The St. Joe Company (JOE) 10-Q 31 Jul 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Jul. 29, 2019
Document and Entity Information [Abstract]
Document Type	10-Q
Document Period End Date	Jun. 30, 2019
Entity Registrant Name	ST JOE CO
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		60,206,242
Entity Central Index Key	0000745308
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
ASSETS
Investment in real estate, net	$ 384,056	$ 350,994
Cash and cash equivalents	195,587	195,155
Investments - debt securities	2,832	8,958
Investments - equity securities	36,270	36,132
Other assets	61,497	60,308
Property and equipment, net of accumulated depreciation of $61,692 and $60,271 at June 30, 2019 and December 31, 2018, respectively	18,950	12,031
Investments held by special purpose entities	207,055	207,384
Total assets	906,247	870,962
Liabilities:
Debt, net	80,244	69,374
Other liabilities	58,758	47,387
Deferred tax liabilities, net	48,206	44,315
Senior Notes held by special purpose entity	176,899	176,775
Total liabilities	364,107	337,851
Commitments and contingencies (Note 18)
Equity:
Common stock, no par value; 180,000,000 shares authorized; 60,672,034 issued at June 30, 2019 and December 31, 2018; and 60,200,534 and 60,672,034 outstanding at June 30, 2019 and December 31, 2018, respectively	330,209	331,395
Retained earnings	199,820	187,450
Accumulated other comprehensive loss	(70)	(674)
Treasury stock at cost, 471,500 shares held at June 30, 2019	(7,073)
Total stockholders' equity	522,886	518,171
Non-controlling interest	19,254	14,940
Total equity	542,140	533,111
Total liabilities and equity	$ 906,247	$ 870,962

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
CONDENSED CONSOLIDATED BALANCE SHEETS
Property and equipment, Accumulated depreciation	$ 61,692	$ 60,271
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	60,672,034
Common stock, outstanding (in shares)	60,200,534	60,672,034
Treasury stock (in shares)	471,500

CONDENSED CONSOLIDATED BALANC_3

CONDENSED CONSOLIDATED BALANCE SHEETS - VIEs - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
ASSETS
Investment in real estate	$ 384,056	$ 350,994
Cash and cash equivalents	195,587	195,155
Other assets	61,497	60,308
Investments held by special purpose entities	207,055	207,384
Total assets	906,247	870,962
LIABILITIES
Debt, net	80,244	69,374
Other liabilities	58,758	47,387
Senior Notes held by special purpose entity	176,899	176,775
Total liabilities	364,107	337,851
Variable Interest Entities
ASSETS
Investment in real estate	89,584	70,124
Cash and cash equivalents	4,301	2,113
Other assets	17,834	16,165
Investments held by special purpose entities	207,055	207,384
Total assets	318,774	295,786
LIABILITIES
Debt, net	69,096	60,262
Other liabilities	6,507	5,773
Senior Notes held by special purpose entity	176,899	176,775
Total liabilities	$ 252,502	$ 242,810

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenue:
Leasing revenue	$ 3,674		$ 7,181
Leasing revenue		$ 3,517		$ 6,935
Total revenue	35,546	50,434	51,570	70,298
Expenses:
Cost of leasing revenue	1,121	1,213	2,060	2,327
Other operating and corporate expenses	5,094	5,010	11,062	10,955
Depreciation, depletion and amortization	2,422	2,271	4,533	4,527
Total expenses	24,678	21,090	42,861	41,495
Operating income	10,868	29,344	8,709	28,803
Other income (expense):
Investment income, net	2,535	5,981	8,580	9,646
Interest expense	(3,024)	(2,954)	(5,966)	(5,979)
Other income, net	3,283	243	4,979	520
Total other income, net	2,794	3,270	7,593	4,187
Income before income taxes	13,662	32,614	16,302	32,990
Income tax expense	(3,434)	(6,547)	(4,095)	(6,298)
Net income	10,228	26,067	12,207	26,692
Net loss attributable to non-controlling interest	145	128	163	260
Net income attributable to the Company	$ 10,373	$ 26,195	$ 12,370	$ 26,952
Basic and Diluted
Weighted average shares outstanding (in shares)	60,200,534	63,760,022	60,260,488	64,613,298
Net income per share attributable to the Company (in dollars per share)	$ 0.17	$ 0.41	$ 0.21	$ 0.42
Real estate
Revenue:
Revenue	$ 15,553	$ 32,159	$ 20,144	$ 39,861
Expenses:
Cost of revenue	6,846	2,954	8,679	7,122
Hospitality
Revenue:
Revenue	15,560	12,847	22,991	19,925
Expenses:
Cost of revenue	9,002	9,449	16,193	16,158
Timber
Revenue:
Revenue	759	1,911	1,254	3,577
Expenses:
Cost of revenue	$ 193	$ 193	$ 334	$ 406

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Net income:		$ 10,228	$ 26,067	$ 12,207	$ 26,692
Other comprehensive (loss) income:
Reclassification of net realized (gain) loss included in earnings			(28)	2	1,050
Reclassification into retained earnings	[1]				932
Reclassification of other-than-temporary impairment loss included in earnings					63
Total before income taxes		(2)	293	810	1,554
Income tax expense	[2]		(74)	(206)	(706)
Total other comprehensive (loss) income, net of tax		(2)	219	604	848
Total comprehensive income, net of tax		10,226	26,286	12,811	27,540
Unrestricted available-for-sale, Debt securities
Other comprehensive (loss) income:
Net unrealized (loss) gain on investments		(9)	$ 321	790	(482)
Restricted
Other comprehensive (loss) income:
Net unrealized (loss) gain on investments		$ 7		$ 18	$ (9)
[1]	The reclassification into retained earnings for the six months ended June 30, 2018 relates to the adoption of Accounting Standards Update (“ASU”) 201601 Financial Instruments - Overall, as amended (“ASU 201601”). 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 condensed consolidated statements of comprehensive income.Income tax expense for the six months ended June 30, 2018
[2]	Income tax expense for the six months ended June 30, 2018 includes $0.3 million of income tax expense related to the adoption of ASU 201802 Income Statement - Reporting Comprehensive Income (“ASU 201802”). 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 Cuts and Jobs Act (the “Tax Act”).

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) $ in Thousands	6 Months Ended
	Jun. 30, 2018USD ($)
Income tax expense	$ (706)	[1]
Scenario, Adjustment | ASU 2018-02
Income tax expense	$ (300)
[1]	Income tax expense for the six months ended June 30, 2018 includes $0.3 million of income tax expense related to the adoption of ASU 201802 Income Statement - Reporting Comprehensive Income (“ASU 201802”). 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 Cuts and Jobs Act (the “Tax Act”).

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common StockPier Park Crossings JV	Common StockWatercrest JV	Common Stock	Retained Earnings	Accumulated Other Comprehensive (Loss) Income	Treasury Stock	Non-controlling InterestPier Park Crossings JV	Non-controlling InterestWatercrest JV	Non-controlling Interest	Total
Beginning Balance (in shares) at Dec. 31, 2017			65,897,866
Beginning Balance at Dec. 31, 2017			$ 424,694	$ 154,324	$ (1,461)				$ 15,027	$ 592,584
Increase (Decrease) in Stockholders' Equity
Allocation of ownership interest	$ (490)						$ 490
Additional ownership interest acquired in Artisan Park, LLC			297						(297)
Capital contribution from non-controlling interest									887	887
Stock based compensation expense			43							43
Issuance of common stock for officer compensation, net of tax withholding			$ 192							192
Issuance of common stock for officer compensation, net of tax withholding (in shares)			9,956
Repurchase of common shares						$ (72,463)				(72,463)
Repurchase of common shares (in shares)			(4,065,160)
Adoption of ASU 2018-02 Income Statement - Reporting Comprehensive Income				313	(313)
Other comprehensive income (loss)										848
Other comprehensive (loss) income, net of tax, excluding adoption of ASUs					465					465
Net income				26,952					(260)	26,692
Ending Balance at Jun. 30, 2018			$ 424,736	182,033	(613)	(72,463)			15,847	549,540
Ending Balance (in shares) at Jun. 30, 2018			61,842,662
Beginning Balance (in shares) at Mar. 31, 2018			65,142,997
Beginning Balance at Mar. 31, 2018			$ 425,223	155,838	(832)	(13,695)			14,662	581,196
Increase (Decrease) in Stockholders' Equity
Allocation of ownership interest	$ (490)						$ 490
Capital contribution from non-controlling interest									823	823
Stock based compensation expense			15							15
Issuance of common stock for officer compensation, net of tax withholding			$ (12)							(12)
Repurchase of common shares						(58,768)				(58,768)
Repurchase of common shares (in shares)			(3,300,335)
Other comprehensive income (loss)					219					219
Net income				26,195					(128)	26,067
Ending Balance at Jun. 30, 2018			$ 424,736	182,033	(613)	(72,463)			15,847	549,540
Ending Balance (in shares) at Jun. 30, 2018			61,842,662
Increase (Decrease) in Stockholders' Equity
Adoption of ASU, net of tax | ASU 2014-09				1,140						$ 1,140
Adoption of ASU, net of tax | ASU 2016-01				(696)	696
Beginning Balance (in shares) at Dec. 31, 2018			60,672,034							60,672,034
Beginning Balance at Dec. 31, 2018			$ 331,395	187,450	(674)				14,940	$ 533,111
Increase (Decrease) in Stockholders' Equity
Allocation of ownership interest		$ (1,209)						$ 1,209
Capital contribution from non-controlling interest									3,468	3,468
Capital distribution to non-controlling interest									(200)	(200)
Stock based compensation expense			$ 23							23
Repurchase of common shares						(7,073)				(7,073)
Repurchase of common shares (in shares)			(471,500)
Other comprehensive income (loss)					604					604
Net income				12,370					(163)	12,207
Ending Balance at Jun. 30, 2019			$ 330,209	199,820	(70)	(7,073)			19,254	$ 542,140
Ending Balance (in shares) at Jun. 30, 2019			60,200,534							60,200,534
Beginning Balance (in shares) at Mar. 31, 2019			60,200,534
Beginning Balance at Mar. 31, 2019			$ 331,408	189,447	(68)	(7,073)			16,606	$ 530,320
Increase (Decrease) in Stockholders' Equity
Allocation of ownership interest		$ (1,209)						$ 1,209
Capital contribution from non-controlling interest									1,784	1,784
Capital distribution to non-controlling interest									(200)	(200)
Stock based compensation expense			$ 10							10
Repurchase of common shares (in shares)			0
Other comprehensive income (loss)					(2)					(2)
Net income				10,373					(145)	10,228
Ending Balance at Jun. 30, 2019			$ 330,209	$ 199,820	$ (70)	$ (7,073)			$ 19,254	$ 542,140
Ending Balance (in shares) at Jun. 30, 2019			60,200,534							60,200,534

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash flows from operating activities:
Net income	$ 12,207	$ 26,692
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	4,533	4,527
Stock based compensation	23	235
Loss on sale of investments	2	1,086
Unrealized gain on investments, net	(133)	(729)
Other-than-temporary impairment loss		63
Deferred income tax expense (benefit)	3,685	(54)
Impairment loss on investment in real estate		99
Cost of real estate sold	8,167	6,545
Expenditures for and acquisition of real estate to be sold	(14,602)	(8,288)
Accretion income and other	(680)	(1,038)
Loss on disposal of property and equipment		8
Gain on land contribution to equity method investment	(1,472)
Gain on insurance proceeds for damage to property and equipment	(4,071)
Changes in operating assets and liabilities:
Other assets	(1,816)	(331)
Other liabilities	6,044	2,184
Income taxes receivable	410	6,720
Net cash provided by operating activities	12,297	37,719
Cash flows from investing activities:
Expenditures for operating property	(26,599)	(9,659)
Expenditures for property and equipment	(7,409)	(1,252)
Proceeds from the disposition of assets		5,000
Proceeds from insurance claims	10,796
Purchases of investments - equity securities	(5)	(10,442)
Purchases of restricted investments	(40)	(38)
Maturities of investments - debt securities	7,000
Sales of investments - debt securities		63,548
Sales of investments - equity securities		7,328
Sales of restricted investments	1,155	1,082
Maturities of assets held by special purpose entities	414	414
Net cash (used in) provided by investing activities	(14,688)	55,981
Cash flows from financing activities:
Capital contribution from non-controlling interest	1,784	887
Capital distribution to non-controlling interest	(200)
Capital contribution to unconsolidated affiliate	(254)
Repurchase of common shares	(7,073)	(72,463)
Borrowings on debt	10,653	5,737
Principal payments for debt	(1,040)	(871)
Principal payments under finance lease obligation	(14)
Debt issuance costs	(813)	(1,158)
Net cash provided by (used in) financing activities	3,043	(67,868)
Net increase in cash, cash equivalents and restricted cash	652	25,832
Cash, cash equivalents and restricted cash at beginning of the period	198,073	192,451
Cash, cash equivalents and restricted cash at end of the period	$ 198,725	$ 218,283

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash, cash equivalents and restricted cash:
Cash and cash equivalents	$ 195,587	$ 215,095
Restricted cash included in other assets	3,138	3,188
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	198,725	218,283
Cash paid during the period for:
Interest	5,985	5,822
Income taxes		2,005
Non-cash financing and investment activities:
Non-cash allocation of ownership interest in JV	1,209	490
Non-cash contribution to equity method investment	(1,730)
Increase in capital contribution from non-controlling interest	1,683
Increase (decrease) in Community Development District debt	1,229	(207)
(Decrease) increase in expenditures for operating properties and property and equipment financed through accounts payable	$ (2,814)	$ 563

Nature of Operations

Nature of Operations	6 Months Ended
	Jun. 30, 2019
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 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, the Company’s previously titled “resorts and leisure” segment was retitled “hospitality,” with no effect on the condensed consolidated balance sheets, statements of income, statements of comprehensive income or statements of cash flows for the periods presented .

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2019
Significant Accounting Policies
Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying unaudited interim condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for reporting on Form 10‑Q. Accordingly, certain information and footnotes required by United States generally accepted accounting principles (“GAAP”) for complete financial statements are not included herein. The unaudited interim condensed consolidated financial statements include the accounts of the Company and all of its majority-owned and controlled subsidiaries and variable interest entities where the Company deems itself the primary beneficiary. Investments in joint ventures (“JV”) and limited partnerships in which the Company is not the primary beneficiary are accounted for by the equity method. All significant intercompany transactions and balances have been eliminated in consolidation. The December 31, 2018 condensed consolidated balance sheet amounts have been derived from the Company’s December 31, 2018 audited consolidated financial statements. Certain prior period amounts in the accompanying condensed consolidated financial statements have been reclassified to conform to the current year presentation. These reclassifications had no effect on the Company’s previously reported total assets and liabilities, stockholders’ equity or net income. Operating results for the six months ended June 30, 2019 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2019. 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 9. Real Estate Joint Ventures . The interim condensed consolidated financial statements reflect all normal recurring adjustments that, in the opinion of management, are necessary for fair presentation of the information contained herein. The interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10‑K for the year ended December 31, 2018. The Company adheres to the same accounting policies in preparation of its unaudited interim condensed consolidated financial statements as the Company’s December 31, 2018 annual financial statements, except for recently adopted accounting pronouncements detailed below. As required under GAAP, interim accounting for certain expenses, including income taxes, are based on full year assumptions. For interim financial reporting purposes, income taxes are recorded based upon estimated annual income tax rates. Concentration of Risks and Uncertainties The Company’s real estate investments are concentrated in Northwest Florida 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 June 30, 2019, these balances exceeded the amount of F.D.I.C. insurance provided on such deposits. In addition, as of June 30, 2019 the company had $2.8 million invested in two issuers of corporate debt securities that are non-investment grade, $36.3 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 $154.2 million in short term commercial paper from t wenty-two issuers and short term U.S. Treasury securities of $7.0 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 and six months ended June 30, 2019 and 2018, basic and diluted average shares outstanding were the same. There were no outstanding common stock equivalents as of June 30, 2019 or June 30, 2018. Non-vested restricted stock is included in outstanding shares at the time of grant. Recently Adopted Accounting Pronouncements Leases In February 2016, the FASB issued ASU 2016‑02, Leases (“ASU 2016-02”) that amended 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 by this amendment. This amendment also required certain quantitative and qualitative disclosures about leasing arrangements. In January 2018, the FASB issued ASU 2018‑01, which provided 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 provided clarifications and improvements to ASU 2016-02. In July 2018, the FASB issued ASU 2018-11 that provided 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 provided an accounting policy election for certain narrow-scope improvements for lessors. In March 2019, the FASB issued ASU 2019-01 that provided clarifications and improvements to ASU 2016-02. During the Company’s evaluation of ASU 2016-02, as amended, (“Topic 842”) 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, did 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, did 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, did 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 Accounting Standards Codification Topic 606, Revenue from Contracts with Customers . 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 adopted the new guidance, including amendments, as of January 1, 2019 and has elected to implement Topic 842 retrospectively using the cumulative-effect adjustment transition method as of the date of adoption. As a result, prior periods have not been restated. As of the date of adoption, a cumulative-effect adjustment was not necessary and the Company recognized an operating lease right-of use assets of $0.4 million and corresponding operating lease liabilities of $0.4 million based on the present value of minimum rental payments related to leases for which the Company is the lessee. The operating lease right-of-use assets and corresponding operating lease liabilities are included within other assets and other liabilities, respectively, on the condensed consolidated balance sheets. There were no adjustments related to the leases for which the Company is the lessor. The adoption of this guidance did not materially impact results of operations or cash flows. Recently Issued Accounting Pronouncements Financial Instruments - Credit Losses In June 2016, the FASB issued ASU 2016‑13, Financial Instruments – Credit Losses (Topic 326) (“ASU 2016-13”), that requires a financial asset measured at amortized cost to be presented at the net amount expected to be collected and requires that credit losses from available-for-sale debt securities be presented as an allowance for credit loss. In November 2018, the FASB issued ASU 2018-19, which clarifies that impairment of receivables from operating leases should be accounted for using lease guidance. In April 2019, the FASB issued ASU 2019-04, which clarifies and improves ASU 2016-13. In May 2019, the FASB issued ASU 2019-05, which provides an option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis. 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.

Investment in Real Estate

Investment in Real Estate	6 Months Ended
	Jun. 30, 2019
Investment in Real Estate
Investment in Real Estate	3. Investment in Real Estate Real estate by property type and segment includes the following: June 30, December 31, 2019 2018 Development property: Residential real estate $ 112,759 $ 105,323 Hospitality 4,554 3,726 Commercial leasing and sales 81,674 73,128 Forestry 1,885 2,144 Corporate 2,542 2,497 Total development property 203,414 186,818 Operating property: Residential real estate 7,344 7,344 Hospitality 95,817 93,046 Commercial leasing and sales 127,406 111,471 Forestry 20,524 19,765 Other 50 50 Total operating property 251,141 231,676 Less: Accumulated depreciation 70,499 67,500 Total operating property, net 180,642 164,176 Investment in real estate, net $ 384,056 $ 350,994 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 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, Origins 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 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 vacation 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, Pier Park Crossings JV 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.

Investments

Investments	6 Months Ended
	Jun. 30, 2019
Investments
Investments	4. Investments Available-For-Sale Investments Investments classified as available-for-sale securities were as follows: June 30, 2019 Gross Unrealized Gross Unrealized Amortized Cost Gains (Losses) Fair Value Investments - debt securities: Corporate debt securities $ 2,928 $ — $ (96) $ 2,832 2,928 — (96) 2,832 Restricted investments: Short-term bond 2,210 11 — 2,221 Money market fund 113 — — 113 2,323 11 — 2,334 $ 5,251 $ 11 $ (96) $ 5,166 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 During the three months ended June 30, 2019 there were no realized gains or losses from the sale of available-for-sale securities. During the six months ended June 30, 2019 net realized losses from the sale of available-for-sale securities were less than $0. 1 million. During six months ended June 30, 2019 proceeds from the sale of available-for-sale securities were $1.2 million and purchases of available-for-sale securities were less than $0.1 million. During the six months ended June 30, 2018, net realized losses from the sale of available for-sale securities were $1.1 million, proceeds from the sale of available-for-sale securities were $64.6 million and purchases of available-for sale securities were less than $0.1 million. The following table provides the available-for-sale investments unrealized loss position and related fair values: June 30, 2019 Less Than 12 Months 12 Months or Greater Unrealized Unrealized Fair Value Losses Fair Value Losses Investments - debt securities: Corporate debt securities $ — $ — $ 2,832 $ 96 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 As of June 30, 2019, the Company had unrealized losses of $0.1 million related to corporate debt securities. The Company had unrealized losses of $0.9 million as of December 31, 2018 related to corporate debt securities and restricted investments. As of June 30, 2019 and December 31, 2018, 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 the six months ended June 30, 2018, the Company determined unrealized losses related to its corporate debt securities were other-than-temporarily impaired and recorded an impairment of $0.1 million for credit-related loss in investment income, net in the Company’s condensed 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 since certain borrowers have the right to call or prepay obligations. June 30, 2019 Amortized Cost Fair Value Due in one year or less $ 2,928 $ 2,832 Restricted investments 2,323 2,334 $ 5,251 $ 5,166 Investments - Equity Securities As of June 30, 2019 and December 31, 2018 investments - equity securities included $36.3 million and $36.1 million, respectively, of preferred stock investments recorded at fair value. During the three and six months ended June 30, 2019 the Company had an unrealized loss on investments - equity securities of $1.9 million and an unrealized gain on investments – equity securities of $0.1 million, respectively. During the three and six months ended June 30, 2018 the Company had an unrealized gain on investments – equity securities of $1.3 million and $0.7 million, respectively. These amounts were included within investment income, net on the condensed consolidated statements of income. Investment Management Agreement Mr. Bruce R. Berkowitz is the Chairman of the Company’s Board of Directors (the “Board”). He is the Manager of, and controls entities that own and control, Fairholme Holdings, LLC (“Fairholme”), which wholly owns Fairholme Capital Management, L.L.C. (“FCM”, an investment advisor registered with the SEC) and the Fairholme Trust Company, L.L.C. (“FTC”, a non-depository trust company regulated by the Florida Office of Financial Regulation). 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 June 30, 2019, clients of FCM and FTC beneficially owned approximately 41.43% of the Company’s common stock and Fairholme, including Mr. Berkowitz and clients of FCM and FTC, collectively beneficially owned 44.03% 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 an Investment Management Agreement, as amended, with the Company (the “Investment Management Agreement”), FTC agreed to supervise and direct the investments of investment accounts established by the Company in accordance with the investment guidelines and restrictions approved by the 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 or cash equivalents, (iv) the investment account is permitted to be invested in common equity securities; however, common stock investments shall be limited to exchange-traded common equities, shall not exceed 5% ownership of a single issuer and, cumulatively, the common stock held in the Company’s investment portfolio shall not exceed $100.0 million market value, and (v) the aggregate market value of investments in common stock, preferred stock or other equity investments cannot exceed 25% of the market value of the Company’s investment portfolio at the time of purchase.

Financial Instruments and Fair

Financial Instruments and Fair Value Measurements	6 Months Ended
	Jun. 30, 2019
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: June 30, 2019 Total Fair Level 1 Level 2 Level 3 Value Cash equivalents: Money market funds $ 1,816 $ — $ — $ 1,816 Commercial paper 154,241 — — 154,241 U.S. Treasury securities 6,982 — — 6,982 163,039 — — 163,039 Investments - debt securities: Corporate debt securities — 2,832 — 2,832 — 2,832 — 2,832 Investments - equity securities: Preferred stock 10,792 25,478 — 36,270 Restricted investments: Short-term bond 2,221 — — 2,221 Money market fund 113 — — 113 2,334 — — 2,334 $ 176,165 $ 28,310 $ — $ 204,475 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 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 condensed 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 are included within other assets on the condensed consolidated balance sheets and include certain of the surplus assets that were transferred from the Company’s Pension Plan to a suspense account in the Company’s 401(k) Plan in December 2014. The Company has retained the risks and rewards of ownership of these assets; therefore, the assets held in the suspense account are included in the Company’s condensed consolidated financial statements until they are allocated to participants. As of June 30, 2019 and December 31, 2018, 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 8. Other Assets . Fair Value of Financial Instruments The Company uses the following methods and assumptions in estimating fair value for financial instruments: · The fair value of the investments held by SPEs - time deposit is based on the present value of future cash flows at the current market rate. · The fair value of the investments held by SPEs - U.S. Treasury 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: June 30, 2019 December 31, 2018 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 $ 7,055 $ 6,997 1 $ 7,384 $ 7,092 1 Liabilities Senior Notes held by SPE $ 176,899 $ 204,080 3 $ 176,775 $ 193,293 3 Investments and Senior Notes Held by Special Purpose Entities In connection with a real estate sale in 2014, the Company received consideration including a $200.0 million fifteen-year installment note (the “Timber Note”) issued by Panama City Timber Finance Company, LLC. The Company contributed the Timber Note and assigned its rights as a beneficiary under a letter of credit to Northwest Florida Timber Finance, LLC. Northwest Florida Timber Finance, LLC monetized the Timber Note by issuing $180.0 million aggregate principal amount of its 4.8% Senior Secured Notes due in 2029 (the “Senior Notes”) at an issue price of 98.5% of face value to third party investors. The investments held by Panama City Timber Finance Company, LLC as of June 30, 2019, consist of a $200.0 million time deposit that, subsequent to April 2, 2014, pays interest at 4.0% and matures in March 2029, U.S. Treasuries of $6.7 million and cash of $0.4 million. The Senior Notes held by Northwest Florida Timber Finance, LLC as of June 30, 2019 consist of $176.9 million, net of the $3.1 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.

Hurricane Michael

Hurricane Michael	6 Months Ended
	Jun. 30, 2019
Hurricane Michael
Hurricane Michael	6. 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 continuing to assess claims under such policies; however, the timing and amount of insurance proceeds are uncertain and may not be sufficient to cover all losses. Timing differences are likely to exist between the impairment losses, capital expenditures made to repair or restore properties and recognition and receipt of insurance proceeds reflected in the Company’s financial statements. 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. During the three and six months ended June 30, 2019, $1.3 million of insurance proceeds were received related to business interruption insurance, included within cost of hospitality revenue on the condensed consolidated statements of income. Costs incurred due to business interruption, primarily at the marinas, are continuing to be evaluated. The Company does not expect revenue at these locations until the properties have been rebuilt, but will incur costs for employee retention and property maintenance. During the fourth quarter of 2018, the Company recorded a loss on disposal of assets related to the net book value of the marinas and certain forestry and commercial leasing assets. During the three and six months ended June 30, 2019, the Company recognized $3.8 million and $4.1 million, respectively of insurance proceeds, included in other income, net on the condensed consolidated statements of income. During the three and six months ended June 30, 2019, the Company has incurred costs of $0.8 million and $1.1 million, respectively for additional hurricane expenses for repairs, clean-up costs, landscape repairs, demolition costs, professional fees and temporary housing for employees included in other income, net on the condensed consolidated statements of income. The Company expects that its results of operations related to the marinas and timber assets will be impacted in the near term.

Leases

Leases	6 Months Ended
	Jun. 30, 2019
Leases
Leases	7. Leases Leasing revenue consists of rental revenue from multi-family, retail, office and commercial property, cell towers and other assets, which is recognized as earned, using the straight-line method over the life of each lease. The components of leasing revenue are as follows: Three Months Ended Six Months Ended June 30, 2019 June 30, 2019 Leasing revenue Lease payments $ 2,724 $ 5,404 Variable lease payments 950 1,777 Total leasing revenue $ 3,674 $ 7,181 Minimum future base rental revenue on non-cancelable leases subsequent to June 30, 2019, for the next five years ending December 31 are: 2019 $ 5,725 2020 11,016 2021 9,810 2022 8,977 2023 7,010 $ 42,538 As of June 30, 2019, the Company leased certain office equipment under a finance lease and had operating leases for property and equipment used in hospitality operations with remaining lease terms up to the year 2024. Certain leases include options to purchase, terminate or renew for one or more years, which are included in the lease term used to establish right-of-use assets and lease liabilities when it is reasonably certain that the option will be exercised. Finance lease right-of-use assets are included within property, plant and equipment and operating lease right-of-use assets are included within other assets on the condensed consolidated balance sheets, which represent the Company’s right to use an underlying asset during a lease term for leases in excess of one year. Corresponding finance lease liability and operating lease liabilities are included within other liabilities on the condensed consolidated balance sheets and are related to the Company’s obligation to make lease payments for leases in excess of one year. Prior to the adoption ASU 2016-02 on January 1, 2019 lease assets and liabilities for operating leases were not recognized. The Company uses its incremental borrowing rate to determine the present value of the lease payments since the rate implicit in each lease is not readily determinable. The components of lease expense are as follows: Three Months Ended Six Months Ended June 30, 2019 June 30, 2019 Lease cost Finance lease cost: Amortization of right-of-use assets $ 12 $ 16 Interest on lease liability 3 4 Operating lease cost 53 105 Short-term lease cost 237 301 Total lease cost $ 305 $ 426 Other information Weighted-average remaining lease term - finance lease (in years) 4.7 Weighted-average remaining lease term - operating leases (in years) 1.7 Weighted-average discount rate - finance lease Weighted-average discount rate - operating leases The aggregate payments of finance lease liability subsequent to June 30, 2019, for the years ending December 31 are: 2019 $ 27 2020 54 2021 54 2022 54 2023 54 Thereafter 10 Total 253 Less imputed interest (27) Total finance lease liability $ 226 The aggregate payments of operating lease liabilities subsequent to June 30, 2019, for the years ending December 31 are: 2019 $ 91 2020 149 2021 82 2022 5 2023 2 Total 329 Less imputed interest (17) Total operating lease liabilities $ 312

Other Assets

Other Assets	6 Months Ended
	Jun. 30, 2019
Other Assets
Other Assets	8. Other Assets Other assets consist of the following: June 30, December 31, 2019 2018 Restricted investments $ 2,334 $ 3,432 Accounts receivable, net 9,899 14,061 Homesite sales receivable 3,775 2,977 Claim settlement receivable 2,720 2,679 Notes receivable 3,155 2,265 Income tax receivable 3,504 3,914 Prepaid expenses 7,905 6,751 Straight-line rent 3,480 3,581 Operating lease right-of-use assets 312 — Investment in unconsolidated joint venture 3,089 1,105 Other assets 6,451 5,069 Retained interest investments 11,935 11,536 Accrued interest receivable for Senior Notes held by SPE 2,938 2,938 Total other assets $ 61,497 $ 60,308 Restricted Investments 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 condensed consolidated financial statements until they are allocated to participants. 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 two years. During both the six months ended June 30, 2019 and 2018, the Company recorded an expense of $1.1 million, for the fair value of the assets, less expenses that were allocated to participants. Any gain or loss on these assets is reflected in the Company’s condensed consolidated statements of income and was less than a $0.1 million loss for the three and six months ended June 30, 2019 and 2018. Refer to Note 5. Financial Instruments and Fair Value Measurements . Accounts Receivable, Net As of December 31, 2018, accounts receivable, net included $6.7 million of insurance proceeds receivable from the Company’s insurance carriers for property damage related to Hurricane Michael, which were received during the six months ended June 30, 2019 . See Note 6. Hurricane Michael for additional information. Homesite Sales Receivable Homesite sales receivable from contracts with customers include estimated homesite residuals and certain estimated fees that are recognized as revenue at the time of sale to homebuilders, subject to constraints. Any change in circumstances from the estimated amounts will be updated at each reporting period. The receivable will be collected as the homebuilders build the homes and sell to retail consumers, which can occur over multiple years. The following table presents the changes in homesite sales receivable: Increases Due To Decreases Due to Balance Revenue Recognized Amounts Balance January 1, 2019 for Homesites Sold Received/Transferred June 30, 2019 Homesite sales receivable $ 2,977 $ 2,006 $ (1,208) $ 3,775 Increases Due To Decreases Due to Balance Revenue Recognized Amounts Balance January 1, 2018 for Homesites Sold Received/Transferred June 30, 2018 Homesite sales receivable $ 2,585 $ 1,125 $ (1,015) $ 2,695 Claim Settlement Receivable The remaining settlement amount of $2.7 million related to the Deepwater Horizon oil spill is due in October 2019. Notes Receivable Notes receivable consists of the following: June 30, December 31, 2019 2018 Interest bearing homebuilder note, secured by the real estate sold — 5.5% interest rate, due June 2021 $ 1,514 $ — Pier Park Community Development District notes, non-interest bearing, due September 2022 546 803 Interest bearing note with a JV partner, secured by the partner's membership interest in the JV - 8.0% interest rate, due May 2039 363 — Interest bearing homebuilder note, secured by the real estate sold — 5.5% interest rate, due September 2019 249 749 Interest bearing homebuilder note, secured by the real estate sold — 5.5% interest rate, due June 2020 253 422 Interest bearing homebuilder note, secured by the real estate sold — 6.3% interest rate, due March 2020 135 150 Various mortgage notes, secured by certain real estate, bearing interest at various rates 95 141 Total notes receivable $ 3,155 $ 2,265 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 June 30, 2019 and December 31, 2018, 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 condensed consolidated financial statements as of June 30, 2019 and December 31, 2018. The Company’s continuing involvement with the SPEs is the receipt of the net interest payments and the remaining principal of approximately $16.7 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 $11.9 million and $11.5 million as of June 30, 2019 and December 31, 2018, respectively, recorded in other assets on the Company’s condensed consolidated balance sheets.

Real Estate Joint Ventures

Real Estate Joint Ventures	6 Months Ended
	Jun. 30, 2019
Real Estate Joint Ventures
Real Estate Joint Ventures	9. 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. Latitude Margaritaville Watersound JV LMWS, LLC (“Latitude Margaritaville Watersound JV”) was created in June 2019, when the Company entered into a JV agreement to develop a 55+ active adult residential community in Bay County, Florida. The JV parties are working together to develop the first phase of the community, which is anticipated to include 3,500 homes. The community will be located on land that will be contributed to the JV by the Company. As of June 30, 2019, the Company owned a 50.0% voting interest in the JV. Each JV member will initially contribute an equal amount of cash and the Company’s additional land contribution will be returned as each residential unit is sold by the JV until the cumulative distributions equal the land contribution value. The day-to-day activities of the JV will be managed through a board of managers, with each JV partner having equal voting rights . The Company has significant involvement in the design of the development and approves all major decisions, including project development, annual budgets and financing. As of June 30, 2019, Latitude Margaritaville Watersound JV did not have any activity and the Company is currently evaluating whether it is the VIE’s primary beneficiary. Consolidated Real Estate Joint Ventures Watercrest JV Watercrest JV was created in May 2019, when the Company entered into a JV agreement to develop and operate a new assisted living and memory care community in Santa Rosa Beach, Florida. The JV parties are working together to develop and construct a 107 unit community. The community will be located on land that was contributed to the JV by the Company. As of June 30, 2019, the Company owned an 87.0% interest in the consolidated JV. The Company’s partner is responsible for the day-to-day activities of the JV. However, the Company has significant involvement in the design of the development and approves all major decisions, including project development, annual budgets and financing. The Company determined Watercrest JV is a VIE and that the Company is the VIE’s primary beneficiary as of June 30, 2019. Origins Crossings JV Origins Crossings JV was created in January 2019, when the Company entered into a JV agreement to develop, manage and lease apartments in Watersound, Florida. The JV parties are working together to develop and construct a 217 unit apartment community. The community will be located on land near the entrance to the Watersound Origins community, which was contributed to the JV by the Company. As of June 30, 2019, the Company owned a 75.0% interest in the consolidated JV. The Company’s partner is responsible for the day-to-day activities of the JV. However, the Company has significant involvement in the design of the development and approves all major decisions, including project development, annual budgets and financing. The Company determined Origins Crossings JV is a VIE and that the Company is the VIE’s primary beneficiary as of June 30, 2019. Pier Park Crossings JV In April 2017, the Company entered into a JV agreement to develop, manage and lease apartments in Panama City Beach, Florida. The JV parties are working together to develop and construct a 240 unit apartment community. The community is located on land in the Pier Park area that was contributed to the JV by the Company. As of June 30, 2019 and December 31, 2018, the Company owned a 75.0% interest in the consolidated JV. The Company’s partner is responsible for the day-to-day activities of the JV. However, the Company has significant involvement in the design of the development and approves all major decisions, including project development, annual budgets and financing. The Company determined Pier Park Crossings JV is a VIE and that the Company is the VIE’s primary beneficiary as of June 30, 2019 and December 31, 2018. Windmark JV As of June 30, 2019 and December 31, 2018, the Company owned a 49.0% 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 June 30, 2019 and December 31, 2018. On July 5, 2019, the Company repurchased the 51.0% equity interests in the Windmark JV from the two other members of the Windmark JV for a total consideration of $11.6 million and, as a result, the Company now owns 100.0% of the Windmark project. Pier Park North JV During 2012, the Company entered into a JV agreement with a partner to develop a retail center at Pier Park North. As of June 30, 2019 and December 31, 2018, the Company owned a 60.0% interest in the consolidated JV. The Company’s partner is responsible for the day-to-day activities of the JV. However, the Company has significant involvement in the design of the development and approves all major decisions, including project development, annual budgets and financing. The Company determined the Pier Park North JV is a VIE and that the Company is the VIE’s primary beneficiary as of June 30, 2019 and December 31, 2018. Unconsolidated Joint Ventures Pier Park TPS, LLC Pier Park TPS, LLC (“Pier Park TPS JV”) was created in April 2018, when the Company entered into a JV agreement to develop and operate a 124 room hotel in Panama City Beach, Florida. The hotel will be located on land in the Pier Park area that the Company contributed to the JV on January 14, 2019 with a fair value of $1.7 million. In addition, during the six months ended June 30, 2019, the Company contributed cash of $0.2 million and mitigation bank credits of $0.1 million. As of December 31, 2018, the Company had an investment in the JV project of $1.1 million that was contributed to the JV during the first quarter of 2019. As of June 30, 2019 and December 31, 2018, the investment in the unconsolidated JV was $3.1 million and $1.1 million, respectively, which is included in other assets on the condensed consolidated balance sheets. The hotel is currently under construction and the Company did not recognize any income or loss on this investment for the three and six months ended June 30, 2019. As of June 30, 2019 and December 31, 2018, the Company owned a 50.0% interest in the JV. The Company’s partner is responsible for the day-to-day activities of the JV. The Company has determined that Pier Park TPS JV is a VIE, but that the Company is not the primary beneficiary since it does not have the power to direct the activities that most significantly impact the economic performance of the JV. The Company’s investment in Pier Park TPS JV is accounted for using the equity method. See Note 18. Commitments and Contingencies for additional information related to debt guaranteed by the Company. Summarized financial information for Pier Park TPS JV is as follows: June 30, December 31, 2019 2018 BALANCE SHEETS: Investment in real estate $ 7,589 $ 285 Cash and cash equivalents 29 64 Total assets $ 7,618 $ 349 Other liabilities $ 1,440 $ 3 Equity 6,178 346 Total liabilities and equity $ 7,618 $ 349

Debt

Debt	6 Months Ended
	Jun. 30, 2019
Debt
Debt	10. Debt, Net Debt consists of the following: June 30, 2019 December 31, 2018 Unamortized Unamortized Discount and Discount and Debt Issuance Debt Issuance Principal Costs Net Principal Costs Net PPN JV Loan, due November 2025, bearing interest at 4.1% $ 45,973 $ 413 $ 45,560 $ 46,423 $ 446 $ 45,977 Pier Park Crossings JV Loan, insured by HUD, due June 2060, bearing interest at 4.0% 24,636 1,101 23,535 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% 7,023 — 7,023 6,324 — 6,324 Pier Park Outparcel Construction Loan, due March 2027, bearing interest at LIBOR plus 1.7% (effective rate of 4.1% at June 30, 2019) 1,562 15 1,547 1,585 16 1,569 WaterColor Crossings Construction Loan, due February 2029, bearing interest at LIBOR plus 1.7% (effective rate of 4.1% at June 30, 2019) 1,446 24 1,422 1,245 26 1,219 Beach Homes Loan, due May 2029, bearing interest at LIBOR plus 1.7% (effective rate of 4.1% at June 30, 2019) 1,178 21 1,157 — — — Total debt $ 81,818 $ 1,574 $ 80,244 $ 70,976 $ 1,602 $ 69,374 In October 2015, the Pier Park North JV entered into a $48.2 million loan (the “PPN JV Loan”), secured by a first lien on, and security interest in, a majority of the Pier Park North JV’s property. In connection with the PPN JV Loan, the Company entered into a limited guarantee in favor of the lender, based on its percentage ownership of the JV. In addition, the guarantee can become full recourse in the case of any fraud or intentional misrepresentation by the Pier Park North JV; any voluntary transfer or encumbrance of the property in violation of the due-on-sale clause in the security instrument; upon commencement of voluntary bankruptcy or insolvency proceedings and upon breach of covenants in the security instrument. In May 2018, the Pier Park Crossings JV entered into a $36.6 million loan, insured by the U.S. Department of Housing and Urban Development (“HUD”), to finance the construction of apartments in Panama City Beach, Florida (the “PPC JV Loan”). The PPC JV Loan provides for interest only payments during the first twenty-four months and monthly principal and interest payments thereafter through maturity in June 2060. The PPC JV Loan may not be prepaid prior to July 1, 2020. From July 1, 2020 through June 30, 2030, a prepayment premium is due to the lender of 1.0% - 10.0% of any prepaid principal. The PPC JV Loan is secured by the Pier Park Crossings JV’s real property and the assignment of rents and leases. Community Development District (“CDD”) bonds financed the construction of infrastructure improvements at some of the Company’s communities. 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 $18.9 million and $19.9 million as of June 30, 2019 and December 31, 2018, respectively. The Company pays interest on this total outstanding CDD debt. In March 2017, a wholly owned subsidiary of the Company entered into a $1.6 million construction loan to finance the construction of a commercial leasing property located in Panama City Beach, Florida (the “Pier Park Outparcel Construction Loan”). The Pier Park Outparcel Construction Loan provides for monthly principal and interest payments with a final balloon payment at maturity. The Pier Park Outparcel Construction Loan is secured by the real property, assignment of rents and the security interest in the rents and personal property. In February 2018, a wholly owned subsidiary of the Company entered into a $1.9 million construction loan to finance the construction of a commercial leasing property located in Santa Rosa Beach, Florida (the “WaterColor Crossings Construction Loan”). The WaterColor Crossings Construction Loan provides for monthly principal and interest payments with a final balloon payment at maturity. The WaterColor Crossings Construction Loan is secured by the real property, assignment of rents and the security interest in the rents and personal property. In connection with the WaterColor Crossings Construction Loan, the Company executed a guarantee in favor of the lender to guarantee the payment and performance of the borrower under the WaterColor Crossings Construction Loan. In May 2018, a wholly owned subsidiary of the Company entered into a $1.7 million construction loan to finance the construction of two beach homes located in Panama City Beach, Florida (the “Beach Homes Loan”). The Beach Homes Loan provides for monthly principal and interest payments with a final balloon payment at maturity. The Beach Homes Loan is secured by the real property, assignment of rents and the security interest in the rents and personal property. In connection with the Beach Homes Loan, the Company executed a guarantee in favor of the lender to guarantee the payment and performance of the borrower under the Beach Homes Loan. In May 2019, the Origins Crossings JV entered into a $37.9 million loan the (“Origins Crossings JV Loan”) to finance the construction of apartments in Watersound, Florida. The Origins Crossings JV Loan provides for interest only payments for the first thirty months and principal and interest payments thereafter through maturity in May 2024. The Origins Crossings JV Loan is secured by the real property, assignment of rents and the security interest in the rents and personal property. In connection with the Origins Crossings JV Loan, the Company executed a guarantee in favor of the lender to guarantee the payment and performance of the borrower under the Origins Crossings JV Loan. The Company is the sole guarantor and will receive a fee related to the guarantee from its JV partner based on the JV partner’s ownership percentage. As of June 30, 2019, there was no principal balance and the JV incurred $0.5 million of loan costs related to the Origins Crossings JV Loan. In June 2019, the Watercrest JV entered into a $22.5 million loan the (“Watercrest JV Loan”) to finance the construction of a senior living facility in Santa Rosa Beach, Florida. The Watercrest JV Loan provides for interest only payments for the first thirty-six months and principal and interest payments thereafter through maturity in June 2047. The Watercrest JV Loan is secured by the real property, assignment of rents, leases and deposits and the security interest in the rents and personal property. In connection with the Watercrest JV Loan, the Company executed a guarantee in favor of the lender to guarantee the payment and performance of the borrower under the Watercrest JV Loan. The Company is the sole guarantor and will receive a fee related to the guarantee from its JV partner based on the JV partner’s ownership percentage. The Company entered into an interest rate swap to hedge cash flows tied to changes in the underlying floating interest rate tied to LIBOR. The interest rate swap is effective June 1, 2021 and matures on June 1, 2024 and fixed the variable rate debt on the notional amount of related debt of $20.0 million to a rate of 4.37%. As of June 30, 2019, there was no principal balance and the JV incurred $0.3 million of loan costs related to the Watercrest JV Loan. The aggregate maturities of debt subsequent to June 30, 2019, for the years ending December 31 are: June 30, 2019 2019 $ 553 2020 1,986 2021 2,194 2022 2,208 2023 2,232 Thereafter 72,645 $ 81,818

Other Liabilities

Other Liabilities	6 Months Ended
	Jun. 30, 2019
Other Liabilities
Other Liabilities	11. Other Liabilities Other liabilities consist of the following: June 30, December 31, 2019 2018 Accounts payable $ 14,480 $ 10,148 Finance lease liability 226 — Operating lease liabilities 312 — Accrued compensation 2,269 3,112 Other accrued liabilities 5,807 2,560 Deferred revenue 20,205 17,478 Club initiation fees 6,457 5,676 Club membership deposits 4,153 4,286 Advance deposits 1,999 1,277 Accrued interest expense for Senior Notes held by SPE 2,850 2,850 Total other liabilities $ 58,758 $ 47,387 Other accrued liabilities include $2.3 million of accrued property taxes as of June 30, 2019, which are generally paid annually in November. As of December 31, 2018 the Company had no accrued property taxes. Deferred revenue as of June 30, 2019 and December 31, 2018 includes $12.5 million related to a 2006 agreement pursuant to which the Company agreed to sell land to the Florida Department of Transportation. Revenue is recognized when title to a specific parcel is legally transferred. Club initiation fees are recognized as revenue over the estimated average duration of membership, which is evaluated periodically. The following table presents the changes in club initiation fees related to contracts with customers: Balance Increases Due To Decreases Due to Balance January 1, 2019 Cash Received Revenue Recognized June 30, 2019 Contract liabilities Club initiation fees $ 5,676 $ 1,663 $ (882) $ 6,457 Balance Increases Due To Decreases Due to Balance January 1, 2018 Cash Received Revenue Recognized June 30, 2018 Contract liabilities Club initiation fees $ 5,199 $ 695 $ (576) $ 5,318 Advance deposits consist of deposits received on hotel rooms and lodging rentals. Advance deposits are recorded as other liabilities in the condensed consolidated balance sheets without regard to whether they are refundable and are recognized as income at the time the service is provided for the related deposit.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2019
Income Taxes
Income Taxes	12. Income Taxes Income tax expense benefit attributable to income from operations differed from the amount computed by applying the statutory federal income tax rate of 21% as of June 30, 2019 and 2018 to pre-tax income as a result of the following: Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Tax at the federal statutory rate $ 2,869 $ 6,875 $ 3,424 $ 6,982 State income taxes (net of federal benefit) 601 1,423 717 1,445 2017 qualified timber gains at the federal statutory rate of 23.8% (1) — — — (524) Decrease in valuation allowance — (1,418) — (1,451) Other (36) (333) (46) (154) Total income tax expense $ 3,434 $ 6,547 $ 4,095 $ 6,298 (1) The Bipartisan Budget Act of 2018 was signed into law on February 9, 2018 (the “2018 Act”). The 2018 Act retroactively re-established the preferential 23.8% tax rate on C Corporation Qualified Timber Gains, extending its applicability from 2016 to include the 2017 tax year. The benefit of this retroactive tax rate reduction is included in 2018 income from continuing operations. Significant judgment is required in evaluating the Company's uncertain tax positions and determining its provision for income taxes. The Company regularly assesses the likelihood of adverse outcomes resulting from potential examinations to determine the adequacy of its provision for income taxes and applies a “more-likely-than-not” in determining the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return . The Company has not identified any unrecognized tax benefits as of either June 30, 2019 or December 31, 2018.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	6 Months Ended
	Jun. 30, 2019
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss	13. Accumulated Other Comprehensive Loss Following is a summary of the changes in the balances of accumulated other comprehensive loss, which is presented net of tax: Unrealized Gain on Available-for- Sale Securities Accumulated other comprehensive loss at December 31, 2018 $ (674) Other comprehensive income before reclassifications 602 Amounts reclassified from accumulated other comprehensive loss 2 Other comprehensive income 604 Accumulated other comprehensive loss at June 30, 2019 $ (70) Following is a summary of the tax effects allocated to other comprehensive (loss) income: Three Months Ended June 30, 2019 Before- Tax Benefit or Net-of- Tax Amount (Expense) Tax Amount Unrealized (loss) gain on investments - debt securities and restricted investments: Unrealized loss on available-for-sale investments $ (9) $ 2 $ (7) Unrealized gain on restricted investments 7 (2) 5 Net unrealized loss (2) — (2) Other comprehensive loss $ (2) $ — $ (2) Three Months Ended June 30, 2018 Before- Tax (Expense) or Net-of- Tax Amount Benefit Tax Amount Unrealized gain on investments: Unrealized gain on available-for-sale investments $ 321 $ (81) $ 240 Reclassification adjustment for net gain included in earnings (28) 7 (21) Net unrealized gain 293 (74) 219 Other comprehensive income $ 293 $ (74) $ 219 Six Months Ended June 30, 2019 Before- Tax Net-of- Tax Amount Expense Tax Amount Unrealized gain on investments - debt securities and restricted investments: Unrealized gain on available-for-sale investments $ 790 $ (201) $ 589 Unrealized gain on restricted investments 18 (5) 13 Reclassification adjustment for net loss included in earnings 2 — 2 Net unrealized gain 810 (206) 604 Other comprehensive income $ 810 $ (206) $ 604 Six Months Ended June 30, 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 $ (482) $ 123 $ (359) Unrealized loss on restricted investments (9) 2 (7) Reclassification adjustment for net loss included in earnings 1,050 (266) 784 Reclassification adjustment for other-than-temporary impairment loss included in earnings 63 (16) 47 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 1,554 (706) 848 Other comprehensive income $ 1,554 $ (706) $ 848 (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 condensed consolidated statements of comprehensive income. (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.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2019
Stockholders’ Equity
Stockholders' Equity	14. Stockholders’ Equity Stock Repurchase Program The Company’s Board has approved a stock repurchase program (the “Stock Repurchase Program”) pursuant to which the Company is authorized to repurchase shares of its common stock. The Stock Repurchase Program has no expiration date. During the six months ended June 30, 2019 and 2018, the Company repurchased 471,500 and 4,065,160 shares, respectively, of its common stock at an average purchase price of $15.00 and $17.82, per share, respectively, for an aggregate purchase price of $7.1 million and $72.5 million, respectively, pursuant to its Stock Repurchase Program. No shares were repurchased during the three months ended June 30, 2019. As of June 30, 2019, the Company had a total authority of $35.8 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. Issuance of Common Stock for Director’s Fees On May 20, 2019, the Company’s Board approved granting to each non-employee director an equity grant with an aggregate fair market value of $50,000 or, at the director’s election, its cash equivalent. On July 1, 2019, 5,708 shares of restricted stock were granted to two of the Company’s directors pursuant to the Board’s May 20, 2019 approval and the Company’s 2015 Performance and Equity Incentive Plan (the “2015 Plan”). This restricted stock will vest on the date of the Company’s 2020 Annual Meeting of Shareholders. Two non-employee directors elected to receive cash in lieu of the stock, which was paid in July 2019. On May 23, 2018, the Company’s Board approved granting to each non-employee director an equity grant with an aggregate fair market value of $50,000 or, at the director’s election, its cash equivalent. On July 2, 2018, 2,778 shares of restricted stock were granted to one of the Company’s directors pursuant to the Board’s May 23, 2018 approval and the Company’s 2015 Plan. This restricted stock vested on May 20, 2019, the date of the Company’s 2019 Annual Meeting of Shareholders. Three non-employee directors elected to receive cash in lieu of the stock. On May 25, 2017, the Company’s Board approved granting to each non-employee director an equity grant with an aggregate fair market value of $50,000 or, at the director’s election, its cash equivalent. On July 3, 2017, 5,334 shares of restricted stock were granted to two of the Company’s directors pursuant to the Board’s May 25, 2017 approval and the Company’s 2015 Plan. This restricted stock vested on May 23, 2018, the date of the Company’s 2018 Annual Meeting of Shareholders. Four non-employee directors elected to receive cash in lieu of the stock. For each of the three and six months ended June 30, 2019 and 2018, the Company recorded expense of less than $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 six months ended June 30, 2018, the Company recorded expense of $0.2 million related to restricted stock awards to the Company’s NEOs.

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jun. 30, 2019
Revenue Recognition
Revenue Recognition	15. Revenue Recognition Revenue consists primarily of real estate sales, hospitality operations, leasing operations, and timber sales. Taxes collected from customers and remitted to governmental authorities (e.g., sales tax) are excluded from revenue, costs and expenses. The following represents revenue disaggregated by segment, good or service and timing: Three Months Ended June 30, 2019 Commercial Residential Leasing Real Estate Hospitality and Sales Forestry Other Total Revenue by Major Good/Service: Real estate revenue $ 13,825 $ — $ 103 $ 1,185 $ 440 $ 15,553 Hospitality revenue — 15,560 — — — 15,560 Leasing revenue — 38 3,438 198 — 3,674 Timber revenue — — — 759 — 759 Total revenue $ 13,825 $ 15,598 $ 3,541 $ 2,142 $ 440 $ 35,546 Timing of Revenue Recognition: Recognized at a point in time $ 13,825 $ 14,780 $ 103 $ 1,944 $ 440 $ 31,092 Recognized over time — 780 — — — 780 Over lease term — 38 3,438 198 — 3,674 Total revenue $ 13,825 $ 15,598 $ 3,541 $ 2,142 $ 440 $ 35,546 Three Months Ended June 30, 2018 Commercial Residential Leasing Real Estate Hospitality and Sales Forestry Other Total Revenue by Major Good/Service: Real estate revenue (a) $ 28,724 $ — $ 454 $ 726 $ 2,255 $ 32,159 Hospitality revenue — 12,847 — — — 12,847 Leasing revenue — 423 2,891 203 — 3,517 Timber revenue 31 — — 1,880 — 1,911 Total revenue $ 28,755 $ 13,270 $ 3,345 $ 2,809 $ 2,255 $ 50,434 Timing of Revenue Recognition: Recognized at a point in time $ 28,755 $ 12,349 $ 454 $ 2,606 $ 2,255 $ 46,419 Recognized over time — 498 — — — 498 Over lease term — 423 2,891 203 — 3,517 Total revenue $ 28,755 $ 13,270 $ 3,345 $ 2,809 $ 2,255 $ 50,434 (a) Residential real estate includes revenue of $23.1 million for the three months ended June 30, 2018 for a one-time receipt of RiverTown impact fees related to the 2014 RiverTown transaction. Six Months Ended June 30, 2019 Commercial Residential Leasing Real Estate Hospitality and Sales Forestry Other Total Revenue by Major Good/Service: Real estate revenue $ 17,187 $ — $ 1,026 $ 1,373 $ 558 $ 20,144 Hospitality revenue — 22,991 — — — 22,991 Leasing revenue — 74 6,726 381 — 7,181 Timber revenue — — — 1,254 — 1,254 Total revenue $ 17,187 $ 23,065 $ 7,752 $ 3,008 $ 558 $ 51,570 Timing of Revenue Recognition: Recognized at a point in time $ 17,187 $ 21,700 $ 1,026 $ 2,627 $ 558 $ 43,098 Recognized over time — 1,291 — — — 1,291 Over lease term — 74 6,726 381 — 7,181 Total revenue $ 17,187 $ 23,065 $ 7,752 $ 3,008 $ 558 $ 51,570 Six Months Ended June 30, 2018 Commercial Residential Leasing Real Estate Hospitality and Sales Forestry Other Total Revenue by Major Good/Service: Real estate revenue (a) $ 35,682 $ — $ 764 $ 910 $ 2,505 $ 39,861 Hospitality revenue — 19,925 — — — 19,925 Leasing revenue — 794 5,731 410 — 6,935 Timber revenue 108 — — 3,469 — 3,577 Total revenue $ 35,790 $ 20,719 $ 6,495 $ 4,789 $ 2,505 $ 70,298 Timing of Revenue Recognition: Recognized at a point in time $ 35,790 $ 19,102 $ 764 $ 4,379 $ 2,505 $ 62,540 Recognized over time — 823 — — — 823 Over lease term — 794 5,731 410 — 6,935 Total revenue $ 35,790 $ 20,719 $ 6,495 $ 4,789 $ 2,505 $ 70,298 (a) Residential real estate includes revenue of $23.1 million for the six months ended June 30, 2018 for a one-time receipt of RiverTown impact fees related to the 2014 RiverTown transaction.

Other Income (Expense)

Other Income (Expense)	6 Months Ended
	Jun. 30, 2019
Other Income (Expense)
Other Income (Expense)	16. Other Income (Expense) Other income (expense) consists of the following: Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Investment income, net Interest and dividend income $ 2,302 $ 2,342 $ 4,115 $ 5,222 Accretion income 23 202 84 423 Net realized loss on the sale of investments — (8) (2) (1,086) Other-than-temporary impairment loss — — — (63) Unrealized (loss) gain on investments, net (1,915) 1,267 133 729 Interest income from investments in SPEs 2,048 2,049 4,096 4,099 Interest accrued on notes receivable and other interest 77 129 154 322 Total investment income, net 2,535 5,981 8,580 9,646 Interest expense Interest expense and amortization of discount and issuance costs for Senior Notes issued by SPE (2,200) (2,197) (4,399) (4,393) Other interest expense (824) (757) (1,567) (1,586) Total interest expense (3,024) (2,954) (5,966) (5,979) Other income (expense), net Gain on land contribution to equity method investment — — 1,472 — Accretion income from retained interest investments 327 303 647 593 Insurance proceeds 3,792 — 4,071 — Hurricane expense (805) — (1,127) — Miscellaneous expense, net (31) (60) (84) (73) Other income, net 3,283 243 4,979 520 Total other income, net $ 2,794 $ 3,270 $ 7,593 $ 4,187 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 on the sale of investments include the gains or losses recognized on the sale of available-for-sale securities prior to maturity. Other-than-temporary impairment loss includes impairments related to the Company’s corporate debt securities for the six months ended June 30, 2018. Unrealized (loss) gain on investments, net includes unrealized gains or losses on investments - equity securities. Interest income from investments in SPEs primarily includes interest earned on the investments held by Panama City Timber Finance Company, LLC, which is used to pay the interest expense for Senior Notes held by Northwest Florida Timber Finance, LLC. Interest Expense Interest expense includes interest incurred related to the Company’s CDD debt, Senior Notes issued by Northwest Florida Timber Finance, LLC, project financing and finance leases. Borrowing costs, including the discount and issuance costs for the Senior Notes issued by Northwest Florida Timber Finance, LLC, are amortized based on the effective interest method at an effective rate of 4.9%. Other Income, Net Other income, net primarily includes gain on land contribution, income from the Company’s retained interest investments, insurance proceeds, hurricane expenses and other income and expense items. The six months ended June 30, 2019, include a gain of $1.5 million on land contributed to our unconsolidated Pier Park TPS JV. See Note 9, Real Estate Joint Ventures for additional information. During the three and six months ended June 30, 2019, the Company received $3.8 million and $4.1 million, respectively, of insurance proceeds and incurred $0.8 million and $1.1 million, respectively, of hurricane expenses related to Hurricane Michael. See Note 6. Hurricane Michael for additional information. These amounts were included in other income, net in the condensed consolidated statements of income. The Company records the accretion of investment income from its retained interest investment over the life of the retained interest using the effective yield method with rates ranging from 3.7% to 11.7%.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2019
Segment Information
Segment Information	17. Segment Information The Company 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. 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 set forth in Note 2 to the Company’s consolidated financial statements contained in Item 15 of the Company’s Annual Report on Form 10‑K for the year ended December 31, 2018. Total revenue represents sales to unaffiliated customers, as reported in the Company’s condensed consolidated statements of income. All significant intercompany transactions have been eliminated in consolidation. The caption entitled “Other” under operating revenue consists of mitigation credit and title fee revenue. The caption entitled “Other” under income (loss) before income taxes consists of corporate operating expenses, net of corporate other income. Information by business segment is as follows: Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Operating revenue: Residential real estate (a) $ 13,825 $ 28,755 $ 17,187 $ 35,790 Hospitality 15,598 13,270 23,065 20,719 Commercial leasing and sales 3,541 3,345 7,752 6,495 Forestry revenue 2,142 2,809 3,008 4,789 Other (b) 440 2,255 558 2,505 Consolidated operating revenue $ 35,546 $ 50,434 $ 51,570 $ 70,298 Income (loss) before income taxes: Residential real estate (a) $ 5,553 $ 24,957 $ 5,808 $ 26,417 Hospitality 5,312 2,403 4,505 1,868 Commercial leasing and sales (171) (190) 2,319 (280) Forestry 1,725 2,226 2,305 3,757 Other 1,243 3,218 1,365 1,228 Consolidated income before income taxes $ 13,662 $ 32,614 $ 16,302 $ 32,990 (a) Includes revenue of $23.1 million for the three and six months ended June 30, 2018 for a one-time receipt of RiverTown impact fees related to the 2014 RiverTown transaction. (b) Includes revenue of $2.2 million for the three and six months ended June 30, 2018 related to a specific sale of mitigation bank credits. June 30, December 31, 2019 2018 Total assets: Residential real estate $ 137,530 $ 125,642 Hospitality 84,103 70,746 Commercial leasing and sales 205,238 182,658 Forestry 20,737 20,189 Other 458,639 471,727 Total assets $ 906,247 $ 870,962

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2019
Commitments and Contingencies
Commitments and Contingencies	18. Commitments and Contingencies The Company establishes an accrued liability when it believes it is both probable that a material loss has been incurred and the amount of the loss can be reasonably estimated. The Company will evaluate the range of reasonably estimated losses and record an accrued liability based on what it believes to be the minimum amount in the range, unless it believes an amount within the range is a better estimate than any other amount. In such cases, there may be an exposure to loss in excess of the amounts accrued. The Company evaluates quarterly whether further developments could affect the amount of the accrued liability previously established or would make a loss contingency both probable and reasonably estimable. The Company also provides disclosure when it believes it is reasonably possible that a material loss will be incurred or when it believes it is reasonably possible that the amount of a loss will exceed the recorded liability. The Company reviews loss contingencies at least quarterly to determine whether the likelihood of loss has changed and to assess whether a reasonable estimate of the loss or range of loss can be made. This estimated range of possible losses is based upon currently available information and is subject to significant judgment and a variety of assumptions, as well as known and unknown uncertainties. The matters underlying the estimated range will change from time to time, and actual results may vary significantly from the current estimate. The Company is subject to a variety of litigation, claims, other disputes and governmental proceedings that arise from time to time in the ordinary course of its business, including litigation related to its prior homebuilding and development activities. The Company cannot make assurances that it will be successful in defending these matters. Based on current knowledge, the Company does not believe that loss contingencies arising from pending litigation, claims, other disputes and governmental proceedings, including those described herein, will have a material adverse effect on the consolidated financial position or liquidity of the Company. However, in light of the inherent uncertainties involved in these matters, an adverse outcome in one or more of these matters could be material to the Company’s results of operations or cash flows for any particular reporting period. The Company is subject to costs arising out of environmental laws and regulations, which include obligations to remove or limit the effects on the environment of the disposal or release of certain wastes or substances at various sites, including sites which have been previously sold. It is the Company’s policy to accrue and charge against earnings environmental cleanup costs when it is probable that a liability has been incurred and a range of loss can be reasonably estimated. As assessments and cleanups proceed, these accruals are reviewed and adjusted, if necessary, as additional information becomes available. The Company is in the process of assessing certain properties in regard to the effects, if any, on the environment from the disposal or release of wastes or substances. Management is unable to quantify future rehabilitation costs above present accruals at this time or provide a reasonably estimated range of loss. Other litigation, claims, disputes and governmental proceedings, including environmental matters, are pending against the Company. Accrued aggregate liabilities related to the matters described above and other litigation matters were $1.2 million as of each June 30, 2019 and December 31, 2018, 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 both June 30, 2019 and December 31, 2018, 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, which may potentially result in liability to the Company if certain obligations of the Company are not met. As of June 30, 2019, the Company had a total of $96.9 million in construction and development related contractual obligations, of which a portion will be funded through committed financing arrangements. In January 2019, the Company’s unconsolidated Pier Park TPS JV, entered into a $14.4 million loan, maturing in January 2026 (the “Pier Park TPS JV Loan”). The Pier Park TPS JV Loan is secured by the real property, assignment of rents and the security interest in the rents and personal property. In connection with the Pier Park TPS JV Loan, the Company and a wholly owned subsidiary of the Company (the “Guarantor”) entered into a joint and several guarantee in favor of the lender, to guarantee the payment and performance of the borrower. The Guarantors’ liability under the Pier Park TPS JV Loan will be automatically reduced to 50.0%, or a further 25.0% of the outstanding principal balance upon reaching and maintaining certain debt service coverage. In addition, the guarantee can become full recourse in the case of the failure of Guarantor to abide by or perform any of the covenants or warranties to be performed on the part of such Guarantor; any sale, conveyance or transfer of the property; upon the filing or commencement of voluntary bankruptcy or insolvency proceedings; the entry of monetary judgement or assessment or the filing of any tax lien against either the borrower or Guarantor; and the dissolution of the borrower or Guarantor. As of June 30, 2019, there was no principal balance outstanding related to the Pier Park TPS JV Loan.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2019
Significant Accounting Policies
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The accompanying unaudited interim condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for reporting on Form 10‑Q. Accordingly, certain information and footnotes required by United States generally accepted accounting principles (“GAAP”) for complete financial statements are not included herein. The unaudited interim condensed consolidated financial statements include the accounts of the Company and all of its majority-owned and controlled subsidiaries and variable interest entities where the Company deems itself the primary beneficiary. Investments in joint ventures (“JV”) and limited partnerships in which the Company is not the primary beneficiary are accounted for by the equity method. All significant intercompany transactions and balances have been eliminated in consolidation. The December 31, 2018 condensed consolidated balance sheet amounts have been derived from the Company’s December 31, 2018 audited consolidated financial statements. Certain prior period amounts in the accompanying condensed consolidated financial statements have been reclassified to conform to the current year presentation. These reclassifications had no effect on the Company’s previously reported total assets and liabilities, stockholders’ equity or net income. Operating results for the six months ended June 30, 2019 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2019. 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 9. Real Estate Joint Ventures . The interim condensed consolidated financial statements reflect all normal recurring adjustments that, in the opinion of management, are necessary for fair presentation of the information contained herein. The interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10‑K for the year ended December 31, 2018. The Company adheres to the same accounting policies in preparation of its unaudited interim condensed consolidated financial statements as the Company’s December 31, 2018 annual financial statements, except for recently adopted accounting pronouncements detailed below. As required under GAAP, interim accounting for certain expenses, including income taxes, are based on full year assumptions. For interim financial reporting purposes, income taxes are recorded based upon estimated annual income tax rates.
Concentration of Risks and Uncertainties	Concentration of Risks and Uncertainties The Company’s real estate investments are concentrated in Northwest Florida 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 June 30, 2019, these balances exceeded the amount of F.D.I.C. insurance provided on such deposits. In addition, as of June 30, 2019 the company had $2.8 million invested in two issuers of corporate debt securities that are non-investment grade, $36.3 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 $154.2 million in short term commercial paper from t wenty-two issuers and short term U.S. Treasury securities of $7.0 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 and six months ended June 30, 2019 and 2018, basic and diluted average shares outstanding were the same. There were no outstanding common stock equivalents as of June 30, 2019 or June 30, 2018. Non-vested restricted stock is included in outstanding shares at the time of grant.
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements	Recently Adopted Accounting Pronouncements Leases In February 2016, the FASB issued ASU 2016‑02, Leases (“ASU 2016-02”) that amended 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 by this amendment. This amendment also required certain quantitative and qualitative disclosures about leasing arrangements. In January 2018, the FASB issued ASU 2018‑01, which provided 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 provided clarifications and improvements to ASU 2016-02. In July 2018, the FASB issued ASU 2018-11 that provided 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 provided an accounting policy election for certain narrow-scope improvements for lessors. In March 2019, the FASB issued ASU 2019-01 that provided clarifications and improvements to ASU 2016-02. During the Company’s evaluation of ASU 2016-02, as amended, (“Topic 842”) 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, did 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, did 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, did 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 Accounting Standards Codification Topic 606, Revenue from Contracts with Customers . 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 adopted the new guidance, including amendments, as of January 1, 2019 and has elected to implement Topic 842 retrospectively using the cumulative-effect adjustment transition method as of the date of adoption. As a result, prior periods have not been restated. As of the date of adoption, a cumulative-effect adjustment was not necessary and the Company recognized an operating lease right-of use assets of $0.4 million and corresponding operating lease liabilities of $0.4 million based on the present value of minimum rental payments related to leases for which the Company is the lessee. The operating lease right-of-use assets and corresponding operating lease liabilities are included within other assets and other liabilities, respectively, on the condensed consolidated balance sheets. There were no adjustments related to the leases for which the Company is the lessor. The adoption of this guidance did not materially impact results of operations or cash flows. Recently Issued Accounting Pronouncements Financial Instruments - Credit Losses In June 2016, the FASB issued ASU 2016‑13, Financial Instruments – Credit Losses (Topic 326) (“ASU 2016-13”), that requires a financial asset measured at amortized cost to be presented at the net amount expected to be collected and requires that credit losses from available-for-sale debt securities be presented as an allowance for credit loss. In November 2018, the FASB issued ASU 2018-19, which clarifies that impairment of receivables from operating leases should be accounted for using lease guidance. In April 2019, the FASB issued ASU 2019-04, which clarifies and improves ASU 2016-13. In May 2019, the FASB issued ASU 2019-05, which provides an option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis. 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.

Investment in Real Estate (Tabl

Investment in Real Estate (Table)	6 Months Ended
	Jun. 30, 2019
Investment in Real Estate
Schedule of real estate by property type and segment	June 30, December 31, 2019 2018 Development property: Residential real estate $ 112,759 $ 105,323 Hospitality 4,554 3,726 Commercial leasing and sales 81,674 73,128 Forestry 1,885 2,144 Corporate 2,542 2,497 Total development property 203,414 186,818 Operating property: Residential real estate 7,344 7,344 Hospitality 95,817 93,046 Commercial leasing and sales 127,406 111,471 Forestry 20,524 19,765 Other 50 50 Total operating property 251,141 231,676 Less: Accumulated depreciation 70,499 67,500 Total operating property, net 180,642 164,176 Investment in real estate, net $ 384,056 $ 350,994

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2019
Investments
Schedule of Investments	June 30, 2019 Gross Unrealized Gross Unrealized Amortized Cost Gains (Losses) Fair Value Investments - debt securities: Corporate debt securities $ 2,928 $ — $ (96) $ 2,832 2,928 — (96) 2,832 Restricted investments: Short-term bond 2,210 11 — 2,221 Money market fund 113 — — 113 2,323 11 — 2,334 $ 5,251 $ 11 $ (96) $ 5,166 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
Schedule of Unrealized Loss Position and Related Fair Value of Investments	June 30, 2019 Less Than 12 Months 12 Months or Greater Unrealized Unrealized Fair Value Losses Fair Value Losses Investments - debt securities: Corporate debt securities $ — $ — $ 2,832 $ 96 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
Schedule of Contractual Maturities of Investments	June 30, 2019 Amortized Cost Fair Value Due in one year or less $ 2,928 $ 2,832 Restricted investments 2,323 2,334 $ 5,251 $ 5,166

Financial Instruments and Fai_2

Financial Instruments and Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2019
Financial Instruments and Fair Value Measurements
Schedule of Financial Instruments Measured at Fair Value on Recurring Basis	June 30, 2019 Total Fair Level 1 Level 2 Level 3 Value Cash equivalents: Money market funds $ 1,816 $ — $ — $ 1,816 Commercial paper 154,241 — — 154,241 U.S. Treasury securities 6,982 — — 6,982 163,039 — — 163,039 Investments - debt securities: Corporate debt securities — 2,832 — 2,832 — 2,832 — 2,832 Investments - equity securities: Preferred stock 10,792 25,478 — 36,270 Restricted investments: Short-term bond 2,221 — — 2,221 Money market fund 113 — — 113 2,334 — — 2,334 $ 176,165 $ 28,310 $ — $ 204,475 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
Schedule of Carrying Amount and Fair Value Measured on Nonrecurring Basis of Financial Instruments	June 30, 2019 December 31, 2018 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 $ 7,055 $ 6,997 1 $ 7,384 $ 7,092 1 Liabilities Senior Notes held by SPE $ 176,899 $ 204,080 3 $ 176,775 $ 193,293 3

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2019
Leases
Schedule of components of leasing revenue	Three Months Ended Six Months Ended June 30, 2019 June 30, 2019 Leasing revenue Lease payments $ 2,724 $ 5,404 Variable lease payments 950 1,777 Total leasing revenue $ 3,674 $ 7,181
Schedule of minimum future base rental revenue	2019 $ 5,725 2020 11,016 2021 9,810 2022 8,977 2023 7,010 $ 42,538
Schedule of lease cost	Three Months Ended Six Months Ended June 30, 2019 June 30, 2019 Lease cost Finance lease cost: Amortization of right-of-use assets $ 12 $ 16 Interest on lease liability 3 4 Operating lease cost 53 105 Short-term lease cost 237 301 Total lease cost $ 305 $ 426 Other information Weighted-average remaining lease term - finance lease (in years) 4.7 Weighted-average remaining lease term - operating leases (in years) 1.7 Weighted-average discount rate - finance lease Weighted-average discount rate - operating leases
Schedule of aggregate payments of finance lease liability	The aggregate payments of finance lease liability subsequent to June 30, 2019, for the years ending December 31 are: 2019 $ 27 2020 54 2021 54 2022 54 2023 54 Thereafter 10 Total 253 Less imputed interest (27) Total finance lease liability $ 226
Schedule of aggregate payments of operating lease liabilities	The aggregate payments of operating lease liabilities subsequent to June 30, 2019, for the years ending December 31 are: 2019 $ 91 2020 149 2021 82 2022 5 2023 2 Total 329 Less imputed interest (17) Total operating lease liabilities $ 312

Other Assets (Tables)

Other Assets (Tables)	6 Months Ended
	Jun. 30, 2019
Other Assets
Schedule of Other Assets	June 30, December 31, 2019 2018 Restricted investments $ 2,334 $ 3,432 Accounts receivable, net 9,899 14,061 Homesite sales receivable 3,775 2,977 Claim settlement receivable 2,720 2,679 Notes receivable 3,155 2,265 Income tax receivable 3,504 3,914 Prepaid expenses 7,905 6,751 Straight-line rent 3,480 3,581 Operating lease right-of-use assets 312 — Investment in unconsolidated joint venture 3,089 1,105 Other assets 6,451 5,069 Retained interest investments 11,935 11,536 Accrued interest receivable for Senior Notes held by SPE 2,938 2,938 Total other assets $ 61,497 $ 60,308
Schedule of Lot Sales Receivable	Increases Due To Decreases Due to Balance Revenue Recognized Amounts Balance January 1, 2019 for Homesites Sold Received/Transferred June 30, 2019 Homesite sales receivable $ 2,977 $ 2,006 $ (1,208) $ 3,775 Increases Due To Decreases Due to Balance Revenue Recognized Amounts Balance January 1, 2018 for Homesites Sold Received/Transferred June 30, 2018 Homesite sales receivable $ 2,585 $ 1,125 $ (1,015) $ 2,695
Schedule of Notes Receivable	June 30, December 31, 2019 2018 Interest bearing homebuilder note, secured by the real estate sold — 5.5% interest rate, due June 2021 $ 1,514 $ — Pier Park Community Development District notes, non-interest bearing, due September 2022 546 803 Interest bearing note with a JV partner, secured by the partner's membership interest in the JV - 8.0% interest rate, due May 2039 363 — Interest bearing homebuilder note, secured by the real estate sold — 5.5% interest rate, due September 2019 249 749 Interest bearing homebuilder note, secured by the real estate sold — 5.5% interest rate, due June 2020 253 422 Interest bearing homebuilder note, secured by the real estate sold — 6.3% interest rate, due March 2020 135 150 Various mortgage notes, secured by certain real estate, bearing interest at various rates 95 141 Total notes receivable $ 3,155 $ 2,265

Real Estate Joint Ventures (Tab

Real Estate Joint Ventures (Tables)	6 Months Ended
	Jun. 30, 2019
Real Estate Joint Ventures
Schedule of financial information of unconsolidated joint venture	June 30, December 31, 2019 2018 BALANCE SHEETS: Investment in real estate $ 7,589 $ 285 Cash and cash equivalents 29 64 Total assets $ 7,618 $ 349 Other liabilities $ 1,440 $ 3 Equity 6,178 346 Total liabilities and equity $ 7,618 $ 349

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2019
Debt
Schedule of Debt	June 30, 2019 December 31, 2018 Unamortized Unamortized Discount and Discount and Debt Issuance Debt Issuance Principal Costs Net Principal Costs Net PPN JV Loan, due November 2025, bearing interest at 4.1% $ 45,973 $ 413 $ 45,560 $ 46,423 $ 446 $ 45,977 Pier Park Crossings JV Loan, insured by HUD, due June 2060, bearing interest at 4.0% 24,636 1,101 23,535 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% 7,023 — 7,023 6,324 — 6,324 Pier Park Outparcel Construction Loan, due March 2027, bearing interest at LIBOR plus 1.7% (effective rate of 4.1% at June 30, 2019) 1,562 15 1,547 1,585 16 1,569 WaterColor Crossings Construction Loan, due February 2029, bearing interest at LIBOR plus 1.7% (effective rate of 4.1% at June 30, 2019) 1,446 24 1,422 1,245 26 1,219 Beach Homes Loan, due May 2029, bearing interest at LIBOR plus 1.7% (effective rate of 4.1% at June 30, 2019) 1,178 21 1,157 — — — Total debt $ 81,818 $ 1,574 $ 80,244 $ 70,976 $ 1,602 $ 69,374
Schedule of Aggregate Maturities of Debt	The aggregate maturities of debt subsequent to June 30, 2019, for the years ending December 31 are: June 30, 2019 2019 $ 553 2020 1,986 2021 2,194 2022 2,208 2023 2,232 Thereafter 72,645 $ 81,818

Other Liabilities (Tables)

Other Liabilities (Tables)	6 Months Ended
	Jun. 30, 2019
Other Liabilities
Schedule of Other Liabilities	June 30, December 31, 2019 2018 Accounts payable $ 14,480 $ 10,148 Finance lease liability 226 — Operating lease liabilities 312 — Accrued compensation 2,269 3,112 Other accrued liabilities 5,807 2,560 Deferred revenue 20,205 17,478 Club initiation fees 6,457 5,676 Club membership deposits 4,153 4,286 Advance deposits 1,999 1,277 Accrued interest expense for Senior Notes held by SPE 2,850 2,850 Total other liabilities $ 58,758 $ 47,387
Schedule of changes in club initiation fees related to contracts with customers	Balance Increases Due To Decreases Due to Balance January 1, 2019 Cash Received Revenue Recognized June 30, 2019 Contract liabilities Club initiation fees $ 5,676 $ 1,663 $ (882) $ 6,457 Balance Increases Due To Decreases Due to Balance January 1, 2018 Cash Received Revenue Recognized June 30, 2018 Contract liabilities Club initiation fees $ 5,199 $ 695 $ (576) $ 5,318

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2019
Income Taxes
Schedule of effective income tax rate reconciliation	Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Tax at the federal statutory rate $ 2,869 $ 6,875 $ 3,424 $ 6,982 State income taxes (net of federal benefit) 601 1,423 717 1,445 2017 qualified timber gains at the federal statutory rate of 23.8% (1) — — — (524) Decrease in valuation allowance — (1,418) — (1,451) Other (36) (333) (46) (154) Total income tax expense $ 3,434 $ 6,547 $ 4,095 $ 6,298 (1) The Bipartisan Budget Act of 2018 was signed into law on February 9, 2018 (the “2018 Act”). The 2018 Act retroactively re-established the preferential 23.8% tax rate on C Corporation Qualified Timber Gains, extending its applicability from 2016 to include the 2017 tax year. The benefit of this retroactive tax rate reduction is included in 2018 income from continuing operations.

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
	Jun. 30, 2019
Accumulated Other Comprehensive Loss
Summary of Changes in Accumulated Other Comprehensive Loss	Unrealized Gain on Available-for- Sale Securities Accumulated other comprehensive loss at December 31, 2018 $ (674) Other comprehensive income before reclassifications 602 Amounts reclassified from accumulated other comprehensive loss 2 Other comprehensive income 604 Accumulated other comprehensive loss at June 30, 2019 $ (70)
Summary of Tax Effects Allocated to Other Comprehensive Income	Three Months Ended June 30, 2019 Before- Tax Benefit or Net-of- Tax Amount (Expense) Tax Amount Unrealized (loss) gain on investments - debt securities and restricted investments: Unrealized loss on available-for-sale investments $ (9) $ 2 $ (7) Unrealized gain on restricted investments 7 (2) 5 Net unrealized loss (2) — (2) Other comprehensive loss $ (2) $ — $ (2) Three Months Ended June 30, 2018 Before- Tax (Expense) or Net-of- Tax Amount Benefit Tax Amount Unrealized gain on investments: Unrealized gain on available-for-sale investments $ 321 $ (81) $ 240 Reclassification adjustment for net gain included in earnings (28) 7 (21) Net unrealized gain 293 (74) 219 Other comprehensive income $ 293 $ (74) $ 219 Six Months Ended June 30, 2019 Before- Tax Net-of- Tax Amount Expense Tax Amount Unrealized gain on investments - debt securities and restricted investments: Unrealized gain on available-for-sale investments $ 790 $ (201) $ 589 Unrealized gain on restricted investments 18 (5) 13 Reclassification adjustment for net loss included in earnings 2 — 2 Net unrealized gain 810 (206) 604 Other comprehensive income $ 810 $ (206) $ 604 Six Months Ended June 30, 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 $ (482) $ 123 $ (359) Unrealized loss on restricted investments (9) 2 (7) Reclassification adjustment for net loss included in earnings 1,050 (266) 784 Reclassification adjustment for other-than-temporary impairment loss included in earnings 63 (16) 47 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 1,554 (706) 848 Other comprehensive income $ 1,554 $ (706) $ 848 (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 condensed consolidated statements of comprehensive income. (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.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Jun. 30, 2019
Revenue Recognition
Schedule of revenue disaggregated by segment, good or service and timing	Three Months Ended June 30, 2019 Commercial Residential Leasing Real Estate Hospitality and Sales Forestry Other Total Revenue by Major Good/Service: Real estate revenue $ 13,825 $ — $ 103 $ 1,185 $ 440 $ 15,553 Hospitality revenue — 15,560 — — — 15,560 Leasing revenue — 38 3,438 198 — 3,674 Timber revenue — — — 759 — 759 Total revenue $ 13,825 $ 15,598 $ 3,541 $ 2,142 $ 440 $ 35,546 Timing of Revenue Recognition: Recognized at a point in time $ 13,825 $ 14,780 $ 103 $ 1,944 $ 440 $ 31,092 Recognized over time — 780 — — — 780 Over lease term — 38 3,438 198 — 3,674 Total revenue $ 13,825 $ 15,598 $ 3,541 $ 2,142 $ 440 $ 35,546 Three Months Ended June 30, 2018 Commercial Residential Leasing Real Estate Hospitality and Sales Forestry Other Total Revenue by Major Good/Service: Real estate revenue (a) $ 28,724 $ — $ 454 $ 726 $ 2,255 $ 32,159 Hospitality revenue — 12,847 — — — 12,847 Leasing revenue — 423 2,891 203 — 3,517 Timber revenue 31 — — 1,880 — 1,911 Total revenue $ 28,755 $ 13,270 $ 3,345 $ 2,809 $ 2,255 $ 50,434 Timing of Revenue Recognition: Recognized at a point in time $ 28,755 $ 12,349 $ 454 $ 2,606 $ 2,255 $ 46,419 Recognized over time — 498 — — — 498 Over lease term — 423 2,891 203 — 3,517 Total revenue $ 28,755 $ 13,270 $ 3,345 $ 2,809 $ 2,255 $ 50,434 (a) Residential real estate includes revenue of $23.1 million for the three months ended June 30, 2018 for a one-time receipt of RiverTown impact fees related to the 2014 RiverTown transaction. Six Months Ended June 30, 2019 Commercial Residential Leasing Real Estate Hospitality and Sales Forestry Other Total Revenue by Major Good/Service: Real estate revenue $ 17,187 $ — $ 1,026 $ 1,373 $ 558 $ 20,144 Hospitality revenue — 22,991 — — — 22,991 Leasing revenue — 74 6,726 381 — 7,181 Timber revenue — — — 1,254 — 1,254 Total revenue $ 17,187 $ 23,065 $ 7,752 $ 3,008 $ 558 $ 51,570 Timing of Revenue Recognition: Recognized at a point in time $ 17,187 $ 21,700 $ 1,026 $ 2,627 $ 558 $ 43,098 Recognized over time — 1,291 — — — 1,291 Over lease term — 74 6,726 381 — 7,181 Total revenue $ 17,187 $ 23,065 $ 7,752 $ 3,008 $ 558 $ 51,570 Six Months Ended June 30, 2018 Commercial Residential Leasing Real Estate Hospitality and Sales Forestry Other Total Revenue by Major Good/Service: Real estate revenue (a) $ 35,682 $ — $ 764 $ 910 $ 2,505 $ 39,861 Hospitality revenue — 19,925 — — — 19,925 Leasing revenue — 794 5,731 410 — 6,935 Timber revenue 108 — — 3,469 — 3,577 Total revenue $ 35,790 $ 20,719 $ 6,495 $ 4,789 $ 2,505 $ 70,298 Timing of Revenue Recognition: Recognized at a point in time $ 35,790 $ 19,102 $ 764 $ 4,379 $ 2,505 $ 62,540 Recognized over time — 823 — — — 823 Over lease term — 794 5,731 410 — 6,935 Total revenue $ 35,790 $ 20,719 $ 6,495 $ 4,789 $ 2,505 $ 70,298 (a) Residential real estate includes revenue of $23.1 million for the six months ended June 30, 2018 for a one-time receipt of RiverTown impact fees related to the 2014 RiverTown transaction.

Other Income (Expense) - (Table

Other Income (Expense) - (Tables)	6 Months Ended
	Jun. 30, 2019
Other Income (Expense)
Schedule of Other Income (Expense)	Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Investment income, net Interest and dividend income $ 2,302 $ 2,342 $ 4,115 $ 5,222 Accretion income 23 202 84 423 Net realized loss on the sale of investments — (8) (2) (1,086) Other-than-temporary impairment loss — — — (63) Unrealized (loss) gain on investments, net (1,915) 1,267 133 729 Interest income from investments in SPEs 2,048 2,049 4,096 4,099 Interest accrued on notes receivable and other interest 77 129 154 322 Total investment income, net 2,535 5,981 8,580 9,646 Interest expense Interest expense and amortization of discount and issuance costs for Senior Notes issued by SPE (2,200) (2,197) (4,399) (4,393) Other interest expense (824) (757) (1,567) (1,586) Total interest expense (3,024) (2,954) (5,966) (5,979) Other income (expense), net Gain on land contribution to equity method investment — — 1,472 — Accretion income from retained interest investments 327 303 647 593 Insurance proceeds 3,792 — 4,071 — Hurricane expense (805) — (1,127) — Miscellaneous expense, net (31) (60) (84) (73) Other income, net 3,283 243 4,979 520 Total other income, net $ 2,794 $ 3,270 $ 7,593 $ 4,187

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2019
Segment Information
Schedule of Information by Business Segment	Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Operating revenue: Residential real estate (a) $ 13,825 $ 28,755 $ 17,187 $ 35,790 Hospitality 15,598 13,270 23,065 20,719 Commercial leasing and sales 3,541 3,345 7,752 6,495 Forestry revenue 2,142 2,809 3,008 4,789 Other (b) 440 2,255 558 2,505 Consolidated operating revenue $ 35,546 $ 50,434 $ 51,570 $ 70,298 Income (loss) before income taxes: Residential real estate (a) $ 5,553 $ 24,957 $ 5,808 $ 26,417 Hospitality 5,312 2,403 4,505 1,868 Commercial leasing and sales (171) (190) 2,319 (280) Forestry 1,725 2,226 2,305 3,757 Other 1,243 3,218 1,365 1,228 Consolidated income before income taxes $ 13,662 $ 32,614 $ 16,302 $ 32,990 (a) Includes revenue of $23.1 million for the three and six months ended June 30, 2018 for a one-time receipt of RiverTown impact fees related to the 2014 RiverTown transaction. (b) Includes revenue of $2.2 million for the three and six months ended June 30, 2018 related to a specific sale of mitigation bank credits. June 30, December 31, 2019 2018 Total assets: Residential real estate $ 137,530 $ 125,642 Hospitality 84,103 70,746 Commercial leasing and sales 205,238 182,658 Forestry 20,737 20,189 Other 458,639 471,727 Total assets $ 906,247 $ 870,962

Nature of Operations - Real Est

Nature of Operations - Real Estate Assets (Details)	6 Months Ended
	Jun. 30, 2019segment
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_3

Significant Accounting Policies - Concentrations (Details) $ in Thousands	Jun. 30, 2019USD ($)issuer	Dec. 31, 2018USD ($)	Jun. 30, 2018USD ($)
Concentration risk
Investments - debt securities	$ 2,832	$ 8,958
Investments - equity securities	36,270	36,132
Cash and cash equivalents	195,587	$ 195,155	$ 215,095
U.S. Treasury securities
Concentration risk
Cash and cash equivalents	7,000
Preferred stock
Concentration risk
Investments - equity securities	36,300
Commercial paper
Concentration risk
Cash and cash equivalents	$ 154,200
Number of issuers | issuer	22
Non-investment grade | Corporate debt securities
Concentration risk
Investments - debt securities	$ 2,800
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_4

Significant Accounting Policies - EPS (Details) - shares	Jun. 30, 2019	Jun. 30, 2018
Significant Accounting Policies
Common stock equivalents (in shares)	0	0

Significant Accounting Polici_5

Significant Accounting Policies - Recently Issued Accounting Pronouncements (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jan. 01, 2019
New accounting pronouncements or change in accounting principle
Lease, Practical Expedients, Package	true
Lease, Practical Expedient, Lessor Single Lease Component	true
Operating lease, right-of use assets	$ 312
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other Assets..
Operating lease liabilities	$ 312
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Other Liabilities.
ASU 2016-02
New accounting pronouncements or change in accounting principle
Change in Accounting Principle, Accounting Standards Update, Adopted		true
ASU 2016-02 | Adjustment
New accounting pronouncements or change in accounting principle
Operating lease, right-of use assets		$ 400
Operating lease liabilities		$ 400

Investment in Real Estate - Rea

Investment in Real Estate - Real Estate by Property Type and Segment (Details) $ in Thousands	Jun. 30, 2019USD ($)item	Dec. 31, 2018USD ($)
Real estate properties
Investment in real estate, net	$ 384,056	$ 350,994
Development property
Real estate properties
Investment in real estate, net	203,414	186,818
Development property | Corporate
Real estate properties
Investment in real estate, net	2,542	2,497
Development property | Residential real estate | Operating Segments
Real estate properties
Investment in real estate, net	$ 112,759	105,323
Development property | Hospitality
Real estate properties
Number of gulf-front vacation homes under construction | item	2
Development property | Hospitality | Operating Segments
Real estate properties
Investment in real estate, net	$ 4,554	3,726
Development property | Commercial leasing and sales | Operating Segments
Real estate properties
Investment in real estate, net	81,674	73,128
Development property | Forestry | Operating Segments
Real estate properties
Investment in real estate, net	1,885	2,144
Operating property
Real estate properties
Investment in real estate	251,141	231,676
Less: Accumulated depreciation	70,499	67,500
Investment in real estate, net	180,642	164,176
Operating property | Other
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	95,817	93,046
Operating property | Commercial leasing and sales | Operating Segments
Real estate properties
Investment in real estate	127,406	111,471
Operating property | Forestry | Operating Segments
Real estate properties
Investment in real estate	$ 20,524	$ 19,765

Investments - Schedule of inves

Investments - Schedule of investments (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Debt securities and restricted investments
Amortized Cost	$ 5,251	$ 13,285
Gross Unrealized Gains	11	1
Gross Unrealized (Losses)	(96)	(896)
Fair Value	5,166	12,390
Unrestricted available-for-sale, Debt securities
Debt securities and restricted investments
Amortized Cost	2,928	9,844
Gross Unrealized Gains		1
Gross Unrealized (Losses)	(96)	(887)
Fair Value	2,832	8,958
Unrestricted available-for-sale, Debt securities | U.S. Treasury securities
Debt securities and restricted investments
Amortized Cost		6,936
Gross Unrealized Gains		1
Fair Value		6,937
Unrestricted available-for-sale, Debt securities | Corporate debt securities
Debt securities and restricted investments
Amortized Cost	2,928	2,908
Gross Unrealized (Losses)	(96)	(887)
Fair Value	2,832	2,021
Restricted
Debt securities and restricted investments
Amortized Cost	2,323	3,441
Gross Unrealized Gains	11
Gross Unrealized (Losses)		(9)
Fair Value	2,334	3,432
Restricted | Short-term bond
Debt securities and restricted investments
Amortized Cost	2,210	3,274
Gross Unrealized Gains	11
Gross Unrealized (Losses)		(9)
Fair Value	2,221	3,265
Restricted | Money market fund
Debt securities and restricted investments
Amortized Cost	113	167
Fair Value	$ 113	$ 167

Investments - Gains and proceed

Investments - Gains and proceeds (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019	Jun. 30, 2018
Investments
Gain (Loss) on sale of investments	$ 0	$ 2	$ 1,086
Proceeds from sale of available-for-sale debt securities		1,200	64,600
Maturities of investments - debt securities		7,000
Maximum
Investments
Gain (Loss) on sale of investments		100
Purchases of investments - debt securities		$ 100	$ 100

Investments - Unrealized Loss P

Investments - Unrealized Loss Position (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Investments
12 Months or Greater, Fair Value		$ 5,108
12 Months or Greater, Unrealized Losses		896
Unrestricted available-for-sale, Debt securities | Corporate debt securities
Investments
12 Months or Greater, Fair Value	$ 2,832	1,843
12 Months or Greater, Unrealized Losses	$ 96	887
Restricted | Short-term bond
Investments
12 Months or Greater, Fair Value		3,265
12 Months or Greater, Unrealized Losses		$ 9

Investments - Unrealized Losses

Investments - Unrealized Losses (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2019	Dec. 31, 2018
Investments
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax		$ 96	$ 896
Other-than-temporary impairment loss	$ 63

Investments - Contractual Matur

Investments - Contractual Maturities of Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Amortized Cost
Amortized Cost	$ 5,251	$ 13,285
Fair Value
Fair Value	5,166	12,390
Unrestricted available-for-sale, Debt securities
Amortized Cost
Due in one year or less	2,928
Amortized Cost	2,928	9,844
Fair Value
Due in one year or less	2,832
Fair Value	2,832	8,958
Restricted
Amortized Cost
Amortized Cost	2,323	3,441
Fair Value
Fair Value	$ 2,334	$ 3,432

Investments - Equity Securities

Investments - Equity Securities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Investments
Investments - equity securities	$ 36,270		$ 36,270		$ 36,132
Unrealized gains on investments - equity securities	$ (1,915)	$ 1,267	$ 133	$ 729

Investments - Investment Manage

Investments - Investment Management Agreement (Details) $ in Millions	6 Months Ended
	Jun. 30, 2019USD ($)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	41.43%
Investor | FCM, FTC and Mr. Berkowitz
Investments
Common stock ownership percentage	44.03%

Financial Instruments and Fai_3

Financial Instruments and Fair Value Measurements - Measurements on Recurring Basis (Details) - Recurring basis - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Financial instruments and fair value measurements
Cash equivalents	$ 163,039	$ 180,930
Total	204,475	229,452
Level 1
Financial instruments and fair value measurements
Cash equivalents	163,039	180,930
Total	176,165	201,769
Level 2
Financial instruments and fair value measurements
Total	28,310	27,683
Unrestricted available-for-sale, Debt securities
Financial instruments and fair value measurements
Investments	2,832	8,958
Unrestricted available-for-sale, Debt securities | Level 1
Financial instruments and fair value measurements
Investments		6,937
Unrestricted available-for-sale, Debt securities | Level 2
Financial instruments and fair value measurements
Investments	2,832	2,021
Restricted
Financial instruments and fair value measurements
Investments	2,334	3,432
Restricted | Level 1
Financial instruments and fair value measurements
Investments	2,334	3,432
Money market fund
Financial instruments and fair value measurements
Cash equivalents	1,816	43,346
Money market fund | Level 1
Financial instruments and fair value measurements
Cash equivalents	1,816	43,346
Money market fund | Restricted
Financial instruments and fair value measurements
Investments	113	167
Money market fund | Restricted | Level 1
Financial instruments and fair value measurements
Investments	113	167
Commercial paper
Financial instruments and fair value measurements
Cash equivalents	154,241	107,586
Commercial paper | Level 1
Financial instruments and fair value measurements
Cash equivalents	154,241	107,586
U.S. Treasury securities
Financial instruments and fair value measurements
Cash equivalents	6,982	29,998
U.S. Treasury securities | Level 1
Financial instruments and fair value measurements
Cash equivalents	6,982	29,998
U.S. Treasury securities | Unrestricted available-for-sale, Debt securities
Financial instruments and fair value measurements
Investments		6,937
U.S. Treasury securities | Unrestricted available-for-sale, Debt securities | Level 1
Financial instruments and fair value measurements
Investments		6,937
Corporate debt securities | Unrestricted available-for-sale, Debt securities
Financial instruments and fair value measurements
Investments	2,832	2,021
Corporate debt securities | Unrestricted available-for-sale, Debt securities | Level 2
Financial instruments and fair value measurements
Investments	2,832	2,021
Preferred stock | Equity securities
Financial instruments and fair value measurements
Investments	36,270	36,132
Preferred stock | Equity securities | Level 1
Financial instruments and fair value measurements
Investments	10,792	10,470
Preferred stock | Equity securities | Level 2
Financial instruments and fair value measurements
Investments	25,478	25,662
Short-term bond | Restricted
Financial instruments and fair value measurements
Investments	2,221	3,265
Short-term bond | Restricted | Level 1
Financial instruments and fair value measurements
Investments	$ 2,221	$ 3,265

Financial Instruments and Fai_4

Financial Instruments and Fair Value Measurements - Expected Maturity (Details) - Y	Jun. 30, 2019	Dec. 31, 2018
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 - Carrying Amount and Fair Value (Details) - Nonrecurring - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Level 3 | Carrying Value
Financial instruments and fair value measurements
Senior Notes held by SPE	$ 176,899	$ 176,775
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	204,080	193,293
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	7,055	7,384
Level 1 | Fair Value | U. S Treasury securities and cash
Financial instruments and fair value measurements
Investments held by SPEs	$ 6,997	$ 7,092

Financial Instruments and Fai_6

Financial Instruments and Fair Value Measurements - Held by Special Purpose Entities (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2014	Dec. 31, 2018
Financial instruments and fair value measurements
Investments held by special purpose entities	$ 207,055		$ 207,384
Senior Notes held by special purpose entity	176,899		$ 176,775
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	$ 6,700
Panama City Timber Finance Company, LLC | Cash
Financial instruments and fair value measurements
Investments held by special purpose entities	400
Northwest Florida Timber Finance, LLC
Financial instruments and fair value measurements
Loan amount		$ 180,000
Debt interest rate (as a percent)		4.80%
Issue price of senior secured notes (as a percent)		98.50%
Senior Notes held by special purpose entity	176,900
Unamortized discount and debt issuance costs	$ 3,100

Hurricane Michael (Details)

Hurricane Michael (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Loss contingency
Insurance proceeds	$ 3,792	$ 4,071
Hurricane expense	805	1,127
Hurricane Michael.
Loss contingency
Proceeds from business interruption insurance	1,300	1,300
Insurance proceeds	3,800	4,100
Hurricane expense	$ 800	$ 1,100

Leases - Components of lease re

Leases - Components of lease revenue (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Leasing revenue
Lease payments	$ 2,724	$ 5,404
Variable lease payments	950	1,777
Total leasing revenue	$ 3,674	$ 7,181

Leases - Minimum future base re

Leases - Minimum future base rental revenue (Details) $ in Thousands	Jun. 30, 2019USD ($)
Minimum future base rental revenue:
2019	$ 5,725
2020	11,016
2021	9,810
2022	8,977
2023	7,010
Total	$ 42,538

Leases - Lease cost (Details)

Leases - Lease cost (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Lease cost
Amortization of right-of-use assets	$ 12	$ 16
Interest on lease liability	3	4
Operating lease cost	53	105
Short-term lease cost	237	301
Total lease cost	$ 305	$ 426

Leases - Lease cost - Other inf

Leases - Lease cost - Other information (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)
Leases
Weighted-average remaining lease term - finance lease (in years)	4 years 8 months 12 days
Weighted-average remaining lease term - operating leases (in years)	1 year 8 months 12 days
Weighted-average discount rate - finance lease (as a percent)	5.00%
Weighted-average discount rate - operating leases (as a percent)	5.00%
Cash paid for amounts included in the measurement of lease liabilities
Financing cash flows from finance leases	$ 14

Leases - Aggregate payments of

Leases - Aggregate payments of finance lease liability (Details) $ in Thousands	Jun. 30, 2019USD ($)
Aggregate payments of finance lease liability:
2019	$ 27
2020	54
2021	54
2022	54
2023	54
Thereafter	10
Total	253
Less imputed interest	(27)
Total finance lease liability	$ 226

Leases - Aggregate payments o_2

Leases - Aggregate payments of operating lease liabilities (Details) $ in Thousands	Jun. 30, 2019USD ($)
Aggregate payments of operating lease liabilities:
2019	$ 91
2020	149
2021	82
2022	5
2023	2
Total	329
Less imputed interest	(17)
Total operating lease liabilities	$ 312

Other Assets - Schedule of Othe

Other Assets - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018	Dec. 31, 2017
Other Assets
Restricted investments	$ 2,334	$ 3,432
Accounts receivable, net	9,899	14,061
Homesite sales receivable	3,775	2,977	$ 2,695	$ 2,585
Claim settlement receivable	2,720	2,679
Notes receivable	3,155	2,265
Income tax receivable	3,504	3,914
Prepaid expenses	7,905	6,751
Straight line rent	3,480	3,581
Operating lease, right-of use assets	312
Investment in unconsolidated joint venture	3,089	1,105
Other assets	6,451	5,069
Retained interest investments	11,935	11,536
Accrued interest receivable for Senior Notes held by SPE	2,938	2,938
Total other assets	$ 61,497	$ 60,308

Other Assets - Restricted Inves

Other Assets - Restricted Investments (Details) - Restricted - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Investments
Expense for fair value of assets, less expenses, allocated to participants			$ 1.1	$ 1.1
Maximum
Investments
Expense period			2 years
Gain (loss) on assets	$ 0.1	$ 0.1	$ 0.1	$ 0.1

Other Assets - Accounts Receiva

Other Assets - Accounts Receivable, Net (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Investments
Proceeds from settlement received	$ 10,796
Hurricane Michael.
Investments
Insurance settlements receivable		$ 6,700

Other Assets - Homesite Sales R

Other Assets - Homesite Sales Receivable (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Changes in lot sales receivable
Homesite Sales Receivable, Beginning Balance	$ 2,977	$ 2,585
Increases Due To Revenue Recognized for Lots Sold	2,006	1,125
Decreases Due to Amounts Received/Transferred	(1,208)	(1,015)
Homesite Sales Receivable, Ending Balance	$ 3,775	$ 2,695

Other Assets - Claim Settlement

Other Assets - Claim Settlement Receivable (Details) $ in Millions	1 Months Ended
	Oct. 31, 2019USD ($)
BP Exploration & Production Inc. | Forecast
Receivables
Litigation settlement amount received	$ 2.7

Other Assets - Notes Receivable

Other Assets - Notes Receivable (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Receivables
Notes receivable	$ 3,155	$ 2,265
Allowance for notes receivable	0	$ 0
Interest bearing homebuilder note - 5.5% interest rate, due June 2021
Receivables
Notes receivable	$ 1,514
Interest rate (as a percent)	5.50%	5.50%
Pier Park Community Development District notes, non-interest bearing, due September 2022
Receivables
Notes receivable	$ 546	$ 803
Interest bearing note with a JV partner, secured by the partner's membership interest in the JV - 8.0% interest rate, due May 2039
Receivables
Notes receivable	$ 363
Interest rate, note (as a percent)	8.00%
Interest bearing homebuilder note - 5.5% interest rate, due September 2019
Receivables
Notes receivable	$ 249	$ 749
Interest rate (as a percent)	5.50%	5.50%
Interest bearing homebuilder note - 5.5% interest rate, due June 2020
Receivables
Notes receivable	$ 253	$ 422
Interest rate (as a percent)	5.50%	5.50%
Interest bearing homebuilder note - 6.3% interest rate, due March 2020
Receivables
Notes receivable	$ 135	$ 150
Interest rate (as a percent)	6.30%	6.30%
Various mortgage notes, secured by certain real estate, bearing interest at various rates
Receivables
Notes receivable	$ 95	$ 141

Other Assets - Retained Interes

Other Assets - Retained Interest Investments (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Investments
Retained interest investments	$ 11,935	$ 11,536
Retained interest investments
Investments
Expected amount to receive upon maturity of note after payment of note and any other liabilities	$ 16,700
Promissory notes maturity period	15 years
Retained interest investments	$ 11,900	$ 11,500
Minimum | Retained interest investments
Investments
Notes maturity year	2022
Maximum | Retained interest investments
Investments
Notes maturity year	2024

Real Estate Joint Ventures - La

Real Estate Joint Ventures - Latitude Margaritaville Watersound JV (Details) - LMWS, LLC	6 Months Ended
	Jun. 30, 2019home
Variable interest entity
Number of units to be developed and constructed	3,500
Variable interest entity, ownership percentage	50.00%

Real Estate Joint Ventures - Co

Real Estate Joint Ventures - Consolidated Real Estate Joint Ventures (Details) $ in Millions	Jul. 05, 2019	Jul. 05, 2019USD ($)item	Jun. 30, 2019item	Dec. 31, 2018	Apr. 30, 2017item
Watercrest JV
Variable interest entity
Number of units to be developed and constructed			107
Variable interest entity, ownership percentage			87.00%
Origins Crossings JV
Variable interest entity
Number of units to be developed and constructed			217
Variable interest entity, ownership percentage			75.00%
Pier Park Crossings JV
Variable interest entity
Number of units to be developed and constructed					240
Variable interest entity, ownership percentage			75.00%	75.00%
Windmark JV
Variable interest entity
Variable interest entity, ownership percentage	100.00%		49.00%	49.00%
Additional ownership interest acquired (as a percent)		51.00%
Number of other members		2
Total consideration | $		$ 11.6
Pier Park North
Variable interest entity
Variable interest entity, ownership percentage			60.00%	60.00%

Real Estate Joint Ventures - Un

Real Estate Joint Ventures - Unconsolidated Joint Ventures (Details) $ in Thousands	Jan. 14, 2019USD ($)	Jun. 30, 2019USD ($)	Dec. 31, 2018USD ($)	Apr. 30, 2018item
Investments
Investment in unconsolidated joint venture		$ 3,089	$ 1,105
Pier Park TPS JV
Investments
Number of units to be developed and constructed | item				124
Value of land contributed	$ 1,700
Cash contributed		200
Mitigation bank credits contributed		$ 100
Investment in unconsolidated joint venture			$ 1,100
Ownership percentage		50.00%	50.00%
Summarized financial information - Balance Sheets
Investment in real estate		$ 7,589	$ 285
Cash and cash equivalents		29	64
Total assets		7,618	349
Other liabilities		1,440	3
Equity		6,178	346
Total liabilities and equity		7,618	349
Pier Park TPS JV | Other assets.
Investments
Investment in unconsolidated joint venture		$ 3,100	$ 1,100

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Debt instruments
Debt, Principal	$ 81,818	$ 70,976
Unamortized Discount and Debt Issuance Costs	1,574	1,602
Debt, Net	80,244	69,374
PPN JV Loan, due November 2025, bearing interest at 4.1%
Debt instruments
Debt, Principal	45,973	46,423
Unamortized Discount and Debt Issuance Costs	413	446
Debt, Net	$ 45,560	$ 45,977
Debt interest rate (as a percent)	4.10%	4.10%
Pier Park Crossings JV Loan, due June 2060, bearing interest at 4.0%
Debt instruments
Debt, Principal	$ 24,636	$ 15,399
Unamortized Discount and Debt Issuance Costs	1,101	1,114
Debt, Net	$ 23,535	$ 14,285
Debt interest rate (as a percent)	4.00%	4.00%
Community Development District debt
Debt instruments
Debt, Principal	$ 7,023	$ 6,324
Debt, Net	$ 7,023	$ 6,324
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	$ 1,562	$ 1,585
Unamortized Discount and Debt Issuance Costs	15	16
Debt, Net	$ 1,547	$ 1,569
Effective interest rate (as a percent)	4.10%
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	$ 1,446	$ 1,245
Unamortized Discount and Debt Issuance Costs	24	26
Debt, Net	$ 1,422	$ 1,219
Effective interest rate (as a percent)	4.10%	4.10%
WaterColor Crossings Construction Loan, due February 2029, bearing interest at LIBOR plus 1.7% | LIBOR
Debt instruments
Basis spread on variable rate	1.70%	1.70%
Beach Homes Loan, due May 2029, bearing interest at LIBOR plus 1.7%.
Debt instruments
Debt, Principal	$ 1,178
Unamortized Discount and Debt Issuance Costs	21
Debt, Net	$ 1,157
Effective interest rate (as a percent)	4.10%
Beach Homes Loan, due May 2029, bearing interest at LIBOR plus 1.7%. | LIBOR
Debt instruments
Basis spread on variable rate	1.70%	1.70%

Debt - Debt Agreements (Details

Debt - Debt Agreements (Details) $ in Thousands	1 Months Ended			120 Months Ended
	Jun. 30, 2019USD ($)	May 31, 2019USD ($)	May 31, 2018USD ($)item	Jun. 30, 2030	Dec. 31, 2018USD ($)	Feb. 28, 2018USD ($)	Mar. 31, 2017USD ($)	Oct. 31, 2015USD ($)
Debt instruments
Total Community Development District debt	$ 18,900				$ 19,900
Principal balance	81,818				70,976
PPN JV Loan, due November 2025, bearing interest at 4.1%
Debt instruments
Loan amount								$ 48,200
Principal balance	45,973				46,423
Pier Park Outparcel Construction Loan, due March 2027, bearing interest at LIBOR plus 1.7%
Debt instruments
Loan amount							$ 1,600
Principal balance	1,562				1,585
Pier Park Crossings JV Loan, due June 2060, bearing interest at 4.0%
Debt instruments
Loan amount			$ 36,600
Debt instrument, period subject to interest payments only			24 months
Principal balance	24,636				15,399
Pier Park Crossings JV Loan, due June 2060, bearing interest at 4.0% | Minimum | Forecast
Debt instruments
Prepayment premium, as a percent of principal repaid				1.00%
Pier Park Crossings JV Loan, due June 2060, bearing interest at 4.0% | Maximum | Forecast
Debt instruments
Prepayment premium, as a percent of principal repaid				10.00%
WaterColor Crossings Construction Loan, due February 2029, bearing interest at LIBOR plus 1.7%
Debt instruments
Loan amount						$ 1,900
Principal balance	1,446				$ 1,245
Beach Homes Loan, due May 2029, bearing interest at LIBOR plus 1.7%.
Debt instruments
Loan amount			$ 1,700
Number of homes financed | item			2
Principal balance	1,178
Origins Crossings JV Loan, due May 2024
Debt instruments
Loan amount		$ 37,900
Debt instrument, period subject to interest payments only		30 months
Principal balance	0
Loan costs	500
Watercrest JV Loan, due June 2047
Debt instruments
Loan amount	$ 22,500
Debt instrument, period subject to interest payments only	36 months
Notional amount	$ 20,000
Fixed interest rate (as a percent)	4.37%
Principal balance	$ 0
Loan costs	$ 300

Debt - Maturities of Debt (Deta

Debt - Maturities of Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Debt
2019	$ 553
2020	1,986
2021	2,194
2022	2,208
2023	2,232
Thereafter	72,645
Long term debt	$ 81,818	$ 70,976

Other Liabilities - Schedule of

Other Liabilities - Schedule of Other Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018	Dec. 31, 2017
Other Liabilities
Accounts payable	$ 14,480	$ 10,148
Finance lease liability	226
Operating lease liabilities	312
Accrued compensation	2,269	3,112
Other accrued liabilities	5,807	2,560
Deferred revenue	20,205	17,478
Club initiation fees	6,457	5,676	$ 5,318	$ 5,199
Club membership deposits	4,153	4,286
Advance deposits	1,999	1,277
Accrued interest expense for Senior Notes held by SPE	2,850	2,850
Total other liabilities	$ 58,758	$ 47,387

Other Liabilities - Additional

Other Liabilities - Additional information (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Other Liabilities
Accrued property taxes	$ 2,300	$ 0
Deferred revenue	20,205	17,478
Florida Department of Transportation
Other Liabilities
Deferred revenue	$ 12,500	$ 12,500

Other Liabilities - Changes in

Other Liabilities - Changes in contract liabilities (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Changes in contract liabilities
Contract liabilities - Club initiation fees (Balance at beginning of period)	$ 5,676	$ 5,199
Increases Due To Cash Received	1,663	695
Decreases Due to Revenue Recognized	(882)	(576)
Contract liabilities - Club initiation fees (Balance at end of period)	$ 6,457	$ 5,318

Income Taxes - Expense (benefit

Income Taxes - Expense (benefit) reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Income Taxes
Statutory federal income tax rate (as a percent)			21.00%		21.00%
Tax at the federal statutory rate	$ 2,869	$ 6,875	$ 3,424	$ 6,982
State income taxes (net of federal benefit)	601	1,423	717	1,445
2017 qualified timber gains at the federal statutory rate of 23.8%				(524)
Decrease in valuation allowance		(1,418)		(1,451)
Other	(36)	(333)	(46)	(154)
Total income tax expense	$ 3,434	$ 6,547	$ 4,095	$ 6,298
Timber statutory federal rate				23.80%

Income Taxes - Valuation Allowa

Income Taxes - Valuation Allowances and Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Income Taxes
Unrecognized tax benefits	$ 0	$ 0

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss - Summary of Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Summary of changes in accumulated other comprehensive loss
Beginning Balance	$ 530,320	$ 581,196	$ 533,111	$ 592,584
Total other comprehensive (loss) income, net of tax	(2)	219	604	848
Ending Balance	542,140	549,540	542,140	549,540
Unrealized (loss) gain on available for sale securities
Summary of changes in accumulated other comprehensive loss
Beginning Balance			(674)
Other comprehensive loss before reclassifications			602
Amounts reclassified from accumulated other comprehensive loss			2
Total other comprehensive (loss) income, net of tax	(2)	$ 219	604	$ 848
Ending Balance	$ (70)		$ (70)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Loss - Summary of the Tax Effects Allocated to Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Accumulated Other Comprehensive Loss
Reclassification adjustment for loss (gain) included in earnings, Before-tax-amount			$ (28)	$ 2	$ 1,050
Reclassification of other-than-temporary impairment loss included in earnings, Before-tax-amount					63
Reclassification into retained earnings for the adoption of ASU, Before-tax-amount	[1]				932
Total before income taxes		$ (2)	293	810	1,554
Other comprehensive loss, Tax (expense) or benefit	[2]		(74)	(206)	(706)
Total other comprehensive (loss) income, net of tax		(2)	219	604	848
Unrealized (loss) gain on available for sale securities
Accumulated Other Comprehensive Loss
Unrealized gain (loss) on investments, Net-of-tax amount				602
Reclassification adjustment for loss (gain) included in earnings, Before-tax-amount			(28)	2	1,050
Reclassification adjustment for loss (gain) included in earnings, Tax (expense) or benefit			7		(266)
Reclassification adjustment for loss (gain) included in earnings, Net-of-tax amount			(21)	2	784
Reclassification of other-than-temporary impairment loss included in earnings, Before-tax-amount					63
Reclassification adjustment for other-than-temporary impairment loss included in earnings, Tax (expense) or benefit					(16)
Reclassification adjustment for other-than-temporary impairment loss included in earnings, Net-of-tax amount					47
Total before income taxes		(2)	293	810	1,554
Other comprehensive loss, Tax (expense) or benefit			(74)	(206)	(706)
Total other comprehensive (loss) income, net of tax		(2)	219	604	848
Unrealized (loss) gain on available for sale securities | 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 available for sale securities | 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 available for sale securities
Accumulated Other Comprehensive Loss
Unrealized gain (loss) on investments, Before-tax amount		(9)	321	790	(482)
Unrealized gain (loss) on investments, Tax (expense) or benefit		2	(81)	(201)	123
Unrealized gain (loss) on investments, Net-of-tax amount		(7)	$ 240	589	(359)
Restricted | Unrealized (loss) gain on available for sale securities
Accumulated Other Comprehensive Loss
Unrealized gain (loss) on investments, Before-tax amount		7		18	(9)
Unrealized gain (loss) on investments, Tax (expense) or benefit		(2)		(5)	2
Unrealized gain (loss) on investments, Net-of-tax amount		$ 5		$ 13	$ (7)
[1]	The reclassification into retained earnings for the six months ended June 30, 2018 relates to the adoption of Accounting Standards Update (“ASU”) 201601 Financial Instruments - Overall, as amended (“ASU 201601”). 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 condensed consolidated statements of comprehensive income.Income tax expense for the six months ended June 30, 2018
[2]	Income tax expense for the six months ended June 30, 2018 includes $0.3 million of income tax expense related to the adoption of ASU 201802 Income Statement - Reporting Comprehensive Income (“ASU 201802”). 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 Cuts and Jobs Act (the “Tax Act”).

Stockholders' Equity - Stock Re

Stockholders' Equity - Stock Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Stockholders’ Equity
Average purchase price per share for share repurchase (in dollars per share)			$ 15	$ 17.82
Aggregate cost			$ 7,073	$ 72,463
Remaining authorized repurchase amount	$ 35,800		$ 35,800
Common Stock
Stockholders’ Equity
Shares repurchased during the period (in shares)	0	3,300,335	471,500	4,065,160

Stockholders' Equity - Issuance

Stockholders' Equity - Issuance of Common Stock (Details) - Restricted Stock	Jul. 01, 2019directorshares	Jul. 02, 2018directorshares	Mar. 15, 2018employeeshares	Jul. 03, 2017directorshares	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Dec. 31, 2017employee	May 20, 2019USD ($)	May 23, 2018USD ($)	May 25, 2017USD ($)
Directors
Share-based compensation
Fair value of equity grant award approved for each director										$ 50,000	$ 50,000	$ 50,000
Number of restricted stock awards granted | shares	5,708	2,778		5,334
Number of directors granted restricted stock awards | director	2	1		2
Number of directors who elected to receive cash in lieu of the stock | director	2	3		4
Directors | Maximum
Share-based compensation
Stock compensation expense					$ 100,000	$ 100,000	$ 100,000	$ 100,000
Officers
Share-based compensation
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								$ 200,000
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

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Disaggregation of revenue
Leasing revenue	$ 3,674		$ 7,181
Leasing revenue		$ 3,517		$ 6,935
Total revenue	35,546	50,434	51,570	70,298
Recognized at a point in time
Disaggregation of revenue
Revenue	31,092	46,419	43,098	62,540
Recognized over time
Disaggregation of revenue
Revenue	780	498	1,291	823
Real estate
Disaggregation of revenue
Revenue	15,553	32,159	20,144	39,861
Hospitality
Disaggregation of revenue
Revenue	15,560	12,847	22,991	19,925
Timber
Disaggregation of revenue
Revenue	759	1,911	1,254	3,577
Operating Segments | Residential real estate
Disaggregation of revenue
Total revenue	13,825	28,755	17,187	35,790
Operating Segments | Residential real estate | Recognized at a point in time
Disaggregation of revenue
Revenue	13,825	28,755	17,187	35,790
Operating Segments | Residential real estate | Real estate
Disaggregation of revenue
Revenue	13,825	28,724	17,187	35,682
Operating Segments | Residential real estate | Timber
Disaggregation of revenue
Revenue		31		108
Operating Segments | Hospitality
Disaggregation of revenue
Leasing revenue	38		74
Leasing revenue		423		794
Total revenue	15,598	13,270	23,065	20,719
Operating Segments | Hospitality | Recognized at a point in time
Disaggregation of revenue
Revenue	14,780	12,349	21,700	19,102
Operating Segments | Hospitality | Recognized over time
Disaggregation of revenue
Revenue	780	498	1,291	823
Operating Segments | Hospitality | Hospitality
Disaggregation of revenue
Revenue	15,560	12,847	22,991	19,925
Operating Segments | Commercial leasing and sales
Disaggregation of revenue
Leasing revenue	3,438		6,726
Leasing revenue		2,891		5,731
Total revenue	3,541	3,345	7,752	6,495
Operating Segments | Commercial leasing and sales | Recognized at a point in time
Disaggregation of revenue
Revenue	103	454	1,026	764
Operating Segments | Commercial leasing and sales | Real estate
Disaggregation of revenue
Revenue	103	454	1,026	764
Operating Segments | Forestry
Disaggregation of revenue
Leasing revenue	198		381
Leasing revenue		203		410
Total revenue	2,142	2,809	3,008	4,789
Operating Segments | Forestry | Recognized at a point in time
Disaggregation of revenue
Revenue	1,944	2,606	2,627	4,379
Operating Segments | Forestry | Real estate
Disaggregation of revenue
Revenue	1,185	726	1,373	910
Operating Segments | Forestry | Timber
Disaggregation of revenue
Revenue	759	1,880	1,254	3,469
Other
Disaggregation of revenue
Total revenue	440	2,255	558	2,505
Other | Recognized at a point in time
Disaggregation of revenue
Revenue	440	2,255	558	2,505
Other | Real estate
Disaggregation of revenue
Revenue	$ 440	2,255	$ 558	2,505
Mattamy - RiverTown sale | Operating Segments | Residential real estate | Real estate - Impact fees
Disaggregation of revenue
Revenue		23,100		23,100
Total revenue		$ 23,100		$ 23,100

Other Income (Expense) - Compon

Other Income (Expense) - Components (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Investment income, net
Interest and dividend income	$ 2,302	$ 2,342	$ 4,115	$ 5,222
Accretion income	23	202	84	423
Net realized loss on the sale of investments		(8)	(2)	(1,086)
Other-than-temporary impairment loss				(63)
Unrealized (loss) gain on investments, net	(1,915)	1,267	133	729
Interest income from investments in SPEs	2,048	2,049	4,096	4,099
Interest accrued on notes receivable and other interest	77	129	154	322
Total investment income, net	2,535	5,981	8,580	9,646
Interest expense
Interest expense and amortization of discount and issuance costs for Senior Notes issued by SPE	(2,200)	(2,197)	(4,399)	(4,393)
Other interest expense	(824)	(757)	(1,567)	(1,586)
Total interest expense	(3,024)	(2,954)	(5,966)	(5,979)
Other income (expense), net
Gain on land contribution to equity method investment			1,472
Accretion income from retained interest investments	327	303	647	593
Insurance proceeds	3,792		4,071
Hurricane expense	(805)		(1,127)
Miscellaneous expense, net	(31)	(60)	(84)	(73)
Other income, net	3,283	243	4,979	520
Total other income, net	$ 2,794	$ 3,270	$ 7,593	$ 4,187

Other Income (Expense) - Invest

Other Income (Expense) - Investment Income, Net and Interest Expense (Details)	Jun. 30, 2019
Senior Notes held by special purpose entity
Other income (expense)
Effective interest rate (as a percent)	4.90%

Other Income (Expense) - Other

Other Income (Expense) - Other Income, Net (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Other income (expense)
Gain on land contribution to equity method investment		$ 1,472
Insurance proceeds	$ 3,792	4,071
Hurricane expense	805	$ 1,127
Minimum
Other income (expense)
Retained interest, effective interest rate (as a percent)		3.70%
Maximum
Other income (expense)
Retained interest, effective interest rate (as a percent)		11.70%
Hurricane Michael.
Other income (expense)
Insurance proceeds	3,800	$ 4,100
Hurricane expense	$ 800	1,100
Pier Park TPS JV
Other income (expense)
Gain on land contribution to equity method investment		$ 1,500

Segment Information - Reportabl

Segment Information - Reportable Segments (Details)	6 Months Ended
	Jun. 30, 2019segment
Segment Information
Number of reportable operating segments	4

Segment Information - Informati

Segment Information - Information by Business Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Segments
Revenues	$ 35,546	$ 50,434	$ 51,570	$ 70,298
Consolidated income (loss) before income taxes	13,662	32,614	16,302	32,990
Total assets	906,247		906,247		$ 870,962
Operating Segments | Residential real estate
Segments
Revenues	13,825	28,755	17,187	35,790
Consolidated income (loss) before income taxes	5,553	24,957	5,808	26,417
Total assets	137,530		137,530		125,642
Operating Segments | Residential real estate | Real estate - Impact fees | Mattamy - RiverTown sale
Segments
Revenues		23,100		23,100
Operating Segments | Hospitality
Segments
Revenues	15,598	13,270	23,065	20,719
Consolidated income (loss) before income taxes	5,312	2,403	4,505	1,868
Total assets	84,103		84,103		70,746
Operating Segments | Commercial leasing and sales
Segments
Revenues	3,541	3,345	7,752	6,495
Consolidated income (loss) before income taxes	(171)	(190)	2,319	(280)
Total assets	205,238		205,238		182,658
Operating Segments | Forestry
Segments
Revenues	2,142	2,809	3,008	4,789
Consolidated income (loss) before income taxes	1,725	2,226	2,305	3,757
Total assets	20,737		20,737		20,189
Other
Segments
Revenues	440	2,255	558	2,505
Consolidated income (loss) before income taxes	1,243	3,218	1,365	1,228
Total assets	$ 458,639		$ 458,639		$ 471,727
Other | Mitigation bank credit
Segments
Revenues		$ 2,200		$ 2,200

Commitments and Contingencies -

Commitments and Contingencies - (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Jan. 31, 2019	Dec. 31, 2018	Oct. 31, 2015
Obligations
Accrued liabilities for other litigation, claims, other disputes and governmental proceedings	$ 1,200		$ 1,200
Purchase obligations, total	96,900
Debt, Principal	81,818		70,976
PPN JV Loan, due November 2025, bearing interest at 4.1%
Obligations
Loan amount				$ 48,200
Debt, Principal	45,973		46,423
Pier Park TPS JV Loan
Obligations
Guarantor liability, Scenario 1 (as a percent)		50.00%
Guarantor liability, Scenario 2 (as a percent)		25.00%
Pier Park TPS JV Loan | Pier Park TPS JV
Obligations
Loan amount		$ 14,400
Debt, Principal	0
Surety bonds
Obligations
Commitment obligations	$ 9,400		$ 9,400