Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 24, 2020 | Jun. 30, 2019 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2019 | ||
Entity Registrant Name | ST JOE CO | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
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 Public Float | $ 349.7 | ||
Entity Common Stock, Shares Outstanding | 59,414,583 | ||
Entity Central Index Key | 0000745308 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
ASSETS | ||
Investment in real estate, net | $ 430,776 | $ 350,994 |
Investment in unconsolidated joint ventures | 5,084 | 1,105 |
Cash and cash equivalents | 185,716 | 195,155 |
Investments - debt securities | 53 | 8,958 |
Investments - equity securities | 9,746 | 36,132 |
Other assets | 52,069 | 59,203 |
Property and equipment, net of accumulated depreciation of $63,223 and $60,271 at December 31, 2019 and December 31, 2018, respectively | 19,018 | 12,031 |
Investments held by special purpose entities | 206,771 | 207,384 |
Total assets | 909,233 | 870,962 |
Liabilities: | ||
Debt, net | 92,529 | 69,374 |
Other liabilities | 57,200 | 47,387 |
Deferred tax liabilities, net | 52,808 | 44,315 |
Senior Notes held by special purpose entity | 177,026 | 176,775 |
Total liabilities | 379,563 | 337,851 |
Commitments and contingencies (Note 22) | ||
Equity: | ||
Common stock, no par value; 180,000,000 shares authorized; 59,414,583 and 60,672,034 issued and outstanding at December 31, 2019 and December 31, 2018, respectively | 305,631 | 331,395 |
Retained earnings | 214,225 | 187,450 |
Accumulated other comprehensive loss | (335) | (674) |
Total stockholders' equity | 519,521 | 518,171 |
Non-controlling interest | 10,149 | 14,940 |
Total equity | 529,670 | 533,111 |
Total liabilities and equity | $ 909,233 | $ 870,962 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
CONDENSED CONSOLIDATED BALANCE SHEETS | ||
Property and equipment, Accumulated depreciation | $ 63,223 | $ 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) | 59,414,583 | 60,672,034 |
Common stock, outstanding (in shares) | 59,414,583 | 60,672,034 |
CONDENSED CONSOLIDATED BALANC_3
CONDENSED CONSOLIDATED BALANCE SHEETS - VIEs - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
ASSETS | ||
Investment in real estate | $ 430,776 | $ 350,994 |
Cash and cash equivalents | 185,716 | 195,155 |
Other assets | 52,069 | 59,203 |
Investments held by special purpose entities | 206,771 | 207,384 |
Total assets | 909,233 | 870,962 |
LIABILITIES | ||
Debt, net | 92,529 | 69,374 |
Other liabilities | 57,200 | 47,387 |
Senior Notes held by special purpose entity | 177,026 | 176,775 |
Total liabilities | 379,563 | 337,851 |
Variable Interest Entities | ||
ASSETS | ||
Investment in real estate | 96,001 | 70,124 |
Cash and cash equivalents | 3,483 | 2,113 |
Other assets | 12,766 | 16,165 |
Investments held by special purpose entities | 206,771 | 207,384 |
Total assets | 319,021 | 295,786 |
LIABILITIES | ||
Debt, net | 81,071 | 60,262 |
Other liabilities | 3,471 | 5,773 |
Senior Notes held by special purpose entity | 177,026 | 176,775 |
Total liabilities | $ 261,568 | $ 242,810 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue: | |||
Leasing revenue | $ 15,581 | ||
Leasing revenue | $ 13,727 | $ 12,940 | |
Total revenue | 127,085 | 110,276 | 100,038 |
Expenses: | |||
Cost of leasing revenue | 4,650 | 4,700 | 4,548 |
Other operating and corporate expenses | 21,389 | 20,557 | 20,382 |
Depreciation, depletion and amortization | 10,287 | 8,998 | 8,885 |
Total expenses | 95,762 | 80,872 | 96,461 |
Operating income | 31,323 | 29,404 | 3,577 |
Other income (expense): | |||
Investment income, net | 10,714 | 12,150 | 35,410 |
Interest expense | (12,302) | (11,840) | (12,145) |
Sale of vacation rental management, net | 9,800 | ||
Other income, net | 6,450 | 1,152 | 4,713 |
Total other income, net | 4,862 | 1,462 | 37,778 |
Income before equity in loss from unconsolidated affiliates and income taxes | 36,185 | 30,866 | 41,355 |
Equity in loss from unconsolidated affiliates | (77) | ||
Income tax (expense) benefit | (9,447) | 736 | 17,881 |
Net income | 26,661 | 31,602 | 59,236 |
Net loss attributable to non-controlling interest | 114 | 767 | 342 |
Net income attributable to the Company | $ 26,775 | $ 32,369 | $ 59,578 |
Basic and Diluted | |||
Weighted average shares outstanding (in shares) | 59,994,527 | 62,725,954 | 70,548,411 |
Net income per share attributable to the Company (in dollars per share) | $ 0.45 | $ 0.52 | $ 0.84 |
Real estate | |||
Revenue: | |||
Revenue | $ 61,488 | $ 52,183 | $ 27,717 |
Expenses: | |||
Cost of revenue | 24,282 | 13,442 | 15,370 |
Hospitality | |||
Revenue: | |||
Revenue | 46,112 | 38,736 | 53,217 |
Expenses: | |||
Cost of revenue | 34,505 | 32,465 | 46,467 |
Timber | |||
Revenue: | |||
Revenue | 3,904 | 5,630 | 6,164 |
Expenses: | |||
Cost of revenue | $ 649 | $ 710 | $ 809 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Net income: | $ 26,661 | $ 31,602 | $ 59,236 | |
Other comprehensive income (loss): | ||||
Interest rate swap | (336) | |||
Reclassification of net realized (gain) loss included in earnings | (69) | 1,061 | (10,750) | |
Reclassification into retained earnings | [1] | 932 | ||
Reclassification of other-than-temporary impairment loss included in earnings | 2,330 | 2,288 | ||
Total before income taxes | 455 | 1,472 | (6,456) | |
Income (expense) tax benefit | [2] | (116) | (685) | 2,488 |
Total other comprehensive (loss) income, net of tax | 339 | 787 | (3,968) | |
Total comprehensive income, net of tax | 27,000 | 32,389 | 55,268 | |
Unrestricted available-for-sale, Debt securities | ||||
Other comprehensive income (loss): | ||||
Net unrealized gain (loss) on investments | 842 | (2,845) | ||
Unrestricted available-for-sale, Debt and equity securities | ||||
Other comprehensive income (loss): | ||||
Net unrealized gain (loss) on investments | 2,015 | |||
Restricted | ||||
Other comprehensive income (loss): | ||||
Net unrealized gain (loss) on investments | $ 18 | $ (6) | $ (9) | |
[1] | The reclassification into retained earnings for the year ended December 31, 2018 relates to the adoption of ASU 2016-01 Financial Instruments - Overall, as amended (“ASU 2016-01”). The new guidance was effective January 1, 2018, and required equity investments to be measured at fair value with changes in fair value recognized in results of operations rather than the consolidated statements of comprehensive income. | |||
[2] | Income tax expense for the year ended December 31, 2018 includes $0.3 million of income tax expense related to the adoption of ASU 2018-02 Income Statement - Reporting Comprehensive Income (“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. |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018USD ($) | ||
Income (expense) tax benefit | $ (685) | [1] |
Scenario, Adjustment | ASU 2018-02 | ||
Income (expense) tax benefit | $ (300) | |
[1] | Income tax expense for the year ended December 31, 2018 includes $0.3 million of income tax expense related to the adoption of ASU 2018-02 Income Statement - Reporting Comprehensive Income (“ASU 2018-02”). The new guidance was effective January 1, 2018, and allowed a reclassification from accumulated other comprehensive loss to retained earnings for stranded tax effects resulting from the Tax Act. |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock | Retained Earnings | Accumulated Other Comprehensive (Loss) Income | Treasury Stock | Non-controlling Interest | Total |
Beginning Balance (in shares) at Dec. 31, 2016 | 74,342,826 | |||||
Beginning Balance at Dec. 31, 2016 | $ 572,040 | $ 94,746 | $ 2,507 | $ 17,506 | $ 686,799 | |
Increase (Decrease) in Stockholders' Equity | ||||||
Capital contribution from non-controlling interest | 193 | 193 | ||||
Capital distribution to non-controlling interest | (2,330) | (2,330) | ||||
Stock based compensation expense | $ 76 | 76 | ||||
Stock based compensation expense (in shares) | 5,334 | |||||
Repurchase of common shares | $ (147,422) | (147,422) | ||||
Repurchase of common shares (in shares) | (8,450,294) | |||||
Retirement of treasury stock | $ (147,422) | 147,422 | ||||
Other comprehensive income (loss) | (3,968) | (3,968) | ||||
Net income | 59,578 | (342) | 59,236 | |||
Ending Balance at Dec. 31, 2017 | $ 424,694 | 154,324 | (1,461) | 15,027 | 592,584 | |
Ending Balance (in shares) at Dec. 31, 2017 | 65,897,866 | |||||
Increase (Decrease) in Stockholders' Equity | ||||||
Allocation of ownership interest | $ (490) | 490 | ||||
Additional ownership interest | 297 | (297) | ||||
Capital contribution from non-controlling interest | 887 | 887 | ||||
Capital distribution to non-controlling interest | (400) | (400) | ||||
Stock based compensation expense | $ 71 | 71 | ||||
Stock based compensation expense (in shares) | 2,778 | |||||
Issuance of common stock for officer compensation, net of tax withholding | $ 192 | 192 | ||||
Issuance of common stock for officer compensation, net of tax withholding (in shares) | 9,956 | |||||
Repurchase of common shares | (93,369) | (93,369) | ||||
Repurchase of common shares (in shares) | (5,238,566) | |||||
Retirement of treasury stock | $ (93,369) | 93,369 | ||||
Adoption of ASU 2018-02 Income Statement - Reporting Comprehensive Income | 313 | (313) | ||||
Other comprehensive income (loss) | 787 | 787 | ||||
Other comprehensive (loss) income, net of tax, excluding adoption of ASUs | 404 | 404 | ||||
Net income | 32,369 | (767) | 31,602 | |||
Ending Balance at Dec. 31, 2018 | $ 331,395 | 187,450 | (674) | 14,940 | $ 533,111 | |
Ending Balance (in shares) at Dec. 31, 2018 | 60,672,034 | 60,672,034 | ||||
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 | ||||
Allocation of ownership interest | $ (1,209) | 1,209 | ||||
Additional ownership interest | (3,787) | (7,832) | (11,619) | |||
Capital contribution from non-controlling interest | 2,546 | 2,546 | ||||
Capital distribution to non-controlling interest | (600) | (600) | ||||
Stock based compensation expense | $ 77 | 77 | ||||
Stock based compensation expense (in shares) | 5,708 | |||||
Repurchase of common shares | (20,845) | (20,845) | ||||
Repurchase of common shares (in shares) | (1,263,159) | |||||
Retirement of treasury stock | $ (20,845) | $ 20,845 | ||||
Other comprehensive income (loss) | 339 | 339 | ||||
Net income | 26,775 | (114) | 26,661 | |||
Ending Balance at Dec. 31, 2019 | $ 305,631 | $ 214,225 | $ (335) | $ 10,149 | $ 529,670 | |
Ending Balance (in shares) at Dec. 31, 2019 | 59,414,583 | 59,414,583 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities: | |||
Net income | $ 26,661 | $ 31,602 | $ 59,236 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation, depletion and amortization | 10,287 | 8,998 | 8,885 |
Stock based compensation | 77 | 263 | 76 |
(Gain) loss on sale of investments | (87) | 973 | (10,750) |
Unrealized loss on investments, net | 5,342 | 3,035 | |
Other-than-temporary impairment loss | 2,330 | ||
Other-than-temporary impairment loss | 2,288 | ||
Equity in loss from unconsolidated affiliates | 77 | ||
Deferred income tax expense (benefit) | 8,378 | (4,804) | (17,375) |
Impairment loss on investment in real estate | 99 | 714 | |
Gain on sale of vacation rental management | (9,800) | ||
Cost of real estate sold | 22,814 | 12,235 | 13,727 |
Expenditures for and acquisition of real estate to be sold | (40,081) | (19,819) | (8,475) |
Accretion income and other | (1,221) | (1,919) | (3,159) |
Proceeds from insurance claim - business interruption | 1,307 | ||
(Gain) loss on disposal of property and equipment | (67) | 5,223 | 887 |
Gain on land contribution to equity method investment | (2,317) | ||
Gain on insurance for damage to property and equipment, net | (5,347) | ||
Changes in operating assets and liabilities: | |||
Other assets | (229) | (17) | (5,582) |
Other liabilities | 3,728 | (1,236) | 4,734 |
Income taxes receivable | 1,071 | 4,457 | 18,300 |
Net cash provided by operating activities | 30,393 | 41,420 | 53,706 |
Cash flows from investing activities: | |||
Expenditures for operating property | (64,851) | (22,762) | (28,400) |
Expenditures for property and equipment | (9,354) | (2,615) | (3,005) |
Proceeds from the disposition of assets | 72 | 5,000 | 2,518 |
Proceeds from insurance claims | 12,071 | ||
Purchases of investments - debt securities | (6,917) | (94,791) | |
Purchases of investments - equity securities | (5,797) | (15,105) | (21,153) |
Purchases of restricted investments | (74) | (78) | (75) |
Maturities of investments - debt securities | 7,000 | 10,000 | 13,988 |
Sales of investments - debt securities | 2,830 | 63,597 | 151,752 |
Sales of investments - equity securities | 26,859 | 11,051 | 21,522 |
Sales of restricted investments | 1,159 | 1,109 | 1,233 |
Maturities of assets held by special purpose entities | 787 | 785 | 787 |
Net cash (used in) provided by investing activities | (29,298) | 44,065 | 44,376 |
Cash flows from financing activities: | |||
Capital contribution from non-controlling interest | 2,546 | 887 | 193 |
Capital distribution to non-controlling interest | (600) | (400) | (2,330) |
Capital contribution to unconsolidated affiliate | (1,116) | (1,105) | |
Additional ownership interest in Windmark | (11,619) | ||
Repurchase of common shares | (20,845) | (93,369) | (147,422) |
Borrowings on debt | 23,935 | 16,644 | 1,624 |
Principal payments for debt | (1,607) | (1,362) | (1,290) |
Principal payments under finance lease obligation | (36) | ||
Debt issuance costs | (1,149) | (1,158) | (20) |
Net cash used in financing activities | (10,491) | (79,863) | (149,245) |
Net (decrease) increase in cash, cash equivalents and restricted cash | (9,396) | 5,622 | (51,163) |
Cash, cash equivalents and restricted cash at beginning of the year | 198,073 | 192,451 | 243,614 |
Cash, cash equivalents and restricted cash at end of the year | $ 188,677 | $ 198,073 | $ 192,451 |
CONDENSED CONSOLIDATED STATEM_6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash, cash equivalents and restricted cash: | |||
Cash and cash equivalents | $ 185,716 | $ 195,155 | $ 192,083 |
Restricted cash included in other assets | 2,961 | 2,918 | 368 |
Total cash, cash equivalents and restricted cash shown in the statement of cash flows | 188,677 | 198,073 | 192,451 |
Cash paid during the period for: | |||
Interest, net of amounts capitalized | 11,886 | 11,617 | 11,817 |
Income taxes | 2,005 | 5,430 | |
Non-cash financing and investment activities: | |||
Increase in notes receivable - PCR Note | (5,000) | ||
Non-cash allocation of ownership interest in JV | 1,209 | 490 | |
Non-cash contribution to equity method investment | (2,940) | ||
Increase (decrease) in Community Development District debt | 1,203 | (467) | 174 |
Increase (decrease) in expenditures for operating properties and property and equipment financed through accounts payable | $ 3,158 | $ (1,273) | $ 2,525 |
Nature of Operations
Nature of Operations | 12 Months Ended |
Dec. 31, 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 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 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 | 12 Months Ended |
Dec. 31, 2019 | |
Significant Accounting Policies | |
Significant Accounting Policies | 2. Significant Accounting Policies Basis of Presentation and Principles of Consolidation The consolidated financial statements include the accounts of the Company and all of its majority-owned and controlled subsidiaries and variable interest entities where the Company deems itself the primary beneficiary. Investments in JVs and limited partnerships in which the Company is not the primary beneficiary are accounted for by the equity method. All significant intercompany transactions and balances have been eliminated in consolidation. Certain prior year amounts in the accompanying consolidated financial statements have been reclassified to conform to the current year presentation. These reclassifications had no effect on the Company’s previously reported total assets and liabilities, stockholders’ equity or net income. A variable interest entity (“VIE”) is an entity in which a controlling financial interest may be achieved through arrangements that do not involve voting interests. A VIE is required to be consolidated by its primary beneficiary, which is the entity that possesses the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and has the obligation to absorb losses or the right to receive benefits from the VIE that are significant to the entity. The Company consolidates VIEs when it is the primary beneficiary of the VIE, including real estate JVs determined to be VIEs. The Company continues to assess whether it is the primary beneficiary on an ongoing basis. See Note 4. Real Estate Joint Ventures . Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates and assumptions including investment in real estate, real estate impairment assessments, investments, other-than-temporary impairment assessments, retained interest investments, accruals and deferred income taxes. Actual results could differ from those estimates. Investment in Real Estate The Company capitalizes costs directly associated with development and construction of identified real estate projects. The Company also capitalizes those indirect costs that relate to the projects under development or construction. These indirect costs include construction and development administration, legal fees, capitalized interest, and project administration to the extent that such costs are related to a specific project. Interest is capitalized (up to total interest expense) based on the amount of underlying borrowings and real estate taxes are capitalized on real estate projects under development. Real estate development costs also include land and common development costs (such as roads, utilities and amenities), capitalized property taxes, capitalized interest and certain indirect costs. A portion of real estate development costs and estimates for costs to complete are allocated to each unit based on the relative sales value of each unit as compared to the estimated sales value of the total project. These estimates are reevaluated at least annually and more frequently if warranted by market conditions, changes in the project’s scope or other factors, with any adjustments being allocated prospectively to the remaining property or units. The capitalization period relating to direct and indirect project costs is the period in which activities necessary to ready a property for its intended use are in progress. The period begins when such activities commence, typically when the Company begins site work for land already owned, and ends when the asset is substantially complete and ready for its intended use. Determination of when construction of a project is substantially complete and ready for its intended use requires judgment. The Company determines when the capitalization period begins and ends through communication with project and other managers responsible for the tracking and oversight of individual projects. In the event that the activities to ready the asset for its intended use are suspended, the capitalization period will cease until such activities are resumed. If the Company determines a project will not be completed, any previously capitalized costs are expensed in the period in which the determination is made and recovery is not deemed probable. Investment in real estate is carried at cost, net of depreciation and timber depletion, unless circumstances indicate that the carrying value of the assets may not be recoverable. If the Company determines that an impairment exists due to the inability to recover an asset’s carrying value, an impairment charge is recorded to the extent that the carrying value exceeds estimated fair value. If such assets were held for sale, the provision for loss would be recorded to the extent that the carrying value exceeds estimated fair value less costs to sell. Depreciation for operating property is computed on the straight-line method over the estimated economic lives of the assets, as follows: Estimated Useful Life (in years) Land N/A Land improvements 15 - 20 Buildings 20-40 Building improvements 5-25 Timber N/A Building improvements are amortized on a straight-line basis over the shorter of the minimum lease term or the estimated economic life of the assets. Long-Lived Assets Long-lived assets include the Company’s investments in operating and development property and property and equipment. The Company reviews its long-lived assets for impairment quarterly to determine whether events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. As part of the Company’s review for impairment of its long-lived assets, the Company reviews the long-lived asset’s carrying value, current period actual financial results as compared to prior period and forecasted results contained in the Company’s business plan and any other events or changes in circumstances to identify whether an indicator of potential impairment may exist. Some of the events or changes in circumstances that are considered by the Company as indicators of potential impairment include: · a prolonged decrease in the fair value or demand for the Company’s properties; · a change in the expected use or development plans for the Company’s properties; · a material change in strategy that would affect the fair value of the Company’s properties; · continuing operating or cash flow loss for an operating property; · an accumulation of costs in excess of the projected costs for development or operating property; and · any other adverse change that may affect the fair value of the property. The Company uses varying methods to determine if an impairment exists, such as (i) considering indicators of potential impairment, (ii) analyzing expected future cash flows and comparing the expected future undiscounted cash flows of the property to its carrying value or (iii) determining market resale values. For projects under development, an estimate of undiscounted future cash flows is performed using estimated future expenditures necessary to develop and maintain the existing project and using management’s best estimates about future sales prices and holding periods. The projection of undiscounted cash flows requires that management develop various assumptions including: · the projected pace of sales of homesites based on estimated market conditions and the Company’s development plans; · estimated pricing and projected price appreciation over time; · the amount and trajectory of price appreciation over the estimated selling period; · the length of the estimated development and selling periods, which can differ depending on the size of the development and the number of phases to be developed; · the amount of remaining development costs, including the extent of infrastructure or amenities included in such development costs; · holding costs to be incurred over the selling period; · for bulk land sales of undeveloped and developed parcels future pricing is based upon estimated developed homesite pricing less estimated development costs and estimated developer profit; · for commercial and multi-family development property, future pricing is based on sales of comparable property in similar markets; and · whether liquidity is available to fund continued development. For operating properties, an estimate of undiscounted cash flows also requires management to make assumptions about the use and disposition of such properties. These assumptions include: · for investments in hotels, other rental units and vacation rental homes, average occupancy and room rates, revenue from food and beverage and other amenity operations, operating expenses and capital expenditures, and eventual disposition of such properties as private residence vacation units or condominiums, based on current prices for similar units appreciated to the expected sale date; · for investments in commercial, multi-family or retail property, future occupancy and rental rates and the amount of proceeds to be realized upon eventual disposition of such property at a terminal capitalization rate; and, · for investments in club assets, retail, membership dues, future rounds and greens fees and other hospitality assets, operating expenses and capital expenditures, and the amount of proceeds to be realized upon eventual disposition of such properties at a multiple of terminal year cash flows. Homesites substantially completed and ready for sale are measured at the lower of carrying value or fair value less costs to sell. Management identifies homesites as being substantially completed and ready for sale when the properties are being actively marketed with intent to sell such properties in the near term and under current market conditions. Other homesites, which management does not intend to sell in the near term under current market conditions, are evaluated for impairment based on management’s best estimate of the long-term use and eventual disposition of such property. Other properties that management does not intend to sell in the near term under current market conditions and has the ability to hold are evaluated for impairment based on management’s best estimate of the long-term use and eventual disposition of the property. The results of impairment analyses for development and operating properties are particularly dependent on the estimated holding and selling period for each asset group. If a property is considered impaired, the impairment charge is determined by the amount the property’s carrying value exceeds its fair value. The Company uses varying methods to determine fair value, such as (i) analyzing expected future cash flows, (ii) determining resale values in a given market (iii) applying a capitalization rate to net operating income using prevailing rates in a given market or (iv) applying a multiplier to revenue using prevailing rates in a given market. The fair value of a property may be derived either from discounting projected cash flows at an appropriate discount rate, through appraisals of the underlying property, or a combination thereof. The Company classifies the assets and liabilities of a long-lived asset as held-for-sale when management approves and commits to a formal plan of sale and it is probable that a sale will be completed. The carrying value of the assets held-for-sale are then recorded at the lower of their carrying value or fair value less estimated costs to sell. Timber Inventory The Company estimates its standing timber inventory on an annual basis utilizing a process referred to as a “timber cruise.” Specifically, the Company conducts field measurements of the number of trees, tree height and tree diameter on a sample area equal to approximately 20% of the Company’s timber holdings each year. Inventory data is used to calculate volumes and products along with growth projections to maintain accurate data. Industry practices are used for modeling, including growth projections, volume and product classifications. A depletion rate is established annually by dividing merchantable inventory cost by standing merchantable inventory volume. Investment in Unconsolidated Joint Ventures The Company has entered into real estate JVs in which the Company is not the primary beneficiary and the Company’s investment in these JVs are accounted for by the equity method. The Company evaluates its investment in unconsolidated JVs for impairment during each reporting period. A series of operating losses of an investee or other factors may indicate that a decrease in the value of the Company’s investment in the unconsolidated JV has occurred that is other-than-temporary. The amount of impairment recognized is the excess of the investment’s carrying value over its estimated fair value. Some of the Company’s unconsolidated JVs have entered into financing agreements, where the Company or its JV partners have provided guarantees . See Note 4. Real Estate Joint Ventures and Note 22. Commitments and Contingencies for additional information. Cash and Cash Equivalents Cash and cash equivalents include cash on hand, bank demand accounts, money market instruments, investment grade commercial paper and U.S. Treasury Bills having original maturities at acquisition date, of ninety days or less. Investments Investments – debt securities and restricted investments consist of available-for-sale securities recorded at fair value, which is established through external pricing services that use quoted market prices and pricing data from recently executed market transactions. Unrealized gains and temporary losses on investments, net of tax, are recorded in other comprehensive income (loss). Realized gains and losses on investments are determined using the specific identification method. The amortized cost of debt securities are adjusted for amortization of premiums and accretion of discounts to maturity computed under the effective interest method. Such amortization and accretion is included in investment income, net. The Company evaluates investments classified as available-for-sale with an unrealized loss to determine if they are other-than-temporarily impaired. This evaluation is based on various factors, including the financial condition, business prospects, industry and creditworthiness of the issuer, severity and length of time the securities were in a loss position, the Company’s ability and intent to hold investments until the unrealized loss is recovered or until maturity and the amount of the unrealized loss. If a decline in fair value is considered other-than-temporary, the decline is then bifurcated into its credit and non-credit related components. The amount of the credit-related component is recognized in earnings, and the amount of the non-credit related component is recognized in other comprehensive income (loss), unless the Company intends to sell the security or it is more likely than not that the Company will be required to sell the security prior to its anticipated recovery, in which case the decline in fair value is recognized entirely in earnings. Beginning on January 1, 2018, investments - equity securities with a readily determinable fair value are recorded at fair value, which is established through external pricing services that use quoted market prices and pricing data from recently executed market transactions. Unrealized holding gains and losses are recognized in investment income, net in the consolidated statements of income. Prior to 2018, unrealized gains and losses related to these investments were recognized in other comprehensive income (loss). Fair Value Measurements Fair value is an exit price, representing the amount that would be received by selling an asset or paying to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. A three-tier fair value hierarchy is established as a basis for considering such assumptions and for inputs used in the valuation methodologies in measuring fair value: Level 1. Quoted prices in active markets for identical assets or liabilities; Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3. Unobservable inputs in which there is little or no market data, such as internally-developed valuation models, which require the reporting entity to develop its own assumptions. Comprehensive Income The Company’s comprehensive income includes unrealized gains and losses on available-for-sale securities and restricted investments, which may be temporary, and fair value adjustments for cash flow hedges. Receivables The Company’s receivables primarily include receivables related to certain homesite sales, homebuilder notes, leasing receivables, membership initiation fees, hospitality receivables and other receivables. The Company evaluates the carrying value of receivables at each reporting date. Receivable balances are adjusted to net realizable value based upon a review of entity specific facts or when terms are modified. Judgments are made with respect to the collectability of accounts based on historical experience and current economic trends. Actual losses could differ from those estimates. As of December 31, 2019 and 2018 , allowance for doubtful accounts receivable was $0.3 million and $0.2 million, respectively. Property and Equipment, net Property and equipment is stated at cost, net of accumulated depreciation. Major improvements are capitalized while maintenance and repairs are expensed in the period the cost is incurred. Depreciation is computed using the straight-line method over the estimated economic lives of various assets, as follows: Estimated Useful Life (in years) Railroad and equipment 15-30 Furniture and fixtures 5-10 Machinery and equipment 3-10 Office equipment 5-10 Autos, trucks and aircraft 5 -10 Income Taxes The Company’s provision for income taxes includes the current tax owed on the current period earnings, as well as a deferred provision, which reflects the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Changes in existing tax laws and rates, their related interpretations, as well as the uncertainty generated by the prospect of tax legislation in the future may affect the amounts of deferred tax liabilities or the realizability of deferred tax assets. For tax positions the Company has taken or expects to take in a tax return, the Company applies a more likely than not assessment (i.e., there is a greater than 50 percent chance) about whether the tax position will be sustained upon examination by the appropriate tax authority with full knowledge of all relevant information. Amounts recorded for uncertain tax positions are periodically assessed, including the evaluation of new facts and circumstances, to ensure sustainability of the position. The Company records interest related to unrecognized tax benefits, if any, in interest expense and penalties in other income, net. The Company applies the aggregate portfolio method to account for income tax effects in accumulated other comprehensive loss with respect to available-for-sale debt securities. Concentration of Risks and Uncertainties The Company’s real estate investments are concentrated in Northwest Florida. Uncertain economic conditions could have an adverse impact on the Company’s real estate values. Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash, cash equivalents, investments, other receivables, investments held by special purpose entity or entities (“SPE”), and investments in retained interests. The Company deposits and invests cash with local and regional financial institutions and as of December 31, 2019 these balances exceed the amount of FDIC insurance provided on such deposits by $22.4 million. In addition, as of December 31, 2019, the Company had $0.1 million invested in one issuer of corporate debt securities that is non-investment grade, $9.7 million invested in four issuers of preferred stock that are non-investment grade and one issuer of preferred stock that is investment grade, as well as investments of $138.2 million in short term commercial paper from twenty issuers and short term U.S. Treasury Bills 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 years ended December 31, 2019, basic and diluted average shares outstanding were the same. There were no outstanding common stock equivalents as of December 31, 2019 or 2018. Non-vested restricted stock is included in outstanding shares at the time of grant. Revenue and Revenue Recognition Revenue consists primarily of real estate sales, hospitality operations, leasing operations, and timber sales. Taxes collected from customers and remitted to governmental authorities (e.g., sales tax) are excluded from revenue, costs and expenses. In accordance with Topic 606, revenue is recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services by applying the following steps; (1) identifying the contract(s) with a customer, (2) identifying the performance obligations in the contract, (3) determining the transaction price, (4) allocating the transaction price to the performance obligations in the contract and (5) recognizing revenue when (or as) the Company satisfies a performance obligation. The adoption of Topic 606 as of January 1, 2018 impacted the Company’s residential real estate segment as detailed below and had a de minimis impact on the hospitality segment, but did not impact the commercial leasing and sales or forestry segments. Lease related revenue is excluded from Topic 606. The following summary details the Company’s revenue and the related timing of revenue recognition by segment. Real Estate Revenue Revenue from real estate sales, including homesites, commercial properties, operating properties and rural or timberland, is recognized at the point in time when a sale is closed and title and control has been transferred to the buyer. If a performance obligation is not yet complete when title transfers to the buyer, the revenue associated with the incomplete performance obligation is deferred until completed. Residential real estate revenue includes the sale of developed homesites; the sale of parcels of entitled, undeveloped land; a homesite residual on homebuilder sales that provides the Company a percentage of the sale price of the completed home if the home price exceeds a negotiated threshold; the sale of tap and impact fee credits; marketing fees and other fees on certain transactions. Effective January 1, 2018, with the adoption of Topic 606, estimated homesite residuals and certain estimated fees are recognized as revenue at the point in time of sale to homebuilders, subject to constraints, and any change in material circumstances from the estimated amounts are updated at each reporting period. The variable consideration for homesite residuals and certain estimated fees are based on historical experience and are recognized as revenue when it can be reasonably estimated and only to the extent it is probable that a significant reversal in the estimated amount of cumulative revenue will not occur when uncertainties are resolved. For the years ended December 31, 2019 and 2018, real estate revenue includes $2.5 million and $1.0 million, respectively of estimated homesite residuals and $2.3 million and $1.1 million, respectively of certain estimated fees related to homebuilder homesite sales. Prior to 2018, these homesite residuals and fees were recognized in revenue when consideration was received by the Company in periods subsequent to the initial recognition of revenue for the sale of the homesite. Hospitality Revenue The Company’s hospitality segment generates revenue from membership sales, membership reservations, golf courses, the WaterColor Inn and WaterSound Inn, short-term vacation rentals, management of The Pearl Hotel, food and beverage operations, merchandise sales, marina operations, other resort and entertainment activities and beach clubs, which includes operation of the WaterColor Beach Club. Hospitality revenue is generally recognized at the point in time services are provided and represent a single performance obligation with a fixed transaction price. Hospitality revenue recognized over time includes non-refundable membership initiation fees and management fees. Clubs – Club operations include the Company’s golf courses, beach club and facilities that generate revenue from membership sales, membership reservations, daily play at the golf courses, merchandise sales and food and beverage sales. Daily play at the golf courses, merchandise sales and food and beverages sales are recognized at the point of sale. Club membership revenue consists of monthly dues, which are recognized monthly at the point in time as access is provided for the period, membership reservations that are recognized at the point in time when certain performance obligations are met and non-refundable initiation fees that are deferred and recognized ratably over time, which is the estimated membership period . Hotel Operations, Food and Beverage Operations, Short-Term Vacation Rentals and Other Management Services – Hotel operations, food and beverage operations, short-term vacation rentals and other management services generate revenue from (1) the WaterColor Inn, WaterSound Inn and operation of the WaterColor Beach Club, (2) management of The Pearl Hotel, (3) short-term vacation rentals and (4) food and beverage operations. The WaterColor Inn, WaterSound Inn and operation of the WaterColor Beach Club generate revenue from service and/or daily rental fees, recognized at the point in time services are provided . Revenue generated from the Company’s management services are recognized over time as time elapses and the Company’s performance obligations are met . As discussed further in Note 8. Sale of Vacation Rental Management , the Company sold its short term vacation rental management business in December 2017. Following the December 2017 sale, the Company no longer manages third party vacation rentals, but continues to manage rental properties the Company owns. The Company’s food and beverage operations generate revenue from food and beverage sales, which are recognized at the point of sale . Retail – The Company owns and operates retail outlets near its hospitality facilities that include the WaterColor store and four additional retail outlets. The Company’s retail outlets generate revenue from merchandise sales, which are recognized at the point of sale. Leasing Revenue Leasing revenue is excluded from Topic 606 and consists of long term 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. Certain leases provide for tenant occupancy during periods for which no rent is due or where minimum rent payments change during the lease term. Accordingly, a receivable or liability is recorded representing the difference between the straight-line rent and the rent that is contractually due from the tenant. Leasing revenue includes properties located in the Company’s Beckrich Office Park, consolidated Pier Park North JV and Pier Park Crossings JV, as well as the Company’s industrial park, VentureCrossings and other properties. Leasing revenue within the forestry segment consists primarily of hunting leases, which is recognized as income over the term of each lease. The Company’s marinas generate revenue from boat slip rentals recognized over the term of the lease. See Note 9. Leases for additional information related to leases. Forestry Product Revenue Revenue from the sale of the Company’s forestry products is primarily from open market sales of timber on site without the associated delivery costs and is derived from either pay-as-cut sales contracts or timber bid sales. Under a pay-as-cut sales contract, the risk of loss and title to the specified timber transfers to the buyer when cut by the buyer, and the buyer or some other third party is responsible for all logging and hauling costs, if any. Revenue is recognized at the point in time when risk of loss and title to the specified timber are transferred. Timber bid sales are agreements in which the buyer agrees to purchase and harvest specified timber (i.e., mature pulpwood and/or sawlogs) on a tract of land over the term of the contract. Unlike a pay-as-cut sales contract, risk of loss and title to the trees transfer to the buyer when the contract is signed and revenue is recognized at that point in time accordingly. The buyer pays the full purchase price when the contract is signed and the Company does not have any additional performance obligations. The following represents revenue disaggregated by segment, good or service and timing: Year Ended December 31, 2019 Commercial Residential Leasing Real Estate Hospitality and Sales Forestry Other Total Revenue by Major Good/Service: Real estate revenue $ 41,055 $ — $ 7,799 $ 11,678 $ 956 $ 61,488 Hospitality revenue 496 45,616 — — — 46,112 Leasing revenue 35 104 14,659 783 — 15,581 Timber revenue — — — 3,904 — 3,904 Total revenue $ 41,586 $ 45,720 $ 22,458 $ 16,365 $ 956 $ 127,085 Timing of Revenue Recognition: Recognized at a point in time $ 41,551 $ 42,864 $ 7,799 $ 15,582 $ 956 $ 108,752 Recognized over time — 2,752 — — — 2,752 Over lease term 35 104 14,659 783 — 15,581 Total revenue $ 41,586 $ 45,720 $ 22,458 $ 16,365 $ 956 $ 127,085 Year Ended December 31, 2018 Commercial Residential Leasing Real Estate Hospitality and Sales Forestry Other Total Revenue by Major Good/Service: Real estate revenue (a) $ 42,761 $ — $ 4,801 $ 1,807 $ 2,814 $ 52,183 Hospitality revenue 397 38,339 — — — 38,736 Leasing revenue — 1,237 11,684 806 — 13,727 Timber revenue 108 — — 5,522 — 5,630 Total revenue $ 43,266 $ 39,576 $ 16,485 $ 8,135 $ 2,814 $ 110,276 Timing of Revenue Recognition: Recognized at a point in time $ 43,266 $ 36,303 $ 4,801 $ 7,329 $ 2,814 $ 94,513 Recognized over time — 2,036 — — — 2,036 Over lease term — 1,237 11,684 806 — 13,727 Total revenue $ 43,266 $ 39,576 $ 16,485 $ 8,135 $ 2,814 $ 110,276 (a) Residential real estate revenue includes revenue of $23.1 million in 2018 for a one-time receipt of RiverTown impact fees related to the 2014 RiverTown transaction. See Note 19. RiverTown Impact Fees . Recently Adopted Accounting Pronouncements Leases In February 2016, the FASB issued ASU 2016‑02 that amends the existing accounting standards for lease accounting, including requiring lessees to recognize both finance and operating leases with terms of more than 12 months on the balance sheet. The accounting applied by a lessor is largely unchanged 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 pr |
Investment in Real Estate
Investment in Real Estate | 12 Months Ended |
Dec. 31, 2019 | |
Investment in Real Estate | |
Investment in Real Estate | 3. Investment in Real Estate Real estate by property type and segment includes the following: December 31, December 31, 2019 2018 Development property: Residential real estate $ 115,384 $ 105,323 Hospitality 12,229 3,726 Commercial leasing and sales 101,446 73,128 Forestry 1,880 2,144 Corporate 2,631 2,497 Total development property 233,570 186,818 Operating property: Residential real estate 11,985 11,985 Hospitality 94,838 88,405 Commercial leasing and sales 143,400 111,471 Forestry 21,189 19,765 Other 50 50 Total operating property 271,462 231,676 Less: Accumulated depreciation 74,256 67,500 Total operating property, net 197,206 164,176 Investment in real estate, net $ 430,776 $ 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 such as Watersound Origins, SouthWood, WindMark Beach, as well as other communities. Hospitality development property consists of land, construction costs, development costs and improvements primarily related to the Camp Creek Lifestyle Village amenity center, a new hotel in Pier Park and a new hotel near the Northwest Florida Beaches International Airport, as well as other properties. Commercial leasing and sales development property primarily consists of land, construction costs and development costs for commercial, multi-family, assisted living and industrial uses, including the Watercrest JV, Watersound Origins Crossings JV, Pier Park Crossings JV, Pier Park Crossings Phase II JV, Beckrich Office Park, land holdings near the Operating property includes the following components: December 31, December 31, 2019 2018 Land and land improvements $ 83,995 $ 75,663 Buildings and building improvements 174,712 144,730 Timber 12,755 11,283 271,462 231,676 Less: Accumulated depreciation 74,256 67,500 Total operating property, net $ 197,206 $ 164,176 Operating property includes property that the Company uses for operations and activities. Residential real estate operating property consists primarily of residential utility assets and certain rental properties. 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, multi-family 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. Depreciation expense related to real estate investments was $6.8 million, $6.0 million and $6.2 million in 2019, 2018 and 2017, respectively. Depletion and amortization expense related to the Company’s timber operations was $0.3 million in 2019 and $0.5 million in each 2018 and 2017. |
Real Estate Joint Ventures
Real Estate Joint Ventures | 12 Months Ended |
Dec. 31, 2019 | |
Real Estate Joint Ventures | |
Real Estate Joint Ventures | 4. Real Estate Joint Ventures The Company enters into real estate JVs, from time to time, for the purpose of developing real estate and other business activities in which the Company may or may not have a controlling financial interest. GAAP requires consolidation of VIEs in which an enterprise has a controlling financial interest and is the primary beneficiary. A controlling financial interest will have both of the following characteristics: (a) the power to direct the VIE activities that most significantly impact economic performance and (b) the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. The Company examines specific criteria and uses judgment when determining whether the Company is the primary beneficiary and must consolidate a VIE. The Company continues to assess whether it is the primary beneficiary on an ongoing basis. Investments in JVs and limited partnerships in which the Company is not the primary beneficiary are accounted for by the equity method. The timing of cash flows for additional required capital contributions related to the Company’s JVs varies by agreement. Some of the Company’s consolidated and unconsolidated JVs have entered into financing agreements, where the Company or its JV partners have provided guarantees. See Note 12. Debt, Net and Note 22. Commitments and Contingencies for additional information. Consolidated Joint Ventures Pier Park Crossings Phase II JV Pier Park Crossings Phase II JV was created in October 2019, when 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 120 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 December 31, 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 Pier Park Crossings Phase II JV is a VIE and that the Company is the VIE’s primary beneficiary as of December 31, 2019. Reliant Title JV Reliant Title JV was created in October 2019, when the Company entered into a JV agreement to own, operate and manage a real estate title insurance agency business. As of December 31, 2019, the Company owned a 66.0% interest in the consolidated JV. A wholly owned subsidiary of the Company is the managing member of Reliant Title JV and is responsible for the day-to-day activities of the JV. As the manager of the JV, as well as the majority member, the Company has the power to direct all of the activities of the JV that most significantly impact economic performance . The Company determined Reliant Title JV is a VIE and that the Company is the VIE’s primary beneficiary as of December 31, 2019. 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 December 31, 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 December 31, 2019. Watersound Origins Crossings JV Watersound 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 December 31, 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 Watersound Origins Crossings JV is a VIE and that the Company is the VIE’s primary beneficiary as of December 31, 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 construct the remaining 24 units of the 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 December 31, 2019 and 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 December 31, 2019 and 2018. Pier Park North JV During 2012, the Company entered into a JV agreement with a partner to develop a retail center at Pier Park North. As of December 31, 2019 and 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 December 31, 2019 and 2018. Windmark JV As of December 31, 2018, the Company owned a 49.0% interest in Windmark JV. A wholly owned subsidiary of the Company was the managing member of Windmark JV and ran its day-to-day operations. Windmark JV owned and its members made major decisions related to the management and development of the WindMark Beach project. The Company determined Windmark JV was a VIE and that the Company was the VIE’s primary beneficiary as of December 31, 2018. During 2019, the Windmark JV distributed property to the two other JV members and a wholly owned subsidiary of the Company purchased the property from the two other members for a total consideration of $11.6 million and, as a result, the Company now owns 100.0% of the WindMark project. Unconsolidated Joint Ventures Investment in unconsolidated joint ventures includes the Company’s investment accounted for using the equity method. The following table presents detail of the Company’s investment in unconsolidated joint ventures and total outstanding debt of unconsolidated JVs: December 31, December 31, 2019 2018 Investment in unconsolidated joint ventures Latitude Margaritaville Watersound JV (a) $ 791 $ — Pier Park TPS JV 3,083 1,105 Busy Bee JV (b) 1,210 — Total investment in unconsolidated joint ventures $ 5,084 $ 1,105 Outstanding debt of unconsolidated JVs Pier Park TPS JV $ 6,791 $ — Busy Bee JV 1,451 — Total outstanding debt of unconsolidated JVs (c) $ 8,242 $ — (a) JV was formed in June 2019. (b) JV was formed in July 2019. (c) See Note 22. Commitments and Contingencies for additional information. The following table presents detail of the Company’s equity in loss from unconsolidated affiliates: Year Ended December 31, 2019 Equity in loss from unconsolidated affiliates Latitude Margaritaville Watersound JV $ 71 Pier Park TPS JV 6 Total equity in loss from unconsolidated affiliates $ 77 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 and the sales center is currently under construction . The community will be located on land that will be contributed to the JV by the Company. The first phase is estimated to include approximately 3,500 residential homes which will be developed in smaller increments of discrete neighborhoods. As of December 31, 2019, the Company owned a 50.0% voting interest in the JV. Each JV member initially contributed and will continue to contribute an equal amount of cash towards the development and construction of the main spine infrastructure and amenities. The Company’s unimproved land contribution will be returned at an average of $10,000 as each home is sold by the JV. Per the JV agreement, the Company will provide interest-bearing financing in the form of a promissory note to the Latitude Margaritaville Watersound JV to finance the development of the pod-level, non-spine infrastructure, which will be repaid by the JV as each home is sold by the JV. 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 determined that Latitude Margaritaville Watersound JV is a VIE, but that the Company is not the primary beneficiary since it does not have the power to direct the activities that most significantly impact the economic performance of the JV. The Company’s investment in the Latitude Margaritaville Watersound JV is accounted for using the equity method. Summarized financial information for Latitude Margaritaville Watersound JV is as follows: December 31, 2019 BALANCE SHEETS: Investment in real estate $ 1,116 Cash and cash equivalents 525 Total assets $ 1,641 Other liabilities $ 58 Equity 1,583 Total liabilities and equity $ 1,641 Year Ended December 31, 2019 STATEMENT OF OPERATIONS: Total expenses $ 142 Net loss $ 142 Pier Park TPS JV Pier Park TPS, LLC was created in April 2018. The Company entered into a JV agreement to develop and operate a 124 room hotel in Panama City Beach, Florida. The hotel 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 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 December 31, 2019 and 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 22. Commitments and Contingencies for additional information related to debt guaranteed by the Company. Summarized financial information for Pier Park TPS JV is as follows: December 31, December 31, 2019 2018 BALANCE SHEETS: Investment in real estate $ 14,775 $ 285 Cash and cash equivalents 51 64 Other assets 12 — Total assets $ 14,838 $ 349 Debt, net $ 6,480 $ — Other liabilities 2,193 3 Equity 6,165 346 Total liabilities and equity $ 14,838 $ 349 Year Ended December 31, 2019 2018 STATEMENT OF OPERATIONS: Total expenses $ 13 $ — Net loss $ 13 $ — Busy Bee JV SJBB, LLC was created in July 2019, when the Company entered into a JV agreement to construct, own and manage a Busy Bee branded fuel station and convenience store in Panama City Beach, Florida. The fuel station and convenience store will be located on land that the Company contributed to the JV on July 5, 2019. The investment in the unconsolidated JV of $1.2 million as of December 31, 2019 includes $1.4 million for the fair value of land contributed by the Company, which was offset by a $0.2 million note receivable from the JV partner. The project is currently under construction with no income or loss impacting the consolidated statements of income for 2019. As of December 31, 2019, the Company owned a 50.0% interest in the JV. The Company’s partner is responsible for the day-to-day activities of the JV. The Company has determined that Busy Bee JV is a VIE, but that the Company is not the primary beneficiary since it does not have the power to direct the activities that most significantly impact the economic performance of the JV. The Company’s investment in the Busy Bee JV is accounted for using the equity method. See Note 22. Commitments and Contingencies for additional information related to debt guaranteed by the Company. Summarized financial information for Busy Bee JV is as follows: December 31, 2019 BALANCE SHEETS: Investment in real estate $ 3,886 Cash and cash equivalents 36 Other assets 28 Total assets $ 3,950 Debt, net $ 1,349 Other liabilities 181 Equity 2,420 Total liabilities and equity $ 3,950 ALP Through November 2018, the Company was a partner in ALP and beneficially owned 23.9% of ALP’s outstanding beneficial interest units, for which the Company had no basis. In November 2018, the Company received a final distribution of $2.2 million, which is recorded in other income, net on the consolidated statements of income. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2019 | |
Investments | |
Investments | 5. Investments Available-For-Sale Investments Investments classified as available-for-sale securities were as follows: December 31, 2019 Gross Unrealized Gross Unrealized Amortized Cost Gains (Losses) Fair Value Investments - debt securities: Corporate debt securities $ 178 $ — $ (125) $ 53 178 — (125) 53 Restricted investments: Short-term bond 2,239 11 — 2,250 Money market fund 114 — — 114 2,353 11 — 2,364 $ 2,531 $ 11 $ (125) $ 2,417 December 31, 2018 Gross Unrealized Gross Unrealized Amortized Cost Gains (Losses) Fair Value Investments - debt securities: U.S. Treasury Bills $ 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 2019, net realized gains from the sale of available-for-sale securities were $0.1 million, proceeds from the sale of available-for-sale securities were $4.0 million, proceeds from the maturity of available-for-sale securities were $7.0 million and purchases of available-for-sale securities were $0.1 million. During 2018, net realized losses from the sale of available-for-sale securities were $1.0 million, proceeds from the sale of available-for-sale securities were $64.7 million, proceeds from the maturity of available-for-sale securities were $10.0 million and purchases of available-for-sale securities were $7.0 million. The following table provides the available-for-sale investments unrealized loss position and related fair values: December 31, 2019 Less Than 12 Months 12 Months or Greater Unrealized Unrealized Fair Value Losses Fair Value Losses Investments - debt securities: Corporate debt securities $ — $ — $ 53 $ 125 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 December 31, 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 December 31, 2019 and 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. During 2018, the Company determined that unrealized losses related to its corporate debt securities were other-than-temporary and recorded an impairment of $2.3 million for credit-related loss in investment income, net in the Company’s consolidated statements of income. 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. December 31, 2019 Amortized Cost Fair Value Due in one year or less $ 178 $ 53 Restricted investments 2,353 2,364 $ 2,531 $ 2,417 Investments – Equity Securities As of December 31, 2019 and 2018, investments – equity securities included $9.7 million and $36.1 million, respectively, of preferred stock investments recorded at fair value. During 2019 and 2018, the Company had net unrealized losses on investments – equity securities of $5.3 million and $3.0 million respectively, which were included within investment income, net on the consolidated statements of income. Prior to 2018, unrealized gains and losses related to investments – equity securities were recognized in other comprehensive income (loss). As of January 1, 2018, the outstanding unrealized losses of $0.9 million were reclassified to retained earnings with the adoption of ASU 2016-01. Investment Management Agreement Mr. Bruce R. Berkowitz is the Chairman of the Company’s Board. He is the Manager of, and controls entities that own and control, Fairholme Holdings, LLC, which wholly owns FCM. Mr. Berkowitz is the Chief Investment Officer of FCM, which has provided investment advisory services to the Company since April 2013. FCM does not receive any compensation for services as the Company’s investment advisor. As of December 31, 2019, clients of FCM, including Mr. Berkowitz, beneficially owned approximately 44.30% 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. Pursuant to the terms of the Investment Management Agreement, as amended, with the Company, FCM agreed to supervise and direct the investment accounts established by the Company in accordance with the investment guidelines and restrictions approved by the Company. The investment guidelines are set forth in the Investment Management Agreement and require that, as of the date of any investment: (i) no more than 15% of the investment account may be invested in securities of any one issuer (excluding the U.S. Government), (ii) any investment in any one issuer (excluding the U.S. Government) that exceeds 10% of the investment account, but not 15%, requires the consent of at least two members of the Investment Committee, (iii) 25% of the investment account must be held in cash and cash equivalents, (iv) the investment account is permitted to be invested in common equity securities; however, common stock investments shall be limited to exchange-traded common equities, shall not exceed 5% ownership of a single issuer and, cumulatively, the common stock held in the Company’s investment portfolio shall not exceed $100.0 million market value and (v) the aggregate market value of investments in common stock, preferred stock or other equity investments cannot exceed 25% of the market value of the Company’s investment portfolio at the time of purchase. |
Financial Instruments and Fair
Financial Instruments and Fair Value Measurements | 12 Months Ended |
Dec. 31, 2019 | |
Financial Instruments and Fair Value Measurements | |
Financial Instruments and Fair Value Measurements | 6. Financial Instruments and Fair Value Measurements Fair Value Measurements The financial instruments measured at fair value on a recurring basis are as follows: December 31, 2019 Total Fair Level 1 Level 2 Level 3 Value Cash equivalents: Money market funds $ 21,043 $ — $ — $ 21,043 Commercial paper 138,220 — — 138,220 U.S. Treasury Bills 6,990 — — 6,990 166,253 — — 166,253 Investments - debt securities: Corporate debt securities — 53 — 53 — 53 — 53 Investments - equity securities: Preferred stock — 9,746 — 9,746 — 9,746 — 9,746 Restricted investments: Short-term bond 2,250 — — 2,250 Money market fund 114 — — 114 2,364 — — 2,364 $ 168,617 $ 9,799 $ — $ 178,416 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 Bills 29,998 — — 29,998 180,930 — — 180,930 Investments - debt securities: U.S. Treasury Bills 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 Bills, 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 Bills with a maturity date of 90 days or less from the date of purchase are classified as cash equivalents in the Company’s consolidated balance sheets. The Company’s corporate debt securities and 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 consolidated balance sheets and include certain of the surplus assets that were transferred from the Company’s Pension Plan to a suspense account in the Company’s 401(k) plan in December 2014. The Company has retained the risks and rewards of ownership of these assets; therefore, the assets held in the suspense account are included in the Company’s consolidated financial statements until they are allocated to participants. As of December 31, 2019 and 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. See Note 18. Employee Benefit Plan . Liabilities measured at fair value on a recurring basis are as follows: December 31, 2019 Location in Total Fair Balance Sheet Level 1 Level 2 Level 3 Value Derivative Liabilities: Interest rate swap Other liabilities $ — $ 336 $ — $ 336 $ — $ 336 $ — $ 336 In June 2019 the Company entered into an interest rate swap agreement designated as a cash flow hedge to manage the interest rate risk associated with variable rate debt. The interest rate swap is effective June 1, 2021 and matures on June 1, 2024 and fixed the variable rate debt on the notional amount of related debt of $20.0 million. As of December 31, 2019, the interest rate swap was recorded at its estimated fair value, based on level 2 measurements, of $0.3 million and is included within other liabilities on the consolidated balance sheet. The gain or loss on the derivative instrument is reported as a component of other comprehensive income (loss) and reclassified into earnings in the period during which the hedged transaction affects earnings. The Company did not reclassify any amounts out of other comprehensive income into interest expense during December 31, 2019. See Note 12. Debt, Net for additional information. Investment in Unconsolidated Joint Ventures The Company evaluates its investment in unconsolidated JVs for impairment during each reporting period. A series of operating losses of an investee or other factors may indicate that a decrease in the value of the Company’s investment in the unconsolidated JV has occurred that is other-than-temporary. The amount of impairment recognized is the excess of the investment’s carrying value over its estimated fair value. The fair value of the Company’s investment in unconsolidated JVs is determined primarily using a discounted cash flow model to value the underlying net assets of the respective JV. The fair value of investment in unconsolidated JVs required to be assessed for impairment is determined on a nonrecurring basis using Level 3 inputs in the fair value hierarchy. No impairment for unconsolidated JVs was recorded during 2019 and 2018. See Note 4. Real Estate Joint Ventures for additional information. Long-lived Assets The Company reviews its long lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The fair value of long-lived assets required to be assessed for impairment is determined on a nonrecurring basis using Level 3 inputs in the fair value hierarchy. During 2019 the Company did not record any impairment charges related to long-lived assets. During 2018 and 2017, the Company recorded impairment charges of $0.1 million and $0.7 million, respectively, included in cost of hospitality revenue, related to non-strategic hospitality assets. Fair Value of Financial Instruments The Company uses the following methods and assumptions in estimating fair value for financial instruments: · The fair value of the investments held by SPE - time deposit is based on the present value of future cash flows at the current market rate. · The fair value of the investments held by SPE - U.S. Treasury Bills are measured based on quoted market prices in an active market. · The fair value of debt is based on discounted future expected cash flows based on current market rates for financial instruments with similar risks, terms and maturities. · The fair value of the Senior Notes held by SPE is based on the present value of future cash flows at the current market rate. The carrying amount and estimated fair value, measured on a nonrecurring basis, of the Company’s financial instruments were as follows: December 31, 2019 December 31, 2018 Carrying Estimated Carrying Estimated value Fair value Level value Fair value Level Assets Investments held by SPEs: Time deposit $ 200,000 $ 200,000 3 $ 200,000 $ 200,000 3 U.S. Treasury Bills and cash $ 6,771 $ 6,712 1 $ 7,384 $ 7,092 1 Liabilities Debt Fixed-rate debt $ 89,969 $ 92,276 2 $ 68,146 $ 67,126 2 Variable-rate debt 4,538 4,538 2 2,830 2,830 2 Total debt $ 94,507 $ 96,814 $ 70,976 $ 69,956 Senior Notes held by SPE $ 177,026 $ 204,347 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 the $200.0 million fifteen-year installment Timber Note issued by Panama City Timber Finance Company, LLC. The Company contributed the Timber Note and assigned its rights as a beneficiary under a letter of credit to Northwest Florida Timber Finance, LLC. Northwest Florida Timber Finance, LLC monetized the Timber Note by issuing $180.0 million aggregate principal amount of its 4.8% Senior Secured Notes due in 2029 at an issue price of 98.5% of face value to third party investors. The investments held by Panama City Timber Finance Company, LLC as of December 31, 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 $6.4 million and cash of $0.4 million. The Senior Notes held by Northwest Florida Timber Finance, LLC as of December 31, 2019 consist of $177.0 million, net of the $3.0 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 | 12 Months Ended |
Dec. 31, 2019 | |
Hurricane Michael | |
Hurricane Michael | 7. Hurricane Michael On October 10, 2018, Hurricane Michael made landfall in the Florida Panhandle, which resulted in widespread damage to the area. The majority of the Company’s properties incurred minimal or no damage; however the Company’s Bay Point Marina in Bay County and Port St. Joe Marina in Gulf County, as well as certain timber, commercial and multi-family leasing assets were impacted. The marinas suffered significant damage requiring long-term restoration and will remain closed during the reconstruction of significant portions of these assets, which is currently underway. The Company maintains property and business interruption insurance, subject to certain deductibles, and is continuing to assess claims under such policies; however, the timing and amount of insurance proceeds are uncertain and may not be sufficient to cover all losses. Timing differences are likely to exist between the impairment losses, capital expenditures made to repair or restore properties and recognition and receipt of insurance proceeds reflected in the Company’s financial statements. During 2019, $1.3 million of insurance proceeds were received related to business interruption insurance, included within cost of hospitality revenue on the consolidated statements of income. 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 2018, the Company recorded a loss on disposal of assets of $7.3 million related to the net book value of the marinas, certain forestry assets, commercial and multi-family leasing assets. During 2019, the Company recognized $5.3 million of insurance proceeds. During 2018, the Company recognized $7.2 million of insurance proceeds, of which $6.7 million was included in accounts receivable, net and were received during 2019. The loss on disposal of assets and insurance proceeds were recorded in other income, net on the consolidated statements of income. During 2018, the Company recorded timber loss expense of $0.3 million included in other income, net on the consolidated statements of income. The majority of the Company’s other timberlands had little or no damage. During 2019 and 2018, the Company incurred costs of $2.7 million and $1.0 million, respectively for additional hurricane expense items such as repairs, clean-up costs, landscape repairs, demolition costs, professional fees, food spoilage, damaged inventory and temporary housing for employees included in other income, net on the 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. |
Sale of Vacation Rental Managem
Sale of Vacation Rental Management | 12 Months Ended |
Dec. 31, 2019 | |
Sale of Vacation Rental Management | |
Sale of Vacation Rental Management | 8. Sale of Vacation Rental Management In December 2017, the Company entered into and consummated the PCR Purchase Agreement with PCR for the sale of the Company’s short term vacation rental management business. In December 2017, the Company completed the sale to PCR for approximately $9.9 million, which resulted in a net gain of $9.8 million. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases | |
Leases | 9. 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 Company’s leases have remaining lease terms up to the year 2036, some of which include options to terminate or extend. The components of leasing revenue are as follows : Year Ended December 31, 2019 Leasing revenue Lease payments $ 11,637 Variable lease payments 3,944 Total leasing revenue $ 15,581 Minimum future base rental revenue on non-cancelable leases subsequent to December 31, 2019, for the years ending December 31 are: 2020 $ 14,595 2021 10,864 2022 9,896 2023 7,836 2024 6,547 Thereafter 17,762 $ 67,500 As of December 31, 2019, the Company leased certain office equipment under a finance lease and had operating leases for property and equipment used in corporate and hospitality operations with remaining lease terms up to the year 2049. Certain leases include options to purchase, terminate or renew for one or more years, which are included in the lease term used to establish right-of-use assets and lease liabilities when it is reasonably certain that the option will be exercised. Finance lease right-of-use assets are included within property, plant and equipment and operating lease right-of-use assets are included within other assets on the consolidated balance sheets, which represent the Company’s right to use an underlying asset during a lease term for leases in excess of one year. Corresponding finance lease liability and operating lease liabilities are included within other liabilities on the consolidated balance sheets and are related to the Company’s obligation to make lease payments for leases in excess of one year. Prior to the adoption ASU 2016-02 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: Year Ended December 31, 2019 Lease cost Finance lease cost: Amortization of right-of-use assets $ 40 Interest on lease liability 9 Operating lease cost 238 Short-term lease cost 721 Total lease cost $ 1,008 Other information Weighted-average remaining lease term - finance lease (in years) 4.2 Weighted-average remaining lease term - operating leases (in years) 3.1 Weighted-average discount rate - finance lease Weighted-average discount rate - operating leases The aggregate payments of finance lease liability subsequent to December 31, 2019, for the years ending December 31 are: 2020 $ 54 2021 54 2022 54 2023 54 2024 10 Total 226 Less imputed interest (22) Total finance lease liability $ 204 The aggregate payments of operating lease liabilities subsequent to December 31, 2019, for the years ending December 31 are: 2020 $ 246 2021 180 2022 102 2023 63 2024 12 Thereafter 293 Total 896 Less imputed interest (205) Total operating lease liabilities $ 691 |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2019 | |
Other Assets | |
Other Assets | 10. Other Assets Other assets consist of the following: December 31, December 31, 2019 2018 Restricted investments $ 2,364 $ 3,432 Accounts receivable, net 6,957 14,061 Homesite sales receivable 5,211 2,977 Claim settlement receivable — 2,679 Notes receivable 3,252 2,265 Income tax receivable 2,843 3,914 Prepaid expenses 6,592 6,751 Straight-line rent 3,292 3,581 Operating lease right-of-use assets 691 — Other assets 5,715 5,069 Retained interest investments 12,214 11,536 Accrued interest receivable for Senior Notes held by SPE 2,938 2,938 Total other assets $ 52,069 $ 59,203 Restricted Investments The Company’s restricted investments are related to the Company’s deferred compensation plan. As part of the Pension Plan termination in 2014, the Company directed the Pension Plan to transfer the Pension Plan’s surplus assets into a suspense account in the Company’s 401(k) plan. The Company has retained the risks and rewards of ownership of these assets; therefore, the assets held in the suspense account are included in the Company’s consolidated balance sheets until they are allocated to current or future 401(k) plan participants for up to the next two years. See Note 18. Employee Benefit Plan . 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 2019. See Note 7. 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. See Note 2. Summary of Significant Accounting Policies for additional information . The following table presents the changes in homesite sales receivable: Increases Due To Decreases Due to Balance Revenue Recognized Amounts Balance January 1, 2019 for Homesites Sold Received/Transferred December 31, 2019 Homesite sales receivable $ 2,977 $ 4,755 $ (2,521) $ 5,211 Increases Due To Decreases Due to Balance Revenue Recognized Amounts Balance January 1, 2018 for Homesites Sold Received/Transferred December 31, 2018 Homesite sales receivable $ 2,585 $ 2,085 $ (1,693) $ 2,977 Claim Settlement Receivable The remaining settlement amount of $2.7 million as of December 31, 2018 was received in October 2019. Interest income for the years ended December 31, 2019 and 2018 was $0.1 million and for the year ended December 31, 2017 was $0.2 million. Notes Receivable Notes receivable consist of the following: December 31, December 31, 2019 2018 Interest bearing homebuilder note, secured by the real estate sold — 5.5% interest rate, due June 2021 $ 1,514 $ — Interest bearing homebuilder note, secured by the real estate sold — 5.5% interest rate, due December 2021 872 — 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 note with a JV partner, secured by the partner's membership interest in the JV - 8.0% interest rate, due July 2039 206 — Interest bearing homebuilder note, secured by the real estate sold — 6.3% interest rate, due March 2020 128 150 Various mortgage notes, secured by certain real estate, bearing interest at various rates 85 141 Interest bearing homebuilder note, secured by the real estate sold — 5.5% interest rate, due June 2020 84 422 Interest bearing homebuilder note, secured by the real estate sold — 5.5% interest rate, paid in December 2019 — 749 Pier Park Community Development District notes, non-interest bearing, paid in August 2019 — 803 Total notes receivable $ 3,252 $ 2,265 The Company may allow homebuilders to pay for homesites during the home construction period in the form of homebuilder notes. The Company evaluates the carrying value of all notes and the need for an allowance for doubtful notes receivable at each reporting date. As of December 31, 2019 and 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 financial statements as of December 31, 2019 and 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 $12.2 million and $11.5 million as of December 31, 2019 and 2018, respectively, recorded in other assets on the Company’s consolidated balance sheets. |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment, Net | |
Property and Equipment, Net | 11. Property and Equipment, Net Property and equipment, net consists of the following: December 31, December 31, 2019 2018 Railroad and equipment $ 33,626 $ 33,626 Furniture and fixtures 24,062 22,438 Machinery and equipment 11,100 8,964 Office equipment 5,920 5,237 Autos, trucks and aircraft 6,274 988 80,982 71,253 Less: Accumulated depreciation 63,223 60,271 17,759 10,982 Construction in progress 1,259 1,049 Total property and equipment, net $ 19,018 $ 12,031 Depreciation expense on property and equipment was $3.2 million, $2.4 million and $1.9 million in 2019, 2018 and 2017, respectively. |
Debt, Net
Debt, Net | 12 Months Ended |
Dec. 31, 2019 | |
Debt | |
Debt | 12. Debt, Net Debt consists of the following: December 31, 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% $ 45,514 $ 380 $ 45,134 $ 46,423 $ 446 $ 45,977 PPC JV Loan, insured by HUD, due June 2060, bearing interest at 4.0% 34,610 1,087 33,523 15,399 1,114 14,285 Community Development District debt, secured by certain real estate or other collateral, due May 2023 through May 2039, bearing interest at 3.6% to 6.0% 6,977 — 6,977 6,324 — 6,324 Watersound Origins Crossings JV Loan, due May 2024, bearing interest at 5.0% 2,868 454 2,414 — — — Beach Homes Loan, due May 2029, bearing interest at LIBOR plus 1.7% (effective rate of 3.5% at December 31, 2019) 1,594 20 1,574 — — — Pier Park Outparcel Construction Loan, due March 2027, bearing interest at LIBOR plus 1.7% (effective rate of 3.5% at December 31, 2019) 1,535 14 1,521 1,585 16 1,569 WaterColor Crossings Construction Loan, due February 2029, bearing interest at LIBOR plus 1.7% (effective rate of 3.5% at December 31, 2019) 1,409 23 1,386 1,245 26 1,219 Total debt $ 94,507 $ 1,978 $ 92,529 $ 70,976 $ 1,602 $ 69,374 In October 2015, the Pier Park North JV entered into a $48.2 million loan, secured by a first lien on, and security interest in, a majority of the Pier Park North JV’s property. The PPN JV Loan provides for principal and interest payments with a final balloon payment at maturity. In connection with the PPN JV Loan, the Company entered into a limited guarantee in favor of the lender, based on its percentage ownership of the JV. In addition, the guarantee can become full recourse in the case of any fraud or intentional misrepresentation by the Pier Park North JV; any voluntary transfer or encumbrance of the property in violation of the due-on-sale clause in the security instrument; upon commencement of voluntary bankruptcy or insolvency proceedings and upon breach of covenants in the security instrument. In May 2018, the Pier Park Crossings JV entered into a $36.6 million loan, insured by HUD, to finance the construction of apartments in Panama City Beach, Florida. The PPC JV Loan provides for interest only payments during the first twenty-four months and monthly principal and interest payments thereafter through maturity in June 2060. The PPC JV Loan may not be prepaid prior to July 1, 2020. From July 1, 2020 through June 30, 2030, a prepayment premium is due to the lender of 1.0% - 10.0% of any prepaid principal. The PPC JV Loan is secured by the Pier Park Crossings JV’s real property and the assignment of rents and leases. CDD bonds financed the construction of infrastructure improvements at some of the Company’s projects. The principal and interest payments on the bonds are paid by assessments on the properties benefited by the improvements financed by the bonds. The Company has recorded a liability for CDD debt that is associated with platted property, which is the point at which it becomes fixed or determinable. Additionally, the Company has recorded a liability for the portion of the CDD debt that is associated with unplatted property if it is probable and reasonably estimable that the Company will ultimately be responsible for repayment. The Company’s total CDD debt assigned to property it owns was $17.7 million and $19.9 million at December 31, 2019 and 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 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 Watersound Origins Crossings JV entered into a $37.9 million loan to finance the construction of apartments in Watersound, Florida. The Watersound Origins Crossings JV Loan provides for interest only payments for the first thirty months and principal and interest payments thereafter through maturity in May 2024. The Watersound Origins Crossings JV Loan is secured by the real property, assignment of rents and the security interest in the rents and personal property. In connection with the Watersound Origins Crossings JV Loan, the Company executed a guarantee in favor of the lender to guarantee the payment and performance of the borrower under the Watersound Origins Crossings JV Loan. The Company is the sole guarantor and will receive a fee related to the guarantee from its JV partner based on the JV partner’s ownership percentage. In June 2019, the Watercrest JV entered into a $22.5 million loan to finance the construction of an assisted living community in Santa Rosa Beach, Florida. The Watercrest JV Loan provides for interest only payments for the first thirty-six months and principal and interest payments thereafter through maturity in June 2047. The Watercrest JV Loan is secured by the real property, assignment of rents, leases and deposits and the security interest in the rents and personal property. In connection with the Watercrest JV Loan, the Company executed a guarantee in favor of the lender to guarantee the payment and performance of the borrower under the Watercrest JV Loan. The Company is the sole guarantor and 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 December 31, 2019, there was no principal balance and the JV incurred $0.3 million of loan costs related to the Watercrest JV Loan. In August 2019, a wholly owned subsidiary of the Company entered into a $5.5 million loan to finance the construction of an office building in Panama City Beach, Florida. The Beckrich Building III Loan provides for interest only payments for the first twelve months and principal and interest payments thereafter through maturity in August 2029. The Beckrich Building III Loan is secured by the real property, assignment of leases, rents and profits and the security interest in the rents and personal property. In connection with the Beckrich Building III Loan, the Company executed a guarantee in favor of the lender to guarantee the payment and performance of the borrower under the Beckrich Building III Loan. As of December 31, 2019, there was no principal balance and the Company incurred $0.1 million of loan costs related to the Beckrich Building III Loan. In October 2019, the Pier Park Crossings Phase II JV entered into a $17.5 million loan to finance the construction of apartments in Panama City Beach, Florida. The PPC II JV Loan provides for interest only payments for the first twenty-four months and principal and interest payments thereafter through maturity in October 2024. The PPC II JV Loan is secured by the real property, assignment of rents and leases and the security interest in the rents, leases and personal property. In connection with the PPC II JV Loan, the Company executed a guarantee in favor of the lender to guarantee the payment and performance of the borrower under the PPC II JV Loan. The Company is the sole guarantor and will receive a fee related to the guarantee from its JV partner based on the JV partner’s ownership percentage. As of December 31, 2019, there was no principal balance and the Company incurred $0.3 million of loan costs related to the PPC II JV Loan. The Company’s financing agreements are subject to various customary debt covenants and as of December 31, 2019 the Company was in compliance with the financial The aggregate maturities of debt subsequent to December 31, 2019 are: December 31, 2019 2020 $ 2,029 2021 2,242 2022 2,293 2023 2,319 2024 5,079 Thereafter 80,545 $ 94,507 |
Other Liabilities
Other Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Other Liabilities | |
Other Liabilities | 13. Other Liabilities Other liabilities consist of the following: December 31, December 31, 2019 2018 Accounts payable $ 16,207 $ 10,148 Finance lease liability 204 — Operating lease liabilities 691 — Accrued compensation 3,151 3,112 Other accrued liabilities 3,277 2,560 Deferred revenue 18,972 17,478 Club initiation fees 6,917 5,676 Club membership deposits 3,985 4,286 Advance deposits 946 1,277 Accrued interest expense for Senior Notes held by SPE 2,850 2,850 Total other liabilities $ 57,200 $ 47,387 Deferred revenue as of December 31, 2019 and 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 December 31, 2019 Contract liabilities Club initiation fees $ 5,676 $ 3,083 $ (1,842) $ 6,917 Balance Increases Due To Decreases Due to Balance January 1, 2018 Cash Received Revenue Recognized December 31, 2018 Contract liabilities Club initiation fees $ 5,199 $ 1,886 $ (1,409) $ 5,676 Advance deposits consist of deposits received on hotel rooms. Advance deposits are recorded as other liabilities in the consolidated balance sheets without regard to whether they are refundable and are recognized as income at the time the service is provided for the related deposit. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Taxes | |
Income Taxes | 14. Income Taxes Income tax expense (benefit) consist of the following: Year Ended December 31, 2019 2018 2017 Current: Federal $ 1,070 $ 4,305 $ 7,418 State — — 48 Total 1,070 4,305 7,466 Deferred: Federal 5,903 488 (23,512) State 2,474 (5,529) (1,835) Total 8,377 (5,041) (25,347) Income tax expense (benefit) $ 9,447 $ (736) $ (17,881) Total income tax expense (benefit) was allocated in the consolidated financial statements as follows: Year Ended December 31, 2019 2018 2017 Income tax expense (benefit) $ 9,447 $ (736) $ (17,881) Income tax recorded in accumulated other comprehensive loss Income tax expense (benefit) 116 685 (2,488) Total income tax expense (benefit) $ 9,563 $ (51) $ (20,369) Income tax expense (benefit) attributable to income from operations differed from the amount computed by applying the statutory federal income tax rate of 21% as of December 31, 2019 and 2018 and 35% as of December 31, 2017 to pre-tax income or loss as a result of the following: Year Ended December 31, 2019 2018 2017 Tax at the statutory federal rate $ 7,607 $ 6,643 $ 14,594 State income taxes (net of federal benefit) 1,477 1,392 1,340 Decrease in valuation allowance, net — (4,993) (142) Decrease in uncertain tax positions — (2,165) — Change in US and State tax rates 1,006 (1,035) (33,542) Benefit of Qualified Opportunity Zone investment (561) — — Dividend received deduction (188) (322) (530) Other permanent items 106 (256) 399 Total income tax expense (benefit) $ 9,447 $ (736) $ (17,881) The tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities are presented below: December 31, December 31, 2019 2018 Deferred tax assets: State net operating loss carryforwards $ 14,316 $ 15,709 Impairment losses 36,751 38,907 Prepaid income from land sales 3,180 2,597 Capitalized costs 2,468 2,107 Reserves and accruals 1,672 1,789 Unrealized losses on investments 2,282 1,008 Other 765 711 Total gross deferred tax assets 61,434 62,828 Deferred tax liabilities: Investment in real estate and property and equipment basis differences 4,000 2,358 Deferred gain on land sales and involuntary conversions 24,956 19,236 Installment sales 83,275 83,268 Pension Plan assets transferred to the 401(k) plan 580 872 Other 1,431 1,409 Total gross deferred tax liabilities 114,242 107,143 Net deferred tax liabilities $ (52,808) $ (44,315) As of December 31, 2019 and 2018, the Company had state net operating loss carryforwards of $341.4 million and $357.0 million, respectively and no federal net operating loss carryforwards. The majority of state net operating losses are available to offset future taxable income through 2036 and will begin expiring in 2029. As of December 31, 2017, the Company had a federal income tax receivable of $8.4 million related to the reclassification of a U.S. federal AMT credit carryforward following the enactment of the Tax Act in December 2017, which is refundable to the Company in the years 2018 through 2021. During the year ended December 31, 2018, the U.S. federal AMT credit receivable decreased $4.5 million to $3.9 million due to the utilization in 2018. During the year ended December 31, 2019 the U.S. federal AMT credit receivable decreased $1.1 million to $2.8 million due to the expected utilization in 2019. The Tax Act was enacted on December 22, 2017, and changed many aspects of U.S. corporate income taxation including reducing the U.S. federal corporate tax rate from 35% to 21% for tax years beginning after December 31, 2017. The Company recognized the tax effects of the Tax Act during the year ended December 31, 2017, which included a $33.5 million income tax benefit from the reassessment of net deferred tax balances to reflect the newly enacted tax rate. On September 12, 2019, the Florida Department of Revenue announced that the corporate income tax rate for tax years 2019, 2020, and 2021 was reduced from 5.5% to 4.458%. As a result, the Company has recorded $1.0 million of income tax expense during 2019 to adjust its deferred tax balances due to the impact on the Company’s existing Florida net operating loss carried forward in addition to other temporary differences. In general, a valuation allowance is recorded if, based on the available evidence, it is more likely than not that some portion or all of the deferred tax asset will not be realized. Realization of the Company’s deferred tax assets is dependent upon the Company generating sufficient taxable income in future years in the appropriate tax jurisdictions to obtain a benefit from the reversal of deductible temporary differences and from loss carryforwards. In 2018, the Company reassessed its need for a valuation allowance by evaluating all available evidence, including but not limited to historical and projected pre-tax profits. Based on this assessment the Company determined it had the ability to fully realize the future benefit of its net operating loss carryforward and released the valuation allowance in full resulting in a $5.0 million tax benefit in 2018. Significant judgment is required in evaluating the Company's uncertain tax positions and determining its provision for income taxes. The Company regularly assesses the likelihood of adverse outcomes resulting from potential examinations to determine the adequacy of its provision for income taxes and applies a “more-likely-than-not” in determining the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The Company has not identified any unrecognized tax benefits as of December 31, 2019 and 2018. The Company had approximately $2.1 million of total unrecognized tax benefits as of December 31, 2017. During 2018, the Company recognized a $2.1 million income tax benefit due to the expiration of the statute of limitations for the tax year covering the previously unrecognized tax benefits. There were no penalties required to be accrued as of December 31, 2019 and 2018. The Company records interest related to unrecognized tax benefits, if any, in interest expense and penalties in other income, net. The Company is currently open to examination by taxing authorities for the years ended December 31, 2016 through 2018. The IRS has completed a limited scope review of the Company’s tax returns for 2016 without adjustment. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2019 | |
Accumulated Other Comprehensive Loss | |
Accumulated Other Comprehensive Loss | 15. Accumulated Other Comprehensive Loss Following is a summary of the changes in the balances of accumulated other comprehensive loss, which is presented net of tax: Unrealized (Loss) and Unrealized Loss Gain on Available-for- Cash Flow Sale Securities Hedge Total Accumulated other comprehensive loss at December 31, 2017 $ (1,461) $ — $ (1,461) Other comprehensive loss before reclassifications (2,127) — (2,127) Amounts reclassified from accumulated other comprehensive loss 2,914 — 2,914 Other comprehensive income 787 — 787 Accumulated other comprehensive loss at December 31, 2018 $ (674) $ — $ (674) Other comprehensive income (loss) before reclassifications 642 (251) 391 Amounts reclassified from accumulated other comprehensive loss (52) — (52) Other comprehensive income (loss) 590 (251) 339 Accumulated other comprehensive loss at December 31, 2019 $ (84) $ (251) $ (335) Following is a summary of the tax effects allocated to other comprehensive income (loss): Year Ended December 31, 2019 Before- Tax (Expense) or Net-of- Tax Amount Benefit Tax Amount Unrealized gain on available-for-sale investments $ 842 $ (214) $ 628 Unrealized gain on restricted investments 18 (4) 14 Interest rate swap (336) 85 (251) Reclassification adjustment for net gain included in earnings (69) 17 (52) Net unrealized gain 455 (116) 339 Other comprehensive income $ 455 $ (116) $ 339 Year Ended December 31, 2018 Before- Tax Benefit or Net-of- Tax Amount (Expense) Tax Amount Unrealized loss on available-for-sale investments $ (2,845) $ 723 $ (2,122) Unrealized loss on restricted investments (6) 2 (4) Reclassification adjustment for net loss included in earnings 1,061 (269) 792 Reclassification adjustment for other-than-temporary impairment loss included in earnings 2,330 (592) 1,738 Reclassification into retained earnings for the adoption of ASU 2016-01 (1) 932 (236) 696 Reclassification into retained earnings for the adoption of ASU 2018-02 (2) — (313) (313) Net unrealized gain 1,472 (685) 787 Other comprehensive income $ 1,472 $ (685) $ 787 (1) The reclassification into retained earnings relates to the adoption of ASU 2016-01. The new guidance was effective January 1, 2018, and required equity investments to be measured at fair value with changes in fair value recognized in results of operations rather than the consolidated statements of comprehensive income. (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 | 12 Months Ended |
Dec. 31, 2019 | |
Stockholders’ Equity | |
Stockholders' Equity | 16. Stockholders’ Equity Stock Repurchase Program The Company’s Board has approved a Stock Repurchase Program pursuant to which the Company is authorized to repurchase shares of its common stock. The Stock Repurchase Program has no expiration date. During the years ended December 31, 2019 and 2018, the Company repurchased 1,263,159 and 5,238,566 shares, respectively, of its common stock at an average purchase price of $16.59 and $17.82, per share, respectively, for an aggregate purchase price of $20.8 million and $93.4 million, respectively, pursuant to its Stock Repurchase Program. As of August 15, 2019, the Company had a total authority of $35.8 million available for purchase of shares of its common stock pursuant to its previously announced Stock Repurchase Program. On August 15, 2019, the Company’s Board authorized additional repurchase authority of up to $64.2 million of the Company’s shares of its common stock under the Stock Repurchase Program, bringing the total authorized repurchase authority to $100.0 million. As of December 31, 2019, the Company had a total authority of $86.2 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 and is subject to the Company maintaining $100.0 million of cash and cash equivalents. Repurchases may be commenced or suspended at any time or from time to time without prior notice. The Stock Repurchase Program will continue until otherwise modified or terminated by the Company’s Board at any time in its sole discretion. In December 2019, the Company retired 1,263,159 shares of treasury stock at a value of $20.8 million. In September 2018, the Company retired 5,238,566 shares of treasury stock at a value of $93.4 million. 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. On May 17, 2016, the Board approved the issuance of 8,919 restricted stock awards to three members of the Board as part of their 2016 compensation package and pursuant to the 2015 Plan. These restricted stock awards vested 25% on the date of issue and 25% on August 17, 2016, November 17, 2016, and February 17, 2017. For each of the years ended December 31, 2019, 2018 and 2017, the Company recorded expense of $0.1 million, related to restricted stock awards to the Company’s directors. Issuance of Common Stock for Officer Compensation Pursuant to the Company’s 2015 Plan, the Company’s named executive officers (“NEOs”) were provided with the opportunity to elect to receive up to 50% of their discretionary cash incentive award for 2017 performance in shares of Company stock and four of the Company’s NEOs elected to do so. On March 15, 2018, 9,956 shares, net of shares withheld for taxes, of restricted stock were granted to four of the Company’s NEOs. The restricted stock vested immediately. For the year ended December 31, 2018, the Company recorded expense of $0.2 million related to restricted stock awards to the Company’s NEOs. |
Stock Based Compensation
Stock Based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Stock Based Compensation | |
Stock Based Compensation | 17. Stock Based Compensation The Company’s 2015 Performance and Equity Incentive Plan offers a stock incentive plan whereby awards are granted to certain employees and non-employee directors of the Company in various forms including restricted shares of Company common stock and options to purchase Company common stock. Awards are discretionary and determined by the Compensation Committee of the Board. Stock based compensation cost is measured at the grant date based on the fair value of the award and is typically recognized as expense on a straight-line basis over the requisite service period, which is the vesting period. As of December 31, 2019, 1,463,543 shares were available for awards under the 2015 Plan. Total stock-based compensation recorded in other operating and corporate expenses on the consolidated statements of income is as follows: Year Ended December 31, 2019 2018 2017 Stock compensation expense before tax benefit $ 77 $ 71 $ 76 Income tax benefit (19) (19) (22) $ 58 $ 52 $ 54 In 2019, 2018 and 2017, the Company granted 5,708, 2,778 and 5,334 shares, respectively, of restricted stock awards to certain of the Company’s directors as fees for services rendered under the 2015 Plan, of which 2,778, 5,334 and 2,229 vested during the years ended December 31, 2019, 2018 and 2017, respectively. As of December 31, 2019, the Company had 5,708 unvested restricted stock units outstanding, which will vest in May 2020. The weighted average grant date fair value of restricted stock units during 2019, 2018 and 2017 were $17.52, $18.00 and $18.75, respectively. The total fair values of restricted stock units that vested were $0.1 million during each 2019, 2018 and 2017. In 2018, the Company granted 9,956 shares, net of shares withheld for taxes, of restricted stock awards to certain of the Company’s NEO’s as their discretionary cash incentive award for 2017 performance under the 2015 Plan, of which all vested during the year ended December 31, 2018. The weighted average grant date fair value of the restricted stock units granted to the Company’s NEO’s during 2018 was $19.32. The total fair value of restricted stock units related to restricted stock awards to the Company’s NEO’s that vested were $0.2 million during 2018. |
Employee Benefit Plan
Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2019 | |
Employee Benefit Plan | |
Employee Benefit Plan | 18. Employee Benefit Plan The Company maintains a 401(k) retirement plan covering substantially all officers and employees of the Company, which permits participants to defer up to the maximum allowable amount determined by the IRS of their eligible compensation. As part of the Pension Plan termination in 2014, the Company directed the Pension Plan to transfer $7.9 million of the Pension Plan’s surplus assets into a suspense account in the Company’s 401(k) plan. The Company has retained the risks and rewards of ownership of these assets; therefore, the assets held in the suspense account are included in the Company’s consolidated financial statements until they are allocated to participants. As of December 31, 2019 and 2018, the fair value of these assets was recorded in other assets on the Company’s consolidated balance sheets and were $2.4 million and $3.4 million, respectively. The Company expenses the fair value of the assets at the time the assets are allocated to participants, which is expected to be allocated up to the next two years. During both 2019 and 2018, the Company recorded an expense of $1.1 million and during 2017 the Company recorded an expense of $1.2 million, for the fair value of the assets, less expenses, that were allocated to participants. Any gain or loss on these assets is reflected in the Company’s consolidated statements of income and was less than a $0.1 million loss for the years ended December 31, 2019 and 2018 and less than a $0.1 million gain for the year ended December 31, 2017. |
RiverTown Impact Fees
RiverTown Impact Fees | 12 Months Ended |
Dec. 31, 2019 | |
RiverTown Impact Fees | |
RiverTown Impact Fees | 19. RiverTown Impact Fees As part of the Company’s April 2014 RiverTown transaction, the buyer, an affiliate of Mattamy (Jacksonville) Partnership d/b/a Mattamy Homes (“Mattamy”), was obligated to pay certain impact fees to the Company prior to April 2, 2019 and, depending on circumstances, potentially thereafter. In June 2018, the Company received $23.1 million from Mattamy to pay the estimated impact fees based on Mattamy’s current development plans and the impact fee schedule in effect at the time of the payment. For the year ended December 31, 2018, the impact fees of $23.1 million were included in real estate revenue in the Company’s consolidated statements of income. Mattamy may be required to pay to the Company additional impact fees based on its future development plans. Any consideration the Company may receive for additional impact fees will be based on a variety of factors outside the Company’s control or ability to estimate, including impact fee increases or decreases by St. Johns County, home sizes and the number of homes built in the project. The Company received impact fees for a total of $1.3 million, $23.7 million and $0.9 million during 2019, 2018 and 2017, respectively. |
Other Income (Expense)
Other Income (Expense) | 12 Months Ended |
Dec. 31, 2019 | |
Other Income (Expense) | |
Other Income (Expense) | 20. Other Income (Expense) Other income (expense) consists of the following: Year Ended December 31, 2019 2018 2017 Investment income, net Interest and dividend income $ 7,375 $ 9,060 $ 16,380 Accretion income 84 684 1,983 Net realized gain (loss) on the sale of investments 87 (973) 10,750 Other-than-temporary impairment loss — (2,330) (2,288) Unrealized loss on investments, net (5,342) (3,035) — Interest income from investments in SPEs 8,190 8,197 8,201 Interest accrued on notes receivable and other interest 320 547 384 Total investment income, net 10,714 12,150 35,410 Interest expense Interest expense and amortization of discount and issuance costs for Senior Notes issued by SPE (8,801) (8,788) (8,777) Other interest expense (3,501) (3,052) (3,368) Total interest expense (12,302) (11,840) (12,145) Sale of vacation rental management, net — — 9,800 Other income (expense), net Gain on land contribution to equity method investment 2,317 — — Accretion income from retained interest investments 1,325 1,232 1,100 Gain on insurance recovery 5,314 7,199 — Loss from hurricane damage (2,704) (8,628) — Miscellaneous income, net 198 1,349 3,613 Other income, net 6,450 1,152 4,713 Total other income, net $ 4,862 $ 1,462 $ 37,778 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 gain (loss) on the sale of investments include the gains or losses recognized on the sale of available-for-sale and equity securities prior to maturity. Other-than-temporary impairment loss includes impairments related to the Company’s corporate debt securities for the year ended December 31, 2018 and impairments related to the Company’s corporate debt securities and preferred stock investments for the year ended December 31, 2017. Unrealized loss on investments, net includes unrealized gains or losses on investments – equity securities. Prior to 2018, unrealized gains or losses related to these investments were recorded in accumulated other comprehensive loss. Interest income from investments in SPEs primarily includes interest earned on the investments held by Panama City Timber Finance Company, LLC, which is used to pay the interest expense for Senior Notes held by Northwest Florida Timber Finance, LLC. Interest Expense Interest expense includes interest 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%. During 2019, 2018 and 2017 the Company capitalized $0.6 million, $0.2 million and less than $0.1 million, respectively, in interest related to projects under development. These amounts are included within investment in real estate, net on the Company’s consolidated balance sheets. Sale of Vacation Rental Management, Net Sale of vacation rental management, net includes a gain of $9.8 million from the PCR Rentals Sale in December 2017. See Note 8. Sale of Vacation Rental Management for further discussion. Other Income, Net Other income, net primarily includes gain on land contributions, income from the Company’s retained interest investments, gain on insurance recovery, loss from hurricane damage and other income and expense items. Gain on land contribution to equity method investment for the year ended December 31, 2019 includes a gain of $0.8 million on land contributed to the Company’s unconsolidated Busy Bee JV and a gain of $1.5 million on land contributed to the Company’s unconsolidated Pier Park TPS JV. See Note 4. Real Estate Joint Ventures for additional information. 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 11.8% During the year ended December 31, 2019 the company had a $5.3 million gain on insurance recovery and incurred $2.7 million of loss from hurricane damage related to Hurricane Michael. The year ended December 31, 2018 includes a $7.2 million gain on insurance recovery and $8.6 million of loss from hurricane damage, which includes $7.3 million for loss on disposal of assets related to damage and $1.3 million of expenses related to Hurricane Michael. See Note 7. Hurricane Michael for additional information . Miscellaneous income, net for the year ended December 31, 2018 primarily consists of $2.2 million of income related to the final distribution from the Company’s unconsolidated JV ALP, offset by $0.6 million for a homeowners’ association settlement related to one of the Company’s residential communities. Miscellaneous income, net for the year ended December 31, 2017, includes an insurance settlement negotiated by the Company that resulted in proceeds of $3.5 million for reimbursement of certain attorney fees and related costs incurred by the Company. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2019 | |
Segment Information | |
Segment Information | 21. Segment Information The Company currently conducts primarily all of its business in the following four operating segments: 1) residential real estate, 2) hospitality, 3) commercial leasing and sales and 4) forestry. The Company’s reportable segments are strategic business units that offer different products and services. They are each managed separately and decisions about allocations of resources are determined by management based on these strategic business units. The Company uses income before equity in loss from unconsolidated affiliates, income taxes and non-controlling interest, cash flows and other measures for purposes of making decisions about allocating resources to each segment and assessing each segment’s performance, which the Company believes represents current performance measures. The accounting policies of the segments are the same as those described herein. Total revenue represents sales to unaffiliated customers, as reported in the Company’s consolidated statements of income. All significant intercompany transactions have been eliminated in consolidation. The caption entitled “Other” consists of mitigation credit revenue, title fee revenue and corporate operating and general and administrative expenses, net of investment income. Information by business segment is as follows: Year Ended December 31, 2019 2018 2017 Operating revenue: Residential real estate (a) $ 41,586 $ 43,266 $ 22,248 Hospitality 45,720 39,576 54,319 Commercial leasing and sales 22,458 16,485 14,510 Forestry revenue 16,365 8,135 8,443 Other (b) 956 2,814 518 Consolidated operating revenue $ 127,085 $ 110,276 $ 100,038 Cost of revenue: Cost of residential real estate revenue $ 20,492 $ 10,215 $ 12,971 Cost of hospitality revenue 33,924 33,385 47,300 Cost of commercial leasing and sales revenue 8,549 6,397 5,979 Cost of forestry revenue 1,044 1,097 903 Cost of other revenue 77 223 41 Consolidated cost of revenue $ 64,086 $ 51,317 $ 67,194 Other operating and corporate expenses: Residential real estate $ 4,873 $ 4,717 $ 4,329 Hospitality 838 533 462 Commercial leasing and sales 3,052 3,183 3,444 Forestry 427 384 396 Other 12,199 11,740 11,751 Consolidated other operating and corporate expenses $ 21,389 $ 20,557 $ 20,382 Depreciation, depletion and amortization: Residential real estate $ 283 $ 288 $ 363 Hospitality 4,579 3,640 4,049 Commercial leasing and sales 4,939 4,411 3,729 Forestry 314 514 575 Other 172 145 169 Consolidated depreciation, depletion and amortization $ 10,287 $ 8,998 $ 8,885 Investment income, net: Residential real estate and other $ 184 $ 320 $ 89 Corporate (c) 10,530 11,830 35,321 Consolidated investment income, net $ 10,714 $ 12,150 $ 35,410 Interest expense: Residential real estate $ 717 $ 867 $ 1,164 Commercial leasing and sales 2,739 2,180 2,200 Corporate and other (d) 8,846 8,793 8,781 Consolidated interest expense $ 12,302 $ 11,840 $ 12,145 Sale of vacation rental management, net: Hospitality (e) $ — $ — $ 9,800 Consolidated sale of vacation rental management, net $ — $ — $ 9,800 Income (loss) before equity in loss from unconsolidated affiliates and income taxes: Residential real estate (a) $ 15,144 $ 26,919 $ 3,683 Hospitality 6,574 1,817 12,664 Commercial leasing and sales 6,632 (121) (836) Forestry 14,607 6,222 6,586 Other (6,772) (3,971) 19,258 Consolidated income before equity in loss from unconsolidated affiliates and income taxes $ 36,185 $ 30,866 $ 41,355 Equity in loss from unconsolidated affiliates Residential real estate $ (71) $ — $ — Commercial leasing and sales (6) — — Consolidated equity in loss from unconsolidated affiliates $ (77) $ — $ — Capital expenditures: Residential real estate $ 28,639 $ 15,865 $ 8,407 Hospitality 15,923 7,400 4,918 Commercial leasing and sales 67,254 20,483 25,248 Forestry 1,965 1,069 1,100 Other 505 379 207 Total capital expenditures $ 114,286 $ 45,196 $ 39,880 December 31, December 31, 2019 2018 Total assets: Residential real estate $ 139,349 $ 127,999 Hospitality 89,570 68,389 Commercial leasing and sales 232,715 182,658 Forestry 21,221 20,189 Other 426,378 471,727 Total assets $ 909,233 $ 870,962 (a) Includes revenue of $23.1 million in 2018 for a one-time receipt of RiverTown impact fees related to the 2014 RiverTown transaction. See Note 19. RiverTown Impact Fees . (b) Includes revenue of $2.2 million in 2018 related to a specific sale of mitigation bank credits. (c) Includes interest income from investments in SPEs of $8.2 million in each 2019, 2018 and 2017. (d) Includes interest expense from Senior Notes issued by SPE of $8.8 million in each 2019, 2018 and 2017. (e) Includes a net gain of $9.8 million from the PCR Rentals sale in 2017. See Note 8. Sale of Vacation Rental Management. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies | |
Commitments and Contingencies | 22. Commitments and Contingencies The Company establishes an accrued liability when it is both probable that a material loss has been incurred and the amount of the loss can be reasonably estimated. The Company will evaluate the range of reasonably estimated losses and record an accrued liability based on what it believes to be the minimum amount in the range, unless it believes an amount within the range is a better estimate than any other amount. In such cases, there may be an exposure to loss in excess of the amounts accrued. The Company evaluates quarterly whether further developments could affect the amount of the accrued liability previously established or would make a loss contingency both probable and reasonably estimable. The Company also provides disclosure when it believes it is reasonably possible that a material loss will be incurred or when it believes it is reasonably possible that the amount of a loss will exceed the recorded liability. The Company reviews loss contingencies at least quarterly to determine whether the likelihood of loss has changed and to assess whether a reasonable estimate of the loss or range of loss can be made. This estimated range of possible losses is based upon currently available information and is subject to significant judgment and a variety of assumptions, as well as known and unknown uncertainties. The matters underlying the estimated range will change from time to time, and actual results may vary significantly from the current estimate. The Company is subject to a variety of litigation, claims, other disputes and governmental proceedings that arise from time to time in the ordinary course of its business, including litigation related to its prior homebuilding and development activities. The Company cannot make assurances that it will be successful in defending these matters. Based on current knowledge, the Company does not believe that loss contingencies arising from pending litigation, claims, other disputes and governmental proceedings, including those described herein, will have a material adverse effect on the consolidated financial position or liquidity of the Company. However, in light of the inherent uncertainties involved in these matters, an adverse outcome in one or more of these matters could be material to the Company’s results of operations or cash flows for any particular reporting period. The Company is subject to costs arising out of environmental laws and regulations, which include obligations to remove or limit the effects on the environment of the disposal or release of certain wastes or substances at various sites, including sites that have been previously sold. It is the Company’s policy to accrue and charge against earnings environmental cleanup costs when it is probable that a liability has been incurred or range of loss can be reasonably estimated. As assessments and cleanups proceed, these accruals are reviewed and adjusted, if necessary, as additional information becomes available. The Company is in the process of assessing certain properties in regard to the effects, if any, on the environment from the disposal or release of wastes or substances. Management is unable to quantify future rehabilitation costs above present accruals at this time or provide a reasonably estimated range of loss. Other litigation, claims, disputes and governmental proceedings, including environmental matters, are pending against the Company. Accrued aggregate liabilities related to the matters described above and other litigation matters were $1.5 million and $1.2 million as of December 31, 2019 and 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 that time. As additional information becomes available, management reassesses potential liabilities related to pending claims and litigation and may revise its previous estimates, which could materially affect the Company’s results of operations for any particular reporting period. The Company has retained certain self-insurance risks with respect to losses for third party liability and property damage, including its timber assets. As of December 31, 2019 and 2018, the Company was required to provide surety bonds that guarantee completion of certain infrastructure in certain development projects and mitigation banks of $10.7 million and $9.4 million, respectively, which may potentially result in liability to the Company if certain obligations of the Company are not met. As of December 31, 2019, the Company had a total of $98.8 million in construction and development related contractual obligations, of which a significant 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 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, as guarantor the Company, a wholly owned subsidiary of the Company and the Company’s JV partner entered into a joint and several guarantee in favor of the lender, to guarantee the payment and performance of the borrower. As guarantor the Company’s 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 December 31, 2019, $6.8 million was outstanding on the Pier Park TPS JV Loan. In November 2019, the Company’s unconsolidated Busy Bee JV, entered into a $5.4 million construction loan maturing in November 2035 and a $1.2 million equipment loan maturing in November 2027. The loans are secured by the real and personal property, assignment of rents and leases and a security interest in the construction contract and management agreement. In connection with the Busy Bee JV Construction Loan and the Busy Bee JV Equipment Loan, as guarantor the Company, a wholly owned subsidiary of the Company and the Company’s JV partner entered into a joint and several guarantee in favor of the lender, to guarantee the payment and performance of the borrower through substantial completion. As guarantor, the Company’s liability under the loans upon substantial completion will be reduced to 50.0% for a twelve month period. Subsequent to that time, the Company’s guarantee will be released upon request. Upon release of the Company’s guarantee, the JV partner will be the sole guarantor and will receive a fee related to the guarantee from the Company based on the Company’s ownership percentage. As of December 31, 2019, $1.4 million was outstanding on the Busy Bee JV Construction Loan and less than $0.1 million was outstanding on the Busy Bee JV Equipment Loan. The Company has assessed the need to record a liability for the guarantees related to the Company’s unconsolidated JVs and did not record an obligation as of December 31, 2019. As part of certain sales of timberlands in 2007, 2008 and 2014, the Company generated significant tax gains. The installment notes structure allowed the Company to defer the resulting federal tax liability of $33.7 million until 2022 - 2023 and $37.8 million until 2029, respectively, the maturity dates for the installment notes. The Company has a deferred tax liability related to the gains in connection with these sales. |
Quarterly Financial Data (unaud
Quarterly Financial Data (unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (unaudited) | 23. Quarterly Financial Data (unaudited) Quarters Ended December 31, September 30, June 30, March 31, 2019 Operating revenue $ 42,660 $ 32,856 $ 35,546 $ 16,023 Operating income (loss) $ 15,196 $ 7,420 $ 10,868 $ (2,161) Net income attributable to the Company $ 8,688 $ 5,717 $ 10,373 $ 1,997 Basic and diluted income per share attributable to the Company (1) $ 0.15 $ 0.10 $ 0.17 $ 0.03 2018 Operating revenue (2) $ 16,301 $ 23,676 $ 50,434 $ 19,865 Operating (loss) income (2) $ (1,343) $ 1,944 $ 29,344 $ (541) Net (loss) income attributable to the Company $ (66) $ 5,483 $ 26,195 $ 757 Basic and diluted income per share attributable to the Company (1) $ — $ 0.09 $ 0.41 $ 0.01 (1) Quarterly and year-to-date computations of per share amounts are made independently. Therefore, the sum of per share amounts for the quarters may not be consistent with the per share amounts for the year. (2) The quarter ended June 30, 2018 includes revenue of $23.1 million in 2018 for a one-time receipt of RiverTown impact fees related to the 2014 RiverTown transaction. See Note 19. RiverTown Impact Fees . |
Schedule III (Consolidated) - R
Schedule III (Consolidated) - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
SCHEDULE III (CONSOLIDATED) - REAL ESTATE AND ACCUMULATED DEPRECIATION | THE ST. JOE COMPANY SCHEDULE III (CONSOLIDATED) - REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2019 (in thousands) Initial Cost to Company (2) Gross Amount at December 31, 2019 Costs Capitalized Subsequent to Accumulated Date of Depreciation Land & Buildings & Acquisition or Land & Land Buildings and Depreciation and Construction or Life Description (1) Encumbrances Improvements Improvements Construction (3) Improvements Improvements Total Amortization Acquisition (In Years) Residential developments $ 2,362 $ 45,445 $ 13,595 $ 68,329 $ 121,268 $ 6,101 $ 127,369 $ 4,542 through 2019 5-25 Hospitality WaterColor Inn — 2,362 15,149 9,303 2,832 23,982 26,814 10,409 2002, 2013, 2018-2019 10 - 40 Pier Park Hospitality 2,637 — — 7,139 7,139 — 7,139 — 2019 N/A Clubs and golf courses — 34,608 20,132 3,799 39,638 18,901 58,539 22,031 2001 - 2007, 2018-2019 10 - 25 Marinas — 5,350 2,652 443 5,784 2,661 8,445 1,651 2006 - 2007, 2019 10 - 25 Other 1,574 — 5,470 660 572 5,558 6,130 2,131 2008 - 2009, 2019 10 - 30 Commercial leasing and sales Leasing properties: Pier Park North 45,134 13,711 35,243 3,115 13,711 38,358 52,069 9,364 2014 - 2017 15 - 39 Town centers — 713 21,887 (2,136) 789 19,675 20,464 15,974 2001 - 2008 10 - 25 VentureCrossings — 5,792 24,490 3,486 9,828 23,940 33,768 4,330 2012, 2017, 2019 10 - 39 Watersound Origins Crossings 2,414 21 — 7,584 7,605 — 7,605 — 2019 N/A Pier Park Crossings 33,523 6,886 22,501 4,823 11,708 22,502 34,210 317 2018-2019 20-39 Pier Park Crossings Phase II — 361 — 1,820 2,181 — 2,181 — 2019 N/A Watercrest — 894 — 8,724 9,618 — 9,618 — 2019 N/A Other 2,907 3,540 11,057 14,343 17,712 11,228 28,940 1,355 through 2019 10 - 39 Commercial developments 1,978 34,816 — 21,175 55,991 — 55,991 73 through 2019 5 Timberlands — 6,627 1,806 12,755 19,382 1,806 21,188 2,045 n/a 5 - 30 Unimproved land — 85 — 4,477 4,562 — 4,562 34 n/a 15 - 20 Total $ 92,529 $ 161,211 $ 173,982 $ 169,839 $ 330,320 $ 174,712 $ 505,032 $ 74,256 (1) Substantially all real estate properties are located in Northwest Florida. (2) Includes initial costs to the Company to place the assets in service. (3) Includes cumulative impairments. Notes: (A) The aggregate cost of real estate owned at December 31, 2019 for federal income tax purposes is approximately $503.8 million. (B) Reconciliation of real estate owned (in thousands of dollars): December 31, December 31, December 31, 2019 2018 2017 Balance at beginning of the year $ 418,494 $ 404,376 $ 381,969 Amounts capitalized 109,699 43,306 39,261 Impairments — (99) (714) Cost of real estate sold (23,608) (18,928) (14,274) Amounts retired or adjusted 447 (10,161) (1,866) Balance at the end of the year $ 505,032 $ 418,494 $ 404,376 (C) Reconciliation of accumulated depreciation (in thousands of dollars): December 31, December 31, December 31, 2019 2018 2017 Balance at beginning of the year $ 67,500 $ 71,752 $ 67,349 Depreciation expense 6,756 6,018 6,245 Amounts retired or adjusted — (10,270) (1,842) Balance at the end of the year $ 74,256 $ 67,500 $ 71,752 |
Schedule IV (Consolidated) - Mo
Schedule IV (Consolidated) - Mortgage Loans on Real Estate | 12 Months Ended |
Dec. 31, 2019 | |
Mortgage Loans on Real Estate [Abstract] | |
SCHEDULE IV (CONSOLIDATED) - MORTGAGE LOANS ON REAL ESTATE | THE ST. JOE COMPANY SCHEDULE IV (CONSOLIDATED) - MORTGAGE LOANS ON REAL ESTATE DECEMBER 31, 2019 (in thousands) Principal Amount of Periodic Face Carrying Loans Subject to Payment Amount of Amount of Delinquent Principal Description (a) Interest Rate Final Maturity Date Terms Prior Liens Mortgages Mortgages or Interest Seller financing, residential homesites 5.5% June 2021 P&I (b) — $ 1,514 $ 1,514 $ — Seller financing, residential homesites 5.5% December 2021 P&I (b) — 872 872 — Seller financing, residential homesites 5.5% June 2020 P&I (c) — 84 84 — Seller financing, residential homesites 6.3% March 2020 P&I (d) — 128 128 128 Various other seller financing, rural land 6.4% to 6.5% December 2022 through November 2023 P&I (e) — 85 85 — Total (f) $ 2,683 $ 2,683 $ 128 (a) All seller financed properties are located in Northwest Florida. (b) Interest is paid quarterly over a twenty year amortization schedule. On the maturity date, all outstanding principal, all accrued interest and any other customary charges shall be due and payable in full. (c) Annual principal payment of $0.1 million due and interest is paid quarterly over a twenty year amortization schedule. On the maturity date, all outstanding principal, all accrued interest and any other customary charges shall be due and payable in full. (d) Annual principal payment of $0.1 million due and interest is accrued over a twenty year amortization schedule. On the maturity date, all outstanding principal, all accrued interest and any other customary charges shall be due and payable in full. (e) Principal and interest is paid monthly. (f) The aggregate cost for federal income tax purposes approximates the amount of unpaid principal. The summarized changes in the carrying amount of mortgage loans are as follows: December 31, December 31, December 31, 2019 2018 2017 Balance at beginning of the year $ 1,462 $ 2,995 $ 242 Additions during the year - new mortgage loans 2,386 1,471 2,821 Deductions during the year: Collections of principal 1,165 3,004 68 Foreclosures — — — Balance at the end of the year $ 2,683 $ 1,462 $ 2,995 |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Significant Accounting Policies | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The consolidated financial statements include the accounts of the Company and all of its majority-owned and controlled subsidiaries and variable interest entities where the Company deems itself the primary beneficiary. Investments in JVs and limited partnerships in which the Company is not the primary beneficiary are accounted for by the equity method. All significant intercompany transactions and balances have been eliminated in consolidation. Certain prior year amounts in the accompanying consolidated financial statements have been reclassified to conform to the current year presentation. These reclassifications had no effect on the Company’s previously reported total assets and liabilities, stockholders’ equity or net income. A variable interest entity (“VIE”) is an entity in which a controlling financial interest may be achieved through arrangements that do not involve voting interests. A VIE is required to be consolidated by its primary beneficiary, which is the entity that possesses the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and has the obligation to absorb losses or the right to receive benefits from the VIE that are significant to the entity. The Company consolidates VIEs when it is the primary beneficiary of the VIE, including real estate JVs determined to be VIEs. The Company continues to assess whether it is the primary beneficiary on an ongoing basis. See Note 4. Real Estate Joint Ventures . |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates and assumptions including investment in real estate, real estate impairment assessments, investments, other-than-temporary impairment assessments, retained interest investments, accruals and deferred income taxes. Actual results could differ from those estimates. |
Investment in Real Estate | Investment in Real Estate The Company capitalizes costs directly associated with development and construction of identified real estate projects. The Company also capitalizes those indirect costs that relate to the projects under development or construction. These indirect costs include construction and development administration, legal fees, capitalized interest, and project administration to the extent that such costs are related to a specific project. Interest is capitalized (up to total interest expense) based on the amount of underlying borrowings and real estate taxes are capitalized on real estate projects under development. Real estate development costs also include land and common development costs (such as roads, utilities and amenities), capitalized property taxes, capitalized interest and certain indirect costs. A portion of real estate development costs and estimates for costs to complete are allocated to each unit based on the relative sales value of each unit as compared to the estimated sales value of the total project. These estimates are reevaluated at least annually and more frequently if warranted by market conditions, changes in the project’s scope or other factors, with any adjustments being allocated prospectively to the remaining property or units. The capitalization period relating to direct and indirect project costs is the period in which activities necessary to ready a property for its intended use are in progress. The period begins when such activities commence, typically when the Company begins site work for land already owned, and ends when the asset is substantially complete and ready for its intended use. Determination of when construction of a project is substantially complete and ready for its intended use requires judgment. The Company determines when the capitalization period begins and ends through communication with project and other managers responsible for the tracking and oversight of individual projects. In the event that the activities to ready the asset for its intended use are suspended, the capitalization period will cease until such activities are resumed. If the Company determines a project will not be completed, any previously capitalized costs are expensed in the period in which the determination is made and recovery is not deemed probable. Investment in real estate is carried at cost, net of depreciation and timber depletion, unless circumstances indicate that the carrying value of the assets may not be recoverable. If the Company determines that an impairment exists due to the inability to recover an asset’s carrying value, an impairment charge is recorded to the extent that the carrying value exceeds estimated fair value. If such assets were held for sale, the provision for loss would be recorded to the extent that the carrying value exceeds estimated fair value less costs to sell. Depreciation for operating property is computed on the straight-line method over the estimated economic lives of the assets, as follows: Estimated Useful Life (in years) Land N/A Land improvements 15 - 20 Buildings 20-40 Building improvements 5-25 Timber N/A Building improvements are amortized on a straight-line basis over the shorter of the minimum lease term or the estimated economic life of the assets. |
Long-Lived Assets | Long-Lived Assets Long-lived assets include the Company’s investments in operating and development property and property and equipment. The Company reviews its long-lived assets for impairment quarterly to determine whether events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. As part of the Company’s review for impairment of its long-lived assets, the Company reviews the long-lived asset’s carrying value, current period actual financial results as compared to prior period and forecasted results contained in the Company’s business plan and any other events or changes in circumstances to identify whether an indicator of potential impairment may exist. Some of the events or changes in circumstances that are considered by the Company as indicators of potential impairment include: · a prolonged decrease in the fair value or demand for the Company’s properties; · a change in the expected use or development plans for the Company’s properties; · a material change in strategy that would affect the fair value of the Company’s properties; · continuing operating or cash flow loss for an operating property; · an accumulation of costs in excess of the projected costs for development or operating property; and · any other adverse change that may affect the fair value of the property. The Company uses varying methods to determine if an impairment exists, such as (i) considering indicators of potential impairment, (ii) analyzing expected future cash flows and comparing the expected future undiscounted cash flows of the property to its carrying value or (iii) determining market resale values. For projects under development, an estimate of undiscounted future cash flows is performed using estimated future expenditures necessary to develop and maintain the existing project and using management’s best estimates about future sales prices and holding periods. The projection of undiscounted cash flows requires that management develop various assumptions including: · the projected pace of sales of homesites based on estimated market conditions and the Company’s development plans; · estimated pricing and projected price appreciation over time; · the amount and trajectory of price appreciation over the estimated selling period; · the length of the estimated development and selling periods, which can differ depending on the size of the development and the number of phases to be developed; · the amount of remaining development costs, including the extent of infrastructure or amenities included in such development costs; · holding costs to be incurred over the selling period; · for bulk land sales of undeveloped and developed parcels future pricing is based upon estimated developed homesite pricing less estimated development costs and estimated developer profit; · for commercial and multi-family development property, future pricing is based on sales of comparable property in similar markets; and · whether liquidity is available to fund continued development. For operating properties, an estimate of undiscounted cash flows also requires management to make assumptions about the use and disposition of such properties. These assumptions include: · for investments in hotels, other rental units and vacation rental homes, average occupancy and room rates, revenue from food and beverage and other amenity operations, operating expenses and capital expenditures, and eventual disposition of such properties as private residence vacation units or condominiums, based on current prices for similar units appreciated to the expected sale date; · for investments in commercial, multi-family or retail property, future occupancy and rental rates and the amount of proceeds to be realized upon eventual disposition of such property at a terminal capitalization rate; and, · for investments in club assets, retail, membership dues, future rounds and greens fees and other hospitality assets, operating expenses and capital expenditures, and the amount of proceeds to be realized upon eventual disposition of such properties at a multiple of terminal year cash flows. Homesites substantially completed and ready for sale are measured at the lower of carrying value or fair value less costs to sell. Management identifies homesites as being substantially completed and ready for sale when the properties are being actively marketed with intent to sell such properties in the near term and under current market conditions. Other homesites, which management does not intend to sell in the near term under current market conditions, are evaluated for impairment based on management’s best estimate of the long-term use and eventual disposition of such property. Other properties that management does not intend to sell in the near term under current market conditions and has the ability to hold are evaluated for impairment based on management’s best estimate of the long-term use and eventual disposition of the property. The results of impairment analyses for development and operating properties are particularly dependent on the estimated holding and selling period for each asset group. If a property is considered impaired, the impairment charge is determined by the amount the property’s carrying value exceeds its fair value. The Company uses varying methods to determine fair value, such as (i) analyzing expected future cash flows, (ii) determining resale values in a given market (iii) applying a capitalization rate to net operating income using prevailing rates in a given market or (iv) applying a multiplier to revenue using prevailing rates in a given market. The fair value of a property may be derived either from discounting projected cash flows at an appropriate discount rate, through appraisals of the underlying property, or a combination thereof. The Company classifies the assets and liabilities of a long-lived asset as held-for-sale when management approves and commits to a formal plan of sale and it is probable that a sale will be completed. The carrying value of the assets held-for-sale are then recorded at the lower of their carrying value or fair value less estimated costs to sell. |
Timber Inventory | Timber Inventory The Company estimates its standing timber inventory on an annual basis utilizing a process referred to as a “timber cruise.” Specifically, the Company conducts field measurements of the number of trees, tree height and tree diameter on a sample area equal to approximately 20% of the Company’s timber holdings each year. Inventory data is used to calculate volumes and products along with growth projections to maintain accurate data. Industry practices are used for modeling, including growth projections, volume and product classifications. A depletion rate is established annually by dividing merchantable inventory cost by standing merchantable inventory volume. |
Investment in Unconsolidated Joint Ventures | Investment in Unconsolidated Joint Ventures The Company has entered into real estate JVs in which the Company is not the primary beneficiary and the Company’s investment in these JVs are accounted for by the equity method. The Company evaluates its investment in unconsolidated JVs for impairment during each reporting period. A series of operating losses of an investee or other factors may indicate that a decrease in the value of the Company’s investment in the unconsolidated JV has occurred that is other-than-temporary. The amount of impairment recognized is the excess of the investment’s carrying value over its estimated fair value. Some of the Company’s unconsolidated JVs have entered into financing agreements, where the Company or its JV partners have provided guarantees . See Note 4. Real Estate Joint Ventures and Note 22. Commitments and Contingencies for additional information. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash on hand, bank demand accounts, money market instruments, investment grade commercial paper and U.S. Treasury Bills having original maturities at acquisition date, of ninety days or less. |
Investments | Investments Investments – debt securities and restricted investments consist of available-for-sale securities recorded at fair value, which is established through external pricing services that use quoted market prices and pricing data from recently executed market transactions. Unrealized gains and temporary losses on investments, net of tax, are recorded in other comprehensive income (loss). Realized gains and losses on investments are determined using the specific identification method. The amortized cost of debt securities are adjusted for amortization of premiums and accretion of discounts to maturity computed under the effective interest method. Such amortization and accretion is included in investment income, net. The Company evaluates investments classified as available-for-sale with an unrealized loss to determine if they are other-than-temporarily impaired. This evaluation is based on various factors, including the financial condition, business prospects, industry and creditworthiness of the issuer, severity and length of time the securities were in a loss position, the Company’s ability and intent to hold investments until the unrealized loss is recovered or until maturity and the amount of the unrealized loss. If a decline in fair value is considered other-than-temporary, the decline is then bifurcated into its credit and non-credit related components. The amount of the credit-related component is recognized in earnings, and the amount of the non-credit related component is recognized in other comprehensive income (loss), unless the Company intends to sell the security or it is more likely than not that the Company will be required to sell the security prior to its anticipated recovery, in which case the decline in fair value is recognized entirely in earnings. Beginning on January 1, 2018, investments - equity securities with a readily determinable fair value are recorded at fair value, which is established through external pricing services that use quoted market prices and pricing data from recently executed market transactions. Unrealized holding gains and losses are recognized in investment income, net in the consolidated statements of income. Prior to 2018, unrealized gains and losses related to these investments were recognized in other comprehensive income (loss). |
Fair Value Measurements | Fair Value Measurements Fair value is an exit price, representing the amount that would be received by selling an asset or paying to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. A three-tier fair value hierarchy is established as a basis for considering such assumptions and for inputs used in the valuation methodologies in measuring fair value: Level 1. Quoted prices in active markets for identical assets or liabilities; Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3. Unobservable inputs in which there is little or no market data, such as internally-developed valuation models, which require the reporting entity to develop its own assumptions. |
Comprehensive Income | Comprehensive Income The Company’s comprehensive income includes unrealized gains and losses on available-for-sale securities and restricted investments, which may be temporary, and fair value adjustments for cash flow hedges. |
Receivables | Receivables The Company’s receivables primarily include receivables related to certain homesite sales, homebuilder notes, leasing receivables, membership initiation fees, hospitality receivables and other receivables. The Company evaluates the carrying value of receivables at each reporting date. Receivable balances are adjusted to net realizable value based upon a review of entity specific facts or when terms are modified. Judgments are made with respect to the collectability of accounts based on historical experience and current economic trends. Actual losses could differ from those estimates. As of December 31, 2019 and 2018 , allowance for doubtful accounts receivable was $0.3 million and $0.2 million, respectively. |
Property and Equipment, net | Property and Equipment, net Property and equipment is stated at cost, net of accumulated depreciation. Major improvements are capitalized while maintenance and repairs are expensed in the period the cost is incurred. Depreciation is computed using the straight-line method over the estimated economic lives of various assets, as follows: Estimated Useful Life (in years) Railroad and equipment 15-30 Furniture and fixtures 5-10 Machinery and equipment 3-10 Office equipment 5-10 Autos, trucks and aircraft 5 -10 |
Income Taxes | Income Taxes The Company’s provision for income taxes includes the current tax owed on the current period earnings, as well as a deferred provision, which reflects the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Changes in existing tax laws and rates, their related interpretations, as well as the uncertainty generated by the prospect of tax legislation in the future may affect the amounts of deferred tax liabilities or the realizability of deferred tax assets. For tax positions the Company has taken or expects to take in a tax return, the Company applies a more likely than not assessment (i.e., there is a greater than 50 percent chance) about whether the tax position will be sustained upon examination by the appropriate tax authority with full knowledge of all relevant information. Amounts recorded for uncertain tax positions are periodically assessed, including the evaluation of new facts and circumstances, to ensure sustainability of the position. The Company records interest related to unrecognized tax benefits, if any, in interest expense and penalties in other income, net. The Company applies the aggregate portfolio method to account for income tax effects in accumulated other comprehensive loss with respect to available-for-sale debt securities. |
Concentration of Risks and Uncertainties | Concentration of Risks and Uncertainties The Company’s real estate investments are concentrated in Northwest Florida. Uncertain economic conditions could have an adverse impact on the Company’s real estate values. Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash, cash equivalents, investments, other receivables, investments held by special purpose entity or entities (“SPE”), and investments in retained interests. The Company deposits and invests cash with local and regional financial institutions and as of December 31, 2019 these balances exceed the amount of FDIC insurance provided on such deposits by $22.4 million. In addition, as of December 31, 2019, the Company had $0.1 million invested in one issuer of corporate debt securities that is non-investment grade, $9.7 million invested in four issuers of preferred stock that are non-investment grade and one issuer of preferred stock that is investment grade, as well as investments of $138.2 million in short term commercial paper from twenty issuers and short term U.S. Treasury Bills 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 years ended December 31, 2019, basic and diluted average shares outstanding were the same. There were no outstanding common stock equivalents as of December 31, 2019 or 2018. Non-vested restricted stock is included in outstanding shares at the time of grant. |
Revenue and Revenue Recognition | Revenue and Revenue Recognition Revenue consists primarily of real estate sales, hospitality operations, leasing operations, and timber sales. Taxes collected from customers and remitted to governmental authorities (e.g., sales tax) are excluded from revenue, costs and expenses. In accordance with Topic 606, revenue is recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services by applying the following steps; (1) identifying the contract(s) with a customer, (2) identifying the performance obligations in the contract, (3) determining the transaction price, (4) allocating the transaction price to the performance obligations in the contract and (5) recognizing revenue when (or as) the Company satisfies a performance obligation. The adoption of Topic 606 as of January 1, 2018 impacted the Company’s residential real estate segment as detailed below and had a de minimis impact on the hospitality segment, but did not impact the commercial leasing and sales or forestry segments. Lease related revenue is excluded from Topic 606. The following summary details the Company’s revenue and the related timing of revenue recognition by segment. Real Estate Revenue Revenue from real estate sales, including homesites, commercial properties, operating properties and rural or timberland, is recognized at the point in time when a sale is closed and title and control has been transferred to the buyer. If a performance obligation is not yet complete when title transfers to the buyer, the revenue associated with the incomplete performance obligation is deferred until completed. Residential real estate revenue includes the sale of developed homesites; the sale of parcels of entitled, undeveloped land; a homesite residual on homebuilder sales that provides the Company a percentage of the sale price of the completed home if the home price exceeds a negotiated threshold; the sale of tap and impact fee credits; marketing fees and other fees on certain transactions. Effective January 1, 2018, with the adoption of Topic 606, estimated homesite residuals and certain estimated fees are recognized as revenue at the point in time of sale to homebuilders, subject to constraints, and any change in material circumstances from the estimated amounts are updated at each reporting period. The variable consideration for homesite residuals and certain estimated fees are based on historical experience and are recognized as revenue when it can be reasonably estimated and only to the extent it is probable that a significant reversal in the estimated amount of cumulative revenue will not occur when uncertainties are resolved. For the years ended December 31, 2019 and 2018, real estate revenue includes $2.5 million and $1.0 million, respectively of estimated homesite residuals and $2.3 million and $1.1 million, respectively of certain estimated fees related to homebuilder homesite sales. Prior to 2018, these homesite residuals and fees were recognized in revenue when consideration was received by the Company in periods subsequent to the initial recognition of revenue for the sale of the homesite. Hospitality Revenue The Company’s hospitality segment generates revenue from membership sales, membership reservations, golf courses, the WaterColor Inn and WaterSound Inn, short-term vacation rentals, management of The Pearl Hotel, food and beverage operations, merchandise sales, marina operations, other resort and entertainment activities and beach clubs, which includes operation of the WaterColor Beach Club. Hospitality revenue is generally recognized at the point in time services are provided and represent a single performance obligation with a fixed transaction price. Hospitality revenue recognized over time includes non-refundable membership initiation fees and management fees. Clubs – Club operations include the Company’s golf courses, beach club and facilities that generate revenue from membership sales, membership reservations, daily play at the golf courses, merchandise sales and food and beverage sales. Daily play at the golf courses, merchandise sales and food and beverages sales are recognized at the point of sale. Club membership revenue consists of monthly dues, which are recognized monthly at the point in time as access is provided for the period, membership reservations that are recognized at the point in time when certain performance obligations are met and non-refundable initiation fees that are deferred and recognized ratably over time, which is the estimated membership period . Hotel Operations, Food and Beverage Operations, Short-Term Vacation Rentals and Other Management Services – Hotel operations, food and beverage operations, short-term vacation rentals and other management services generate revenue from (1) the WaterColor Inn, WaterSound Inn and operation of the WaterColor Beach Club, (2) management of The Pearl Hotel, (3) short-term vacation rentals and (4) food and beverage operations. The WaterColor Inn, WaterSound Inn and operation of the WaterColor Beach Club generate revenue from service and/or daily rental fees, recognized at the point in time services are provided . Revenue generated from the Company’s management services are recognized over time as time elapses and the Company’s performance obligations are met . As discussed further in Note 8. Sale of Vacation Rental Management , the Company sold its short term vacation rental management business in December 2017. Following the December 2017 sale, the Company no longer manages third party vacation rentals, but continues to manage rental properties the Company owns. The Company’s food and beverage operations generate revenue from food and beverage sales, which are recognized at the point of sale . Retail – The Company owns and operates retail outlets near its hospitality facilities that include the WaterColor store and four additional retail outlets. The Company’s retail outlets generate revenue from merchandise sales, which are recognized at the point of sale. Leasing Revenue Leasing revenue is excluded from Topic 606 and consists of long term 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. Certain leases provide for tenant occupancy during periods for which no rent is due or where minimum rent payments change during the lease term. Accordingly, a receivable or liability is recorded representing the difference between the straight-line rent and the rent that is contractually due from the tenant. Leasing revenue includes properties located in the Company’s Beckrich Office Park, consolidated Pier Park North JV and Pier Park Crossings JV, as well as the Company’s industrial park, VentureCrossings and other properties. Leasing revenue within the forestry segment consists primarily of hunting leases, which is recognized as income over the term of each lease. The Company’s marinas generate revenue from boat slip rentals recognized over the term of the lease. See Note 9. Leases for additional information related to leases. Forestry Product Revenue Revenue from the sale of the Company’s forestry products is primarily from open market sales of timber on site without the associated delivery costs and is derived from either pay-as-cut sales contracts or timber bid sales. Under a pay-as-cut sales contract, the risk of loss and title to the specified timber transfers to the buyer when cut by the buyer, and the buyer or some other third party is responsible for all logging and hauling costs, if any. Revenue is recognized at the point in time when risk of loss and title to the specified timber are transferred. Timber bid sales are agreements in which the buyer agrees to purchase and harvest specified timber (i.e., mature pulpwood and/or sawlogs) on a tract of land over the term of the contract. Unlike a pay-as-cut sales contract, risk of loss and title to the trees transfer to the buyer when the contract is signed and revenue is recognized at that point in time accordingly. The buyer pays the full purchase price when the contract is signed and the Company does not have any additional performance obligations. The following represents revenue disaggregated by segment, good or service and timing: Year Ended December 31, 2019 Commercial Residential Leasing Real Estate Hospitality and Sales Forestry Other Total Revenue by Major Good/Service: Real estate revenue $ 41,055 $ — $ 7,799 $ 11,678 $ 956 $ 61,488 Hospitality revenue 496 45,616 — — — 46,112 Leasing revenue 35 104 14,659 783 — 15,581 Timber revenue — — — 3,904 — 3,904 Total revenue $ 41,586 $ 45,720 $ 22,458 $ 16,365 $ 956 $ 127,085 Timing of Revenue Recognition: Recognized at a point in time $ 41,551 $ 42,864 $ 7,799 $ 15,582 $ 956 $ 108,752 Recognized over time — 2,752 — — — 2,752 Over lease term 35 104 14,659 783 — 15,581 Total revenue $ 41,586 $ 45,720 $ 22,458 $ 16,365 $ 956 $ 127,085 Year Ended December 31, 2018 Commercial Residential Leasing Real Estate Hospitality and Sales Forestry Other Total Revenue by Major Good/Service: Real estate revenue (a) $ 42,761 $ — $ 4,801 $ 1,807 $ 2,814 $ 52,183 Hospitality revenue 397 38,339 — — — 38,736 Leasing revenue — 1,237 11,684 806 — 13,727 Timber revenue 108 — — 5,522 — 5,630 Total revenue $ 43,266 $ 39,576 $ 16,485 $ 8,135 $ 2,814 $ 110,276 Timing of Revenue Recognition: Recognized at a point in time $ 43,266 $ 36,303 $ 4,801 $ 7,329 $ 2,814 $ 94,513 Recognized over time — 2,036 — — — 2,036 Over lease term — 1,237 11,684 806 — 13,727 Total revenue $ 43,266 $ 39,576 $ 16,485 $ 8,135 $ 2,814 $ 110,276 (a) Residential real estate revenue includes revenue of $23.1 million in 2018 for a one-time receipt of RiverTown impact fees related to the 2014 RiverTown transaction. See Note 19. RiverTown Impact Fees . |
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements | Recently Adopted Accounting Pronouncements Leases In February 2016, the FASB issued ASU 2016‑02 that amends the existing accounting standards for lease accounting, including requiring lessees to recognize both finance and operating leases with terms of more than 12 months on the balance sheet. The accounting applied by a lessor is largely unchanged 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, 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, recognizes 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, are accounting for each separate lease component and the nonlease components associated with that lease as a single component if the nonlease components otherwise would be accounted for under ASC Topic 606. The primary reason for this election is related to instances where common area maintenance is, or may be, a component of base rent within a lease agreement. The Company adopted the new guidance, including amendments, as of January 1, 2019 and has elected to implement ASC 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 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. Codification Updates In July 2019, the FASB issued ASU 2019-07, Codification Updates to SEC Sections—Amendments to SEC Paragraphs Pursuant to SEC Final Rule Releases No. 33-10532, Disclosure Update and Simplification, and Nos. 33-10231 and 33-10442, Investment Company Reporting Modernization, and Miscellaneous Updates , that aligns SEC paragraphs in the codification with changes made in the above-referenced SEC rules to simplify disclosures, modernize the reporting and disclosure of information by registered investment companies and other items. This new guidance was effective upon issuance and did not have a material impact on the Company’s financial condition, results of operations and cash flows. Recently Issued Accounting Pronouncements Financial Instruments - Credit Losses In June 2016, the FASB issued ASU 2016‑13 that requires a financial asset measured at amortized cost to be presented at the net amount expected to be collected and requires that credit losses from available-for-sale debt securities be presented as an allowance for credit loss. In November 2018, the FASB issued ASU 2018-19, which clarifies that impairment of receivables from operating leases should be accounted for using lease guidance. 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. In November 2019, the FASB issued ASU 2019-11, which provides codification improvements to ASU 2016-13. This new guidance will be effective for the Company January 1, 2020 and implemented using a cumulative-effect adjustment to retained earnings as of the date of adoption. The Company has evaluated the impact of the adoption of this guidance, and as a result of this evaluation, determined it will not have a material impact on its financial condition, results of operations and cash flows . Income Taxes In December 2019, the FASB issued ASU 2019-12, which simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendment also improves consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. This new guidance will be effective for annual and interim periods beginning after December 15, 2020, with early adoption permitted. The Company does not expect the adoption of this guidance to have a material impact on its financial condition, results of operations and cash flows . Investments – Equity Securities, Investments-Equity Method and Joint Ventures and Derivatives and Hedging In January 2020, the FASB issued ASU 2020-01, Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 (a consensus of the Emerging Issues Task Force ) which clarifies the interaction between the accounting standard on recognition and measurement of financial instruments in Topic 321, Investments – Equity Securities and Topic 323, Investments - Equity Method and Joint Ventures . The new guidance will be effective for annual and interim periods beginning after December 15, 2020, with early adoption permitted. The Company is currently evaluating the impact that the adoption of this guidance will have on its financial condition, results of operations and cash flows. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Significant Accounting Policies | |
Schedule of revenue disaggregated by segment, good or service and timing | The following represents revenue disaggregated by segment, good or service and timing: Year Ended December 31, 2019 Commercial Residential Leasing Real Estate Hospitality and Sales Forestry Other Total Revenue by Major Good/Service: Real estate revenue $ 41,055 $ — $ 7,799 $ 11,678 $ 956 $ 61,488 Hospitality revenue 496 45,616 — — — 46,112 Leasing revenue 35 104 14,659 783 — 15,581 Timber revenue — — — 3,904 — 3,904 Total revenue $ 41,586 $ 45,720 $ 22,458 $ 16,365 $ 956 $ 127,085 Timing of Revenue Recognition: Recognized at a point in time $ 41,551 $ 42,864 $ 7,799 $ 15,582 $ 956 $ 108,752 Recognized over time — 2,752 — — — 2,752 Over lease term 35 104 14,659 783 — 15,581 Total revenue $ 41,586 $ 45,720 $ 22,458 $ 16,365 $ 956 $ 127,085 Year Ended December 31, 2018 Commercial Residential Leasing Real Estate Hospitality and Sales Forestry Other Total Revenue by Major Good/Service: Real estate revenue (a) $ 42,761 $ — $ 4,801 $ 1,807 $ 2,814 $ 52,183 Hospitality revenue 397 38,339 — — — 38,736 Leasing revenue — 1,237 11,684 806 — 13,727 Timber revenue 108 — — 5,522 — 5,630 Total revenue $ 43,266 $ 39,576 $ 16,485 $ 8,135 $ 2,814 $ 110,276 Timing of Revenue Recognition: Recognized at a point in time $ 43,266 $ 36,303 $ 4,801 $ 7,329 $ 2,814 $ 94,513 Recognized over time — 2,036 — — — 2,036 Over lease term — 1,237 11,684 806 — 13,727 Total revenue $ 43,266 $ 39,576 $ 16,485 $ 8,135 $ 2,814 $ 110,276 (a) Residential real estate revenue includes revenue of $23.1 million in 2018 for a one-time receipt of RiverTown impact fees related to the 2014 RiverTown transaction. See Note 19. RiverTown Impact Fees . |
Investment in real estate, net | |
Significant Accounting Policies | |
Schedule of estimated economic lives | Estimated Useful Life (in years) Land N/A Land improvements 15 - 20 Buildings 20-40 Building improvements 5-25 Timber N/A |
Property and equipment, net | |
Significant Accounting Policies | |
Schedule of estimated economic lives | Estimated Useful Life (in years) Railroad and equipment 15-30 Furniture and fixtures 5-10 Machinery and equipment 3-10 Office equipment 5-10 Autos, trucks and aircraft 5 -10 |
Investment in Real Estate (Tabl
Investment in Real Estate (Table) - Investment in real estate, net | 12 Months Ended |
Dec. 31, 2019 | |
Real estate properties | |
Schedule of real estate by property type and segment | December 31, December 31, 2019 2018 Development property: Residential real estate $ 115,384 $ 105,323 Hospitality 12,229 3,726 Commercial leasing and sales 101,446 73,128 Forestry 1,880 2,144 Corporate 2,631 2,497 Total development property 233,570 186,818 Operating property: Residential real estate 11,985 11,985 Hospitality 94,838 88,405 Commercial leasing and sales 143,400 111,471 Forestry 21,189 19,765 Other 50 50 Total operating property 271,462 231,676 Less: Accumulated depreciation 74,256 67,500 Total operating property, net 197,206 164,176 Investment in real estate, net $ 430,776 $ 350,994 |
Operating property | |
Real estate properties | |
Schedule of property | December 31, December 31, 2019 2018 Land and land improvements $ 83,995 $ 75,663 Buildings and building improvements 174,712 144,730 Timber 12,755 11,283 271,462 231,676 Less: Accumulated depreciation 74,256 67,500 Total operating property, net $ 197,206 $ 164,176 |
Real Estate Joint Ventures (Tab
Real Estate Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments | |
Schedule of financial information of unconsolidated joint venture | December 31, December 31, 2019 2018 Investment in unconsolidated joint ventures Latitude Margaritaville Watersound JV (a) $ 791 $ — Pier Park TPS JV 3,083 1,105 Busy Bee JV (b) 1,210 — Total investment in unconsolidated joint ventures $ 5,084 $ 1,105 Outstanding debt of unconsolidated JVs Pier Park TPS JV $ 6,791 $ — Busy Bee JV 1,451 — Total outstanding debt of unconsolidated JVs (c) $ 8,242 $ — (a) JV was formed in June 2019. (b) JV was formed in July 2019. (c) See Note 22. Commitments and Contingencies for additional information. The following table presents detail of the Company’s equity in loss from unconsolidated affiliates: Year Ended December 31, 2019 Equity in loss from unconsolidated affiliates Latitude Margaritaville Watersound JV $ 71 Pier Park TPS JV 6 Total equity in loss from unconsolidated affiliates $ 77 |
Latitude Margaritaville Watersound JV | |
Investments | |
Schedule of financial information of unconsolidated joint venture | December 31, 2019 BALANCE SHEETS: Investment in real estate $ 1,116 Cash and cash equivalents 525 Total assets $ 1,641 Other liabilities $ 58 Equity 1,583 Total liabilities and equity $ 1,641 Year Ended December 31, 2019 STATEMENT OF OPERATIONS: Total expenses $ 142 Net loss $ 142 |
Pier Park TPS JV | |
Investments | |
Schedule of financial information of unconsolidated joint venture | December 31, December 31, 2019 2018 BALANCE SHEETS: Investment in real estate $ 14,775 $ 285 Cash and cash equivalents 51 64 Other assets 12 — Total assets $ 14,838 $ 349 Debt, net $ 6,480 $ — Other liabilities 2,193 3 Equity 6,165 346 Total liabilities and equity $ 14,838 $ 349 Year Ended December 31, 2019 2018 STATEMENT OF OPERATIONS: Total expenses $ 13 $ — Net loss $ 13 $ — |
Busy Bee JV (SJBB, LLC) | |
Investments | |
Schedule of financial information of unconsolidated joint venture | December 31, 2019 BALANCE SHEETS: Investment in real estate $ 3,886 Cash and cash equivalents 36 Other assets 28 Total assets $ 3,950 Debt, net $ 1,349 Other liabilities 181 Equity 2,420 Total liabilities and equity $ 3,950 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments | |
Schedule of Investments | Investments classified as available-for-sale securities were as follows: December 31, 2019 Gross Unrealized Gross Unrealized Amortized Cost Gains (Losses) Fair Value Investments - debt securities: Corporate debt securities $ 178 $ — $ (125) $ 53 178 — (125) 53 Restricted investments: Short-term bond 2,239 11 — 2,250 Money market fund 114 — — 114 2,353 11 — 2,364 $ 2,531 $ 11 $ (125) $ 2,417 December 31, 2018 Gross Unrealized Gross Unrealized Amortized Cost Gains (Losses) Fair Value Investments - debt securities: U.S. Treasury Bills $ 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 | The following table provides the available-for-sale investments unrealized loss position and related fair values: December 31, 2019 Less Than 12 Months 12 Months or Greater Unrealized Unrealized Fair Value Losses Fair Value Losses Investments - debt securities: Corporate debt securities $ — $ — $ 53 $ 125 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 | December 31, 2019 Amortized Cost Fair Value Due in one year or less $ 178 $ 53 Restricted investments 2,353 2,364 $ 2,531 $ 2,417 |
Financial Instruments and Fai_2
Financial Instruments and Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Financial Instruments and Fair Value Measurements | |
Schedule of Financial Instruments Measured at Fair Value on Recurring Basis | The financial instruments measured at fair value on a recurring basis are as follows: December 31, 2019 Total Fair Level 1 Level 2 Level 3 Value Cash equivalents: Money market funds $ 21,043 $ — $ — $ 21,043 Commercial paper 138,220 — — 138,220 U.S. Treasury Bills 6,990 — — 6,990 166,253 — — 166,253 Investments - debt securities: Corporate debt securities — 53 — 53 — 53 — 53 Investments - equity securities: Preferred stock — 9,746 — 9,746 — 9,746 — 9,746 Restricted investments: Short-term bond 2,250 — — 2,250 Money market fund 114 — — 114 2,364 — — 2,364 $ 168,617 $ 9,799 $ — $ 178,416 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 Bills 29,998 — — 29,998 180,930 — — 180,930 Investments - debt securities: U.S. Treasury Bills 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 Liabilities Measured at Fair Value on Recurring Basis | December 31, 2019 Location in Total Fair Balance Sheet Level 1 Level 2 Level 3 Value Derivative Liabilities: Interest rate swap Other liabilities $ — $ 336 $ — $ 336 $ — $ 336 $ — $ 336 |
Schedule of Carrying Amount and Fair Value Measured on Nonrecurring Basis of Financial Instruments | December 31, 2019 December 31, 2018 Carrying Estimated Carrying Estimated value Fair value Level value Fair value Level Assets Investments held by SPEs: Time deposit $ 200,000 $ 200,000 3 $ 200,000 $ 200,000 3 U.S. Treasury Bills and cash $ 6,771 $ 6,712 1 $ 7,384 $ 7,092 1 Liabilities Debt Fixed-rate debt $ 89,969 $ 92,276 2 $ 68,146 $ 67,126 2 Variable-rate debt 4,538 4,538 2 2,830 2,830 2 Total debt $ 94,507 $ 96,814 $ 70,976 $ 69,956 Senior Notes held by SPE $ 177,026 $ 204,347 3 $ 176,775 $ 193,293 3 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases | |
Schedule of components of leasing revenue | Year Ended December 31, 2019 Leasing revenue Lease payments $ 11,637 Variable lease payments 3,944 Total leasing revenue $ 15,581 |
Schedule of minimum future base rental revenue | 2020 $ 14,595 2021 10,864 2022 9,896 2023 7,836 2024 6,547 Thereafter 17,762 $ 67,500 |
Schedule of lease cost | Year Ended December 31, 2019 Lease cost Finance lease cost: Amortization of right-of-use assets $ 40 Interest on lease liability 9 Operating lease cost 238 Short-term lease cost 721 Total lease cost $ 1,008 Other information Weighted-average remaining lease term - finance lease (in years) 4.2 Weighted-average remaining lease term - operating leases (in years) 3.1 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 December 31, 2019, for the years ending December 31 are: 2020 $ 54 2021 54 2022 54 2023 54 2024 10 Total 226 Less imputed interest (22) Total finance lease liability $ 204 |
Schedule of aggregate payments of operating lease liabilities | The aggregate payments of operating lease liabilities subsequent to December 31, 2019, for the years ending December 31 are: 2020 $ 246 2021 180 2022 102 2023 63 2024 12 Thereafter 293 Total 896 Less imputed interest (205) Total operating lease liabilities $ 691 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other Assets | |
Schedule of Other Assets | December 31, December 31, 2019 2018 Restricted investments $ 2,364 $ 3,432 Accounts receivable, net 6,957 14,061 Homesite sales receivable 5,211 2,977 Claim settlement receivable — 2,679 Notes receivable 3,252 2,265 Income tax receivable 2,843 3,914 Prepaid expenses 6,592 6,751 Straight-line rent 3,292 3,581 Operating lease right-of-use assets 691 — Other assets 5,715 5,069 Retained interest investments 12,214 11,536 Accrued interest receivable for Senior Notes held by SPE 2,938 2,938 Total other assets $ 52,069 $ 59,203 |
Schedule of Lot Sales Receivable | 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 December 31, 2019 Homesite sales receivable $ 2,977 $ 4,755 $ (2,521) $ 5,211 Increases Due To Decreases Due to Balance Revenue Recognized Amounts Balance January 1, 2018 for Homesites Sold Received/Transferred December 31, 2018 Homesite sales receivable $ 2,585 $ 2,085 $ (1,693) $ 2,977 |
Schedule of Notes Receivable | December 31, December 31, 2019 2018 Interest bearing homebuilder note, secured by the real estate sold — 5.5% interest rate, due June 2021 $ 1,514 $ — Interest bearing homebuilder note, secured by the real estate sold — 5.5% interest rate, due December 2021 872 — 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 note with a JV partner, secured by the partner's membership interest in the JV - 8.0% interest rate, due July 2039 206 — Interest bearing homebuilder note, secured by the real estate sold — 6.3% interest rate, due March 2020 128 150 Various mortgage notes, secured by certain real estate, bearing interest at various rates 85 141 Interest bearing homebuilder note, secured by the real estate sold — 5.5% interest rate, due June 2020 84 422 Interest bearing homebuilder note, secured by the real estate sold — 5.5% interest rate, paid in December 2019 — 749 Pier Park Community Development District notes, non-interest bearing, paid in August 2019 — 803 Total notes receivable $ 3,252 $ 2,265 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property and equipment, net | |
Property, plant and equipment | |
Schedule of property and equipment, net | December 31, December 31, 2019 2018 Railroad and equipment $ 33,626 $ 33,626 Furniture and fixtures 24,062 22,438 Machinery and equipment 11,100 8,964 Office equipment 5,920 5,237 Autos, trucks and aircraft 6,274 988 80,982 71,253 Less: Accumulated depreciation 63,223 60,271 17,759 10,982 Construction in progress 1,259 1,049 Total property and equipment, net $ 19,018 $ 12,031 |
Debt, Net (Tables)
Debt, Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt | |
Schedule of Debt | Debt consists of the following: December 31, 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% $ 45,514 $ 380 $ 45,134 $ 46,423 $ 446 $ 45,977 PPC JV Loan, insured by HUD, due June 2060, bearing interest at 4.0% 34,610 1,087 33,523 15,399 1,114 14,285 Community Development District debt, secured by certain real estate or other collateral, due May 2023 through May 2039, bearing interest at 3.6% to 6.0% 6,977 — 6,977 6,324 — 6,324 Watersound Origins Crossings JV Loan, due May 2024, bearing interest at 5.0% 2,868 454 2,414 — — — Beach Homes Loan, due May 2029, bearing interest at LIBOR plus 1.7% (effective rate of 3.5% at December 31, 2019) 1,594 20 1,574 — — — Pier Park Outparcel Construction Loan, due March 2027, bearing interest at LIBOR plus 1.7% (effective rate of 3.5% at December 31, 2019) 1,535 14 1,521 1,585 16 1,569 WaterColor Crossings Construction Loan, due February 2029, bearing interest at LIBOR plus 1.7% (effective rate of 3.5% at December 31, 2019) 1,409 23 1,386 1,245 26 1,219 Total debt $ 94,507 $ 1,978 $ 92,529 $ 70,976 $ 1,602 $ 69,374 |
Schedule of Aggregate Maturities of Debt | December 31, 2019 2020 $ 2,029 2021 2,242 2022 2,293 2023 2,319 2024 5,079 Thereafter 80,545 $ 94,507 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other Liabilities | |
Schedule of Other Liabilities | December 31, December 31, 2019 2018 Accounts payable $ 16,207 $ 10,148 Finance lease liability 204 — Operating lease liabilities 691 — Accrued compensation 3,151 3,112 Other accrued liabilities 3,277 2,560 Deferred revenue 18,972 17,478 Club initiation fees 6,917 5,676 Club membership deposits 3,985 4,286 Advance deposits 946 1,277 Accrued interest expense for Senior Notes held by SPE 2,850 2,850 Total other liabilities $ 57,200 $ 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 December 31, 2019 Contract liabilities Club initiation fees $ 5,676 $ 3,083 $ (1,842) $ 6,917 Balance Increases Due To Decreases Due to Balance January 1, 2018 Cash Received Revenue Recognized December 31, 2018 Contract liabilities Club initiation fees $ 5,199 $ 1,886 $ (1,409) $ 5,676 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Taxes | |
Schedule of current and deferred income tax expense (benefit) | Year Ended December 31, 2019 2018 2017 Current: Federal $ 1,070 $ 4,305 $ 7,418 State — — 48 Total 1,070 4,305 7,466 Deferred: Federal 5,903 488 (23,512) State 2,474 (5,529) (1,835) Total 8,377 (5,041) (25,347) Income tax expense (benefit) $ 9,447 $ (736) $ (17,881) |
Summary of income tax expense (benefit) allocated in consolidated financial statements | Year Ended December 31, 2019 2018 2017 Income tax expense (benefit) $ 9,447 $ (736) $ (17,881) Income tax recorded in accumulated other comprehensive loss Income tax expense (benefit) 116 685 (2,488) Total income tax expense (benefit) $ 9,563 $ (51) $ (20,369) |
Schedule of effective income tax rate reconciliation | Year Ended December 31, 2019 2018 2017 Tax at the statutory federal rate $ 7,607 $ 6,643 $ 14,594 State income taxes (net of federal benefit) 1,477 1,392 1,340 Decrease in valuation allowance, net — (4,993) (142) Decrease in uncertain tax positions — (2,165) — Change in US and State tax rates 1,006 (1,035) (33,542) Benefit of Qualified Opportunity Zone investment (561) — — Dividend received deduction (188) (322) (530) Other permanent items 106 (256) 399 Total income tax expense (benefit) $ 9,447 $ (736) $ (17,881) |
Schedule of deferred tax assets and liabilities | December 31, December 31, 2019 2018 Deferred tax assets: State net operating loss carryforwards $ 14,316 $ 15,709 Impairment losses 36,751 38,907 Prepaid income from land sales 3,180 2,597 Capitalized costs 2,468 2,107 Reserves and accruals 1,672 1,789 Unrealized losses on investments 2,282 1,008 Other 765 711 Total gross deferred tax assets 61,434 62,828 Deferred tax liabilities: Investment in real estate and property and equipment basis differences 4,000 2,358 Deferred gain on land sales and involuntary conversions 24,956 19,236 Installment sales 83,275 83,268 Pension Plan assets transferred to the 401(k) plan 580 872 Other 1,431 1,409 Total gross deferred tax liabilities 114,242 107,143 Net deferred tax liabilities $ (52,808) $ (44,315) |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accumulated Other Comprehensive Loss | |
Summary of Changes in Accumulated Other Comprehensive Loss | Unrealized (Loss) and Unrealized Loss Gain on Available-for- Cash Flow Sale Securities Hedge Total Accumulated other comprehensive loss at December 31, 2017 $ (1,461) $ — $ (1,461) Other comprehensive loss before reclassifications (2,127) — (2,127) Amounts reclassified from accumulated other comprehensive loss 2,914 — 2,914 Other comprehensive income 787 — 787 Accumulated other comprehensive loss at December 31, 2018 $ (674) $ — $ (674) Other comprehensive income (loss) before reclassifications 642 (251) 391 Amounts reclassified from accumulated other comprehensive loss (52) — (52) Other comprehensive income (loss) 590 (251) 339 Accumulated other comprehensive loss at December 31, 2019 $ (84) $ (251) $ (335) |
Summary of Tax Effects Allocated to Other Comprehensive Income | Year Ended December 31, 2019 Before- Tax (Expense) or Net-of- Tax Amount Benefit Tax Amount Unrealized gain on available-for-sale investments $ 842 $ (214) $ 628 Unrealized gain on restricted investments 18 (4) 14 Interest rate swap (336) 85 (251) Reclassification adjustment for net gain included in earnings (69) 17 (52) Net unrealized gain 455 (116) 339 Other comprehensive income $ 455 $ (116) $ 339 Year Ended December 31, 2018 Before- Tax Benefit or Net-of- Tax Amount (Expense) Tax Amount Unrealized loss on available-for-sale investments $ (2,845) $ 723 $ (2,122) Unrealized loss on restricted investments (6) 2 (4) Reclassification adjustment for net loss included in earnings 1,061 (269) 792 Reclassification adjustment for other-than-temporary impairment loss included in earnings 2,330 (592) 1,738 Reclassification into retained earnings for the adoption of ASU 2016-01 (1) 932 (236) 696 Reclassification into retained earnings for the adoption of ASU 2018-02 (2) — (313) (313) Net unrealized gain 1,472 (685) 787 Other comprehensive income $ 1,472 $ (685) $ 787 (1) The reclassification into retained earnings relates to the adoption of ASU 2016-01. The new guidance was effective January 1, 2018, and required equity investments to be measured at fair value with changes in fair value recognized in results of operations rather than the consolidated statements of comprehensive income. (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. |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Stock Based Compensation | |
Stock-Based Compensation Recognized as Expense | Year Ended December 31, 2019 2018 2017 Stock compensation expense before tax benefit $ 77 $ 71 $ 76 Income tax benefit (19) (19) (22) $ 58 $ 52 $ 54 |
Other Income (Expense) - (Table
Other Income (Expense) - (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other Income (Expense) | |
Schedule of Other Income (Expense) | Year Ended December 31, 2019 2018 2017 Investment income, net Interest and dividend income $ 7,375 $ 9,060 $ 16,380 Accretion income 84 684 1,983 Net realized gain (loss) on the sale of investments 87 (973) 10,750 Other-than-temporary impairment loss — (2,330) (2,288) Unrealized loss on investments, net (5,342) (3,035) — Interest income from investments in SPEs 8,190 8,197 8,201 Interest accrued on notes receivable and other interest 320 547 384 Total investment income, net 10,714 12,150 35,410 Interest expense Interest expense and amortization of discount and issuance costs for Senior Notes issued by SPE (8,801) (8,788) (8,777) Other interest expense (3,501) (3,052) (3,368) Total interest expense (12,302) (11,840) (12,145) Sale of vacation rental management, net — — 9,800 Other income (expense), net Gain on land contribution to equity method investment 2,317 — — Accretion income from retained interest investments 1,325 1,232 1,100 Gain on insurance recovery 5,314 7,199 — Loss from hurricane damage (2,704) (8,628) — Miscellaneous income, net 198 1,349 3,613 Other income, net 6,450 1,152 4,713 Total other income, net $ 4,862 $ 1,462 $ 37,778 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Information | |
Schedule of Information by Business Segment | Year Ended December 31, 2019 2018 2017 Operating revenue: Residential real estate (a) $ 41,586 $ 43,266 $ 22,248 Hospitality 45,720 39,576 54,319 Commercial leasing and sales 22,458 16,485 14,510 Forestry revenue 16,365 8,135 8,443 Other (b) 956 2,814 518 Consolidated operating revenue $ 127,085 $ 110,276 $ 100,038 Cost of revenue: Cost of residential real estate revenue $ 20,492 $ 10,215 $ 12,971 Cost of hospitality revenue 33,924 33,385 47,300 Cost of commercial leasing and sales revenue 8,549 6,397 5,979 Cost of forestry revenue 1,044 1,097 903 Cost of other revenue 77 223 41 Consolidated cost of revenue $ 64,086 $ 51,317 $ 67,194 Other operating and corporate expenses: Residential real estate $ 4,873 $ 4,717 $ 4,329 Hospitality 838 533 462 Commercial leasing and sales 3,052 3,183 3,444 Forestry 427 384 396 Other 12,199 11,740 11,751 Consolidated other operating and corporate expenses $ 21,389 $ 20,557 $ 20,382 Depreciation, depletion and amortization: Residential real estate $ 283 $ 288 $ 363 Hospitality 4,579 3,640 4,049 Commercial leasing and sales 4,939 4,411 3,729 Forestry 314 514 575 Other 172 145 169 Consolidated depreciation, depletion and amortization $ 10,287 $ 8,998 $ 8,885 Investment income, net: Residential real estate and other $ 184 $ 320 $ 89 Corporate (c) 10,530 11,830 35,321 Consolidated investment income, net $ 10,714 $ 12,150 $ 35,410 Interest expense: Residential real estate $ 717 $ 867 $ 1,164 Commercial leasing and sales 2,739 2,180 2,200 Corporate and other (d) 8,846 8,793 8,781 Consolidated interest expense $ 12,302 $ 11,840 $ 12,145 Sale of vacation rental management, net: Hospitality (e) $ — $ — $ 9,800 Consolidated sale of vacation rental management, net $ — $ — $ 9,800 Income (loss) before equity in loss from unconsolidated affiliates and income taxes: Residential real estate (a) $ 15,144 $ 26,919 $ 3,683 Hospitality 6,574 1,817 12,664 Commercial leasing and sales 6,632 (121) (836) Forestry 14,607 6,222 6,586 Other (6,772) (3,971) 19,258 Consolidated income before equity in loss from unconsolidated affiliates and income taxes $ 36,185 $ 30,866 $ 41,355 Equity in loss from unconsolidated affiliates Residential real estate $ (71) $ — $ — Commercial leasing and sales (6) — — Consolidated equity in loss from unconsolidated affiliates $ (77) $ — $ — Capital expenditures: Residential real estate $ 28,639 $ 15,865 $ 8,407 Hospitality 15,923 7,400 4,918 Commercial leasing and sales 67,254 20,483 25,248 Forestry 1,965 1,069 1,100 Other 505 379 207 Total capital expenditures $ 114,286 $ 45,196 $ 39,880 December 31, December 31, 2019 2018 Total assets: Residential real estate $ 139,349 $ 127,999 Hospitality 89,570 68,389 Commercial leasing and sales 232,715 182,658 Forestry 21,221 20,189 Other 426,378 471,727 Total assets $ 909,233 $ 870,962 (a) Includes revenue of $23.1 million in 2018 for a one-time receipt of RiverTown impact fees related to the 2014 RiverTown transaction. See Note 19. RiverTown Impact Fees . (b) Includes revenue of $2.2 million in 2018 related to a specific sale of mitigation bank credits. (c) Includes interest income from investments in SPEs of $8.2 million in each 2019, 2018 and 2017. (d) Includes interest expense from Senior Notes issued by SPE of $8.8 million in each 2019, 2018 and 2017. (e) Includes a net gain of $9.8 million from the PCR Rentals sale in 2017. See Note 8. Sale of Vacation Rental Management. |
Quarterly Financial Data (una_2
Quarterly Financial Data (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data | Quarters Ended December 31, September 30, June 30, March 31, 2019 Operating revenue $ 42,660 $ 32,856 $ 35,546 $ 16,023 Operating income (loss) $ 15,196 $ 7,420 $ 10,868 $ (2,161) Net income attributable to the Company $ 8,688 $ 5,717 $ 10,373 $ 1,997 Basic and diluted income per share attributable to the Company (1) $ 0.15 $ 0.10 $ 0.17 $ 0.03 2018 Operating revenue (2) $ 16,301 $ 23,676 $ 50,434 $ 19,865 Operating (loss) income (2) $ (1,343) $ 1,944 $ 29,344 $ (541) Net (loss) income attributable to the Company $ (66) $ 5,483 $ 26,195 $ 757 Basic and diluted income per share attributable to the Company (1) $ — $ 0.09 $ 0.41 $ 0.01 (1) Quarterly and year-to-date computations of per share amounts are made independently. Therefore, the sum of per share amounts for the quarters may not be consistent with the per share amounts for the year. (2) The quarter ended June 30, 2018 includes revenue of $23.1 million in 2018 for a one-time receipt of RiverTown impact fees related to the 2014 RiverTown transaction. See Note 19. RiverTown Impact Fees . |
Nature of Operations - Real Est
Nature of Operations - Real Estate Assets (Details) | 12 Months Ended |
Dec. 31, 2019segment | |
Nature of Operations | |
Percentage of real estate land holdings located within fifteen miles of Gulf of Mexico | 90.00% |
Number of reportable operating segments | 4 |
Significant Accounting Polici_4
Significant Accounting Policies - Investment in Real Estate (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Land improvements | Minimum | |
Real estate | |
Estimated useful life (in years) | 15 years |
Land improvements | Maximum | |
Real estate | |
Estimated useful life (in years) | 20 years |
Buildings | Minimum | |
Real estate | |
Estimated useful life (in years) | 20 years |
Buildings | Maximum | |
Real estate | |
Estimated useful life (in years) | 40 years |
Building improvements | Minimum | |
Real estate | |
Estimated useful life (in years) | 5 years |
Building improvements | Maximum | |
Real estate | |
Estimated useful life (in years) | 25 years |
Significant Accounting Polici_5
Significant Accounting Policies - Timber Inventory (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Significant Accounting Policies | |
Timber holdings valuation sample (as a percent) | 20.00% |
Significant Accounting Polici_6
Significant Accounting Policies - Receivables (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Significant Accounting Policies | ||
Allowance for doubtful accounts receivable | $ 0.3 | $ 0.2 |
Significant Accounting Polici_7
Significant Accounting Policies - Property and Equipment, Net (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Railroad and equipment | Minimum | |
Property, plant and equipment | |
Estimated useful life (in years) | 15 years |
Railroad and equipment | Maximum | |
Property, plant and equipment | |
Estimated useful life (in years) | 30 years |
Furniture and fixtures | Minimum | |
Property, plant and equipment | |
Estimated useful life (in years) | 5 years |
Furniture and fixtures | Maximum | |
Property, plant and equipment | |
Estimated useful life (in years) | 10 years |
Machinery and equipment | Minimum | |
Property, plant and equipment | |
Estimated useful life (in years) | 3 years |
Machinery and equipment | Maximum | |
Property, plant and equipment | |
Estimated useful life (in years) | 10 years |
Office equipment | Minimum | |
Property, plant and equipment | |
Estimated useful life (in years) | 5 years |
Office equipment | Maximum | |
Property, plant and equipment | |
Estimated useful life (in years) | 10 years |
Autos, trucks and aircraft | Minimum | |
Property, plant and equipment | |
Estimated useful life (in years) | 5 years |
Autos, trucks and aircraft | Maximum | |
Property, plant and equipment | |
Estimated useful life (in years) | 10 years |
Significant Accounting Polici_8
Significant Accounting Policies - Concentrations (Details) $ in Thousands | Dec. 31, 2019USD ($)issuer | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Concentration risk | |||
Investments - debt securities | $ 53 | $ 8,958 | |
Investments - equity securities | 9,746 | 36,132 | |
Cash and cash equivalents | 185,716 | $ 195,155 | $ 192,083 |
Credit concentration risk | Assets | |||
Concentration risk | |||
Cash amount not insured by FDIC | 22,400 | ||
Credit concentration risk | Assets | U.S. Treasury Bills | |||
Concentration risk | |||
Cash and cash equivalents | 7,000 | ||
Credit concentration risk | Assets | Corporate debt securities | Non-investment grade | |||
Concentration risk | |||
Investments - debt securities | $ 100 | ||
Number of issuers | issuer | 1 | ||
Credit concentration risk | Assets | Preferred stock | Non-investment grade | |||
Concentration risk | |||
Investments - equity securities | $ 9,700 | ||
Number of issuers | issuer | 4 | ||
Credit concentration risk | Assets | Preferred stock | Investment grade | |||
Concentration risk | |||
Number of issuers | issuer | 1 | ||
Credit concentration risk | Assets | Commercial paper | |||
Concentration risk | |||
Cash and cash equivalents | $ 138,200 | ||
Number of issuers | issuer | 20 |
Significant Accounting Polici_9
Significant Accounting Policies - EPS (Details) - shares | Dec. 31, 2019 | Dec. 31, 2018 |
Significant Accounting Policies | ||
Common stock equivalents (in shares) | 0 | 0 |
Significant Accounting Polic_10
Significant Accounting Policies - Revenue (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)store | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Disaggregation of revenue | |||
Number of additional retail outlets | store | 4 | ||
Real estate | |||
Disaggregation of revenue | |||
Revenue | $ 61,488 | $ 52,183 | $ 27,717 |
Homebuilder homesite sales, Lot residuals | |||
Disaggregation of revenue | |||
Revenue | 2,500 | 1,000 | |
Homebuilder homesite sales, Certain products and services | |||
Disaggregation of revenue | |||
Revenue | $ 2,300 | $ 1,100 |
Significant Accounting Polic_11
Significant Accounting Policies - Disaggregation of revenue (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of revenue | |||||||||||
Leasing revenue | $ 15,581 | ||||||||||
Leasing revenue | $ 13,727 | $ 12,940 | |||||||||
Total revenue | $ 42,660 | $ 32,856 | $ 35,546 | $ 16,023 | $ 16,301 | $ 23,676 | $ 50,434 | $ 19,865 | 127,085 | 110,276 | 100,038 |
Mattamy - RiverTown sale | |||||||||||
Disaggregation of revenue | |||||||||||
Total revenue | $ 23,100 | ||||||||||
Recognized at a point in time | |||||||||||
Disaggregation of revenue | |||||||||||
Revenue | 108,752 | 94,513 | |||||||||
Recognized over time | |||||||||||
Disaggregation of revenue | |||||||||||
Revenue | 2,752 | 2,036 | |||||||||
Real estate | |||||||||||
Disaggregation of revenue | |||||||||||
Revenue | 61,488 | 52,183 | 27,717 | ||||||||
Homebuilder homesite sales, Lot residuals | |||||||||||
Disaggregation of revenue | |||||||||||
Revenue | 2,500 | 1,000 | |||||||||
Homebuilder homesite sales, Certain products and services | |||||||||||
Disaggregation of revenue | |||||||||||
Revenue | 2,300 | 1,100 | |||||||||
Hospitality | |||||||||||
Disaggregation of revenue | |||||||||||
Revenue | 46,112 | 38,736 | 53,217 | ||||||||
Timber | |||||||||||
Disaggregation of revenue | |||||||||||
Revenue | 3,904 | 5,630 | 6,164 | ||||||||
Operating Segments | Residential real estate | |||||||||||
Disaggregation of revenue | |||||||||||
Leasing revenue | 35 | ||||||||||
Total revenue | 41,586 | 43,266 | 22,248 | ||||||||
Operating Segments | Residential real estate | Recognized at a point in time | |||||||||||
Disaggregation of revenue | |||||||||||
Revenue | 41,551 | 43,266 | |||||||||
Operating Segments | Residential real estate | Real estate | |||||||||||
Disaggregation of revenue | |||||||||||
Revenue | 41,055 | 42,761 | |||||||||
Operating Segments | Residential real estate | Real estate | Mattamy - RiverTown sale | |||||||||||
Disaggregation of revenue | |||||||||||
Revenue | 23,100 | ||||||||||
Operating Segments | Residential real estate | Hospitality | |||||||||||
Disaggregation of revenue | |||||||||||
Revenue | 496 | 397 | |||||||||
Operating Segments | Residential real estate | Timber | |||||||||||
Disaggregation of revenue | |||||||||||
Revenue | 108 | ||||||||||
Operating Segments | Hospitality | |||||||||||
Disaggregation of revenue | |||||||||||
Leasing revenue | 104 | ||||||||||
Leasing revenue | 1,237 | ||||||||||
Total revenue | 45,720 | 39,576 | 54,319 | ||||||||
Operating Segments | Hospitality | Recognized at a point in time | |||||||||||
Disaggregation of revenue | |||||||||||
Revenue | 42,864 | 36,303 | |||||||||
Operating Segments | Hospitality | Recognized over time | |||||||||||
Disaggregation of revenue | |||||||||||
Revenue | 2,752 | 2,036 | |||||||||
Operating Segments | Hospitality | Hospitality | |||||||||||
Disaggregation of revenue | |||||||||||
Revenue | 45,616 | 38,339 | |||||||||
Operating Segments | Commercial leasing and sales | |||||||||||
Disaggregation of revenue | |||||||||||
Leasing revenue | 14,659 | ||||||||||
Leasing revenue | 11,684 | ||||||||||
Total revenue | 22,458 | 16,485 | 14,510 | ||||||||
Operating Segments | Commercial leasing and sales | Recognized at a point in time | |||||||||||
Disaggregation of revenue | |||||||||||
Revenue | 7,799 | 4,801 | |||||||||
Operating Segments | Commercial leasing and sales | Real estate | |||||||||||
Disaggregation of revenue | |||||||||||
Revenue | 7,799 | 4,801 | |||||||||
Operating Segments | Forestry | |||||||||||
Disaggregation of revenue | |||||||||||
Leasing revenue | 783 | ||||||||||
Leasing revenue | 806 | ||||||||||
Total revenue | 16,365 | 8,135 | 8,443 | ||||||||
Operating Segments | Forestry | Recognized at a point in time | |||||||||||
Disaggregation of revenue | |||||||||||
Revenue | 15,582 | 7,329 | |||||||||
Operating Segments | Forestry | Real estate | |||||||||||
Disaggregation of revenue | |||||||||||
Revenue | 11,678 | 1,807 | |||||||||
Operating Segments | Forestry | Timber | |||||||||||
Disaggregation of revenue | |||||||||||
Revenue | 3,904 | 5,522 | |||||||||
Other | |||||||||||
Disaggregation of revenue | |||||||||||
Total revenue | 956 | 2,814 | $ 518 | ||||||||
Other | Recognized at a point in time | |||||||||||
Disaggregation of revenue | |||||||||||
Revenue | 956 | 2,814 | |||||||||
Other | Real estate | |||||||||||
Disaggregation of revenue | |||||||||||
Revenue | $ 956 | $ 2,814 |
Significant Accounting Polic_12
Significant Accounting Policies - Recently Issued Accounting Pronouncements (Details) - USD ($) $ in Thousands | Jan. 01, 2019 | Dec. 31, 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 | $ 691 | |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:OtherAssetsMember | |
Operating lease liabilities | $ 691 | |
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) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Real estate properties | ||
Less: Accumulated depreciation | $ 74,256 | |
Investment in real estate, net | 430,776 | $ 350,994 |
Development property | ||
Real estate properties | ||
Investment in real estate, net | 233,570 | 186,818 |
Development property | Corporate | ||
Real estate properties | ||
Investment in real estate, net | 2,631 | 2,497 |
Development property | Residential real estate | Operating Segments | ||
Real estate properties | ||
Investment in real estate, net | 115,384 | 105,323 |
Development property | Hospitality | Operating Segments | ||
Real estate properties | ||
Investment in real estate, net | 12,229 | 3,726 |
Development property | Commercial leasing and sales | Operating Segments | ||
Real estate properties | ||
Investment in real estate, net | 101,446 | 73,128 |
Development property | Forestry | Operating Segments | ||
Real estate properties | ||
Investment in real estate, net | 1,880 | 2,144 |
Operating property | ||
Real estate properties | ||
Investment in real estate | 271,462 | 231,676 |
Less: Accumulated depreciation | 74,256 | 67,500 |
Investment in real estate, net | 197,206 | 164,176 |
Operating property | Corporate | ||
Real estate properties | ||
Investment in real estate | 50 | 50 |
Operating property | Residential real estate | Operating Segments | ||
Real estate properties | ||
Investment in real estate | 11,985 | 11,985 |
Operating property | Hospitality | Operating Segments | ||
Real estate properties | ||
Investment in real estate | 94,838 | 88,405 |
Operating property | Commercial leasing and sales | Operating Segments | ||
Real estate properties | ||
Investment in real estate | 143,400 | 111,471 |
Operating property | Forestry | Operating Segments | ||
Real estate properties | ||
Investment in real estate | $ 21,189 | $ 19,765 |
Investment in Real Estate - Ope
Investment in Real Estate - Operating Property (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Real estate properties | ||
Less: Accumulated depreciation | $ 74,256 | |
Investment in real estate, net | 430,776 | $ 350,994 |
Operating property | ||
Real estate properties | ||
Investment in real estate | 271,462 | 231,676 |
Less: Accumulated depreciation | 74,256 | 67,500 |
Investment in real estate, net | 197,206 | 164,176 |
Operating property | Land and land improvements | ||
Real estate properties | ||
Investment in real estate | 83,995 | 75,663 |
Operating property | Building and Building improvements | ||
Real estate properties | ||
Investment in real estate | 174,712 | 144,730 |
Operating property | Timberlands | ||
Real estate properties | ||
Investment in real estate | $ 12,755 | $ 11,283 |
Investment in Real Estate - Dep
Investment in Real Estate - Depreciation, depletion and amortization (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Investment in Real Estate | |||
Depreciation expense related to real estate investments | $ 6.8 | $ 6 | $ 6.2 |
Depletion and amortization | $ 0.3 | $ 0.5 | $ 0.5 |
Real Estate Joint Ventures - Co
Real Estate Joint Ventures - Consolidated Joint Ventures (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2019USD ($)item | Dec. 31, 2018 | |
Pier Park Crossings Phase II JV | ||
Variable interest entity | ||
Number of units to be developed and constructed | 120 | |
Variable interest entity, ownership percentage | 75.00% | |
Reliant Title JV | ||
Variable interest entity | ||
Variable interest entity, ownership percentage | 66.00% | |
Watercrest JV | ||
Variable interest entity | ||
Number of units to be developed and constructed | 107 | |
Variable interest entity, ownership percentage | 87.00% | |
Watersound 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 remaining to be constructed | 24 | |
Number of units to be developed and constructed | 240 | |
Variable interest entity, ownership percentage | 75.00% | 75.00% |
Pier Park North JV | ||
Variable interest entity | ||
Variable interest entity, ownership percentage | 60.00% | 60.00% |
Windmark JV | ||
Variable interest entity | ||
Variable interest entity, ownership percentage | 100.00% | 49.00% |
Number of members property was distributed to and purchased from | 2 | |
Total consideration | $ | $ 11.6 |
Real Estate Joint Ventures - In
Real Estate Joint Ventures - Investment in unconsolidated JVs (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Investments | ||
Investment in unconsolidated joint ventures | $ 5,084 | $ 1,105 |
Latitude Margaritaville Watersound JV | ||
Investments | ||
Investment in unconsolidated joint ventures | 791 | |
Pier Park TPS JV | ||
Investments | ||
Investment in unconsolidated joint ventures | 3,083 | $ 1,105 |
Busy Bee JV (SJBB, LLC) | ||
Investments | ||
Investment in unconsolidated joint ventures | $ 1,210 |
Real Estate Joint Ventures - Un
Real Estate Joint Ventures - Unconsolidated JV debt (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Investments | ||
Outstanding debt | $ 94,507 | $ 70,976 |
Unconsolidated joint ventures | ||
Investments | ||
Outstanding debt | 8,242 | |
Pier Park TPS JV | ||
Investments | ||
Outstanding debt | 6,791 | |
Busy Bee JV (SJBB, LLC) | ||
Investments | ||
Outstanding debt | $ 1,451 |
Real Estate Joint Ventures - Eq
Real Estate Joint Ventures - Equity in loss of unconsolidated JV debt (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Investments | |
Equity in loss from unconsolidated affiliates | $ 77 |
Latitude Margaritaville Watersound JV | |
Investments | |
Equity in loss from unconsolidated affiliates | 71 |
Pier Park TPS JV | |
Investments | |
Equity in loss from unconsolidated affiliates | $ 6 |
Real Estate Joint Ventures - Su
Real Estate Joint Ventures - Summarized financial information by unconsolidated JV (Details) $ in Thousands | Jan. 14, 2019USD ($) | Nov. 30, 2018USD ($) | Nov. 30, 2018 | Dec. 31, 2019USD ($)home | Dec. 31, 2018USD ($) | Apr. 30, 2018item |
Investments | ||||||
Notes receivable | $ 3,252 | $ 2,265 | ||||
Latitude Margaritaville Watersound JV | ||||||
Investments | ||||||
Number of units to be developed and constructed | home | 3,500 | |||||
Variable interest entity, ownership percentage | 50.00% | |||||
Average amount of land contribution returned upon each home sale | $ 10 | |||||
Summarized financial information - Balance Sheets: | ||||||
Investment in real estate | 1,116 | |||||
Cash and cash equivalents | 525 | |||||
Total assets | 1,641 | |||||
Other liabilities | 58 | |||||
Equity | 1,583 | |||||
Total liabilities and equity | 1,641 | |||||
Summarized financial information - Statement of Operations: | ||||||
Total expenses | 142 | |||||
Net loss | 142 | |||||
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 | $ 14,775 | $ 285 | ||||
Cash and cash equivalents | 51 | 64 | ||||
Other assets | 12 | |||||
Total assets | 14,838 | 349 | ||||
Debt, net | 6,480 | |||||
Other liabilities | 2,193 | 3 | ||||
Equity | 6,165 | 346 | ||||
Total liabilities and equity | 14,838 | 349 | ||||
Summarized financial information - Statement of Operations: | ||||||
Total expenses | 13 | |||||
Net loss | 13 | |||||
Busy Bee JV (SJBB, LLC) | ||||||
Investments | ||||||
Value of land contributed | 1,400 | |||||
Notes receivable | 200 | |||||
Investment in unconsolidated joint venture | $ 1,200 | |||||
Ownership percentage | 50.00% | |||||
Summarized financial information - Balance Sheets: | ||||||
Investment in real estate | $ 3,886 | |||||
Cash and cash equivalents | 36 | |||||
Other assets | 28 | |||||
Total assets | 3,950 | |||||
Debt, net | 1,349 | |||||
Other liabilities | 181 | |||||
Equity | 2,420 | |||||
Total liabilities and equity | 3,950 | |||||
Summarized financial information - Statement of Operations: | ||||||
Net loss | $ 0 | |||||
ALP | ||||||
Investments | ||||||
Variable interest entity, ownership percentage | 23.90% | |||||
Distributions from termination of unconsolidated joint venture | $ 2,200 | $ 2,200 |
Investments - Schedule of inves
Investments - Schedule of investments (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt securities and restricted investments | ||
Amortized Cost | $ 2,531 | $ 13,285 |
Gross Unrealized Gains | 11 | 1 |
Gross Unrealized (Losses) | (125) | (896) |
Fair Value | 2,417 | 12,390 |
Unrestricted available-for-sale, Debt securities | ||
Debt securities and restricted investments | ||
Amortized Cost | 178 | 9,844 |
Gross Unrealized Gains | 1 | |
Gross Unrealized (Losses) | (125) | (887) |
Fair Value | 53 | 8,958 |
Unrestricted available-for-sale, Debt securities | U.S. Treasury Bills | ||
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 | 178 | 2,908 |
Gross Unrealized (Losses) | (125) | (887) |
Fair Value | 53 | 2,021 |
Restricted | ||
Debt securities and restricted investments | ||
Amortized Cost | 2,353 | 3,441 |
Gross Unrealized Gains | 11 | |
Gross Unrealized (Losses) | (9) | |
Fair Value | 2,364 | 3,432 |
Restricted | Short-term bond | ||
Debt securities and restricted investments | ||
Amortized Cost | 2,239 | 3,274 |
Gross Unrealized Gains | 11 | |
Gross Unrealized (Losses) | (9) | |
Fair Value | 2,250 | 3,265 |
Restricted | Money market fund | ||
Debt securities and restricted investments | ||
Amortized Cost | 114 | 167 |
Fair Value | $ 114 | $ 167 |
Investments - Gains and proceed
Investments - Gains and proceeds (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Investments | |||
Realized loss (gain) on sale of investments | $ (100) | $ 1,000 | |
Maturities of investments - debt securities | 7,000 | 10,000 | $ 13,988 |
Proceeds from sale of available-for-sale debt securities | 4,000 | 64,700 | |
Purchases of available-for-sale securities | $ 100 | $ 7,000 |
Investments - Unrealized Loss P
Investments - Unrealized Loss Position (Details) - USD ($) $ in Thousands | Dec. 31, 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 | $ 53 | 1,843 |
12 Months or Greater, Unrealized Losses | $ 125 | 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 | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2019 | |
Investments | ||
Unrealized losses, debt securities | $ 896 | $ 125 |
Other-than-temporary impairment loss | $ 2,330 |
Investments - Contractual Matur
Investments - Contractual Maturities of Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Amortized Cost | ||
Amortized Cost | $ 2,531 | $ 13,285 |
Fair Value | ||
Fair Value | 2,417 | 12,390 |
Unrestricted available-for-sale, Debt securities | ||
Amortized Cost | ||
Amortized Cost, Due in one year or less | 178 | |
Amortized Cost | 178 | 9,844 |
Fair Value | ||
Fair Value, Due in one year or less | 53 | |
Fair Value | 53 | 8,958 |
Restricted | ||
Amortized Cost | ||
Amortized Cost | 2,353 | 3,441 |
Fair Value | ||
Fair Value | $ 2,364 | $ 3,432 |
Investments - Equity Securities
Investments - Equity Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Equity Securities | |||
Investments - equity securities | $ 9,746 | $ 36,132 | |
Unrealized (loss) gain on investments, net | $ (5,342) | (3,035) | |
Reclassification into retained earnings | [1] | $ 932 | |
[1] | The reclassification into retained earnings for the year ended December 31, 2018 relates to the adoption of ASU 2016-01 Financial Instruments - Overall, as amended (“ASU 2016-01”). The new guidance was effective January 1, 2018, and required equity investments to be measured at fair value with changes in fair value recognized in results of operations rather than the consolidated statements of comprehensive income. |
Investments - Investment Manage
Investments - Investment Management Agreement (Details) $ in Millions | 12 Months Ended |
Dec. 31, 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% |
Minimum | Cash investment grade cash equivalents or U . S . treasury securities | |
Investments | |
Investments, target portfolio allocations percent | 25.00% |
Maximum | Securities of any one issuer (excluding the U.S. Government) | |
Investments | |
Investments, target portfolio allocations percent | 15.00% |
Investments, portfolio allocations requiring additional consent | 15.00% |
Maximum | Single issuer of exchange-traded common equities | |
Investments | |
Investments, target portfolio allocations percent | 5.00% |
Maximum | Common Stock | |
Investments | |
Investments, target portfolio allocations, amount | $ | $ 100 |
Maximum | Common, preferred or other equity investments | |
Investments | |
Investments, target portfolio allocations percent | 25.00% |
Investor | Clients of FCM, including Mr. Berkowitz | |
Investments | |
Common stock ownership percentage | 44.30% |
Financial Instruments and Fai_3
Financial Instruments and Fair Value Measurements - Measurements on Recurring Basis (Details) - Recurring basis - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Financial instruments and fair value measurements | ||
Cash equivalents | $ 166,253 | $ 180,930 |
Total | 178,416 | 229,452 |
Level 1 | ||
Financial instruments and fair value measurements | ||
Cash equivalents | 166,253 | 180,930 |
Total | 168,617 | 201,769 |
Level 2 | ||
Financial instruments and fair value measurements | ||
Total | 9,799 | 27,683 |
Unrestricted available-for-sale, Debt securities | ||
Financial instruments and fair value measurements | ||
Investments | 53 | 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 | 53 | 2,021 |
Equity securities | ||
Financial instruments and fair value measurements | ||
Investments | 9,746 | |
Equity securities | Level 2 | ||
Financial instruments and fair value measurements | ||
Investments | 9,746 | |
Restricted | ||
Financial instruments and fair value measurements | ||
Investments | 2,364 | 3,432 |
Restricted | Level 1 | ||
Financial instruments and fair value measurements | ||
Investments | 2,364 | 3,432 |
Money market fund | ||
Financial instruments and fair value measurements | ||
Cash equivalents | 21,043 | 43,346 |
Money market fund | Level 1 | ||
Financial instruments and fair value measurements | ||
Cash equivalents | 21,043 | 43,346 |
Money market fund | Restricted | ||
Financial instruments and fair value measurements | ||
Investments | 114 | 167 |
Money market fund | Restricted | Level 1 | ||
Financial instruments and fair value measurements | ||
Investments | 114 | 167 |
Commercial paper | ||
Financial instruments and fair value measurements | ||
Cash equivalents | 138,220 | 107,586 |
Commercial paper | Level 1 | ||
Financial instruments and fair value measurements | ||
Cash equivalents | 138,220 | 107,586 |
U.S. Treasury Bills | ||
Financial instruments and fair value measurements | ||
Cash equivalents | 6,990 | 29,998 |
U.S. Treasury Bills | Level 1 | ||
Financial instruments and fair value measurements | ||
Cash equivalents | 6,990 | 29,998 |
U.S. Treasury Bills | Unrestricted available-for-sale, Debt securities | ||
Financial instruments and fair value measurements | ||
Investments | 6,937 | |
U.S. Treasury Bills | 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 | 53 | 2,021 |
Corporate debt securities | Unrestricted available-for-sale, Debt securities | Level 2 | ||
Financial instruments and fair value measurements | ||
Investments | 53 | 2,021 |
Preferred stock | Equity securities | ||
Financial instruments and fair value measurements | ||
Investments | 9,746 | 36,132 |
Preferred stock | Equity securities | Level 1 | ||
Financial instruments and fair value measurements | ||
Investments | 10,470 | |
Preferred stock | Equity securities | Level 2 | ||
Financial instruments and fair value measurements | ||
Investments | 9,746 | 25,662 |
Short-term bond | Restricted | ||
Financial instruments and fair value measurements | ||
Investments | 2,250 | 3,265 |
Short-term bond | Restricted | Level 1 | ||
Financial instruments and fair value measurements | ||
Investments | $ 2,250 | $ 3,265 |
Financial Instruments and Fai_4
Financial Instruments and Fair Value Measurements - Expected Maturity (Details) - Y | Dec. 31, 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 - Liabilities measured at FV (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jun. 30, 2019 |
Interest rate swap | ||
Financial instruments and fair value measurements | ||
Notional amount | $ 20,000 | |
Recurring basis | ||
Financial instruments and fair value measurements | ||
Liabilities | $ 336 | |
Recurring basis | Interest rate swap | ||
Financial instruments and fair value measurements | ||
Derivative liabilities | 336 | |
Recurring basis | Level 2 | ||
Financial instruments and fair value measurements | ||
Liabilities | 336 | |
Recurring basis | Level 2 | Interest rate swap | ||
Financial instruments and fair value measurements | ||
Derivative liabilities | 336 | |
Recurring basis | Level 2 | Interest rate swap | Other liabilities | ||
Financial instruments and fair value measurements | ||
Derivative liabilities | $ 300 |
Financial Instruments and Fai_6
Financial Instruments and Fair Value Measurements - Investment in unconsolidated JVs and Long-lived assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Financial Instruments and Fair Value Measurements | |||
Impairment loss on investment in unconsolidated joint ventures | $ 0 | $ 0 | |
Impairment loss on investment in real estate | $ 99 | $ 714 |
Financial Instruments and Fai_7
Financial Instruments and Fair Value Measurements - Carrying Amount and Fair Value (Details) - Nonrecurring - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Carrying Value | ||
Financial instruments and fair value measurements | ||
Debt | $ 94,507 | $ 70,976 |
Fair Value | ||
Financial instruments and fair value measurements | ||
Debt | 96,814 | 69,956 |
Level 1 | Carrying Value | U. S Treasury Bills and cash | ||
Financial instruments and fair value measurements | ||
Investments held by SPEs | 6,771 | 7,384 |
Level 1 | Fair Value | U. S Treasury Bills and cash | ||
Financial instruments and fair value measurements | ||
Investments held by SPEs | 6,712 | 7,092 |
Level 2 | Carrying Value | Fixed-rate debt | ||
Financial instruments and fair value measurements | ||
Debt | 89,969 | 68,146 |
Level 2 | Carrying Value | Variable rate debt | ||
Financial instruments and fair value measurements | ||
Debt | 4,538 | 2,830 |
Level 2 | Fair Value | Fixed-rate debt | ||
Financial instruments and fair value measurements | ||
Debt | 92,276 | 67,126 |
Level 2 | Fair Value | Variable rate debt | ||
Financial instruments and fair value measurements | ||
Debt | 4,538 | 2,830 |
Level 3 | Carrying Value | ||
Financial instruments and fair value measurements | ||
Senior Notes held by SPE | 177,026 | 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 | 204,347 | 193,293 |
Level 3 | Fair Value | Time deposit | ||
Financial instruments and fair value measurements | ||
Investments held by SPEs | $ 200,000 | $ 200,000 |
Financial Instruments and Fai_8
Financial Instruments and Fair Value Measurements - Held by Special Purpose Entities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2019 | Dec. 31, 2018 | |
Financial instruments and fair value measurements | |||
Investments held by special purpose entities | $ 206,771 | $ 207,384 | |
Senior Notes held by special purpose entity | 177,026 | $ 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) | 0.04% | ||
Panama City Timber Finance Company, LLC | U.S. Treasury Bills | |||
Financial instruments and fair value measurements | |||
Investments held by special purpose entities | $ 6,400 | ||
Panama City Timber Finance Company, LLC | Cash | |||
Financial instruments and fair value measurements | |||
Investments held by special purpose entities | 400 | ||
Northwest Florida Timber Finance, LLC | |||
Financial instruments and fair value measurements | |||
Loan amount | $ 180,000 | ||
Debt interest rate (as a percent) | 4.80% | ||
Issue price of senior secured notes (as a percent) | 98.50% | ||
Senior Notes held by special purpose entity | 177,000 | ||
Unamortized discount and debt issuance costs | $ 3,000 |
Hurricane Michael (Details)
Hurricane Michael (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Loss contingency | |||
Loss on disposal of assets | $ (67) | $ 5,223 | $ 887 |
Insurance proceeds | 5,314 | 7,199 | |
Loss from hurricane damage | 2,704 | 8,628 | |
Proceeds from settlement received | 12,071 | ||
Hurricane Michael. | |||
Loss contingency | |||
Proceeds from business interruption insurance | 1,300 | ||
Loss on disposal of assets | 7,300 | ||
Insurance proceeds | 5,300 | 7,200 | |
Insurance settlements receivable | 6,700 | ||
Timber loss expense | 300 | ||
Loss from hurricane damage | 2,700 | 8,600 | |
Hurricane expense, excluding timber loss | $ 2,700 | $ 1,000 |
Sale of Vacation Rental Manag_2
Sale of Vacation Rental Management (Details) $ in Thousands | 1 Months Ended | 12 Months Ended |
Dec. 31, 2017USD ($) | Dec. 31, 2017USD ($) | |
Sale of business | ||
Gain on sale of assets | $ 9,800 | |
PCR Rentals Sale | Disposed of by Sale | ||
Sale of business | ||
Consideration received from sale of assets | $ 9,900 | $ 9,900 |
Gain on sale of assets | $ 9,800 |
Leases - Components of lease re
Leases - Components of lease revenue (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leasing revenue | |
Lease payments | $ 11,637 |
Variable lease payments | 3,944 |
Total leasing revenue | $ 15,581 |
Leases - Minimum future base re
Leases - Minimum future base rental revenue (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Minimum future base rental revenue: | |
2020 | $ 14,595 |
2021 | 10,864 |
2022 | 9,896 |
2023 | 7,836 |
2024 | 6,547 |
Thereafter | 17,762 |
Total | $ 67,500 |
Leases - Lease cost (Details)
Leases - Lease cost (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Lease cost | |
Amortization of right-of-use assets | $ 40 |
Interest on lease liability | 9 |
Operating lease cost | 238 |
Short-term lease cost | 721 |
Total lease cost | $ 1,008 |
Leases - Lease cost - Other inf
Leases - Lease cost - Other information (Details) | Dec. 31, 2019 |
Leases | |
Weighted-average remaining lease term - finance lease (in years) | 4 years 2 months 12 days |
Weighted-average remaining lease term - operating leases (in years) | 3 years 1 month 6 days |
Weighted-average discount rate - finance lease (as a percent) | 5.00% |
Weighted-average discount rate - operating leases (as a percent) | 5.00% |
Leases - Aggregate payments of
Leases - Aggregate payments of finance lease liability (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Aggregate payments of finance lease liability: | |
2020 | $ 54 |
2021 | 54 |
2022 | 54 |
2023 | 54 |
2024 | 10 |
Total | 226 |
Less imputed interest | (22) |
Total finance lease liability | $ 204 |
Leases - Aggregate payments o_2
Leases - Aggregate payments of operating lease liabilities (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Aggregate payments of operating lease liabilities: | |
2020 | $ 246 |
2021 | 180 |
2022 | 102 |
2023 | 63 |
2024 | 12 |
Thereafter | 293 |
Total | 896 |
Less imputed interest | (205) |
Total operating lease liabilities | $ 691 |
Other Assets - Schedule of Othe
Other Assets - Schedule of Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Other Assets | |||
Restricted investments | $ 2,364 | $ 3,432 | |
Accounts receivable, net | 6,957 | 14,061 | |
Homesite sales receivable | 5,211 | 2,977 | $ 2,585 |
Claim settlement receivable | 2,679 | ||
Notes receivable | 3,252 | 2,265 | |
Income tax receivable | 2,843 | 3,914 | |
Prepaid expenses | 6,592 | 6,751 | |
Straight line rent | 3,292 | 3,581 | |
Operating lease, right-of use assets | 691 | ||
Other assets | 5,715 | 5,069 | |
Retained interest investments | 12,214 | 11,536 | |
Accrued interest receivable for Senior Notes held by SPE | 2,938 | 2,938 | |
Total other assets | $ 52,069 | $ 59,203 |
Other Assets - Restricted Inves
Other Assets - Restricted Investments (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Other Assets | |
401(k) Plan distribution period (in years) | 2 years |
Other Assets - Accounts Receiva
Other Assets - Accounts Receivable, Net (Details) $ in Millions | Dec. 31, 2018USD ($) |
Hurricane Michael. | |
Investments | |
Insurance settlements receivable | $ 6.7 |
Other Assets - Homesite Sales R
Other Assets - Homesite Sales Receivable (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Changes in lot sales receivable | ||
Homesite Sales Receivable, Beginning Balance | $ 2,977 | $ 2,585 |
Increases Due To Revenue Recognized for Lots Sold | 4,755 | 2,085 |
Decreases Due to Amounts Received/Transferred | (2,521) | (1,693) |
Homesite Sales Receivable, Ending Balance | $ 5,211 | $ 2,977 |
Other Assets - Claim Settlement
Other Assets - Claim Settlement Receivable (Details) - BP Exploration & Production Inc. - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Oct. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Receivables | ||||
Litigation settlement amount received | $ 2.7 | |||
Interest income | $ 0.1 | $ 0.1 | $ 0.2 |
Other Assets - Notes Receivable
Other Assets - Notes Receivable (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Receivables | |||
Notes receivable | $ 3,252 | $ 2,265 | |
Proceeds from collection of principal | 1,165 | 3,004 | $ 68 |
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% | ||
Interest bearing homebuilder note - 5.5% interest rate, due December 2021 | |||
Receivables | |||
Notes receivable | $ 872 | ||
Interest rate (as a percent) | 5.50% | ||
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 note with a JV partner, secured by the partner's membership interest in the JV - 8.0% interest rate, due July 2039 | |||
Receivables | |||
Notes receivable | $ 206 | ||
Interest rate, note (as a percent) | 8.00% | ||
Interest bearing homebuilder note - 6.3% interest rate, due March 2020 | |||
Receivables | |||
Notes receivable | $ 128 | $ 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 | $ 85 | $ 141 | |
Interest gearing homebuilder note - 5.5% interest rate, due June 2020 | |||
Receivables | |||
Notes receivable | $ 84 | $ 422 | |
Interest rate (as a percent) | 5.50% | 5.50% | |
Interest bearing homebuilder note - 5.5% interest rate, paid in December 2019 | |||
Receivables | |||
Notes receivable | $ 749 | ||
Interest rate (as a percent) | 5.50% | 5.50% | |
Pier Park Community Development District notes, non-interest bearing, paid in full August 2019 | |||
Receivables | |||
Notes receivable | $ 803 |
Other Assets - Retained Interes
Other Assets - Retained Interest Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Investments | ||
Retained interest investments | $ 12,214 | $ 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 | |
Minimum | Retained interest investments | ||
Investments | ||
Notes maturity year | 2022 | |
Maximum | Retained interest investments | ||
Investments | ||
Notes maturity year | 2024 |
Property and Equipment, Net (De
Property and Equipment, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, plant and equipment | |||
Property and equipment, gross | $ 80,982 | $ 71,253 | |
Less: Accumulated depreciation | 63,223 | 60,271 | |
Property, plant and equipment, excluding construction in progress, net | 17,759 | 10,982 | |
Construction in progress | 1,259 | 1,049 | |
Total | 19,018 | 12,031 | |
Depreciation expense | 3,200 | 2,400 | $ 1,900 |
Railroad and equipment | |||
Property, plant and equipment | |||
Property and equipment, gross | 33,626 | 33,626 | |
Furniture and fixtures | |||
Property, plant and equipment | |||
Property and equipment, gross | 24,062 | 22,438 | |
Machinery and equipment | |||
Property, plant and equipment | |||
Property and equipment, gross | 11,100 | 8,964 | |
Office equipment | |||
Property, plant and equipment | |||
Property and equipment, gross | 5,920 | 5,237 | |
Autos and trucks | |||
Property, plant and equipment | |||
Property and equipment, gross | $ 6,274 | $ 988 |
Debt, Net - Schedule of Debt (D
Debt, Net - Schedule of Debt (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Debt instruments | ||
Outstanding debt | $ 94,507 | $ 70,976 |
Unamortized Discount and Debt Issuance Costs | 1,978 | 1,602 |
Debt, Net | $ 92,529 | 69,374 |
Effective interest rate (as a percent) | 4.90% | |
PPN JV Loan, due November 2025, bearing interest at 4.1% | ||
Debt instruments | ||
Outstanding debt | $ 45,514 | 46,423 |
Unamortized Discount and Debt Issuance Costs | 380 | 446 |
Debt, Net | $ 45,134 | $ 45,977 |
Debt interest rate (as a percent) | 4.10% | 4.10% |
PPC JV Loan, due June 2060, bearing interest at 4.0% | ||
Debt instruments | ||
Outstanding debt | $ 34,610 | $ 15,399 |
Unamortized Discount and Debt Issuance Costs | 1,087 | 1,114 |
Debt, Net | $ 33,523 | $ 14,285 |
Debt interest rate (as a percent) | 4.00% | 4.00% |
Community Development District debt, secured by certain real estate or other collateral, due May 2023 through May 2039, bearing interest at 3.6% to 6.0% | ||
Debt instruments | ||
Outstanding debt | $ 6,977 | $ 6,324 |
Debt, Net | $ 6,977 | $ 6,324 |
Community Development District debt, secured by certain real estate or other collateral, due May 2023 through May 2039, bearing interest at 3.6% to 6.0% | Minimum | ||
Debt instruments | ||
Debt interest rate (as a percent) | 3.60% | 3.60% |
Community Development District debt, secured by certain real estate or other collateral, due May 2023 through May 2039, bearing interest at 3.6% to 6.0% | Maximum | ||
Debt instruments | ||
Debt interest rate (as a percent) | 6.00% | 6.00% |
Watersound Origins Crossings JV Loan, due May 2024, bearing interest at 5.0% | ||
Debt instruments | ||
Outstanding debt | $ 2,868 | |
Unamortized Discount and Debt Issuance Costs | 454 | |
Debt, Net | $ 2,414 | |
Debt interest rate (as a percent) | 5.00% | 5.00% |
Beach Homes Loan, due May 2029, bearing interest at LIBOR plus 1.7%. | ||
Debt instruments | ||
Outstanding debt | $ 1,594 | |
Unamortized Discount and Debt Issuance Costs | 20 | |
Debt, Net | $ 1,574 | |
Effective interest rate (as a percent) | 3.50% | |
Beach Homes Loan, due May 2029, bearing interest at LIBOR plus 1.7%. | LIBOR | ||
Debt instruments | ||
Basis spread on variable rate | 1.70% | |
Pier Park Outparcel Construction Loan, due March 2027, bearing interest at LIBOR plus 1.7% | ||
Debt instruments | ||
Outstanding debt | $ 1,535 | $ 1,585 |
Unamortized Discount and Debt Issuance Costs | 14 | 16 |
Debt, Net | $ 1,521 | $ 1,569 |
Effective interest rate (as a percent) | 3.50% | |
Pier Park Outparcel Construction Loan, due March 2027, bearing interest at LIBOR plus 1.7% | LIBOR | ||
Debt instruments | ||
Basis spread on variable rate | 1.70% | 1.70% |
WaterColor Crossings Construction Loan, due February 2029, bearing interest at LIBOR plus 1.7% | ||
Debt instruments | ||
Outstanding debt | $ 1,409 | $ 1,245 |
Unamortized Discount and Debt Issuance Costs | 23 | 26 |
Debt, Net | $ 1,386 | $ 1,219 |
Effective interest rate (as a percent) | 3.50% | |
WaterColor Crossings Construction Loan, due February 2029, bearing interest at LIBOR plus 1.7% | LIBOR | ||
Debt instruments | ||
Basis spread on variable rate | 1.70% | 1.70% |
Debt, Net - Debt Agreements (De
Debt, Net - Debt Agreements (Details) $ in Thousands | 1 Months Ended | 120 Months Ended | |||||||||
Oct. 31, 2019USD ($) | Aug. 31, 2019USD ($) | Jun. 30, 2019USD ($) | May 31, 2019USD ($) | May 31, 2018USD ($)item | Jun. 30, 2030 | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Feb. 28, 2018USD ($) | Mar. 31, 2017USD ($) | Oct. 31, 2015USD ($) | |
Debt instruments | |||||||||||
Total Community Development District debt | $ 17,700 | $ 19,900 | |||||||||
Principal balance | 94,507 | 70,976 | |||||||||
PPN JV Loan, due November 2025, bearing interest at 4.1% | |||||||||||
Debt instruments | |||||||||||
Loan amount | $ 48,200 | ||||||||||
Principal balance | 45,514 | 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 | 1,535 | 1,585 | |||||||||
PPC 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 | 34,610 | 15,399 | |||||||||
PPC JV Loan, due June 2060, bearing interest at 4.0% | Minimum | Forecast | |||||||||||
Debt instruments | |||||||||||
Prepayment premium, as a percent of principal repaid | 1.00% | ||||||||||
PPC JV Loan, due June 2060, bearing interest at 4.0% | Maximum | Forecast | |||||||||||
Debt instruments | |||||||||||
Prepayment premium, as a percent of principal repaid | 10.00% | ||||||||||
WaterColor Crossings Construction Loan, due February 2029, bearing interest at LIBOR plus 1.7% | |||||||||||
Debt instruments | |||||||||||
Loan amount | $ 1,900 | ||||||||||
Principal balance | 1,409 | $ 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 | 1,594 | ||||||||||
Origins Crossings JV Loan, due May 2024 | |||||||||||
Debt instruments | |||||||||||
Loan amount | $ 37,900 | ||||||||||
Debt instrument, period subject to interest payments only | 30 months | ||||||||||
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 | ||||||||||
Beckrich Building III Loan, due August 2029 | |||||||||||
Debt instruments | |||||||||||
Loan amount | $ 5,500 | ||||||||||
Debt instrument, period subject to interest payments only | 12 months | ||||||||||
Principal balance | 0 | ||||||||||
Loan costs | 100 | ||||||||||
PPC II JV Loan, due October 2024 | |||||||||||
Debt instruments | |||||||||||
Loan amount | $ 17,500 | ||||||||||
Debt instrument, period subject to interest payments only | 24 months | ||||||||||
Principal balance | 0 | ||||||||||
Loan costs | $ 300 |
Debt, Net - Maturities of Debt
Debt, Net - Maturities of Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt | ||
2020 | $ 2,029 | |
2021 | 2,242 | |
2022 | 2,293 | |
2023 | 2,319 | |
2024 | 5,079 | |
Thereafter | 80,545 | |
Long term debt | $ 94,507 | $ 70,976 |
Other Liabilities - Schedule of
Other Liabilities - Schedule of Other Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Other Liabilities | |||
Accounts payable | $ 16,207 | $ 10,148 | |
Finance lease liability | 204 | ||
Operating lease liabilities | 691 | ||
Accrued compensation | 3,151 | 3,112 | |
Other accrued liabilities | 3,277 | 2,560 | |
Deferred revenue | 18,972 | 17,478 | |
Club initiation fees | 6,917 | 5,676 | $ 5,199 |
Club membership deposits | 3,985 | 4,286 | |
Advance deposits | 946 | 1,277 | |
Accrued interest expense for Senior Notes held by SPE | 2,850 | 2,850 | |
Total other liabilities | $ 57,200 | $ 47,387 | |
Finance Lease, Liability, Statement of Financial Position [Extensible List] | Total other liabilities | ||
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Total other liabilities |
Other Liabilities - Additional
Other Liabilities - Additional information (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Other Liabilities | ||
Deferred revenue | $ 18,972 | $ 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 | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Changes in contract liabilities | ||
Contract liabilities - Club initiation fees (Balance at beginning of period) | $ 5,676 | $ 5,199 |
Increases Due To Cash Received | 3,083 | 1,886 |
Decreases Due to Revenue Recognized | (1,842) | (1,409) |
Contract liabilities - Club initiation fees (Balance at end of period) | $ 6,917 | $ 5,676 |
Income Taxes - Provision for In
Income Taxes - Provision for Income Tax (Benefit) Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current: | |||
Federal | $ 1,070 | $ 4,305 | $ 7,418 |
State | 48 | ||
Total | 1,070 | 4,305 | 7,466 |
Deferred: | |||
Federal | 5,903 | 488 | (23,512) |
State | 2,474 | (5,529) | (1,835) |
Total | 8,377 | (5,041) | (25,347) |
Total income tax expense (benefit) | $ 9,447 | $ (736) | $ (17,881) |
Income Taxes - Allocation of Ta
Income Taxes - Allocation of Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Taxes | |||
Income tax expense (benefit) | $ 9,447 | $ (736) | $ (17,881) |
Income tax recorded in accumulated other comprehensive loss | 116 | 685 | (2,488) |
Total income tax expense (benefit) | $ 9,563 | $ (51) | $ (20,369) |
Income Taxes - Expense (benefit
Income Taxes - Expense (benefit) reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Taxes | |||
Statutory federal income tax rate (as a percent) | 21.00% | 21.00% | 35.00% |
Tax at the federal statutory rate | $ 7,607 | $ 6,643 | $ 14,594 |
State income taxes (net of federal benefit) | 1,477 | 1,392 | 1,340 |
Decrease in valuation allowance | (4,993) | (142) | |
Decrease in uncertain tax positions | (2,165) | ||
Change in US and State tax rates | 1,006 | (1,035) | (33,542) |
Benefit of Qualified Opportunity Zone investment | (561) | ||
Dividend received deduction | (188) | (322) | (530) |
Other permanent items | 106 | (256) | 399 |
Total income tax expense (benefit) | $ 9,447 | $ (736) | $ (17,881) |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets: | ||
State net operating loss carryforwards | $ 14,316 | $ 15,709 |
Impairment losses | 36,751 | 38,907 |
Prepaid income from land sales | 3,180 | 2,597 |
Capitalized costs | 2,468 | 2,107 |
Reserves and accruals | 1,672 | 1,789 |
Unrealized losses on investments | 2,282 | 1,008 |
Other | 765 | 711 |
Total gross deferred tax assets | 61,434 | 62,828 |
Deferred tax liabilities: | ||
Investment in real estate and property and equipment basis differences | 4,000 | 2,358 |
Deferred gain on land sales and involuntary conversions | 24,956 | 19,236 |
Installment sales | 83,275 | 83,268 |
Pension Plan assets transferred to the 401(k) Plan | 580 | 872 |
Other | 1,431 | 1,409 |
Total gross deferred tax liabilities | 114,242 | 107,143 |
Net deferred tax liabilities | $ (52,808) | $ (44,315) |
Income Taxes - Operating loss c
Income Taxes - Operating loss carryforwards (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
State | ||
Operating loss carryforwards | ||
Operating loss carryforwards | $ 341.4 | $ 357 |
Federal | ||
Operating loss carryforwards | ||
Operating loss carryforwards | $ 0 | $ 0 |
Income Taxes - Tax credit carry
Income Taxes - Tax credit carryforward (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Tax credit carryforward | |||
Income tax receivable | $ 2,843 | $ 3,914 | |
Decrease in alternative minimum tax credit credit carryforward | 1,100 | ||
Alternative minimum tax credit carryforward | $ 2,800 | ||
Federal | |||
Tax credit carryforward | |||
Decrease in alternative minimum tax credit credit carryforward | 4,500 | ||
Alternative minimum tax credit carryforward | $ 3,900 | ||
ATM credit carryforward | Federal | |||
Tax credit carryforward | |||
Income tax receivable | $ 8,400 |
Income Taxes - Tax rates (Detai
Income Taxes - Tax rates (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax [Line Items] | |||||
Statutory federal income tax rate (as a percent) | 21.00% | 21.00% | 35.00% | ||
Income tax benefit from the reassessment of net deferred tax balances | $ 33,500 | ||||
Impact of change in tax rate | $ 1,006 | $ (1,035) | $ (33,542) | ||
Florida Department of Revenue | |||||
Income Tax [Line Items] | |||||
Tax at the state statutory rate (as a percent) | 4.458% | 5.50% | |||
Impact of change in tax rate | $ 1,000 | ||||
Florida Department of Revenue | Forecast | |||||
Income Tax [Line Items] | |||||
Tax at the state statutory rate (as a percent) | 4.458% | 4.458% |
Income Taxes - Valuation Allowa
Income Taxes - Valuation Allowances and Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Income Taxes | ||
Amount of decrease in valuation allowance | $ 5 | |
Unrecognized tax benefits | $ 2.1 | |
Decrease in unrecognized tax benefits, expiration of statute of limitations | $ 2.1 |
Income Taxes - Tax refund (Deta
Income Taxes - Tax refund (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Income Taxes | ||
Unrecognized tax benefits, income tax penalties accrued | $ 0 | $ 0 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Summary of Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Summary of changes in accumulated other comprehensive loss | |||
Beginning Balance | $ 533,111 | $ 592,584 | $ 686,799 |
Total other comprehensive (loss) income, net of tax | 339 | 787 | (3,968) |
Ending Balance | 529,670 | 533,111 | 592,584 |
Accumulated Other Comprehensive (Loss) Income | |||
Summary of changes in accumulated other comprehensive loss | |||
Beginning Balance | (674) | (1,461) | 2,507 |
Other comprehensive income (loss) before reclassifications | 391 | (2,127) | |
Amounts reclassified from accumulated other comprehensive loss | (52) | 2,914 | |
Total other comprehensive (loss) income, net of tax | 339 | 787 | (3,968) |
Ending Balance | (335) | (674) | (1,461) |
Unrealized (loss) and gain on available for sale securities | |||
Summary of changes in accumulated other comprehensive loss | |||
Beginning Balance | (674) | (1,461) | |
Other comprehensive income (loss) before reclassifications | 642 | (2,127) | |
Amounts reclassified from accumulated other comprehensive loss | (52) | 2,914 | |
Total other comprehensive (loss) income, net of tax | 590 | 787 | |
Ending Balance | (84) | $ (674) | $ (1,461) |
Unrealized loss Cash flow hedge, Interest rate swap | |||
Summary of changes in accumulated other comprehensive loss | |||
Other comprehensive income (loss) before reclassifications | (251) | ||
Total other comprehensive (loss) income, net of tax | (251) | ||
Ending Balance | $ (251) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss - Summary of the Tax Effects Allocated to Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Accumulated Other Comprehensive Loss | ||||
Reclassification adjustment for net gain included in earnings, Before-tax-amount | $ (69) | $ 1,061 | $ (10,750) | |
Reclassification adjustment for net gain included in earnings, Tax (expense) or benefit | 17 | |||
Reclassification adjustment for net gain included in earnings, Net-of-tax amount | (52) | |||
Reclassification of other-than-temporary impairment loss included in earnings, Before-tax-amount | 2,330 | 2,288 | ||
Reclassification into retained earnings for the adoption of ASU, Before-tax-amount | [1] | 932 | ||
Total before income taxes | 455 | 1,472 | (6,456) | |
Other comprehensive loss, Tax (expense) or benefit | [2] | (116) | (685) | 2,488 |
Total other comprehensive (loss) income, net of tax | 339 | 787 | $ (3,968) | |
Unrealized (loss) and gain on available for sale securities | ||||
Accumulated Other Comprehensive Loss | ||||
Unrealized gain (loss) on investments, Net-of-tax amount | 642 | (2,127) | ||
Amounts reclassified from accumulated other comprehensive loss | (52) | 2,914 | ||
Reclassification adjustment for net gain included in earnings, Before-tax-amount | 1,061 | |||
Reclassification adjustment for net gain included in earnings, Tax (expense) or benefit | (269) | |||
Reclassification adjustment for net gain included in earnings, Net-of-tax amount | 792 | |||
Reclassification of other-than-temporary impairment loss included in earnings, Before-tax-amount | 2,330 | |||
Reclassification adjustment for other-than-temporary impairment loss included in earnings, Tax (expense) or benefit | (592) | |||
Reclassification adjustment for other-than-temporary impairment loss included in earnings, Net-of-tax amount | 1,738 | |||
Total before income taxes | 1,472 | |||
Other comprehensive loss, Tax (expense) or benefit | (685) | |||
Total other comprehensive (loss) income, net of tax | 590 | 787 | ||
Unrealized (loss) and 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) and 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) | |||
Unrealized loss Cash flow hedge, Interest rate swap | ||||
Accumulated Other Comprehensive Loss | ||||
Unrealized gain (loss) on investments, Before-tax amount | (336) | |||
Unrealized gain (loss) on investments, Tax (expense) or benefit | 85 | |||
Unrealized gain (loss) on investments, Net-of-tax amount | (251) | |||
Total other comprehensive (loss) income, net of tax | (251) | |||
Unrestricted available-for-sale, Debt securities | Unrealized (loss) and gain on available for sale securities | ||||
Accumulated Other Comprehensive Loss | ||||
Unrealized gain (loss) on investments, Before-tax amount | 842 | (2,845) | ||
Unrealized gain (loss) on investments, Tax (expense) or benefit | (214) | 723 | ||
Unrealized gain (loss) on investments, Net-of-tax amount | 628 | (2,122) | ||
Restricted | Unrealized (loss) and gain on available for sale securities | ||||
Accumulated Other Comprehensive Loss | ||||
Unrealized gain (loss) on investments, Before-tax amount | 18 | (6) | ||
Unrealized gain (loss) on investments, Tax (expense) or benefit | (4) | 2 | ||
Unrealized gain (loss) on investments, Net-of-tax amount | $ 14 | $ (4) | ||
[1] | The reclassification into retained earnings for the year ended December 31, 2018 relates to the adoption of ASU 2016-01 Financial Instruments - Overall, as amended (“ASU 2016-01”). The new guidance was effective January 1, 2018, and required equity investments to be measured at fair value with changes in fair value recognized in results of operations rather than the consolidated statements of comprehensive income. | |||
[2] | Income tax expense for the year ended December 31, 2018 includes $0.3 million of income tax expense related to the adoption of ASU 2018-02 Income Statement - Reporting Comprehensive Income (“ASU 2018-02”). The new guidance was effective January 1, 2018, and allowed a reclassification from accumulated other comprehensive loss to retained earnings for stranded tax effects resulting from the Tax Act. |
Stockholders' Equity - Stock Re
Stockholders' Equity - Stock Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Aug. 15, 2019 | Aug. 14, 2019 | |
Stockholders’ Equity | ||||||||
Average purchase price per share for share repurchase (in dollars per share) | $ 16.59 | $ 17.82 | ||||||
Aggregate cost | $ 20,845 | $ 93,369 | $ 147,422 | |||||
Additional authorized repurchase amount | $ 64,200 | |||||||
Remaining authorized repurchase amount | $ 86,200 | 86,200 | $ 100,000 | $ 35,800 | ||||
Cash and cash equivalent balance to be maintained | $ 100,000 | $ 100,000 | ||||||
Common Stock | ||||||||
Stockholders’ Equity | ||||||||
Shares repurchased during the period (in shares) | 1,263,159 | 5,238,566 | 8,450,294 | |||||
Treasury stock, shares, retired (in shares) | 1,263,159 | 5,238,566 | ||||||
Retirement of treasury stock | $ 20,800 | $ 93,400 | $ 20,845 | $ 93,369 | $ 147,422 |
Stockholders' Equity - Issuance
Stockholders' Equity - Issuance of Common Stock (Details) $ in Thousands | Jul. 01, 2019directorshares | Jul. 02, 2018directorshares | Mar. 15, 2018employeeshares | Jul. 03, 2017directorshares | May 17, 2016directorshares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($)employeeshares | Dec. 31, 2017USD ($)shares | May 20, 2019USD ($) | May 23, 2018USD ($) | May 25, 2017USD ($) |
Share-based compensation | |||||||||||
Stock compensation expense | $ 77 | $ 71 | $ 76 | ||||||||
Date of issue | Restricted Stock | |||||||||||
Share-based compensation | |||||||||||
Vesting percentage | 25.00% | ||||||||||
August 17, 2016 | Restricted Stock | |||||||||||
Share-based compensation | |||||||||||
Vesting percentage | 25.00% | ||||||||||
November 17, 2016 | Restricted Stock | |||||||||||
Share-based compensation | |||||||||||
Vesting percentage | 25.00% | ||||||||||
February 17, 2017 | Restricted Stock | |||||||||||
Share-based compensation | |||||||||||
Vesting percentage | 25.00% | ||||||||||
Directors | Restricted Stock | |||||||||||
Share-based compensation | |||||||||||
Fair value of equity grant award approved for each director | $ 50 | $ 50 | $ 50 | ||||||||
Number of restricted stock awards granted | shares | 5,708 | 2,778 | 5,334 | 8,919 | 5,708 | 2,778 | 5,334 | ||||
Number of directors granted restricted stock awards | director | 2 | 1 | 2 | 3 | |||||||
Number of directors who elected to receive cash in lieu of the stock | director | 2 | 3 | 4 | ||||||||
Stock compensation expense | $ 100 | $ 100 | $ 100 | ||||||||
Officers | Restricted Stock | |||||||||||
Share-based compensation | |||||||||||
Number of restricted stock awards granted | shares | 9,956 | ||||||||||
Issuance of common stock for officer compensation, net of tax withholding (in shares) | shares | 9,956 | ||||||||||
Number of directors granted restricted stock awards | employee | 4 | ||||||||||
Percentage of total discretionary cash incentive award elected to be received in shares of Company stock | 50.00% | ||||||||||
Number of grantees who elected to receive a portion of total discretionary cash incentive award in shares of company stock | employee | 4 | ||||||||||
Stock compensation expense | $ 200 |
Stock Based Compensation - Plan
Stock Based Compensation - Plans (Details) | Dec. 31, 2019shares |
Stock Based Compensation | |
Shares available for future issuance | 1,463,543 |
Stock Based Compensation - Expe
Stock Based Compensation - Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Stock Based Compensation | |||
Stock compensation expense | $ 77 | $ 71 | $ 76 |
Income tax benefit | (19) | (19) | (22) |
Stock compensation expense after tax benefit | $ 58 | $ 52 | $ 54 |
Stock Based Compensation - Rest
Stock Based Compensation - Restricted stock (Details) - Restricted Stock - USD ($) $ / shares in Units, $ in Millions | Jul. 01, 2019 | Jul. 02, 2018 | Mar. 15, 2018 | Jul. 03, 2017 | May 17, 2016 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Number of Units | ||||||||
Unvested restricted stock units outstanding | 5,708 | |||||||
Weighted Average Grant Date Fair Value | ||||||||
Fair values of vested restricted stock and stock options | $ 0.1 | $ 0.1 | $ 0.1 | |||||
Directors | ||||||||
Number of Units | ||||||||
Number of restricted stock awards granted | 5,708 | 2,778 | 5,334 | 8,919 | 5,708 | 2,778 | 5,334 | |
Number of units, vested | 2,778 | 5,334 | 2,229 | |||||
Weighted Average Grant Date Fair Value | ||||||||
Weighted average grant date fair value, granted (in dollars per share) | $ 17.52 | $ 18 | $ 18.75 | |||||
Officers | ||||||||
Number of Units | ||||||||
Number of restricted stock awards granted | 9,956 | |||||||
Number of units, vested | 9,956 | |||||||
Issuance of common stock for officer compensation, net of tax withholding (in shares) | 9,956 | |||||||
Weighted Average Grant Date Fair Value | ||||||||
Weighted average grant date fair value, granted (in dollars per share) | $ 19.32 | |||||||
Fair values of vested restricted stock and stock options | $ 0.2 |
Employee Benefit Plan (Details)
Employee Benefit Plan (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2014 | |
Investment | ||||
Assets contributed to 401(k) Plan | $ 7.9 | |||
Restricted investments | $ 2.4 | $ 3.4 | ||
401(k) Plan distribution period (in years) | 2 years | |||
Compensation expense for assets allocated to participants | $ 1.1 | 1.1 | $ 1.2 | |
Maximum | ||||
Investment | ||||
Realized gain (loss) | $ (0.1) | $ (0.1) | $ 0.1 |
RiverTown Impact Fees (Details)
RiverTown Impact Fees (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2018 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Real estate sale | ||||||||||||
Revenues | $ 42,660 | $ 32,856 | $ 35,546 | $ 16,023 | $ 16,301 | $ 23,676 | $ 50,434 | $ 19,865 | $ 127,085 | $ 110,276 | $ 100,038 | |
Mattamy - RiverTown sale | ||||||||||||
Real estate sale | ||||||||||||
Impact fees received | $ 23,100 | 1,300 | 23,700 | 900 | ||||||||
Revenues | $ 23,100 | |||||||||||
Residential real estate | Operating Segments | ||||||||||||
Real estate sale | ||||||||||||
Revenues | $ 41,586 | 43,266 | $ 22,248 | |||||||||
Residential real estate | Operating Segments | Real estate - Impact fees | Mattamy - RiverTown sale | ||||||||||||
Real estate sale | ||||||||||||
Revenues | $ 23,100 |
Other Income (Expense) - Compon
Other Income (Expense) - Components (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Investment income, net | |||
Interest and dividend income | $ 7,375 | $ 9,060 | $ 16,380 |
Accretion income | 84 | 684 | 1,983 |
Net realized gain (loss) on the sale of investments | 87 | (973) | 10,750 |
Other-than-temporary impairment loss | (2,330) | ||
Other-than-temporary impairment loss | (2,288) | ||
Unrealized (loss) gain on investments, net | (5,342) | (3,035) | |
Interest income from investments in SPEs | 8,190 | 8,197 | 8,201 |
Interest accrued on notes receivable and other interest | 320 | 547 | 384 |
Total investment income, net | 10,714 | 12,150 | 35,410 |
Interest expense | |||
Interest expense and amortization of discount and issuance costs for Senior Notes issued by SPE | (8,801) | (8,788) | (8,777) |
Other interest expense | (3,501) | (3,052) | (3,368) |
Total interest expense | (12,302) | (11,840) | (12,145) |
Sale of vacation rental management, net | 9,800 | ||
Other income (expense), net | |||
Gain on land contribution to equity method investment | 2,317 | ||
Accretion income from retained interest investments | 1,325 | 1,232 | 1,100 |
Gain on insurance recovery | 5,314 | 7,199 | |
Loss from hurricane damage | 2,704 | 8,628 | |
Miscellaneous income (expense), net | 198 | 1,349 | 3,613 |
Other income, net | 6,450 | 1,152 | 4,713 |
Total other income, net | $ 4,862 | $ 1,462 | $ 37,778 |
Other Income (Expense) - Invest
Other Income (Expense) - Investment Income, Net and Interest Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other Income (Expense) | |||
Effective interest rate (as a percent) | 4.90% | ||
Capitalized interest cost | $ 0.6 | $ 0.2 | $ 0.1 |
Other Income (Expense) - Sale o
Other Income (Expense) - Sale of Vacation Rental Management, Net (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended |
Dec. 31, 2017 | Dec. 31, 2017 | |
Other income (expense) | ||
Gain on sale of assets | $ 9,800 | |
PCR Rentals Sale | Disposed of by Sale | ||
Other income (expense) | ||
Gain on sale of assets | $ 9,800 |
Other Income (Expense) - Other
Other Income (Expense) - Other Income, Net (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Nov. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other income (expense) | ||||
Gain on land contribution to equity method investment | $ 2,317 | |||
Insurance proceeds | 5,314 | $ 7,199 | ||
Loss from hurricane damage | 2,704 | 8,628 | ||
Loss on disposal of assets | $ (67) | 5,223 | $ 887 | |
Home owners' association settlement | 600 | |||
Insurance settlement for reimbursement of attorney fees and related costs | $ 3,500 | |||
Minimum | ||||
Other income (expense) | ||||
Retained interest, effective interest rate (as a percent) | 3.70% | |||
Maximum | ||||
Other income (expense) | ||||
Retained interest, effective interest rate (as a percent) | 11.80% | |||
Hurricane Michael. | ||||
Other income (expense) | ||||
Insurance proceeds | $ 5,300 | 7,200 | ||
Loss from hurricane damage | 2,700 | 8,600 | ||
Loss on disposal of assets | 7,300 | |||
Additional hurricane expense | 1,300 | |||
Busy Bee JV (SJBB, LLC) | ||||
Other income (expense) | ||||
Gain on land contribution to equity method investment | 800 | |||
Pier Park TPS JV | ||||
Other income (expense) | ||||
Gain on land contribution to equity method investment | $ 1,500 | |||
ALP | ||||
Other income (expense) | ||||
Distributions from termination of unconsolidated joint venture | $ 2,200 | $ 2,200 |
Segment Information - Reportabl
Segment Information - Reportable Segments (Details) | 12 Months Ended |
Dec. 31, 2019segment | |
Segment Information | |
Number of reportable operating segments | 4 |
Segment Information - Informati
Segment Information - Information by Business Segment (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segments | ||||||||||||
Revenues | $ 42,660 | $ 32,856 | $ 35,546 | $ 16,023 | $ 16,301 | $ 23,676 | $ 50,434 | $ 19,865 | $ 127,085 | $ 110,276 | $ 100,038 | |
Cost of revenue | 64,086 | 51,317 | 67,194 | |||||||||
Other operating and corporate expenses | 21,389 | 20,557 | 20,382 | |||||||||
Depreciation, depletion and amortization | 10,287 | 8,998 | 8,885 | |||||||||
Investment income, net | 10,714 | 12,150 | 35,410 | |||||||||
Interest expense | 12,302 | 11,840 | 12,145 | |||||||||
Sale of vacation rental management, net | 9,800 | |||||||||||
Income before equity in loss from unconsolidated affiliates and income taxes | 36,185 | 30,866 | 41,355 | |||||||||
Equity in loss from unconsolidated affiliates | (77) | |||||||||||
Capital expenditures | 114,286 | 45,196 | 39,880 | |||||||||
Total assets | 909,233 | 870,962 | 909,233 | 870,962 | ||||||||
Interest income from investments in SPEs | 8,190 | 8,197 | 8,201 | |||||||||
Interest expense from Senior Notes issued by SPE | (8,801) | (8,788) | (8,777) | |||||||||
PCR Rentals Sale | Disposed of by Sale | ||||||||||||
Segments | ||||||||||||
Sale of vacation rental management, net | $ 9,800 | |||||||||||
Mattamy - RiverTown sale | ||||||||||||
Segments | ||||||||||||
Revenues | $ 23,100 | |||||||||||
Residential real estate | ||||||||||||
Segments | ||||||||||||
Equity in loss from unconsolidated affiliates | (71) | |||||||||||
Hospitality | PCR Rentals Sale | Disposed of by Sale | ||||||||||||
Segments | ||||||||||||
Sale of vacation rental management, net | 9,800 | |||||||||||
Commercial leasing and sales | ||||||||||||
Segments | ||||||||||||
Equity in loss from unconsolidated affiliates | (6) | |||||||||||
Operating Segments | Residential real estate | ||||||||||||
Segments | ||||||||||||
Revenues | 41,586 | 43,266 | 22,248 | |||||||||
Cost of revenue | 20,492 | 10,215 | 12,971 | |||||||||
Other operating and corporate expenses | 4,873 | 4,717 | 4,329 | |||||||||
Depreciation, depletion and amortization | 283 | 288 | 363 | |||||||||
Interest expense | 717 | 867 | 1,164 | |||||||||
Income before equity in loss from unconsolidated affiliates and income taxes | 15,144 | 26,919 | 3,683 | |||||||||
Capital expenditures | 28,639 | 15,865 | 8,407 | |||||||||
Total assets | 139,349 | 127,999 | 139,349 | 127,999 | ||||||||
Operating Segments | Residential real estate | Mattamy - RiverTown sale | Real estate - Impact fees | ||||||||||||
Segments | ||||||||||||
Revenues | 23,100 | |||||||||||
Operating Segments | Hospitality | ||||||||||||
Segments | ||||||||||||
Revenues | 45,720 | 39,576 | 54,319 | |||||||||
Cost of revenue | 33,924 | 33,385 | 47,300 | |||||||||
Other operating and corporate expenses | 838 | 533 | 462 | |||||||||
Depreciation, depletion and amortization | 4,579 | 3,640 | 4,049 | |||||||||
Sale of vacation rental management, net | 9,800 | |||||||||||
Income before equity in loss from unconsolidated affiliates and income taxes | 6,574 | 1,817 | 12,664 | |||||||||
Capital expenditures | 15,923 | 7,400 | 4,918 | |||||||||
Total assets | 89,570 | 68,389 | 89,570 | 68,389 | ||||||||
Operating Segments | Commercial leasing and sales | ||||||||||||
Segments | ||||||||||||
Revenues | 22,458 | 16,485 | 14,510 | |||||||||
Cost of revenue | 8,549 | 6,397 | 5,979 | |||||||||
Other operating and corporate expenses | 3,052 | 3,183 | 3,444 | |||||||||
Depreciation, depletion and amortization | 4,939 | 4,411 | 3,729 | |||||||||
Interest expense | 2,739 | 2,180 | 2,200 | |||||||||
Income before equity in loss from unconsolidated affiliates and income taxes | 6,632 | (121) | (836) | |||||||||
Capital expenditures | 67,254 | 20,483 | 25,248 | |||||||||
Total assets | 232,715 | 182,658 | 232,715 | 182,658 | ||||||||
Operating Segments | Forestry | ||||||||||||
Segments | ||||||||||||
Revenues | 16,365 | 8,135 | 8,443 | |||||||||
Cost of revenue | 1,044 | 1,097 | 903 | |||||||||
Other operating and corporate expenses | 427 | 384 | 396 | |||||||||
Depreciation, depletion and amortization | 314 | 514 | 575 | |||||||||
Income before equity in loss from unconsolidated affiliates and income taxes | 14,607 | 6,222 | 6,586 | |||||||||
Capital expenditures | 1,965 | 1,069 | 1,100 | |||||||||
Total assets | 21,221 | 20,189 | 21,221 | 20,189 | ||||||||
Operating Segments | Residential real estate and other | ||||||||||||
Segments | ||||||||||||
Investment income, net | 184 | 320 | 89 | |||||||||
Other | ||||||||||||
Segments | ||||||||||||
Revenues | 956 | 2,814 | 518 | |||||||||
Cost of revenue | 77 | 223 | 41 | |||||||||
Other operating and corporate expenses | 12,199 | 11,740 | 11,751 | |||||||||
Depreciation, depletion and amortization | 172 | 145 | 169 | |||||||||
Interest expense | 8,846 | 8,793 | 8,781 | |||||||||
Income before equity in loss from unconsolidated affiliates and income taxes | (6,772) | (3,971) | 19,258 | |||||||||
Capital expenditures | 505 | 379 | 207 | |||||||||
Total assets | $ 426,378 | $ 471,727 | 426,378 | 471,727 | ||||||||
Interest expense from Senior Notes issued by SPE | (8,800) | (8,800) | (8,800) | |||||||||
Other | Mitigation bank credit | ||||||||||||
Segments | ||||||||||||
Revenues | 2,200 | |||||||||||
Corporate | ||||||||||||
Segments | ||||||||||||
Investment income, net | 10,530 | 11,830 | 35,321 | |||||||||
Interest income from investments in SPEs | $ 8,200 | $ 8,200 | $ 8,200 |
Commitments and Contingencies -
Commitments and Contingencies - (Details) - USD ($) $ in Thousands | 1 Months Ended | ||||
Nov. 30, 2019 | Dec. 31, 2019 | Jan. 31, 2019 | Dec. 31, 2018 | Oct. 31, 2015 | |
Obligations | |||||
Accrued liabilities for other litigation, claims, other disputes and governmental proceedings | $ 1,500 | $ 1,200 | |||
Purchase obligations, total | 98,800 | ||||
Principal balance | 94,507 | 70,976 | |||
Deferred tax liabilities | 114,242 | 107,143 | |||
Tax Year 2022 To 2023 | |||||
Obligations | |||||
Deferred tax liabilities | 33,700 | ||||
Tax Year 2029 | |||||
Obligations | |||||
Deferred tax liabilities | 37,800 | ||||
PPN JV Loan, due November 2025, bearing interest at 4.1% | |||||
Obligations | |||||
Loan amount | $ 48,200 | ||||
Principal balance | 45,514 | 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% | ||||
Busy Bee JV Construction and Equipment Loans | |||||
Obligations | |||||
Guarantor liability upon substantial completion (as a percent) | 50.00% | ||||
Period of financial reporting and financial covenant obligations upon completion at specified rate | 12 months | ||||
Busy Bee JV Construction Loan, due November 2035 | |||||
Obligations | |||||
Principal balance | 1,400 | ||||
Busy Bee JV Equipment Loan, due November 2027 | |||||
Obligations | |||||
Principal balance | 100 | ||||
Surety bonds | |||||
Obligations | |||||
Commitment obligations | 10,700 | $ 9,400 | |||
Pier Park TPS JV | |||||
Obligations | |||||
Principal balance | 6,791 | ||||
Pier Park TPS JV | Pier Park TPS JV Loan | |||||
Obligations | |||||
Loan amount | $ 14,400 | ||||
Principal balance | 6,800 | ||||
Busy Bee JV (SJBB, LLC) | |||||
Obligations | |||||
Principal balance | $ 1,451 | ||||
Busy Bee JV (SJBB, LLC) | Busy Bee JV Construction Loan, due November 2035 | |||||
Obligations | |||||
Loan amount | $ 5,400 | ||||
Busy Bee JV (SJBB, LLC) | Busy Bee JV Equipment Loan, due November 2027 | |||||
Obligations | |||||
Loan amount | $ 1,200 |
Quarterly Financial Data (una_3
Quarterly Financial Data (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Operating revenue | $ 42,660 | $ 32,856 | $ 35,546 | $ 16,023 | $ 16,301 | $ 23,676 | $ 50,434 | $ 19,865 | $ 127,085 | $ 110,276 | $ 100,038 |
Operating income (loss) | 15,196 | 7,420 | 10,868 | (2,161) | (1,343) | 1,944 | 29,344 | (541) | 31,323 | 29,404 | 3,577 |
Net (loss) income attributable to the Company | $ 8,688 | $ 5,717 | $ 10,373 | $ 1,997 | $ (66) | $ 5,483 | $ 26,195 | $ 757 | $ 26,775 | $ 32,369 | $ 59,578 |
Basic and diluted income per share attributable to the Company (in dollars per share) | $ 0.15 | $ 0.10 | $ 0.17 | $ 0.03 | $ 0.09 | $ 0.41 | $ 0.01 | $ 0.45 | $ 0.52 | $ 0.84 |
Quarterly Financial Data (una_4
Quarterly Financial Data (unaudited) - Notes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of revenue | |||||||||||
Operating revenue | $ 42,660 | $ 32,856 | $ 35,546 | $ 16,023 | $ 16,301 | $ 23,676 | $ 50,434 | $ 19,865 | $ 127,085 | $ 110,276 | $ 100,038 |
Mattamy - RiverTown sale | |||||||||||
Disaggregation of revenue | |||||||||||
Operating revenue | $ 23,100 |
Schedule III (Consolidated) -_2
Schedule III (Consolidated) - Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule III, Real Estate | ||||
Encumbrances | $ 92,529 | |||
Initial Cost to Company, Land & Improvements | 161,211 | |||
Initial Cost to Company, Buildings & Improvements | 173,982 | |||
Costs Capitalized Subsequent to Acquisition or Construction | 169,839 | |||
Land & Land Improvements | 330,320 | |||
Buildings and Improvements | 174,712 | |||
Total | 505,032 | $ 418,494 | $ 404,376 | $ 381,969 |
Accumulated Depreciation | 74,256 | |||
Aggregate cost of real estate owned for federal income tax purposes | 503,800 | |||
Residential developments | ||||
Schedule III, Real Estate | ||||
Encumbrances | 2,362 | |||
Initial Cost to Company, Land & Improvements | 45,445 | |||
Initial Cost to Company, Buildings & Improvements | 13,595 | |||
Costs Capitalized Subsequent to Acquisition or Construction | 68,329 | |||
Land & Land Improvements | 121,268 | |||
Buildings and Improvements | 6,101 | |||
Total | 127,369 | |||
Accumulated Depreciation | $ 4,542 | |||
Depreciation Life (in years) | 25 years | |||
Residential developments | Minimum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 5 years | |||
WaterColor Inn | ||||
Schedule III, Real Estate | ||||
Initial Cost to Company, Land & Improvements | $ 2,362 | |||
Initial Cost to Company, Buildings & Improvements | 15,149 | |||
Costs Capitalized Subsequent to Acquisition or Construction | 9,303 | |||
Land & Land Improvements | 2,832 | |||
Buildings and Improvements | 23,982 | |||
Total | 26,814 | |||
Accumulated Depreciation | $ 10,409 | |||
WaterColor Inn | Minimum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 10 years | |||
WaterColor Inn | Maximum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 40 years | |||
Pier Park Hospitality | ||||
Schedule III, Real Estate | ||||
Encumbrances | $ 2,637 | |||
Costs Capitalized Subsequent to Acquisition or Construction | 7,139 | |||
Land & Land Improvements | 7,139 | |||
Total | 7,139 | |||
Clubs and golf courses | ||||
Schedule III, Real Estate | ||||
Initial Cost to Company, Land & Improvements | 34,608 | |||
Initial Cost to Company, Buildings & Improvements | 20,132 | |||
Costs Capitalized Subsequent to Acquisition or Construction | 3,799 | |||
Land & Land Improvements | 39,638 | |||
Buildings and Improvements | 18,901 | |||
Total | 58,539 | |||
Accumulated Depreciation | $ 22,031 | |||
Clubs and golf courses | Minimum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 10 years | |||
Clubs and golf courses | Maximum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 25 years | |||
Marinas | ||||
Schedule III, Real Estate | ||||
Initial Cost to Company, Land & Improvements | $ 5,350 | |||
Initial Cost to Company, Buildings & Improvements | 2,652 | |||
Costs Capitalized Subsequent to Acquisition or Construction | 443 | |||
Land & Land Improvements | 5,784 | |||
Buildings and Improvements | 2,661 | |||
Total | 8,445 | |||
Accumulated Depreciation | $ 1,651 | |||
Marinas | Minimum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 10 years | |||
Marinas | Maximum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 25 years | |||
Other Hospitality | ||||
Schedule III, Real Estate | ||||
Encumbrances | $ 1,574 | |||
Initial Cost to Company, Buildings & Improvements | 5,470 | |||
Costs Capitalized Subsequent to Acquisition or Construction | 660 | |||
Land & Land Improvements | 572 | |||
Buildings and Improvements | 5,558 | |||
Total | 6,130 | |||
Accumulated Depreciation | $ 2,131 | |||
Other Hospitality | Minimum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 10 years | |||
Other Hospitality | Maximum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 30 years | |||
Pier Park North JV | ||||
Schedule III, Real Estate | ||||
Encumbrances | $ 45,134 | |||
Initial Cost to Company, Land & Improvements | 13,711 | |||
Initial Cost to Company, Buildings & Improvements | 35,243 | |||
Costs Capitalized Subsequent to Acquisition or Construction | 3,115 | |||
Land & Land Improvements | 13,711 | |||
Buildings and Improvements | 38,358 | |||
Total | 52,069 | |||
Accumulated Depreciation | $ 9,364 | |||
Pier Park North JV | Minimum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 15 years | |||
Pier Park North JV | Maximum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 39 years | |||
Town centers | ||||
Schedule III, Real Estate | ||||
Initial Cost to Company, Land & Improvements | $ 713 | |||
Initial Cost to Company, Buildings & Improvements | 21,887 | |||
Costs Capitalized Subsequent to Acquisition or Construction | (2,136) | |||
Land & Land Improvements | 789 | |||
Buildings and Improvements | 19,675 | |||
Total | 20,464 | |||
Accumulated Depreciation | $ 15,974 | |||
Town centers | Minimum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 10 years | |||
Town centers | Maximum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 25 years | |||
VentureCrossings | ||||
Schedule III, Real Estate | ||||
Initial Cost to Company, Land & Improvements | $ 5,792 | |||
Initial Cost to Company, Buildings & Improvements | 24,490 | |||
Costs Capitalized Subsequent to Acquisition or Construction | 3,486 | |||
Land & Land Improvements | 9,828 | |||
Buildings and Improvements | 23,940 | |||
Total | 33,768 | |||
Accumulated Depreciation | $ 4,330 | |||
VentureCrossings | Minimum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 10 years | |||
VentureCrossings | Maximum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 39 years | |||
Watersound Origins Crossings | ||||
Schedule III, Real Estate | ||||
Encumbrances | $ 2,414 | |||
Initial Cost to Company, Land & Improvements | 21 | |||
Costs Capitalized Subsequent to Acquisition or Construction | 7,584 | |||
Land & Land Improvements | 7,605 | |||
Total | 7,605 | |||
Pier Park Crossings | ||||
Schedule III, Real Estate | ||||
Encumbrances | 33,523 | |||
Initial Cost to Company, Land & Improvements | 6,886 | |||
Initial Cost to Company, Buildings & Improvements | 22,501 | |||
Costs Capitalized Subsequent to Acquisition or Construction | 4,823 | |||
Land & Land Improvements | 11,708 | |||
Buildings and Improvements | 22,502 | |||
Total | 34,210 | |||
Accumulated Depreciation | $ 317 | |||
Depreciation Life (in years) | 39 years | |||
Pier Park Crossings | Minimum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 20 years | |||
Pier Park Crossings Phase II | ||||
Schedule III, Real Estate | ||||
Initial Cost to Company, Land & Improvements | $ 361 | |||
Costs Capitalized Subsequent to Acquisition or Construction | 1,820 | |||
Land & Land Improvements | 2,181 | |||
Total | 2,181 | |||
Watercrest | ||||
Schedule III, Real Estate | ||||
Initial Cost to Company, Land & Improvements | 894 | |||
Costs Capitalized Subsequent to Acquisition or Construction | 8,724 | |||
Land & Land Improvements | 9,618 | |||
Total | 9,618 | |||
Other Commercial leasing and sales | ||||
Schedule III, Real Estate | ||||
Encumbrances | 2,907 | |||
Initial Cost to Company, Land & Improvements | 3,540 | |||
Initial Cost to Company, Buildings & Improvements | 11,057 | |||
Costs Capitalized Subsequent to Acquisition or Construction | 14,343 | |||
Land & Land Improvements | 17,712 | |||
Buildings and Improvements | 11,228 | |||
Total | 28,940 | |||
Accumulated Depreciation | $ 1,355 | |||
Other Commercial leasing and sales | Minimum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 10 years | |||
Other Commercial leasing and sales | Maximum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 39 years | |||
Commercial developments | ||||
Schedule III, Real Estate | ||||
Encumbrances | $ 1,978 | |||
Initial Cost to Company, Land & Improvements | 34,816 | |||
Costs Capitalized Subsequent to Acquisition or Construction | 21,175 | |||
Land & Land Improvements | 55,991 | |||
Total | 55,991 | |||
Accumulated Depreciation | $ 73 | |||
Depreciation Life (in years) | 5 years | |||
Timberlands | ||||
Schedule III, Real Estate | ||||
Initial Cost to Company, Land & Improvements | $ 6,627 | |||
Initial Cost to Company, Buildings & Improvements | 1,806 | |||
Costs Capitalized Subsequent to Acquisition or Construction | 12,755 | |||
Land & Land Improvements | 19,382 | |||
Buildings and Improvements | 1,806 | |||
Total | 21,188 | |||
Accumulated Depreciation | $ 2,045 | |||
Timberlands | Minimum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 5 years | |||
Timberlands | Maximum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 30 years | |||
Unimproved land | ||||
Schedule III, Real Estate | ||||
Initial Cost to Company, Land & Improvements | $ 85 | |||
Costs Capitalized Subsequent to Acquisition or Construction | 4,477 | |||
Land & Land Improvements | 4,562 | |||
Total | 4,562 | |||
Accumulated Depreciation | $ 34 | |||
Unimproved land | Minimum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 15 years | |||
Unimproved land | Maximum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 20 years |
Schedule III (Consolidated) -_3
Schedule III (Consolidated) - Real Estate and Accumulated Depreciation - Reconciliation of Real Estate Owned (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
SEC Schedule III, Reconciliation of real estate owned | |||
Balance at beginning of the year | $ 418,494 | $ 404,376 | $ 381,969 |
Amounts capitalized | 109,699 | 43,306 | 39,261 |
Impairments | (99) | (714) | |
Cost of real estate sold | (23,608) | (18,928) | (14,274) |
Amounts retired or adjusted | 447 | (10,161) | (1,866) |
Balance at the end of the year | $ 505,032 | $ 418,494 | $ 404,376 |
Schedule III (Consolidated) -_4
Schedule III (Consolidated) - Real Estate and Accumulated Depreciation - Reconciliation of Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
SEC Schedule III, Reconciliation of accumulated depreciation | |||
Balance at beginning of the year | $ 67,500 | $ 71,752 | $ 67,349 |
Depreciation expense | 6,756 | 6,018 | 6,245 |
Amounts retired or adjusted | (10,270) | (1,842) | |
Balance at the end of the year | $ 74,256 | $ 67,500 | $ 71,752 |
Schedule IV (Consolidated) - _2
Schedule IV (Consolidated) - Mortgage Loans on Real Estate (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Mortgage Loans on Real Estate | ||||
Face amount of mortgages | $ 2,683 | |||
Carrying amount of mortgages | 2,683 | $ 1,462 | $ 2,995 | $ 242 |
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 128 | |||
Seller financing | Interest bearing homebuilder note - 5.5% interest rate, due December 2021 | ||||
Mortgage Loans on Real Estate | ||||
Amortization period | 20 years | |||
Seller financing | Interest gearing homebuilder note - 5.5% interest rate, due June 2020 | ||||
Mortgage Loans on Real Estate | ||||
Interest rate (as a percent) | 5.50% | |||
Face amount of mortgages | $ 84 | |||
Carrying amount of mortgages | 84 | |||
Annual principal payment | $ 100 | |||
Amortization period | 20 years | |||
Seller financing | Interest bearing homebuilder note - 6.3% interest rate, due March 2020 | ||||
Mortgage Loans on Real Estate | ||||
Interest rate (as a percent) | 6.30% | |||
Face amount of mortgages | $ 128 | |||
Carrying amount of mortgages | 128 | |||
Principal Amount of Loans Subject to Delinquent Principal or Interest | 128 | |||
Annual principal payment | $ 100 | |||
Amortization period | 20 years | |||
Various other seller financing | Interest bearing homebuilder note - 5.5% interest rate, due June 2021 | ||||
Mortgage Loans on Real Estate | ||||
Interest rate (as a percent) | 5.50% | |||
Face amount of mortgages | $ 1,514 | |||
Carrying amount of mortgages | $ 1,514 | |||
Amortization period | 20 years | |||
Various other seller financing | Interest bearing homebuilder note - 5.5% interest rate, due December 2021 | ||||
Mortgage Loans on Real Estate | ||||
Interest rate (as a percent) | 5.50% | |||
Face amount of mortgages | $ 872 | |||
Carrying amount of mortgages | 872 | |||
Various other seller financing | Various mortgage notes, secured by certain real estate, bearing interest at various rates | ||||
Mortgage Loans on Real Estate | ||||
Face amount of mortgages | 85 | |||
Carrying amount of mortgages | $ 85 | |||
Various other seller financing | Various mortgage notes, secured by certain real estate, bearing interest at various rates | Minimum | ||||
Mortgage Loans on Real Estate | ||||
Interest rate (as a percent) | 6.40% | |||
Various other seller financing | Various mortgage notes, secured by certain real estate, bearing interest at various rates | Maximum | ||||
Mortgage Loans on Real Estate | ||||
Interest rate (as a percent) | 6.50% |
Schedule IV (Consolidated) - _3
Schedule IV (Consolidated) - Mortgage Loans on Real Estate - Carrying Amount of Mortgage Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Changes in carrying amount of mortgage loans | |||
Balance at beginning of the year | $ 1,462 | $ 2,995 | $ 242 |
Additions during the year - new mortgage loans | 2,386 | 1,471 | 2,821 |
Collections of principal | 1,165 | 3,004 | 68 |
Balance at the end of the year | $ 2,683 | $ 1,462 | $ 2,995 |