Debt - Maturities of Debt (Deta
Debt - Maturities of Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Debt | ||
2,019 | $ 1,675 | |
2,020 | 1,778 | |
2,021 | 1,962 | |
2,022 | 1,942 | |
2,023 | 1,910 | |
Thereafter | 61,709 | |
Long term debt | $ 70,976 | $ 56,160 |
Other Liabilities - Schedule of
Other Liabilities - Schedule of Other Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Other Liabilities | ||
Accounts payable | $ 10,148 | $ 7,524 |
Accrued compensation | 3,112 | 2,664 |
Other accrued liabilities | 2,560 | 5,185 |
Deferred revenue | 17,478 | 17,864 |
Club initiation fees | 5,676 | 5,199 |
Club membership deposits | 4,286 | 4,505 |
Advance deposits | 1,277 | 1,468 |
Accrued interest expense for Senior Notes held by SPE | 2,850 | 2,850 |
Total other liabilities | $ 47,387 | $ 47,259 |
Other Liabilities - Additional
Other Liabilities - Additional information (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Other Liabilities | ||
Deferred revenue | $ 17,478 | $ 17,864 |
Florida Department of Transportation | ||
Other Liabilities | ||
Deferred revenue | $ 12,500 | $ 12,500 |
Other Liabilities - Changes in
Other Liabilities - Changes in contract liabilities (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Changes in contract liabilities | |
Contract liabilities - Club initiation fees (Balance at beginning of period) | $ 5,199 |
Increases Due To Cash Received | 1,886 |
Decreases Due to Revenue Recognized | (1,409) |
Contract liabilities - Club initiation fees (Balance at end of period) | $ 5,676 |
Income Taxes - Provision for In
Income Taxes - Provision for Income Tax (Benefit) Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Current: | |||
Federal | $ 4,305 | $ 7,418 | $ (22,416) |
State | 48 | (64) | |
Total | 4,305 | 7,466 | (22,480) |
Deferred: | |||
Federal | 488 | (23,512) | 29,796 |
State | (5,529) | (1,835) | (169) |
Total | (5,041) | (25,347) | 29,627 |
Total income tax (benefit) expense | $ (736) | $ (17,881) | $ 7,147 |
Income Taxes - Allocation of Ta
Income Taxes - Allocation of Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Taxes | |||
Income tax (benefit) expense | $ (736) | $ (17,881) | $ 7,147 |
Income tax recorded in accumulated other comprehensive (loss) income | 685 | (2,488) | 2,003 |
Total income tax (benefit) expense | $ (51) | $ (20,369) | $ 9,150 |
Income Taxes - Expense (benefit
Income Taxes - Expense (benefit) reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Taxes | |||
Statutory federal income tax rate (as a percent) | 21.00% | 35.00% | 35.00% |
Tax at the statutory federal rate | $ 6,643 | $ 14,594 | $ 8,065 |
State income taxes (net of federal benefit) | 1,392 | 1,340 | 806 |
Decrease in valuation allowance, net | (4,993) | (142) | (941) |
Decrease in uncertain tax positions | (2,165) | ||
Change in US tax law | (1,035) | (33,542) | |
Dividend received deduction | (322) | (530) | (40) |
Other permanent items | (256) | 399 | (743) |
Total income tax (benefit) expense | $ (736) | $ (17,881) | $ 7,147 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred tax assets: | ||
State net operating loss carryforwards | $ 15,709 | $ 17,237 |
Impairment losses | 38,844 | 41,837 |
Prepaid income from land sales | 2,597 | 3,734 |
Capitalized costs | 2,107 | |
Other | 3,508 | 322 |
Total gross deferred tax assets | 62,765 | 63,130 |
Valuation allowance | (4,993) | |
Total net deferred tax assets | 62,765 | 58,137 |
Deferred tax liabilities: | ||
Investment in real estate and property and equipment basis differences | 2,358 | 525 |
Deferred gain on land sales and involuntary conversions | 19,109 | 19,671 |
Installment sales | 83,268 | 85,769 |
Pension Plan assets transferred to the 401(k) Plan | 872 | 1,155 |
Other | 1,473 | |
Total gross deferred tax liabilities | 107,080 | 107,120 |
Net deferred tax liabilities | $ (44,315) | $ (48,983) |
Income Taxes - Operating loss c
Income Taxes - Operating loss carryforwards (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Federal | ||
Operating loss carryforwards | ||
Operating loss carryforwards | $ 0 | $ 0 |
State | ||
Operating loss carryforwards | ||
Operating loss carryforwards | $ 357 | $ 391.7 |
Income Taxes - Tax credit carry
Income Taxes - Tax credit carryforward (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Tax credit carryforward | ||
Income tax receivable | $ 3,914 | $ 8,371 |
Federal | ||
Tax credit carryforward | ||
Decrease in alternative minimum tax credit credit carryforward | 4,500 | |
Alternative minimum tax credit carryforward | $ 3,900 | |
ATM credit carryforward | Federal | ||
Tax credit carryforward | ||
Income tax receivable | $ 8,400 |
Income Taxes - Tax Act (Details
Income Taxes - Tax Act (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Taxes | |||
Statutory federal income tax rate (as a percent) | 21.00% | 35.00% | 35.00% |
Income tax benefit from the reassessment of net deferred tax balances | $ 33.5 |
Income Taxes - Valuation Allowa
Income Taxes - Valuation Allowances and Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Income Taxes | ||
Amount of decrease in valuation allowance | $ 5,000 | |
Valuation allowance | $ 4,993 | |
Unrecognized tax benefits | 0 | $ 2,100 |
Decrease in unrecognized tax benefits, expiration of statute of limitations | $ 2,100 |
Income Taxes - Tax refund (Deta
Income Taxes - Tax refund (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2018 | |
Operating loss carryforwards | ||
Unrecognized tax benefits, income tax penalties accrued | $ 0 | $ 0 |
Tax Year 2014 | ||
Operating loss carryforwards | ||
Federal income tax refund received | 21.9 | |
Tax Year 2016 | ||
Operating loss carryforwards | ||
Federal income tax refund received | $ 4.4 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Summary of Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Summary of changes in accumulated other comprehensive loss | |||
Beginning Balance | $ 592,584 | ||
Total other comprehensive income (loss), net of tax | 787 | $ (3,968) | $ 3,193 |
Ending Balance | 533,111 | 592,584 | |
Unrealized (loss) gain on investments | |||
Summary of changes in accumulated other comprehensive loss | |||
Beginning Balance | (1,461) | 2,507 | |
Other comprehensive income before reclassifications | (2,127) | 1,235 | |
Amounts reclassified from accumulated other comprehensive income (loss) | 2,914 | (5,203) | |
Total other comprehensive income (loss), net of tax | 787 | (3,968) | |
Ending Balance | $ (674) | $ (1,461) | $ 2,507 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss - Summary of the Tax Effects Allocated to Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Accumulated Other Comprehensive Loss | ||||
Reclassification adjustment for loss (gain) included in earnings, Before-tax-amount | $ 1,061 | $ (10,750) | $ (795) | |
Reclassification of other-than-temporary impairment loss included in earnings, Before-tax-amount | 2,330 | 2,288 | ||
Reclassification into retained earnings for the adoption of ASU, Before-tax-amount | [1] | 932 | ||
Total before income taxes | 1,472 | (6,456) | 5,196 | |
Other comprehensive loss, Tax (expense) or benefit | [2] | (685) | 2,488 | (2,003) |
Total other comprehensive income (loss), net of tax | 787 | (3,968) | $ 3,193 | |
Unrealized (loss) gain on investments | ||||
Accumulated Other Comprehensive Loss | ||||
Unrealized (loss) gain on investments, Net-of-tax amount | (2,127) | 1,235 | ||
Reclassification adjustment for loss (gain) included in earnings, Before-tax-amount | 1,061 | (10,750) | ||
Reclassification adjustment for loss (gain) included in earnings, Tax (expense) or benefit | (269) | 4,139 | ||
Reclassification adjustment for loss (gain) included in earnings, Net-of-tax amount | 792 | (6,611) | ||
Reclassification of other-than-temporary impairment loss included in earnings, Before-tax-amount | 2,330 | 2,288 | ||
Reclassification adjustment for other-than-temporary impairment loss included in earnings, Tax (expense) or benefit | (592) | (880) | ||
Reclassification adjustment for other-than-temporary impairment loss included in earnings, Net-of-tax amount | 1,738 | 1,408 | ||
Total before income taxes | 1,472 | (6,456) | ||
Other comprehensive loss, Tax (expense) or benefit | (685) | 2,488 | ||
Total other comprehensive income (loss), net of tax | 787 | (3,968) | ||
Unrealized (loss) gain on investments | ASU 2016-01 | ||||
Accumulated Other Comprehensive Loss | ||||
Reclassification into retained earnings for the adoption of ASU, Before-tax-amount | 932 | |||
Reclassification into retained earnings for the adoption of ASU, Tax (expense) or benefit | (236) | |||
Reclassification into retained earnings for the adoption of ASU, Net-of-tax amount | 696 | |||
Unrealized (loss) gain on investments | ASU 2018-02 | ||||
Accumulated Other Comprehensive Loss | ||||
Reclassification into retained earnings for the adoption of ASU, Tax (expense) or benefit | (313) | |||
Reclassification into retained earnings for the adoption of ASU, Net-of-tax amount | (313) | |||
Unrestricted available-for-sale, Debt securities | Unrealized (loss) gain on investments | ||||
Accumulated Other Comprehensive Loss | ||||
Unrealized (loss) gain on investments, Before-tax amount | (2,845) | 2,015 | ||
Unrealized (loss) gain on investments, Tax (expense) or benefit | 723 | (774) | ||
Unrealized (loss) gain on investments, Net-of-tax amount | (2,122) | 1,241 | ||
Restricted | Unrealized (loss) gain on investments | ||||
Accumulated Other Comprehensive Loss | ||||
Unrealized (loss) gain on investments, Before-tax amount | (6) | (9) | ||
Unrealized (loss) gain on investments, Tax (expense) or benefit | 2 | 3 | ||
Unrealized (loss) gain on investments, Net-of-tax amount | $ (4) | $ (6) | ||
[1] | The reclassification into retained earnings relates to the adoption of ASU 2016-01. The new guidance was effective January 1, 2018, and required equity investments to be measured at fair value with changes in fair value recognized in results of operations rather than the consolidated statements of comprehensive income. See Note 2. Summary of Significant Accounting Policies. | |||
[2] | Income tax expense for the year ended December 31, 2018 includes $0.3 million of income tax expense related to the adoption of ASU 2018-02. The new guidance was effective January 1, 2018, and allowed a reclassification from accumulated other comprehensive loss to retained earnings for stranded tax effects resulting from the Tax Act. See Note 2. Summary of Significant Accounting Policies. |
Stockholders' Equity - Stock Re
Stockholders' Equity - Stock Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 2 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Feb. 25, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Stockholders’ Equity | |||||
Average purchase price per share for share repurchase (in dollars per share) | $ 17.82 | $ 17.46 | |||
Aggregate cost | $ 7,100 | $ 93,369 | $ 147,422 | $ 14,820 | |
Remaining authorized repurchase amount | $ 42,900 | ||||
Common Stock | |||||
Stockholders’ Equity | |||||
Shares repurchased during the period (in shares) | 471,500 | 5,238,566 | 8,450,294 | 995,650 | |
Treasury stock, shares, retired (in shares) | 5,238,566 | 8,450,294 | |||
Retirement of treasury stock | $ 93,400 | $ 93,369 | $ 147,422 | $ 320,109 |
Stockholders' Equity - Issuance
Stockholders' Equity - Issuance of Common Stock (Details) $ in Thousands | Jul. 02, 2018directorshares | Mar. 15, 2018employeeshares | Jul. 03, 2017directorshares | May 17, 2016directorshares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)employeeshares | Dec. 31, 2016USD ($)shares | May 23, 2018USD ($) | May 25, 2017USD ($) |
Share-based compensation | |||||||||
Stock compensation expense | $ 71 | $ 76 | $ 131 | ||||||
Date of issue | Restricted Stock | |||||||||
Share-based compensation | |||||||||
Vesting percentage | 25.00% | ||||||||
August 17, 2016 | Restricted Stock | |||||||||
Share-based compensation | |||||||||
Vesting percentage | 25.00% | ||||||||
November 17, 2016 | Restricted Stock | |||||||||
Share-based compensation | |||||||||
Vesting percentage | 25.00% | ||||||||
February 17, 2017 | Restricted Stock | |||||||||
Share-based compensation | |||||||||
Vesting percentage | 25.00% | ||||||||
Directors | Restricted Stock | |||||||||
Share-based compensation | |||||||||
Fair value of equity grant award approved for each director | $ 50,000 | $ 50,000 | |||||||
Number of restricted stock awards granted | shares | 2,778 | 5,334 | 8,919 | 2,778 | 5,334 | 8,919 | |||
Number of directors granted restricted stock awards | director | 1 | 2 | 3 | ||||||
Number of directors who elected to receive cash in lieu of the stock | director | 3 | 4 | |||||||
Stock compensation expense | $ 100 | $ 100 | $ 100 | ||||||
Officers | Restricted Stock | |||||||||
Share-based compensation | |||||||||
Number of restricted stock awards granted | shares | 9,956 | ||||||||
Issuance of common stock for officer compensation, net of tax withholding (in shares) | shares | 9,956 | ||||||||
Number of directors granted restricted stock awards | employee | 4 | ||||||||
Stock compensation expense | $ 200 | ||||||||
Percentage of total discretionary cash incentive award elected to be received in shares of Company stock | 50.00% | ||||||||
Number of grantees who elected to receive a portion of total discretionary cash incentive award in shares of company stock | employee | 4 |
Stock Based Compensation - Plan
Stock Based Compensation - Plans (Details) | Dec. 31, 2018shares |
Stock Based Compensation | |
Shares available for future issuance | 1,469,251 |
Stock Based Compensation - Expe
Stock Based Compensation - Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Stock Based Compensation | |||
Stock compensation expense | $ 71 | $ 76 | $ 131 |
Income tax benefit | (19) | (22) | (50) |
Stock compensation expense after tax benefit | $ 52 | $ 54 | $ 81 |
Stock Based Compensation - Rest
Stock Based Compensation - Restricted stock (Details) - Restricted Stock - USD ($) $ / shares in Units, $ in Millions | Jul. 02, 2018 | Mar. 15, 2018 | Jul. 03, 2017 | May 17, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Number of Units | |||||||
Unvested restricted stock units outstanding | 2,778 | ||||||
Weighted Average Grant Date Fair Value | |||||||
Fair values of vested restricted stock and stock options | $ 0.1 | $ 0.1 | $ 0.1 | ||||
Directors | |||||||
Number of Units | |||||||
Number of restricted stock awards granted | 2,778 | 5,334 | 8,919 | 2,778 | 5,334 | 8,919 | |
Number of units, vested | 5,334 | 2,229 | 6,690 | ||||
Weighted Average Grant Date Fair Value | |||||||
Weighted average grant date fair value, granted (in dollars per share) | $ 18 | $ 18.75 | $ 16.82 | ||||
Officers | |||||||
Number of Units | |||||||
Number of restricted stock awards granted | 9,956 | ||||||
Number of units, vested | 9,956 | ||||||
Issuance of common stock for officer compensation, net of tax withholding (in shares) | 9,956 | ||||||
Weighted Average Grant Date Fair Value | |||||||
Weighted average grant date fair value, granted (in dollars per share) | $ 19.32 | ||||||
Fair values of vested restricted stock and stock options | $ 0.2 |
Employee Benefit Plan (Details)
Employee Benefit Plan (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2014 | |
Investment | ||||
Assets contributed to 401(k) Plan | $ 7,900 | |||
Restricted investments | $ 3,432 | $ 4,469 | ||
401(k) Plan distribution period (in years) | 3 years | |||
Compensation expense for assets allocated to participants | $ 1,100 | 1,200 | $ 1,400 | |
Realized gain (loss) | 10,750 | 795 | ||
Maximum | ||||
Investment | ||||
Realized gain (loss) | $ (100) | $ 100 | $ (100) |
RiverTown Impact Fees (Details)
RiverTown Impact Fees (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2018 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Real estate sale | ||||||||||||
Revenues | $ 16,301 | $ 23,676 | $ 50,434 | $ 19,865 | $ 21,891 | $ 33,988 | $ 30,647 | $ 13,512 | $ 110,276 | $ 100,038 | $ 96,862 | |
Mattamy - RiverTown sale | ||||||||||||
Real estate sale | ||||||||||||
Impact fees received | $ 23,100 | 23,700 | 900 | 400 | ||||||||
Residential real estate | Operating Segments | ||||||||||||
Real estate sale | ||||||||||||
Revenues | 42,869 | $ 21,747 | $ 19,483 | |||||||||
Residential real estate | Operating Segments | Real estate - Impact fees | Mattamy - RiverTown sale | ||||||||||||
Real estate sale | ||||||||||||
Revenues | $ 23,100 |
Other Income (Expense) - Compon
Other Income (Expense) - Components (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Investment income, net | |||
Interest and dividend income | $ 9,060 | $ 16,380 | $ 6,602 |
Accretion income | 684 | 1,983 | 1,829 |
Net realized (loss) gain on the sale of investments | (973) | 10,750 | 795 |
Other-than-temporary impairment loss | (2,330) | ||
Other-than-temporary impairment loss | (2,288) | ||
Unrealized loss on investments, net | (3,035) | ||
Interest income from investments in SPEs | 8,197 | 8,201 | 8,202 |
Interest accrued on notes receivable and other interest | 547 | 384 | 348 |
Total investment income, net | 12,150 | 35,410 | 17,776 |
Interest expense | |||
Interest expense and amortization of discount and issuance costs for Senior Notes issued by SPE | (8,788) | (8,777) | (8,833) |
Other interest expense | (3,052) | (3,368) | (3,462) |
Total interest expense | (11,840) | (12,145) | (12,295) |
Claim settlement | 12,548 | ||
Sale of vacation rental management, net | 9,800 | ||
Other income, net | |||
Accretion income from retained interest investments | 1,232 | 1,100 | 991 |
Insurance proceeds | 7,199 | ||
Hurricane expense | (8,628) | ||
Miscellaneous income, net | 1,349 | 3,613 | 513 |
Other income, net | 1,152 | 4,713 | 1,504 |
Total other income, net | $ 1,462 | $ 37,778 | $ 19,533 |
Other Income (Expense) - Invest
Other Income (Expense) - Investment Income, Net and Interest Expense (Details) | Dec. 31, 2018 |
Other Income (Expense) | |
Effective interest rate (as a percent) | 4.90% |
Other Income (Expense) - Claim
Other Income (Expense) - Claim Settlement and Sale (Details) - USD ($) $ in Thousands | Mar. 24, 2016 | Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 |
Other income (expense) | |||||
Effective interest rate (as a percent) | 4.90% | ||||
Claim settlement | $ 12,548 | ||||
Gain on sale of assets | $ 9,800 | ||||
PCR Rentals Sale | Disposed of by Sale | |||||
Other income (expense) | |||||
Consideration received from sale of assets | $ 9,900 | $ 9,900 | |||
Gain on sale of assets | $ 9,800 | ||||
BP Exploration & Production Inc. | |||||
Other income (expense) | |||||
Claim settlement | $ 13,200 | $ 12,500 |
Other Income (Expense) - Other
Other Income (Expense) - Other Income, Net (Details) - USD ($) $ in Thousands | 1 Months Ended | 2 Months Ended | 12 Months Ended | ||
Nov. 30, 2018 | Feb. 28, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Other income (expense) | |||||
Insurance proceeds | $ 7,199 | ||||
Loss on disposal of assets | 5,223 | $ 887 | $ 9 | ||
Home owners' association settlement | $ 600 | ||||
Proceeds from settlement received | $ 3,500 | ||||
Minimum | |||||
Other income (expense) | |||||
Retained interest, effective interest rate (as a percent) | 3.70% | ||||
Maximum | |||||
Other income (expense) | |||||
Retained interest, effective interest rate (as a percent) | 12.00% | ||||
Hurricane Michael | |||||
Other income (expense) | |||||
Insurance proceeds | $ 7,200 | ||||
Loss on disposal of assets | 7,300 | ||||
Additional hurricane expense | 1,300 | ||||
Proceeds from settlement received | $ 6,100 | ||||
ALP Liquidating Trust | |||||
Other income (expense) | |||||
Distributions from termination of unconsolidated joint venture | $ 2,200 | $ 2,200 |
Segment Information - Reportabl
Segment Information - Reportable Segments (Details) | 12 Months Ended |
Dec. 31, 2018segment | |
Segment Information | |
Number of reportable operating segments | 4 |
Segment Information - Informati
Segment Information - Information by Business Segment (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segments | ||||||||||||
Revenues | $ 16,301 | $ 23,676 | $ 50,434 | $ 19,865 | $ 21,891 | $ 33,988 | $ 30,647 | $ 13,512 | $ 110,276 | $ 100,038 | $ 96,862 | |
Cost of revenue | 51,317 | 67,194 | 62,194 | |||||||||
Other operating and corporate expenses | 20,557 | 20,382 | 23,019 | |||||||||
Depreciation, depletion and amortization | 8,998 | 8,885 | 8,571 | |||||||||
Investment income, net | 12,150 | 35,410 | 17,776 | |||||||||
Interest expense | (11,840) | (12,145) | (12,295) | |||||||||
Sale of vacation rental management, net | 9,800 | |||||||||||
Consolidated income before income taxes | 30,866 | 41,355 | 22,611 | |||||||||
Capital expenditures | 45,196 | 39,880 | 12,858 | |||||||||
Total assets | $ 920,993 | 870,962 | 920,993 | 870,962 | 920,993 | |||||||
Interest income from investments in SPEs | 8,197 | 8,201 | 8,202 | |||||||||
Interest expense from Senior Notes issued by SPE | (8,788) | (8,777) | (8,833) | |||||||||
PCR Rentals Sale | Disposed of by Sale | ||||||||||||
Segments | ||||||||||||
Sale of vacation rental management, net | 9,800 | |||||||||||
Consideration received from sale of assets | 9,900 | 9,900 | 9,900 | |||||||||
Hospitality | PCR Rentals Sale | Disposed of by Sale | ||||||||||||
Segments | ||||||||||||
Sale of vacation rental management, net | 9,800 | |||||||||||
Consideration received from sale of assets | 9,900 | 9,900 | 9,900 | |||||||||
Operating Segments | Residential real estate | ||||||||||||
Segments | ||||||||||||
Revenues | 42,869 | 21,747 | 19,483 | |||||||||
Cost of revenue | 9,775 | 12,455 | 6,383 | |||||||||
Other operating and corporate expenses | 4,695 | 4,297 | 5,744 | |||||||||
Depreciation, depletion and amortization | 167 | 187 | 286 | |||||||||
Interest expense | (867) | (1,164) | (1,284) | |||||||||
Consolidated income before income taxes | 27,084 | 3,903 | 5,887 | |||||||||
Capital expenditures | 15,865 | 8,407 | 3,319 | |||||||||
Total assets | 117,732 | 125,642 | 117,732 | 125,642 | 117,732 | |||||||
Operating Segments | Residential real estate | Mattamy - RiverTown sale | Real estate - Impact fees | ||||||||||||
Segments | ||||||||||||
Revenues | 23,100 | |||||||||||
Operating Segments | Hospitality | ||||||||||||
Segments | ||||||||||||
Revenues | 39,973 | 54,820 | 57,284 | |||||||||
Cost of revenue | 33,825 | 47,816 | 50,229 | |||||||||
Other operating and corporate expenses | 555 | 494 | 547 | |||||||||
Depreciation, depletion and amortization | 3,761 | 4,225 | 4,402 | |||||||||
Sale of vacation rental management, net | 9,800 | |||||||||||
Consolidated income before income taxes | 1,652 | 12,444 | 2,087 | |||||||||
Capital expenditures | 7,400 | 4,918 | 1,287 | |||||||||
Total assets | 83,151 | 70,746 | 83,151 | 70,746 | 83,151 | |||||||
Operating Segments | Commercial leasing and sales | ||||||||||||
Segments | ||||||||||||
Revenues | 16,485 | 14,510 | 11,929 | |||||||||
Cost of revenue | 6,397 | 5,979 | 4,431 | |||||||||
Other operating and corporate expenses | 3,183 | 3,444 | 3,492 | |||||||||
Depreciation, depletion and amortization | 4,411 | 3,729 | 3,137 | |||||||||
Interest expense | (2,180) | (2,200) | (2,169) | |||||||||
Consolidated income before income taxes | (121) | (836) | (1,233) | |||||||||
Capital expenditures | 20,483 | 25,248 | 6,836 | |||||||||
Total assets | 163,271 | 182,658 | 163,271 | 182,658 | 163,271 | |||||||
Operating Segments | Forestry | ||||||||||||
Segments | ||||||||||||
Revenues | 8,135 | 8,443 | 7,791 | |||||||||
Cost of revenue | 1,097 | 903 | 1,121 | |||||||||
Other operating and corporate expenses | 384 | 396 | 530 | |||||||||
Depreciation, depletion and amortization | 514 | 575 | 552 | |||||||||
Consolidated income before income taxes | 6,222 | 6,586 | 5,609 | |||||||||
Capital expenditures | 1,069 | 1,100 | 1,095 | |||||||||
Total assets | 20,212 | 20,189 | 20,212 | 20,189 | 20,212 | |||||||
Operating Segments | Residential real estate and other | ||||||||||||
Segments | ||||||||||||
Investment income, net | 320 | 89 | 97 | |||||||||
Corporate and Other | ||||||||||||
Segments | ||||||||||||
Interest expense | (8,793) | (8,781) | (8,842) | |||||||||
Interest expense from Senior Notes issued by SPE | 8,800 | 8,800 | 8,800 | |||||||||
Corporate and Other | Mitigation bank credit | ||||||||||||
Segments | ||||||||||||
Revenues | 2,200 | |||||||||||
Other | ||||||||||||
Segments | ||||||||||||
Revenues | 2,814 | 518 | 375 | |||||||||
Cost of revenue | 223 | 41 | 30 | |||||||||
Other operating and corporate expenses | 11,740 | 11,751 | 12,706 | |||||||||
Depreciation, depletion and amortization | 145 | 169 | 194 | |||||||||
Capital expenditures | 379 | 207 | 321 | |||||||||
Total assets | $ 536,627 | $ 471,727 | $ 536,627 | 471,727 | 536,627 | |||||||
Corporate | ||||||||||||
Segments | ||||||||||||
Investment income, net | 11,830 | 35,321 | 17,679 | |||||||||
Consolidated income before income taxes | (3,971) | 19,258 | 10,261 | |||||||||
Interest income from investments in SPEs | $ 8,200 | $ 8,200 | $ 8,200 |
Commitments and Contingencies -
Commitments and Contingencies - (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Obligations | ||
Accrued liabilities for other litigation, claims, other disputes and governmental proceedings | $ 1,200 | $ 1,300 |
Purchase obligations, total | 34,600 | |
Deferred tax liabilities | 107,080 | 107,120 |
Tax Year 2022 To 2024 | ||
Obligations | ||
Deferred tax liabilities | 33,700 | |
Tax Year 2029 | ||
Obligations | ||
Deferred tax liabilities | 37,800 | |
Maximum | ||
Obligations | ||
Amount of letters of credit outstanding | 100 | |
Surety bonds | ||
Obligations | ||
Commitment obligations | $ 9,400 | $ 8,600 |
Quarterly Financial Data (una_3
Quarterly Financial Data (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Operating revenue | $ 16,301 | $ 23,676 | $ 50,434 | $ 19,865 | $ 21,891 | $ 33,988 | $ 30,647 | $ 13,512 | $ 110,276 | $ 100,038 | $ 96,862 |
Operating (loss) income | (1,343) | 1,944 | 29,344 | (541) | (1,555) | 4,787 | 4,927 | (4,582) | 29,404 | 3,577 | 3,078 |
Net (loss) income attributable to the Company | $ (66) | $ 5,483 | $ 26,195 | $ 757 | $ 38,503 | $ 5,943 | $ 10,764 | $ 4,368 | $ 32,369 | $ 59,578 | $ 15,895 |
Basic and diluted income per share attributable to the Company (in dollars per share) | $ 0.09 | $ 0.41 | $ 0.01 | $ 0.58 | $ 0.08 | $ 0.15 | $ 0.06 | $ 0.52 | $ 0.84 | $ 0.21 |
Schedule III (Consolidated) -_2
Schedule III (Consolidated) - Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule III, Real Estate | ||||
Encumbrances | $ 69,374 | |||
Initial Cost to Company, Land & Improvements | 155,821 | |||
Initial Cost to Company, Buildings & Improvements | 147,710 | |||
Costs Capitalized Subsequent to Acquisition or Construction | 114,963 | |||
Land & Land Improvements | 273,764 | |||
Buildings and Improvements | 144,730 | |||
Total | 418,494 | $ 404,376 | $ 381,969 | $ 377,668 |
Accumulated Depreciation | 67,500 | |||
Aggregate cost of real estate owned for federal income tax purposes | 432,700 | |||
Residential developments | ||||
Schedule III, Real Estate | ||||
Encumbrances | 1,471 | |||
Initial Cost to Company, Land & Improvements | 48,430 | |||
Initial Cost to Company, Buildings & Improvements | 10,954 | |||
Costs Capitalized Subsequent to Acquisition or Construction | 53,283 | |||
Land & Land Improvements | 111,207 | |||
Buildings and Improvements | 1,460 | |||
Total | 112,667 | |||
Accumulated Depreciation | $ 2,044 | |||
Residential developments | Minimum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 5 years | |||
Residential developments | Maximum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 25 years | |||
WaterColor Inn | ||||
Schedule III, Real Estate | ||||
Initial Cost to Company, Land & Improvements | $ 2,237 | |||
Initial Cost to Company, Buildings & Improvements | 15,790 | |||
Costs Capitalized Subsequent to Acquisition or Construction | 6,778 | |||
Land & Land Improvements | 3,259 | |||
Buildings and Improvements | 21,546 | |||
Total | 24,805 | |||
Accumulated Depreciation | $ 9,591 | |||
WaterColor Inn | Minimum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 10 years | |||
WaterColor Inn | Maximum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 40 years | |||
Clubs and golf courses | ||||
Schedule III, Real Estate | ||||
Initial Cost to Company, Land & Improvements | $ 34,227 | |||
Initial Cost to Company, Buildings & Improvements | 16,272 | |||
Costs Capitalized Subsequent to Acquisition or Construction | 3,105 | |||
Land & Land Improvements | 37,137 | |||
Buildings and Improvements | 16,467 | |||
Total | 53,604 | |||
Accumulated Depreciation | $ 20,623 | |||
Clubs and golf courses | Minimum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 10 years | |||
Clubs and golf courses | Maximum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 25 years | |||
Marinas | ||||
Schedule III, Real Estate | ||||
Initial Cost to Company, Land & Improvements | $ 5,351 | |||
Initial Cost to Company, Buildings & Improvements | 2,540 | |||
Costs Capitalized Subsequent to Acquisition or Construction | 329 | |||
Land & Land Improvements | 5,559 | |||
Buildings and Improvements | 2,661 | |||
Total | 8,220 | |||
Accumulated Depreciation | $ 1,517 | |||
Marinas | Minimum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 10 years | |||
Marinas | Maximum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 25 years | |||
Other hospitality | ||||
Schedule III, Real Estate | ||||
Initial Cost to Company, Buildings & Improvements | $ 10,054 | |||
Costs Capitalized Subsequent to Acquisition or Construction | 89 | |||
Buildings and Improvements | 10,143 | |||
Total | 10,143 | |||
Accumulated Depreciation | $ 4,232 | |||
Other hospitality | Minimum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 10 years | |||
Other hospitality | Maximum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 30 years | |||
Pier Park North | ||||
Schedule III, Real Estate | ||||
Encumbrances | $ 45,977 | |||
Initial Cost to Company, Land & Improvements | 13,711 | |||
Initial Cost to Company, Buildings & Improvements | 35,243 | |||
Costs Capitalized Subsequent to Acquisition or Construction | 3,115 | |||
Land & Land Improvements | 13,711 | |||
Buildings and Improvements | 38,358 | |||
Total | 52,069 | |||
Accumulated Depreciation | $ 7,643 | |||
Pier Park North | Minimum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 15 years | |||
Pier Park North | Maximum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 39 years | |||
Town centers | ||||
Schedule III, Real Estate | ||||
Initial Cost to Company, Land & Improvements | $ 713 | |||
Initial Cost to Company, Buildings & Improvements | 21,887 | |||
Costs Capitalized Subsequent to Acquisition or Construction | (2,138) | |||
Land & Land Improvements | 787 | |||
Buildings and Improvements | 19,675 | |||
Total | 20,462 | |||
Accumulated Depreciation | $ 15,424 | |||
Town centers | Minimum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 10 years | |||
Town centers | Maximum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 25 years | |||
VentureCrossings | ||||
Schedule III, Real Estate | ||||
Initial Cost to Company, Land & Improvements | $ 5,791 | |||
Initial Cost to Company, Buildings & Improvements | 24,490 | |||
Costs Capitalized Subsequent to Acquisition or Construction | (2,566) | |||
Land & Land Improvements | 3,775 | |||
Buildings and Improvements | 23,940 | |||
Total | 27,715 | |||
Accumulated Depreciation | $ 3,433 | |||
VentureCrossings | Minimum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 10 years | |||
VentureCrossings | Maximum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 39 years | |||
Pier Park Crossings | ||||
Schedule III, Real Estate | ||||
Encumbrances | $ 14,285 | |||
Initial Cost to Company, Land & Improvements | 705 | |||
Costs Capitalized Subsequent to Acquisition or Construction | 13,092 | |||
Land & Land Improvements | 13,796 | |||
Total | 13,796 | |||
Other commercial | ||||
Schedule III, Real Estate | ||||
Encumbrances | 2,788 | |||
Initial Cost to Company, Land & Improvements | 2,962 | |||
Initial Cost to Company, Buildings & Improvements | 8,684 | |||
Costs Capitalized Subsequent to Acquisition or Construction | 2,970 | |||
Land & Land Improvements | 5,933 | |||
Buildings and Improvements | 8,684 | |||
Total | 14,617 | |||
Accumulated Depreciation | $ 913 | |||
Other commercial | Minimum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 10 years | |||
Other commercial | Maximum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 39 years | |||
Commercial developments | ||||
Schedule III, Real Estate | ||||
Encumbrances | $ 4,853 | |||
Initial Cost to Company, Land & Improvements | 34,922 | |||
Costs Capitalized Subsequent to Acquisition or Construction | 21,018 | |||
Land & Land Improvements | 55,940 | |||
Total | 55,940 | |||
Accumulated Depreciation | $ 66 | |||
Depreciation Life (in years) | 5 years | |||
Timber property | ||||
Schedule III, Real Estate | ||||
Initial Cost to Company, Land & Improvements | $ 6,687 | |||
Initial Cost to Company, Buildings & Improvements | 1,796 | |||
Costs Capitalized Subsequent to Acquisition or Construction | 11,282 | |||
Land & Land Improvements | 17,969 | |||
Buildings and Improvements | 1,796 | |||
Total | 19,765 | |||
Accumulated Depreciation | $ 1,983 | |||
Timber property | Minimum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 5 years | |||
Timber property | Maximum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 30 years | |||
Unimproved land | ||||
Schedule III, Real Estate | ||||
Initial Cost to Company, Land & Improvements | $ 85 | |||
Costs Capitalized Subsequent to Acquisition or Construction | 4,606 | |||
Land & Land Improvements | 4,691 | |||
Total | 4,691 | |||
Accumulated Depreciation | $ 31 | |||
Unimproved land | Minimum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 15 years | |||
Unimproved land | Maximum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 20 years |
Schedule III (Consolidated) -_3
Schedule III (Consolidated) - Real Estate and Accumulated Depreciation - Reconciliation of Real Estate Owned (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
SEC Schedule III, Reconciliation of real estate owned | |||
Balance at beginning of the year | $ 404,376 | $ 381,969 | $ 377,668 |
Amounts capitalized | 43,306 | 39,261 | 13,875 |
Impairments | (99) | (714) | (357) |
Cost of real estate sold | (18,928) | (14,274) | (6,489) |
Amounts retired or adjusted | (10,161) | (1,866) | (2,728) |
Balance at the end of the year | $ 418,494 | $ 404,376 | $ 381,969 |
Schedule III (Consolidated) -_4
Schedule III (Consolidated) - Real Estate and Accumulated Depreciation - Reconciliation of Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
SEC Schedule III, Reconciliation of accumulated depreciation | |||
Balance at beginning of the year | $ 71,752 | $ 67,349 | $ 64,069 |
Depreciation expense | 6,018 | 6,245 | 6,002 |
Amounts retired or adjusted | (10,270) | (1,842) | (2,722) |
Balance at the end of the year | $ 67,500 | $ 71,752 | $ 67,349 |
Schedule IV (Consolidated) - _2
Schedule IV (Consolidated) - Mortgage Loans on Real Estate (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Mortgage Loans on Real Estate | ||||
Face amount of mortgages | $ 1,462 | |||
Carrying amount of mortgages | $ 1,462 | $ 2,995 | $ 242 | $ 570 |
Seller financing | Interest bearing homebuilder note - 5.5% interest rate, due September 2019 | ||||
Mortgage Loans on Real Estate | ||||
Interest rate (as a percent) | 5.50% | |||
Face amount of mortgages | $ 749 | |||
Carrying amount of mortgages | 749 | |||
Annual principal payment | $ 100 | |||
Amortization period | 20 years | |||
Seller financing | Interest bearing homebuilder note - 5.5% interest rate, due June 2019 | ||||
Mortgage Loans on Real Estate | ||||
Interest rate (as a percent) | 5.50% | |||
Face amount of mortgages | $ 422 | |||
Carrying amount of mortgages | 422 | |||
Annual principal payment | $ 100 | |||
Amortization period | 20 years | |||
Seller financing | Interest bearing homebuilder note - 6.3% interest rate, due March 2020 | ||||
Mortgage Loans on Real Estate | ||||
Interest rate (as a percent) | 6.30% | |||
Face amount of mortgages | $ 150 | |||
Carrying amount of mortgages | 150 | |||
Annual principal payment | $ 100 | |||
Amortization period | 20 years | |||
Various other seller financing | Various other seller financing maturing December 2022 through November 2023 | ||||
Mortgage Loans on Real Estate | ||||
Face amount of mortgages | $ 141 | |||
Carrying amount of mortgages | $ 141 | |||
Various other seller financing | Various other seller financing maturing December 2022 through November 2023 | Minimum | ||||
Mortgage Loans on Real Estate | ||||
Interest rate (as a percent) | 6.40% | |||
Various other seller financing | Various other seller financing maturing December 2022 through November 2023 | Maximum | ||||
Mortgage Loans on Real Estate | ||||
Interest rate (as a percent) | 6.70% |
Schedule IV (Consolidated) - _3
Schedule IV (Consolidated) - Mortgage Loans on Real Estate - Carrying Amount of Mortgage Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Changes in carrying amount of mortgage loans | |||
Balance at beginning of the year | $ 2,995 | $ 242 | $ 570 |
Additions during the year - new mortgage loans | 1,471 | 2,821 | |
Collections of principal | 3,004 | 68 | 328 |
Balance at the end of the year | $ 1,462 | $ 2,995 | $ 242 |