The St. Joe Company (JOE) 10-Q 30 Jul 20 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2020	Jul. 27, 2020
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
Document Transition Report	false
Entity File Number	1-10466
Entity Registrant Name	The St. Joe Company
Entity Incorporation, State or Country Code	FL
Entity Tax Identification Number	59-0432511
Entity Address, Address Line One	130 Richard Jackson Boulevard, Suite 200
Entity Address, Address Line Two	Suite 200
Entity Address, City or Town	Panama City Beach
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32407
City Area Code	850
Local Phone Number	231-6400
Title of 12(b) Security	Common Stock
Trading Symbol	JOE
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		58,882,549
Entity Central Index Key	0000745308
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Amendment Flag	false
Trading Symbol	JOE

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
ASSETS
Investment in real estate, net	$ 497,658	$ 430,776
Investment in unconsolidated joint ventures	29,293	5,084
Cash and cash equivalents	106,039	185,716
Investments - debt securities	49,996	53
Investments - equity securities	2,415	9,746
Other assets	54,977	52,069
Property and equipment, net of accumulated depreciation of $64,523 and $63,223 at June 30, 2020 and December 31, 2019, respectively	19,500	19,018
Investments held by special purpose entities	206,438	206,771
Total assets	966,316	909,233
Liabilities:
Debt, net	120,522	92,529
Other liabilities	68,128	57,200
Deferred tax liabilities, net	57,860	52,808
Senior Notes held by special purpose entity	177,156	177,026
Total liabilities	423,666	379,563
Commitments and contingencies (Note 18)
Equity:
Common stock, no par value; 180,000,000 shares authorized; 59,414,583 issued at June 30, 2020 and December 31, 2019; and 58,882,549 and 59,414,583 outstanding at June 30, 2020 and December 31, 2019, respectively	305,676	305,631
Retained earnings	231,801	214,225
Accumulated other comprehensive loss	(1,530)	(335)
Treasury stock at cost, 532,034 shares held at June 30, 2020	(8,803)
Total stockholders' equity	527,144	519,521
Non-controlling interest	15,506	10,149
Total equity	542,650	529,670
Total liabilities and equity	$ 966,316	$ 909,233

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
CONDENSED CONSOLIDATED BALANCE SHEETS
Property and equipment, Accumulated depreciation	$ 64,523	$ 63,223
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	59,414,583
Common stock, outstanding (in shares)	58,882,549	59,414,583
Treasury stock (in shares)	532,034

CONDENSED CONSOLIDATED BALANC_3

CONDENSED CONSOLIDATED BALANCE SHEETS - VIEs - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
ASSETS
Investment in real estate	$ 497,658	$ 430,776
Cash and cash equivalents	106,039	185,716
Other assets	54,977	52,069
Investments held by special purpose entities	206,438	206,771
Total assets	966,316	909,233
LIABILITIES
Debt, net	120,522	92,529
Other liabilities	68,128	57,200
Senior Notes held by special purpose entity	177,156	177,026
Total liabilities	423,666	379,563
Variable Interest Entities
ASSETS
Investment in real estate	129,536	96,001
Cash and cash equivalents	3,786	3,483
Other assets	13,175	12,766
Investments held by special purpose entities	206,438	206,771
Total assets	352,935	319,021
LIABILITIES
Debt, net	106,479	81,071
Other liabilities	14,548	3,471
Senior Notes held by special purpose entity	177,156	177,026
Total liabilities	$ 298,183	$ 261,568

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenue:
Leasing revenue	$ 4,907	$ 3,674	$ 9,206	$ 7,181
Total revenue	36,082	35,546	54,655	51,570
Expenses:
Cost of leasing revenue	1,314	1,121	1,925	2,060
Other operating and corporate expenses	4,946	5,094	11,862	11,062
Depreciation, depletion and amortization	3,018	2,422	6,092	4,533
Total expenses	24,975	24,678	44,874	42,861
Operating income	11,107	10,868	9,781	8,709
Other income (expense):
Investment income, net	2,055	2,535	446	8,580
Interest expense	(3,390)	(3,024)	(6,734)	(5,966)
Other income, net	15,477	3,283	20,009	4,979
Total other income, net	14,142	2,794	13,721	7,593
Income before equity in loss from unconsolidated affiliates and income taxes	25,249	13,662	23,502	16,302
Equity in loss from unconsolidated affiliates	(123)		(206)
Income tax expense	(5,907)	(3,434)	(5,412)	(4,095)
Net income	19,219	10,228	17,884	12,207
Net (income) loss attributable to non-controlling interest	(20)	145	(218)	163
Net income attributable to the Company	$ 19,199	$ 10,373	$ 17,666	$ 12,370
Basic and Diluted
Weighted average shares outstanding (in shares)	58,901,540	60,200,534	59,138,579	60,260,488
Net (loss) income per share attributable to the Company	$ 0.33	$ 0.17	$ 0.30	$ 0.21
Real estate
Revenue:
Revenue	$ 17,555	$ 15,553	$ 23,362	$ 20,144
Expenses:
Cost of revenue	7,245	6,846	9,044	8,679
Hospitality
Revenue:
Revenue	11,565	15,560	18,176	22,991
Expenses:
Cost of revenue	8,240	9,002	15,560	16,193
Timber
Revenue:
Revenue	2,055	759	3,911	1,254
Expenses:
Cost of revenue	$ 212	$ 193	$ 391	$ 334

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Net income	$ 19,219	$ 10,228	$ 17,884	$ 12,207
Other comprehensive income (loss):
Reclassification of net realized (gain) loss included in earnings			(4)	2
Total before income taxes	(857)	(2)	(1,600)	810
Income tax benefit (expense)	217	(2)	405	(206)
Total other comprehensive (loss) income, net of tax	(640)	(2)	(1,195)	604
Total comprehensive income, net of tax	18,579	10,226	16,689	12,811
Total comprehensive (income) loss attributable to non-controlling interest	(20)	145	(218)	163
Total comprehensive income attributable to the Company	18,559	10,371	16,471	12,974
Interest rate swap
Other comprehensive income (loss):
Interest rate swap	(137)		(866)
Interest rate swap, unconsolidated affiliates
Other comprehensive income (loss):
Interest rate swap - unconsolidated affiliate	(841)		(841)
Unrestricted available-for-sale, Debt securities
Other comprehensive income (loss):
Net unrealized gain (loss) on investments	106	(9)	106	790
Restricted
Other comprehensive income (loss):
Net unrealized gain (loss) on investments	$ 15	$ 7	$ 5	$ 18

CONDENSED CONSOLIDATED STATEM_3

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, 2018	60,672,034
Beginning Balance at Dec. 31, 2018	$ 331,395	$ 187,450	$ (674)		$ 14,940	$ 533,111
Increase (Decrease) in Stockholders' Equity
Allocation of ownership interest	(1,209)				1,209
Capital contribution from non-controlling interest					3,468	3,468
Capital distribution to non-controlling interest					(200)	(200)
Stock based compensation expense	$ 23					23
Repurchase of common shares				$ (7,073)		(7,073)
Repurchase of common shares (in shares)	(471,500)
Other comprehensive income (loss)			604			604
Net (loss) income		12,370			(163)	12,207
Ending Balance at Jun. 30, 2019	$ 330,209	199,820	(70)	(7,073)	19,254	542,140
Ending Balance (in shares) at Jun. 30, 2019	60,200,534
Beginning Balance (in shares) at Mar. 31, 2019	60,200,534
Beginning Balance at Mar. 31, 2019	$ 331,408	189,447	(68)	(7,073)	16,606	530,320
Increase (Decrease) in Stockholders' Equity
Allocation of ownership interest	(1,209)				1,209
Capital contribution from non-controlling interest					1,784	1,784
Capital distribution to non-controlling interest					(200)	(200)
Stock based compensation expense	10					10
Other comprehensive income (loss)			(2)			(2)
Net (loss) income		10,373			(145)	10,228
Ending Balance at Jun. 30, 2019	$ 330,209	199,820	(70)	(7,073)	19,254	542,140
Ending Balance (in shares) at Jun. 30, 2019	60,200,534
Increase (Decrease) in Stockholders' Equity
Adoption of ASU, net of tax		(90)				$ (90)
Beginning Balance (in shares) at Dec. 31, 2019	59,414,583					59,414,583
Beginning Balance at Dec. 31, 2019	$ 305,631	214,225	(335)		10,149	$ 529,670
Increase (Decrease) in Stockholders' Equity
Capital contribution from non-controlling interest					5,139	5,139
Stock based compensation expense	$ 45					45
Repurchase of common shares				(8,803)		(8,803)
Repurchase of common shares (in shares)	(532,034)
Other comprehensive income (loss)			(1,195)			(1,195)
Net (loss) income		17,666			218	17,884
Ending Balance at Jun. 30, 2020	$ 305,676	231,801	(1,530)	(8,803)	15,506	$ 542,650
Ending Balance (in shares) at Jun. 30, 2020	58,882,549					58,882,549
Beginning Balance (in shares) at Mar. 31, 2020	59,003,470
Beginning Balance at Mar. 31, 2020	$ 305,658	212,602	(890)	(6,807)	10,347	$ 520,910
Increase (Decrease) in Stockholders' Equity
Capital contribution from non-controlling interest					5,139	5,139
Stock based compensation expense	$ 18					18
Repurchase of common shares				(1,996)		(1,996)
Repurchase of common shares (in shares)	(120,921)
Other comprehensive income (loss)			(640)			(640)
Net (loss) income		19,199			20	19,219
Ending Balance at Jun. 30, 2020	$ 305,676	$ 231,801	$ (1,530)	$ (8,803)	$ 15,506	$ 542,650
Ending Balance (in shares) at Jun. 30, 2020	58,882,549					58,882,549

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities:
Net income	$ 17,884	$ 12,207
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	6,092	4,533
Stock based compensation	45	23
Loss on sale of investments	48	2
Unrealized loss (gain) on investments, net	4,903	(133)
Equity in loss from unconsolidated affiliates	206
Deferred income tax expense	5,487	3,685
Cost of real estate sold	16,515	8,167
Expenditures for and acquisition of real estate to be sold	(17,395)	(14,602)
Accretion income and other	(492)	(680)
Gain on disposal of property and equipment	(7)
Gain on land contribution to equity method investment	(19,616)	(1,472)
Gain on insurance for damage to property and equipment, net		(4,071)
Changes in operating assets and liabilities:
Other assets	(2,104)	(1,816)
Other liabilities	584	6,044
Income taxes receivable	356	410
Net cash provided by operating activities	12,506	12,297
Cash flows from investing activities:
Expenditures for operating property	(62,574)	(26,599)
Expenditures for property and equipment	(3,244)	(7,409)
Proceeds from the disposition of assets	7
Proceeds from insurance claims		10,796
Purchases of investments - debt securities	(56,915)
Purchases of investments - equity securities		(5)
Purchases of restricted investments	(17)	(40)
Maturities of investments - debt securities	7,000	7,000
Sales of investments - equity securities	2,502
Sales of restricted investments	1,210	1,155
Maturities of assets held by special purpose entities	415	414
Net cash used in investing activities	(111,616)	(14,688)
Cash flows from financing activities:
Capital contribution from non-controlling interest	5,139	1,784
Capital distribution to non-controlling interest		(200)
Capital contribution to unconsolidated affiliate	(3,329)	(254)
Repurchase of common shares	(8,803)	(7,073)
Borrowings on debt	29,914	10,653
Principal payments for debt	(1,063)	(1,040)
Principal payments under finance lease obligation	(25)	(14)
Debt issuance costs	(1,479)	(813)
Net cash provided by financing activities	20,354	3,043
Net (decrease) increase in cash, cash equivalents and restricted cash	(78,756)	652
Cash, cash equivalents and restricted cash at beginning of the period	188,677	198,073
Cash, cash equivalents and restricted cash at end of the period	$ 109,921	$ 198,725

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash, cash equivalents and restricted cash:
Cash and cash equivalents	$ 106,039	$ 195,587
Restricted cash included in other assets	3,882	3,138
Total cash, cash equivalents and restricted cash shown in the accompanying condensed consolidated statements of cash flows	109,921	198,725
Cash paid during the period for:
Interest, net of amounts capitalized	6,108	5,614
Non-cash financing and investment activities:
Non-cash allocation of ownership interest in JV		1,209
Non-cash contribution to equity method investment	(21,927)	(1,730)
Increase in capital contribution from non-controlling interest		1,683
(Decrease) increase in Community Development District debt	(377)	1,229
Decrease in expenditures for operating properties and property and equipment financed through accounts payable	$ (2,280)	$ (2,814)

Nature of Operations

Nature of Operations	6 Months Ended
	Jun. 30, 2020
Nature of Operations
Nature of Operations	1. Nature of Operations The St. Joe Company together with its consolidated subsidiaries (“St. Joe” or the “Company”) is a Florida real estate development, asset management and operating company with real estate assets and operations in Northwest Florida. Approximately 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 three reportable operating segments: 1) residential, 2) hospitality and 3) commercial. Prior to the first quarter of 2020, commercial leasing and sales, as well as forestry were treated as individual operating segments. Commencing in the first quarter of 2020, due to organizational changes, the Company’s previously titled “commercial leasing and sales” and “forestry” segments are now reported as one segment and retitled to “commercial.” This change is consistent with the Company’s belief that the decision making and management of the assets in these segments are being made as one group. All prior year segment information has been reclassified to conform to the 2020 presentation. Also commencing in the first quarter of 2020, the Company’s previously titled “residential real estate” segment was retitled to “residential.” The changes had no effect on the condensed consolidated balance sheets, statements of income, statements of comprehensive income or statements of cash flows for the periods presented. See Note 17. Segment Information.

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2020
Significant Accounting Policies
Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying unaudited interim condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for reporting on Form 10-Q. Accordingly, certain information and footnotes required by United States generally accepted accounting principles (“GAAP”) for complete financial statements are not included herein. The unaudited interim condensed consolidated financial statements include the accounts of the Company and all of its majority-owned and controlled subsidiaries and variable interest entities where the Company deems itself the primary beneficiary. Investments in joint ventures (“JV”) and limited partnerships in which the Company is not the primary beneficiary are accounted for by the equity method. All significant intercompany transactions and balances have been eliminated in consolidation. The December 31, 2019 condensed consolidated balance sheet amounts have been derived from the Company’s December 31, 2019 audited consolidated financial statements. Certain prior period amounts in the accompanying condensed consolidated financial statements have been reclassified to conform to the current year presentation. These reclassifications had no effect on the Company’s previously reported total assets and liabilities, stockholders’ equity or net income. Operating results for the six months ended June 30, 2020 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2020. A variable interest entity (“VIE”) is an entity in which a controlling financial interest may be achieved through arrangements that do not involve voting interests. A VIE is required to be consolidated by its primary beneficiary, which is the entity that possesses the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and has the obligation to absorb losses or the right to receive benefits from the VIE that are significant to the entity. The Company consolidates VIEs when it is the primary beneficiary of the VIE, including real estate JVs determined to be VIEs. See Note 4. Real Estate Joint Ventures The unaudited interim condensed consolidated financial statements reflect all normal recurring adjustments that, in the opinion of management, are necessary for fair presentation of the information contained herein. The unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. The Company adheres to the same accounting policies in preparation of its unaudited interim condensed consolidated financial statements as the Company’s December 31, 2019 annual financial statements, except for recently adopted accounting pronouncements detailed below. As required under GAAP, interim accounting for certain expenses, including income taxes, are based on full year assumptions. For interim financial reporting purposes, income taxes are recorded based upon estimated annual income tax rates. Concentration of Risks and Uncertainties The Company’s real estate investments are concentrated in Northwest Florida. Uncertain economic conditions could have an adverse impact on the Company’s real estate values. On March 11, 2020, the World Health Organization characterized the outbreak of the novel coronavirus (“COVID-19”), as a global pandemic and recommended containment and mitigation measures. The economic conditions in the United States have been negatively impacted by the continued threat by COVID-19. The Company’s hospitality operations have already been, and may continue to be, disrupted by the impacts of the COVID-19 pandemic and the federal, state and local government actions to address it. While the breadth and duration of the COVID-19 pandemic impact is unknown, it could have a material adverse impact on the Company’s results of operations, cash flows and financial condition. See Part II. Item 1A. Risk Factors Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash, cash equivalents, investments, other receivables, investments held by special purpose entity or entities (“SPE”) and investments in retained interests. The Company deposits and invests cash with local and regional financial institutions, and as of June 30, 2020, these balances exceeded the amount of F.D.I.C. insurance provided on such deposits. In addition, as of June 30, 2020 the company had $49.9 million invested in U.S. Treasury Bills, $87.0 million invested in U.S. Treasury money market funds and $2.4 million invested in three issuers of preferred stock that are non-investment grade. Earnings Per Share Basic and diluted earnings per share are calculated by dividing net income attributable to the Company by the weighted average number of common shares outstanding for the period. For the three and six months ended June 30, 2020 and 2019, basic and diluted average shares outstanding were the same. There were no outstanding common stock equivalents as of June 30, 2020 or June 30, 2019. Recently Adopted Accounting Pronouncements Financial Instruments - Credit Losses In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses The Company adopted the new guidance, including amendments, as of January 1, 2020, and elected to implement Topic 326 retrospectively using the cumulative-effect adjustment transition method as of the date of adoption. As a result, prior periods have not been restated. The Company elected the practical expedient to not measure an allowance for credit losses for accrued interest receivables and will write-off uncollectible balances in a timely manner, which is 90 days from when it is determined uncollectible. As of the date of adoption, a cumulative-effect adjustment was recorded to beginning retained earnings. The impact of adopting this guidance resulted in an adjustment to decrease retained earnings by $0.1 million, net of the related tax effects, a decrease in accounts receivable, net and notes receivable, net for allowance for credit losses unconsolidated JV debt guaranteed by the Company of less than $0.1 million. There were no adjustments related to operating lease receivables for which the Company is the lessor. The adoption of this guidance did not materially impact results of operations or cash flows. Codification Improvements to Financial Instruments In March 2020, the FASB issued ASU 2020-03, Codification Improvements to Financial Instruments ​ Recently Issued Accounting Pronouncements Income Taxes In December 2019, the FASB issued ASU 2019-12, which simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendment also improves consistent application of and simplifies GAAP for other areas of Topic 740 by clarifying and amending existing guidance. This new guidance will be effective for annual and interim periods beginning after December 15, 2020, with early adoption permitted. The Company does not expect the adoption of this guidance to have a material impact on its financial condition, results of operations and cash flows. Investments – Equity Securities, Investments-Equity Method and Joint Ventures and Derivatives and Hedging In January 2020, the FASB issued ASU 2020-01, 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. Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting that provides temporary on March 12, 2020 through December 31, 2022. The Company is currently evaluating the impact that the adoption of this guidance will have on its financial condition, results of operations and cash flows. ​ ​

Investment in Real Estate

Investment in Real Estate	6 Months Ended
	Jun. 30, 2020
Investment in Real Estate
Investment in Real Estate	3. Investment in Real Estate Real estate by property type and segment includes the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2020 ​ 2019 Development property: ​ ​ Residential ​ $ 123,067 ​ $ 115,384 Hospitality ​ 27,761 ​ 12,229 Commercial ​ 117,353 ​ 103,326 Other ​ 2,510 ​ 2,631 Total development property ​ 270,691 ​ 233,570 ​ ​ ​ ​ ​ ​ ​ Operating property: ​ ​ Residential ​ 12,001 ​ 11,985 Hospitality ​ 98,265 ​ 94,838 Commercial ​ 188,755 ​ 164,589 Other ​ 50 ​ 50 Total operating property ​ 299,071 ​ 271,462 Less: Accumulated depreciation ​ 72,104 ​ 74,256 Total operating property, net ​ 226,967 ​ 197,206 Investment in real estate, net ​ $ 497,658 ​ $ 430,776 ​ Development property consists of land the Company is developing or intends to develop for sale or future operations and includes direct costs associated with the land, development and construction costs and indirect costs. Residential includes residential communities such as Watersound Origins, SouthWood, WindMark Beach, as well as other communities. Hospitality development property consists of land, construction costs, development costs and improvements primarily related to the Pier Park Resort Hotel JV, Camp Creek Lifestyle Village amenity center and a new hotel near the Northwest Florida Beaches International Airport, as well as other properties. Commercial development property primarily consists of land, construction costs and development costs for commercial, multi-family, assisted living and industrial uses, including the Watercrest JV, Watersound Origins Crossings JV, Pier Park Crossings Phase II JV, land holdings near the Northwest Florida Beaches International Airport and Port of Port St. Joe as well as other properties. Development property in the hospitality and commercial segments will be reclassified as operating property as it is placed into service. Operating property includes property that the Company uses for operations and activities. Residential operating property consists primarily of residential utility assets and certain rental properties. The hospitality operating property includes the WaterColor Inn, WaterSound Inn, golf courses, a beach club and certain vacation rental properties. Commercial operating property includes property developed or purchased by the Company and used for retail, multi-family and commercial rental purposes, including property in the Pier Park North JV, VentureCrossings, Pier Park Crossings JV and Beckrich Office Park as well as other properties. Commercial operating property also includes the Company’s timberlands. Operating property may be sold in the future as part of the Company’s principal real estate business.

Real Estate Joint Ventures

Real Estate Joint Ventures	6 Months Ended
	Jun. 30, 2020
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 10. Debt, Net Commitments and Contingencies Consolidated Joint Ventures Pier Park Resort Hotel JV Pier Park Resort Hotel JV was created in April 2020, when the Company entered into a JV agreement to develop and operate an Embassy Suites hotel in Panama City Beach, Florida. The JV parties are working together to develop and construct a 255 room hotel. The hotel is located on land in the Pier Park area that was contributed to the JV by the Company. As of June 30, 2020, the Company owned a 70.0% interest in the consolidated JV. The Company’s partner is currently responsible for the construction activities of the JV, but once operational, a wholly owned subsidiary of the Company will manage the day-to-day operations of the hotel. The Company has significant involvement in the project design and development, annual budgets and financing. The Company determined Pier Park Resort Hotel JV is a VIE and that the Company is the VIE’s primary beneficiary as of June 30, 2020. 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 June 30, 2020 and 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 June 30, 2020 and 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 June 30, 2020 and 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 June 30, 2020 and 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 June 30, 2020 and 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 June 30, 2020 and 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 June 30, 2020 and 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 June 30, 2020 and 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. Construction of the 240 unit apartment community was completed in the first quarter of 2020. The community is located on land in the Pier Park area that was contributed to the JV by the Company. As of June 30, 2020 and 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 approves all major decisions, including project development, annual budgets and financing. The Company determined Pier Park Crossings JV is a VIE and that the Company is the VIE’s primary beneficiary as of June 30, 2020 and December 31, 2019. Pier Park North JV During 2012, the Company entered into a JV agreement with a partner to develop a retail center at Pier Park North. As of June 30, 2020 and December 31, 2019, 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 approves all major decisions, including project development, annual budgets and financing. The Company determined the Pier Park North JV is a VIE and that the Company is the VIE’s primary beneficiary as of June 30, 2020 and December 31, 2019. 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2020 ​ 2019 Investment in unconsolidated joint ventures ​ ​ Latitude Margaritaville Watersound JV ​ $ 18,518 ​ $ 791 Pier Park TPS JV ​ 2,235 ​ 3,083 Sea Sound Apartments JV (a) ​ ​ 7,363 ​ ​ — Busy Bee JV ​ 1,177 ​ 1,210 Total investment in unconsolidated joint ventures ​ $ 29,293 ​ $ 5,084 ​ ​ ​ Outstanding debt of unconsolidated JVs ​ ​ ​ ​ ​ ​ Latitude Margaritaville Watersound JV ​ $ 55 ​ $ — Pier Park TPS JV ​ ​ 13,274 ​ ​ 6,791 Busy Bee JV ​ ​ 6,394 ​ ​ 1,451 Total outstanding debt of unconsolidated JVs (b) ​ $ 19,723 ​ $ 8,242 a) JV was formed in January 2020. b) See Note 18. Commitments and Contingencies for additional information. The following table presents detail of the Company’s equity in loss from unconsolidated affiliates: ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2020 ​ Six Months Ended June 30, 2020 Equity in loss from unconsolidated affiliates ​ ​ ​ ​ ​ ​ Latitude Margaritaville Watersound JV ​ $ (93) ​ $ (167) Pier Park TPS JV ​ ​ (3) ​ ​ (6) Busy Bee JV ​ ​ (27) ​ ​ (33) Total equity in loss from unconsolidated affiliates ​ $ (123) ​ $ (206) ​ 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 was contributed to the JV by the Company in June 2020, with a contractual value of land and certain infrastructure improvements of $35.0 million. As of June 30, 2020, the Company’s investment in the unconsolidated Latitude Margaritaville Watersound JV includes $2.2 million of cash contributions and $16.6 million for the net present value of the land contribution. The initial present value of the land contribution was based on the Company’s best estimate of the prevailing market rates for the source of credit using an imputed interest rate of 5.75%. The Company continues to have a performance obligation to provide agreed upon infrastructure improvements in the vicinity of the contributed land, which will be recognized over time as improvements are completed. The transaction price was allocated based on the stand-alone selling prices of the land and agreed upon improvements. The first phase is estimated to include approximately 3,500 residential homes, which will be developed in smaller increments of discrete neighborhoods. As of June 30, 2020 and 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 t owards the development and construction of the main spine infrastructure and amenities. Per the JV agreement, the Company has provided interest-bearing financing in the form of a revolving promissory note to the Latitude Margaritaville Watersound JV to finance the development of the pod-level, non-spine infrastructure, which will be repaid by the JV as each home is sold by the JV. See Note 9. Other Assets for additional information related to the revolving promissory note. The day-to-day activities of the JV 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2020 ​ 2019 BALANCE SHEETS: ​ ​ Investment in real estate (a) ​ $ 5,322 ​ $ 1,116 Cash and cash equivalents ​ 166 ​ 525 Other assets ​ 2 ​ — Total assets ​ $ 5,490 ​ $ 1,641 ​ ​ ​ Debt ​ $ 55 ​ $ — Other liabilities ​ ​ 304 ​ ​ 58 Equity ​ ​ 5,131 ​ ​ 1,583 Total liabilities and equity ​ $ 5,490 ​ $ 1,641 (a) As of June 30, 2020, investment in real estate includes the land contributed to the Latitude Margaritaville Watersound JV at the Company’s historical cost basis of $1.3 million. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2020 ​ Six Months Ended June 30, 2020 STATEMENTS OF OPERATIONS: ​ ​ ​ ​ ​ ​ Total expenses ​ $ 186 ​ $ 335 Net loss ​ $ (186) ​ $ (335) ​ Sea Sound Apartments JV FDSJ Eventide, LLC (“Sea Sound Apartments JV”) was created in January 2020. The Company entered into a JV agreement to develop, construct and manage a 300 unit apartment community in Panama City Beach, Florida. The community will be located near the Breakfast Point residential community on land that was contributed to the JV by the Company in January 2020, with a fair value of $5.1 million. In addition, during the six months ended June 30, 2020, the Company contributed mitigation bank credits of $0.4 million and cash of $1.9 million. During the six months ended June 30, 2020, the JV partner contributed $4.9 million of cash. The project is currently under development with no income or loss impacting the condensed consolidated statements of income for the three and six months ended June 30, 2020. As of June 30, 2020, the Company owned a 60.0% interest in the JV. The Company’s partner is responsible for the day-to-day activities of the JV. The Company has determined that Sea Sound Apartments JV is a VIE, but that the Company is not the primary beneficiary since it does not have the power to direct the activities that most significantly impact the economic performance of the JV. The Company’s investment in Sea Sound Apartments JV is accounted for using the equity method. In January 2020, the JV entered into a $40.3 million loan, maturing in January 2024 (the “Sea Sound Apartments JV Loan”). The Sea Sound Apartments JV Loan is secured by the real property, all assets of the borrower, assignment of leases and rents and the security interest in the rents and personal property. The Company’s JV partner is the sole guarantor of the Sea Sound Apartments JV Loan and will receive a fee related to the guarantee from the Company based on its ownership percentage. As of June 30, 2020, there was no principal balance outstanding and the JV incurred $0.5 million of loan costs related to the Sea Sound Apartments JV Loan. Summarized financial information for Sea Sound Apartments JV is as follows: ​ ​ ​ ​ ​ ​ June 30, ​ ​ 2020 BALANCE SHEET: ​ Investment in real estate ​ $ 14,705 Cash and cash equivalents ​ 3 Other assets ​ 509 Total assets ​ $ 15,217 ​ ​ Other liabilities ​ $ 2,910 Equity ​ ​ 12,307 Total liabilities and equity ​ $ 15,217 ​ Pier Park TPS, LLC Pier Park TPS, LLC (“Pier Park TPS JV”) was created in April 2018. The Company entered into a JV agreement to develop and operate a 124 room hotel in Panama City Beach, Florida. The hotel opened in May 2020 and is located on land in the Pier Park area that the Company contributed to the JV on January 14, 2019, with a fair value of $1.7 million. In addition, during the six months ended June 30, 2019, the Company contributed cash of $0.2 million and mitigation bank credits of $0.1 million. As of June 30, 2020 and 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 Pier Park TPS JV is a VIE, but that the Company is not the primary beneficiary since it does not have the power to direct the activities that most significantly impact the economic performance of the JV. The Company’s investment in Pier Park TPS JV is accounted for using the equity method. See Note 18. Commitments and Contingencies Summarized financial information for Pier Park TPS JV is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2020 ​ 2019 BALANCE SHEETS: ​ ​ Property and equipment, net ​ $ 18,502 ​ $ 14,775 Cash and cash equivalents ​ 366 ​ 51 Other assets ​ 512 ​ 12 Total assets ​ $ 19,380 ​ $ 14,838 ​ ​ ​ Debt, net ​ $ 12,969 ​ $ 6,480 Other liabilities ​ ​ 1,952 ​ ​ 2,193 Equity ​ ​ 4,459 ​ ​ 6,165 Total liabilities and equity ​ $ 19,380 ​ $ 14,838 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2020 ​ Six Months Ended June 30, 2020 STATEMENTS OF OPERATIONS: ​ ​ ​ ​ ​ ​ Total revenue ​ $ 533 ​ $ 533 ​ ​ ​ ​ ​ ​ ​ Cost of revenue ​ ​ 251 ​ ​ 251 Expenses ​ ​ 260 ​ ​ 260 Total expenses ​ ​ 511 ​ ​ 511 Operating income ​ ​ 22 ​ ​ 22 Interest expense ​ ​ (34) ​ ​ (34) Net loss ​ $ (12) ​ $ (12) ​ ​ SJBB, LLC SJBB, LLC (“Busy Bee JV”) was created in July 2019, when the Company entered into a JV agreement to construct, own and manage a Busy Bee branded fuel station and convenience store in Panama City Beach, Florida. The project is located on land that the Company contributed to the JV on July 5, 2019. Construction of the fuel station and convenience store was completed on June 29, 2020. The investment in the unconsolidated JV of $1.2 million as of June 30, 2020 and 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. As of June 30, 2020 and 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 18. Commitments and Contingencies for additional information related to debt guaranteed by the Company. Summarized financial information for Busy Bee JV is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2020 ​ 2019 BALANCE SHEETS: ​ ​ Property and equipment, net ​ $ 8,301 ​ $ 3,886 Cash and cash equivalents ​ 45 ​ 36 Other assets ​ 883 ​ 28 Total assets ​ $ 9,229 ​ $ 3,950 ​ ​ ​ Debt, net ​ $ 6,301 ​ $ 1,349 Other liabilities ​ ​ 553 ​ ​ 181 Equity ​ ​ 2,375 ​ ​ 2,420 Total liabilities and equity ​ $ 9,229 ​ $ 3,950 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2020 ​ Six Months Ended June 30, 2020 STATEMENTS OF OPERATIONS: ​ ​ ​ ​ ​ ​ Total expenses ​ $ 54 ​ $ 65 Net loss ​ $ (54) ​ $ (65) ​

Investments

Investments	6 Months Ended
	Jun. 30, 2020
Investments
Investments	5. Investments Available-For-Sale Investments Investments classified as available-for-sale securities were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 ​ ​ ​ Gross Unrealized Gross Unrealized ​ ​ ​ ​ Amortized Cost ​ Gains ​ (Losses) ​ Fair Value Investments - debt securities: ​ ​ ​ ​ U.S. Treasury Bills ​ $ 49,962 ​ $ — ​ $ (18) ​ $ 49,944 Corporate debt securities ​ ​ 52 ​ ​ — ​ ​ — ​ ​ 52 ​ ​ 50,014 ​ — ​ (18) ​ 49,996 Restricted investments: ​ ​ ​ ​ Short-term bond ​ 1,163 ​ 13 ​ — ​ 1,176 ​ ​ 1,163 ​ 13 ​ — ​ 1,176 ​ ​ $ 51,177 ​ $ 13 ​ $ (18) ​ $ 51,172 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ ​ ​ Gross Unrealized Gross Unrealized ​ ​ ​ ​ Amortized Cost ​ Gains ​ (Losses) ​ Fair Value Investments - debt securities: ​ ​ ​ ​ Corporate debt securities ​ $ 178 ​ $ — ​ $ (125) ​ $ 53 ​ ​ 178 ​ — ​ (125) ​ 53 Restricted investments: ​ ​ ​ ​ Short-term bond ​ 2,239 ​ 11 ​ — ​ 2,250 Money market fund ​ 114 ​ — ​ — ​ 114 ​ ​ 2,353 ​ 11 ​ — ​ 2,364 ​ ​ $ 2,531 ​ $ 11 ​ $ (125) ​ $ 2,417 ​ During the three months ended June 30, 2020 there were no realized gains or losses from the sale of available-for-sale securities. During the six months ended June 30, 2020 net realized gains from the sale of available-for-sale securities were less than $0.1 million, proceeds from the sale of available-for-sale securities were $1.2 million, maturities of available-for-sale investments were $7.0 million and purchases of available-for-sale securities were $56.9 million. During the three months ended June 30, 2019 there were no realized gains or losses from the sale of available-for-sale securities. During the six months ended June 30, 2019 net realized losses from the sale of available-for-sale securities were less than $0.1 million, proceeds from the sale of available-for-sale securities were $1.2 million, maturities of available-for-sale investments were $7.0 million and purchases of available-for sale securities were less than $0.1 million. The following table provides the available-for-sale investments unrealized loss position and related fair values: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 ​ ​ Less Than 12 Months ​ 12 Months or Greater ​ ​ ​ ​ ​ Unrealized ​ ​ ​ ​ Unrealized ​ Fair Value Losses Fair Value Losses Investments - debt securities: ​ ​ ​ ​ U.S. Treasury Bills ​ $ 42,954 ​ $ 18 ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ As of June 30, 2020, the Company had unrealized losses of less than $0.1 million related to U.S. Treasury Bills. The Company had unrealized losses of $0.1 million as of December 31, 2019 related to corporate debt securities. As of June 30, 2020, the Company determined unrealized losses related to U.S. Treasury Bills were not due to credit impairment and did not record an allowance for credit losses related to available-for-sale debt securities. As of June 30, 2020 and December 31, 2019, 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. The amortized cost and estimated fair value of investments - debt securities and restricted investments classified as available-for-sale, by contractual maturity are shown in the following table. Actual maturities may differ from contractual maturities since certain borrowers have the right to call or prepay obligations. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 ​ Amortized Cost Fair Value Due in one year or less ​ $ 50,014 ​ $ 49,996 Restricted investments ​ 1,163 ​ 1,176 ​ ​ $ 51,177 ​ $ 51,172 ​ Investments - Equity Securities As of June 30, 2020 and December 31, 2019 investments - equity securities included $2.4 million and $9.7 million, respectively, of preferred stock investments recorded at fair value. During the three months ended June 30, 2020 and 2019 the Company had an unrealized loss on investments – equity securities of $0.1 million and $1.9 million, respectively. During the six months ended June 30, 2020 the Company had an unrealized loss on investments – equity securities of $4.9 million, compared to an unrealized gain on investments – equity securities of $0.1 million during the six months ended June 30, 2019. These amounts were included within investment income, net on the condensed consolidated statements of income. Investment Management Agreement Mr. Bruce R. Berkowitz is the Chairman of the Company’s Board of Directors (the “Board”). He is the Manager of, and controls entities that own and control, Fairholme Holdings, LLC (“Fairholme”), which wholly owns Fairholme Capital Management, L.L.C. (“FCM”, an investment advisor registered with the SEC). 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 June 30, 2020, clients of FCM, including Mr. Berkowitz, beneficially owned approximately 44.99% 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 an Investment Management Agreement, as amended, with the Company (the “Investment Management Agreement”), FCM agreed to supervise and direct the investments of investment accounts established by the Company in accordance with the investment guidelines and restrictions approved by the Company. The investment guidelines are set forth in the Investment Management Agreement and require that, as of the date of any investment: (i) no more than 15% of the investment account may be invested in securities of any one issuer (excluding the U.S. Government), (ii) any investment in any one issuer (excluding the U.S. Government) that exceeds 10% of the investment account, but not 15%, requires approval by a second member of Company’s Board, (iii) 25% of the investment account must be held in cash or cash equivalents, (iv) the investment account is permitted to be invested in common equity securities; however, common stock investments shall be limited to exchange-traded common equities, shall not exceed 5% ownership of a single issuer and, cumulatively, the common stock held in the Company’s investment portfolio shall not exceed $100.0 million market value, and (v) the aggregate market value of investments in common stock, preferred stock or other equity investments cannot exceed 25% of the market value of the Company’s investment portfolio at the time of purchase.

Financial Instruments and Fair

Financial Instruments and Fair Value Measurements	6 Months Ended
	Jun. 30, 2020
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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 ​ ​ ​ ​ ​ ​ ​ Total Fair ​ ​ Level 1 ​ Level 2 ​ Level 3 ​ Value Cash equivalents: ​ ​ ​ ​ Money market funds ​ $ 86,951 ​ $ — ​ $ — ​ $ 86,951 ​ ​ 86,951 ​ — ​ — ​ 86,951 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments - debt securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasury Bills ​ ​ 49,944 ​ ​ — ​ ​ — ​ ​ 49,944 Corporate debt securities ​ ​ — ​ ​ 52 ​ ​ — ​ ​ 52 ​ ​ ​ 49,944 ​ ​ 52 ​ ​ — ​ ​ 49,996 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments - equity securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Preferred stock ​ ​ — ​ ​ 2,415 ​ ​ — ​ ​ 2,415 ​ ​ ​ — ​ ​ 2,415 ​ ​ — ​ ​ 2,415 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Restricted investments: ​ ​ ​ ​ Short-term bond ​ 1,176 ​ — ​ — ​ 1,176 ​ ​ 1,176 ​ — ​ — ​ 1,176 ​ ​ $ 138,071 ​ $ 2,467 ​ $ — ​ $ 140,538 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ ​ ​ ​ ​ ​ ​ Total Fair ​ ​ Level 1 ​ Level 2 ​ Level 3 ​ Value Cash equivalents: ​ ​ ​ ​ Money market funds ​ $ 21,043 ​ $ — ​ $ — ​ $ 21,043 Commercial paper ​ 138,220 ​ — ​ — ​ 138,220 U.S. Treasury Bills ​ ​ 6,990 ​ ​ — ​ ​ — ​ ​ 6,990 ​ ​ 166,253 ​ — ​ — ​ 166,253 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments - debt securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate debt securities ​ ​ — ​ ​ 53 ​ ​ — ​ ​ 53 ​ ​ ​ — ​ ​ 53 ​ ​ — ​ ​ 53 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments - equity securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Preferred stock ​ ​ — ​ ​ 9,746 ​ ​ — ​ ​ 9,746 ​ ​ ​ — ​ ​ 9,746 ​ ​ — ​ ​ 9,746 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Restricted investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Short-term bond ​ 2,250 ​ — ​ — ​ 2,250 Money market fund ​ 114 ​ — ​ — ​ 114 ​ ​ 2,364 ​ — ​ — ​ 2,364 ​ ​ $ 168,617 ​ $ 9,799 ​ $ — ​ $ 178,416 ​ Money market funds, commercial paper, U.S. Treasury Bills and short-term bonds are measured based on quoted market prices in an active market and categorized within Level 1 of the fair value hierarchy. Money market funds, commercial paper and short term U.S. Treasury Bills with a maturity date of 90 days or less from the date of purchase are classified as cash equivalents in the Company’s condensed consolidated balance sheets. The Company’s corporate debt securities and preferred stock investments are not traded on a nationally recognized exchange, but are traded in the U.S. over-the-counter market where there is less trading activity and the investments are measured primarily using pricing data from external pricing services that report prices observed for recently executed market transactions. For these reasons, the Company has determined that corporate debt securities and preferred stock investments are categorized as Level 2 financial instruments since their fair values were determined from market inputs in an inactive market. Restricted investments are included within other assets on the condensed consolidated balance sheets and include certain of the surplus assets that were transferred from the Company’s Pension Plan to a suspense account in the Company’s 401(k) Plan in December 2014. The Company has retained the risks and rewards of ownership of these assets; therefore, the assets held in the suspense account are included in the Company’s condensed consolidated financial statements until they are allocated to participants. As of June 30, 2020 and December 31, 2019, the assets held in the suspense account were invested in a Vanguard Short-Term Bond Fund, which invests in money market instruments and short-term high quality bonds, including asset-backed, government, and investment grade corporate securities with an expected maturity of 0-3 years. As of December 31, 2019 the assets held in the suspense account were also invested in Vanguard Money Market Funds, which invest in short-term, high quality securities or short-term U.S. government securities and seek to provide current income and preserve shareholders’ principal investment. The Vanguard Money Market Funds and Vanguard Short-Term Bond Fund are measured based on quoted market prices in an active market and categorized within Level 1 of the fair value hierarchy. The Company’s Retirement Plan Investment Committee is responsible for investing decisions and allocation decisions of the suspense account. Refer to Note 9. Other Assets Liabilities measured at fair value on a recurring basis are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 ​ ​ Location in ​ ​ ​ ​ ​ ​ Total Fair ​ ​ Balance Sheet ​ Level 1 ​ Level 2 ​ Level 3 ​ Value Derivative Liabilities: ​ ​ ​ ​ ​ ​ Interest rate swap ​ Other liabilities ​ $ — ​ $ 1,202 ​ $ — ​ $ 1,202 Interest rate swap - unconsolidated affiliate ​ Investment in unconsolidated joint ventures ​ ​ — ​ ​ 841 ​ ​ — ​ ​ 841 ​ ​ ​ ​ $ — ​ $ 2,043 ​ $ — ​ $ 2,043 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ ​ Location in ​ ​ ​ ​ ​ ​ Total Fair ​ ​ Balance Sheet ​ Level 1 ​ Level 2 ​ Level 3 ​ Value Derivative Liabilities: ​ ​ ​ ​ ​ ​ Interest rate swap ​ Other liabilities ​ $ — ​ $ 336 ​ $ — ​ $ 336 ​ ​ ​ ​ $ — ​ $ 336 ​ $ — ​ $ 336 ​ In June 2019 the Watercrest JV entered into an interest rate swap agreement designated as a cash flow hedge to manage the interest rate risk associated with variable rate debt. The interest rate swap is effective June 1, 2021 and matures on June 1, 2024 and fixed the variable rate debt on the notional amount of related debt of $20.0 million. As of June 30, 2020 and December 31, 2019, the interest rate swap was recorded at its estimated fair value, based on Level 2 measurements, of $1.2 million and $0.3 million, respectively, and is included within other liabilities on the condensed consolidated balance sheet. The gain or loss on the derivative instrument is reported as a component of other comprehensive (loss) income and reclassified into earnings in the period during which the hedged transaction affects earnings. The Company did not reclassify any amounts out of other comprehensive (loss) income into interest expense during the three and six months ended June 30, 2020. See Note 10. Debt In January 2019 the Pier Park TPS JV, which is unconsolidated and accounted for using the equity method, entered into an interest rate swap agreement designated as a cash flow hedge to manage the interest rate risk associated with variable rate debt. The interest rate swap is effective January 14, 2021 and matures on January 14, 2026 and fixed the variable rate debt on the notional amount of related debt of $14.4 million. As of June 30, 2020, the interest rate swap was recorded at the Company’s proportionate share of its estimated fair value, based on Level 2 measurements, of $0.8 million and is included within investment in unconsolidated joint ventures on the condensed consolidated balance sheet. The gain or loss on the derivative instrument is reported as a component of other comprehensive (loss) income and reclassified into earnings in the period during which the hedged transaction affects earnings. The Company did not reclassify any amounts out of other comprehensive (loss) income into equity in loss from unconsolidated affiliates during the three and six months ended June 30, 2020. See Note 4. Real Estate Joint Ventures Commitments and Contingencies Investment in Unconsolidated Joint Ventures The Company evaluates its investment in unconsolidated JVs for impairment during each reporting period. A series of operating losses of an investee or other factors may indicate that a decrease in the value of the Company’s investment in the unconsolidated JV has occurred. The amount of impairment recognized is the excess of the investment’s carrying value over its estimated fair value. The fair value of the Company’s investment in unconsolidated JVs is determined primarily using a discounted cash flow model to value the underlying net assets of the respective JV. The fair value of investment in unconsolidated JVs required to be assessed for impairment is determined on a nonrecurring basis using Level 3 inputs in the fair value hierarchy. No impairment for unconsolidated JVs was recorded during the three and six months ended June 30, 2020 and 2019. See Note 4. Real Estate Joint Ventures Fair Value of Financial Instruments The Company uses the following methods and assumptions in estimating fair value for financial instruments: ● The fair value of the investments held by SPEs - time deposit is based on the present value of future cash flows at the current market rate. ● The fair value of the investments held by SPEs - U.S. Treasury Bills are measured based on quoted market prices in an active market. ● The fair value of debt is based on discounted future expected cash flows based on current market rates for financial instruments with similar risks, terms and maturities. ● The fair value of the senior notes held by SPE is based on the present value of future cash flows at the current market rate. The carrying amount and estimated fair value, measured on a nonrecurring basis, of the Company’s financial instruments were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 ​ December 31, 2019 ​ Carrying Estimated ​ Carrying Estimated ​ ​ ​ value ​ Fair value ​ Level ​ value ​ Fair value ​ Level Assets ​ ​ ​ ​ Investments held by SPEs: ​ ​ ​ ​ Time deposit ​ $ 200,000 ​ $ 200,000 3 ​ $ 200,000 ​ $ 200,000 3 U.S. Treasury Bills and cash ​ $ 6,438 ​ $ 6,731 1 ​ $ 6,771 ​ $ 6,712 1 Liabilities ​ ​ ​ ​ ​ ​ Debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed-rate debt ​ $ 101,123 ​ $ 109,232 ​ 2 ​ $ 89,969 ​ $ 92,276 ​ 2 Variable-rate debt ​ ​ 21,857 ​ ​ 21,857 ​ 2 ​ ​ 4,538 ​ ​ 4,538 ​ 2 Total debt ​ $ 122,980 ​ $ 131,089 ​ ​ ​ $ 94,507 ​ $ 96,814 ​ ​ Senior Notes held by SPE ​ $ 177,156 ​ $ 222,866 3 ​ $ 177,026 ​ $ 204,347 3 ​ Investments and Senior Notes Held by Special Purpose Entities In connection with a real estate sale in 2014, the Company received consideration including a $200.0 million fifteen-year installment note (the “Timber Note”) issued by Panama City Timber Finance Company, LLC. The Company contributed the Timber Note and assigned its rights as a beneficiary under a letter of credit to Northwest Florida Timber Finance, LLC. Northwest Florida Timber Finance, LLC monetized the Timber Note by issuing $180.0 million aggregate principal amount of its 4.8% Senior Secured Notes due in 2029 (the “Senior Notes”) at an issue price of 98.5% of face value to third party investors. The investments held by Panama City Timber Finance Company, LLC as of June 30, 2020, consist of a $200.0 million time deposit that, subsequent to April 2, 2014, pays interest at 4.0% and matures in March 2029, U.S. Treasuries of $6.0 million and cash of $0.4 million. The Senior Notes held by Northwest Florida Timber Finance, LLC as of June 30, 2020 consist of $177.2 million, net of the $2.8 million discount and debt issuance costs. Panama City Timber Finance Company, LLC and Northwest Florida Timber Finance, LLC are VIEs, which the Company consolidates as the primary beneficiary of each entity.

Hurricane Michael

Hurricane Michael	6 Months Ended
	Jun. 30, 2020
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 the three months ended June 30, 2020, the Company did no t receive any business interruption insurance proceeds. During the six months ended June 30, 2020, $0.7 million of business interruption insurance proceeds were received related to the Pier Park Crossings JV, included within the cost of leasing revenue on the condensed consolidated statements of income. Costs incurred due to business interruption, primarily at the marinas, are continuing to be evaluated. The Company does not expect revenue at these locations until the properties have been rebuilt, but will incur costs for employee retention and property maintenance. During the three and six months ended June 30, 2020, the Company did not recognize any gain on insurance recovery. During the three and six months ended June 30, 2019, the Company recognized a $3.8 million and $4.1 million, respectively, gain on insurance recovery, included in other income, net on the condensed consolidated statements of income. During the three and six months ended June 30, 2020, the Company incurred loss from hurricane damage of $0.4 million and $0.5 million, respectively. During the three and six months ended June 30, 2019, the Company incurred loss from hurricane damage of $0.8 million and $1.1 million, respectively. Loss from hurricane damage includes additional hurricane expense items such as repairs, clean-up costs, landscape repairs, demolition costs, professional fees, damaged inventory and temporary housing for employees included in other income, net on the condensed consolidated statements of income. ​

Leases

Leases	6 Months Ended
	Jun. 30, 2020
Leases
Leases	8. 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ 2020 ​ 2019 ​ 2020 ​ 2019 Leasing revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lease payments $ 3,772 ​ $ 2,724 ​ $ 7,154 ​ $ 5,404 Variable lease payments ​ 1,135 ​ ​ 950 ​ ​ 2,052 ​ ​ 1,777 Total leasing revenue $ 4,907 ​ $ 3,674 ​ $ 9,206 ​ $ 7,181 ​ Minimum future base rental revenue on non-cancelable leases subsequent to June 30, 2020, for the years ending December 31 are: ​ ​ ​ ​ ​ ​ ​ 2020 ​ $ 7,458 2021 ​ 11,490 2022 ​ 10,243 2023 ​ 8,158 2024 ​ ​ 6,913 Thereafter ​ ​ 17,293 ​ ​ $ 61,555 ​ As of June 30, 2020, the Company leased certain office equipment under a finance lease and had operating leases for property and equipment used in corporate, hospitality and commercial operations with remaining lease terms up to the year 2049. Certain leases include options to purchase, terminate or renew for one or more years, which are included in the lease term used to establish right-of-use assets and lease liabilities when it is reasonably certain that the option will be exercised. Finance lease right-of-use assets are included within property, plant and equipment and operating lease right-of-use assets are included within other assets on the condensed consolidated balance sheets, which represent the Company’s right to use an underlying asset during a lease term for leases in excess of one year. Corresponding finance lease liability and operating lease liabilities are included within other liabilities on the condensed consolidated balance sheets and are related to the Company’s obligation to make lease payments for leases in excess of one year. The Company uses its incremental borrowing rate to determine the present value of the lease payments since the rate implicit in each lease is not readily determinable. The components of lease expense are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ 2020 ​ 2019 ​ 2020 ​ 2019 ​ Lease cost ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance lease cost: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of right-of-use assets $ 13 ​ $ 12 ​ $ 25 ​ $ 16 ​ Interest on lease liability 2 ​ 3 ​ 5 ​ 4 ​ Operating lease cost 72 ​ 53 ​ 137 ​ 105 ​ Short-term lease cost 277 ​ 237 ​ 351 ​ 301 ​ Total lease cost $ 364 ​ $ 305 ​ $ 518 ​ $ 426 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other information ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average remaining lease term - finance lease (in years) ​ ​ ​ ​ ​ ​ ​ 4.1 ​ ​ 4.7 ​ Weighted-average remaining lease term - operating leases (in years) ​ ​ ​ ​ ​ ​ ​ 2.6 ​ ​ 1.7 ​ Weighted-average discount rate - finance lease ​ ​ ​ ​ ​ ​ ​ 5.0 % ​ 5.0 % Weighted-average discount rate - operating leases ​ ​ ​ ​ ​ ​ ​ 5.0 % ​ 5.0 % ​ The aggregate payments of finance lease liability subsequent to June 30, 2020, for the years ending December 31 are: ​ ​ ​ ​ 2020 ​ $ 29 2021 ​ 58 2022 ​ 58 2023 ​ 58 2024 ​ ​ 12 Thereafter ​ ​ 1 Total ​ ​ 216 Less imputed interest ​ ​ (19) Total finance lease liability ​ $ 197 ​ The aggregate payments of operating lease liabilities subsequent to June 30, 2020, for the years ending December 31 are: ​ ​ ​ ​ 2020 ​ $ 139 2021 ​ 214 2022 ​ 126 2023 ​ 83 2024 ​ ​ 13 Thereafter ​ ​ 293 Total ​ ​ 868 Less imputed interest ​ ​ (196) Total operating lease liabilities ​ $ 672 ​

Other Assets

Other Assets	6 Months Ended
	Jun. 30, 2020
Other Assets
Other Assets	9. Other Assets Other assets consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2020 ​ 2019 Restricted investments ​ $ 1,176 ​ $ 2,364 Accounts receivable, net ​ ​ 8,190 ​ ​ 6,957 Homesite sales receivable ​ ​ 4,919 ​ ​ 5,211 Notes receivable, net ​ 3,084 ​ 3,252 Income tax receivable ​ ​ 2,487 ​ ​ 2,843 Prepaid expenses ​ 8,119 ​ 6,592 Straight-line rent ​ 3,261 ​ 3,292 Operating lease right-of-use assets ​ ​ 672 ​ ​ 691 Other assets ​ 7,639 ​ 5,715 Retained interest investments ​ ​ 12,492 ​ ​ 12,214 Accrued interest receivable for Senior Notes held by SPE ​ 2,938 ​ 2,938 Total other assets ​ $ 54,977 ​ $ 52,069 ​ Restricted Investments The Company’s restricted investments are related to the Company’s deferred compensation plan . As part of the Pension Plan termination in 2014, the Company directed the Pension Plan to transfer the Pension Plan’s surplus assets into a suspense account in the Company’s 401(k) plan. The Company has retained the risks and rewards of ownership of these assets; therefore, the assets held in the suspense account are included in the Company’s condensed consolidated balance sheets until they are allocated to current or future 401(k) plan participants within the next year Financial Instruments and Fair Value Measurements Accounts Receivable, Net The Company’s accounts receivable, net primarily include receivables related to certain homesite sales, leasing receivables, membership initiation fees, hospitality receivables and other receivables. At each reporting period accounts receivable in the scope of Topic 326 are pooled by type and judgements are made based on historical losses and expected credit losses based on economic trends to determine the allowance for credit losses primarily using the aging method. Actual losses could differ from those estimates. Write-offs are recorded when the Company concludes that all or a portion of the receivable is no longer collectible and recoveries on receivables previously charged-off are credited to the allowance. Homesite Sales Receivable Homesite sales receivable from contracts with customers include estimated homesite residuals and certain estimated fees that are recognized as revenue at the time of sale to homebuilders, subject to constraints. Any change in circumstances from the estimated amounts will be updated at each reporting period. The receivable will be collected as the homebuilders build the homes and sell to retail consumers, which can occur over multiple years. The following table presents the changes in homesite sales receivable: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Increases Due To ​ ​ Decreases Due to ​ ​ ​ ​ ​ ​ Balance ​ ​ Revenue Recognized ​ ​ Amounts ​ ​ Balance ​ ​ ​ January 1, 2020 ​ ​ for Homesites Sold ​ ​ Received/Transferred ​ ​ June 30, 2020 Homesite sales receivable ​ $ 5,211 ​ $ 1,075 ​ $ (1,367) ​ $ 4,919 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Increases Due To ​ ​ Decreases Due to ​ ​ ​ ​ ​ ​ Balance ​ ​ Revenue Recognized ​ ​ Amounts ​ ​ Balance ​ ​ ​ January 1, 2019 ​ ​ for Homesites Sold ​ ​ Received/Transferred ​ ​ June 30, 2019 Homesite sales receivable ​ $ 2,977 ​ $ 2,006 ​ $ (1,208) ​ $ 3,775 ​ Notes Receivable, Net Notes receivable, net consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2020 ​ 2019 Interest bearing homebuilder note, secured by the real estate sold — 5.5% interest rate, due June 2021 ​ $ 1,394 ​ $ 1,514 Interest bearing homebuilder note, secured by the real estate sold — 5.5% interest rate, due December 2021 ​ ​ 872 ​ ​ 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 ​ ​ 359 ​ ​ 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 ​ ​ 200 ​ ​ 206 Interest bearing homebuilder note, secured by the real estate sold — 6.3% interest rate, due March 2020 ​ ​ 128 ​ ​ 128 Various mortgage notes, secured by certain real estate, bearing interest at various rates ​ 76 ​ 85 Interest bearing revolving promissory note with Latitude Margaritaville Watersound JV, secured by the JV's real property - 5.0% interest rate, due June 2025 ​ ​ 55 ​ ​ — Interest bearing homebuilder note, secured by the real estate sold — 5.5% interest rate, due June 2020 ​ — ​ 84 Total notes receivable, net ​ $ 3,084 ​ $ 3,252 ​ The Company may allow homebuilders to pay for homesites during the home construction period in the form of homebuilder notes. The Company evaluates the carrying value of the notes receivable and the need for an allowance for credit losses at each reporting date. As of June 30, 2020, notes receivable were presented net of allowance for credit losses of less than $0.1 million. As of December 31, 2019, there was no allowance for doubtful notes receivable. As of both June 30, 2020 and December 31, 2019, accrued interest receivable related to notes receivable was $0.1 million, and is included within other assets on the condensed consolidated balance sheets. In June 2020, the Company entered into a $10.0 million secured revolving promissory note (the “Latitude Margaritaville Watersound JV Note”) with the unconsolidated Latitude Margaritaville Watersound JV. The to finance the development of the pod-level, non-spine infrastructure, which will be repaid by the JV as each home is sold by the JV, with the aggregate unpaid principal and all accrued and unpaid interest due at maturity in June 2025. The Real Estate Joint Ventures Retained Interest Investments The Company has a beneficial interest in certain bankruptcy-remote qualified SPEs used in the installment sale monetization of certain sales of timberlands in 2007 and 2008. The SPEs’ assets are not available to satisfy the Company’s liabilities or obligations and the liabilities of the SPEs are not the Company’s liabilities or obligations. Therefore, the SPEs’ assets and liabilities are not consolidated in the Company’s condensed consolidated financial statements as of June 30, 2020 and December 31, 2019. The Company’s continuing involvement with the SPEs is the receipt of the net interest payments and the remaining principal of approximately $16.4 million to be received at the end of the installment notes’ fifteen year maturity period, in 2022 through 2024. The Company has a beneficial or retained interest investment related to these SPEs of $12.5 million and $12.2 million as of June 30, 2020 and December 31, 2019, respectively, recorded in other assets on the Company’s condensed consolidated balance sheets.

Debt, Net

Debt, Net	6 Months Ended
	Jun. 30, 2020
Debt, Net
Debt, Net	10. Debt, Net Debt consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 ​ ​ December 31, 2019 ​ ​ ​ Unamortized ​ ​ ​ ​ ​ Unamortized ​ ​ ​ ​ ​ ​ ​ Discount and ​ ​ ​ ​ ​ ​ ​ Discount and ​ ​ ​ ​ ​ ​ ​ ​ Debt Issuance ​ ​ ​ ​ ​ ​ ​ Debt Issuance ​ ​ ​ ​ ​ Principal ​ Costs ​ Net ​ Principal ​ Costs ​ Net PPN JV Loan, due November 2025, bearing interest at 4.1% ​ $ 45,046 ​ $ 347 ​ $ 44,699 ​ ​ $ 45,514 ​ $ 380 ​ $ 45,134 PPC JV Loan, insured by HUD, due June 2060, bearing interest at 4.0% ​ ​ 35,690 ​ ​ 1,074 ​ ​ 34,616 ​ ​ ​ 34,610 ​ ​ 1,087 ​ ​ 33,523 Watersound Origins Crossings JV Loan, due May 2024, bearing interest at 5.0% ​ 14,292 ​ 402 ​ 13,890 ​ ​ ​ 2,868 ​ 454 ​ 2,414 Watercrest JV Loan, due June 2047, bearing interest at LIBOR plus 2.2% (effective rate of 2.4% at June 30, 2020) ​ ​ 8,639 ​ ​ 289 ​ ​ 8,350 ​ ​ ​ — ​ ​ — ​ ​ — 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% ​ ​ 6,095 ​ ​ — ​ ​ 6,095 ​ ​ ​ 6,977 ​ ​ — ​ ​ 6,977 PPC II JV Loan, due October 2024, bearing interest at LIBOR plus 2.3% (effective rate of 2.4% at June 30, 2020) ​ ​ 5,174 ​ ​ 224 ​ ​ 4,950 ​ ​ ​ — ​ ​ — ​ ​ — Beckrich Building III Loan, due August 2029, bearing interest at LIBOR plus 1.7% (effective rate of 1.9% at June 30, 2020) ​ ​ 3,596 ​ ​ 69 ​ ​ 3,527 ​ ​ ​ — ​ ​ — ​ ​ — Beach Homes Loan, due May 2029, bearing interest at LIBOR plus 1.7% (effective rate of 1.9% at June 30, 2020) ​ 1,571 ​ 18 ​ 1,553 ​ ​ ​ 1,594 ​ ​ 20 ​ ​ 1,574 Pier Park Outparcel Construction Loan, due March 2027, bearing interest at LIBOR plus 1.7% (effective rate of 1.9% at June 30, 2020) ​ ​ 1,500 ​ ​ 13 ​ ​ 1,487 ​ ​ ​ 1,535 ​ ​ 14 ​ ​ 1,521 WaterColor Crossings Construction Loan, due February 2029, bearing interest at LIBOR plus 1.7% (effective rate of 1.9% at June 30, 2020) ​ ​ 1,377 ​ ​ 22 ​ ​ 1,355 ​ ​ ​ 1,409 ​ ​ 23 ​ ​ 1,386 Total debt ​ $ 122,980 ​ $ 2,458 ​ $ 120,522 ​ ​ $ 94,507 ​ $ 1,978 ​ $ 92,529 ​ In October 2015, the Pier Park North JV entered into a $48.2 million loan (the “PPN JV Loan”), secured by a first lien on, and security interest in, a majority of the Pier Park North JV’s property. The PPN JV Loan provides for principal and interest payments with a final balloon payment at maturity. In May 2018, the Pier Park Crossings JV entered into a $36.6 million loan, insured by the U.S. Department of Housing and Urban Development (“HUD”), to finance the construction of apartments in Panama City Beach, Florida (the “PPC JV Loan”). The PPC JV Loan provides for monthly principal and interest payments through maturity in June 2060. 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. In May 2019, the Watersound Origins Crossings JV entered into a $37.9 million loan (the “Watersound Origins Crossings JV Loan”) to finance the construction of apartments in Watersound, Florida. The Watersound Origins Crossings JV Loan provides for interest only payments for the first thirty months and principal and interest payments thereafter 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 receives a monthly fee related to the guarantee from its JV partner based on the JV partner’s ownership percentage. In June 2019, the Watercrest JV entered into a $22.5 million loan (the “Watercrest JV Loan”) to finance the construction of an assisted living facility in Santa Rosa Beach, Florida. The Watercrest JV Loan provides for interest only payments for the first thirty-six months and principal and interest payments thereafter through maturity in June 2047. The Watercrest JV Loan is secured by the real property, assignment of rents, leases and deposits and the security interest in the rents and personal property. In connection with the Watercrest JV Loan, the Company executed a guarantee in favor of the lender to guarantee the payment and performance of the borrower under the Watercrest JV Loan. The Company is the sole guarantor and will receive a quarterly fee related to the guarantee from its JV partner based on the JV partner’s ownership percentage. The Watercrest JV entered into an interest rate swap to hedge cash flows tied to changes in the underlying floating interest rate tied to LIBOR. The interest rate swap is effective June 1, 2021 and matures on June 1, 2024 and fixed the variable rate debt on the notional amount of related debt of $20.0 million to a rate of 4.37%. Community Development District (“CDD”) bonds financed the construction of infrastructure improvements at some of the Company’s projects. The principal and interest payments on the bonds are paid by assessments on the properties benefited by the improvements financed by the bonds. The Company has recorded a liability for CDD debt that is associated with platted property, which is the point at which it becomes fixed 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 $17.0 million and $17.7 million as of June 30, 2020 and December 31, 2019, respectively. The Company pays interest on this total outstanding CDD debt. In October 2019, the Pier Park Crossings Phase II JV entered into a $17.5 million loan (the “PPC II JV Loan”) to finance the construction of apartments in Panama City Beach, Florida. The PPC II JV Loan provides for interest only payments for the first twenty-four months and principal and interest payments thereafter 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 monthly fee related to the guarantee from its JV partner based on the JV partner’s ownership percentage. In August 2019, a wholly owned subsidiary of the Company entered into a $5.5 million loan (the “Beckrich Building III Loan”) to finance the construction of an office building in Panama City Beach, Florida. The Beckrich Building III Loan provides for 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. 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 March 2017, a wholly owned subsidiary of the Company entered into a $1.6 million construction loan to finance the construction of a commercial leasing property located in Panama City Beach, Florida (the “Pier Park Outparcel Construction Loan”). The Pier Park Outparcel Construction Loan provides for monthly principal and interest payments with a final balloon payment at maturity. The Pier Park Outparcel Construction Loan is secured by the real property, assignment of rents and the security interest in the rents and personal property. In February 2018, a wholly owned subsidiary of the Company entered into a $1.9 million construction loan to finance the construction of a commercial leasing property located in Santa Rosa Beach, Florida (the “WaterColor Crossings Construction Loan”). The WaterColor Crossings Construction Loan provides for monthly principal and interest payments with a final balloon payment at maturity. The WaterColor Crossings Construction Loan is secured by the real property, assignment of rents and the security interest in the rents and personal property. In connection with the WaterColor Crossings Construction Loan, the Company executed a guarantee in favor of the lender to guarantee the payment and performance of the borrower under the WaterColor Crossings Construction Loan. In March 2020, a wholly owned subsidiary of the Company entered into a $15.3 million loan (the “Airport Hotel Loan”) to finance the construction of a Hilton Garden Inn near the Northwest Florida Beaches International Airport in Panama City, Florida. The Airport Hotel Loan provides for interest only payments for the first thirty-six months and principal and interest payments thereafter through maturity in March 2025. The Airport Hotel Loan is secured by the real property, assignment of leases, rents and profits and the security interest in the rents and personal property. In connection with the Airport Hotel Loan, the Company executed a guarantee in favor of the lender to guarantee the payment and performance of the borrower under the Airport Hotel Loan. As of June 30, 2020, there was no principal balance and the Company had incurred $0.2 million of loan costs related to the Airport Hotel Loan. In April 2020, the Pier Park Resort Hotel JV entered into a loan with an initial amount of $52.5 million up to a maximum of $60.0 million through additional earn-out requests (the “Pier Park Resort Hotel JV Loan”). The Pier Park Resort Hotel JV Loan was entered into to finance the construction of an Embassy Suites by Hilton hotel in the Pier Park area of Panama City Beach, Florida. The Pier Park Resort Hotel JV Loan provides for interest only payments for the first thirty-six months and principal and interest payments thereafter through maturity in March 2027. The Pier Park Resort Hotel JV Loan is secured by the real property, assignment of rents and leases and the security interest in the rents, leases and personal property. In connection with the Pier Park Resort Hotel JV Loan, as guarantor, the Company and the Company’s JV partner entered into a guarantee based on each partner’s ownership interest in favor of the lender, to guarantee the payment and performance of the borrower. As guarantor, the Company’s liability under the Pier Park Resort Hotel JV Loan will be released upon reaching and maintaining certain debt service coverage for twelve months. In addition, the guarantee can become full recourse in the case of the failure of guarantor to abide by or perform any of the covenants or warranties to be performed on the part of such guarantor. As of June 30, 2020, there was no principal balance and the Company had incurred $1.2 million of loan costs related to the Pier Park Resort Hotel JV Loan. The Company’s financing agreements are subject to various customary debt covenants and as of both June 30, 2020 and December 31, 2019 the Company was in compliance with the financial debt covenants. The aggregate maturities of debt subsequent to June 30, 2020, for the years ending December 31 are: ​ ​ ​ ​ ​ June 30, ​ ​ 2020 2020 ​ $ 885 2021 ​ 2,472 2022 ​ 2,871 2023 ​ 3,049 2024 ​ 21,663 Thereafter ​ 92,040 ​ ​ $ 122,980 ​

Other Liabilities

Other Liabilities	6 Months Ended
	Jun. 30, 2020
Other Liabilities
Other Liabilities	11. Other Liabilities Other liabilities consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2020 ​ 2019 Accounts payable ​ $ 24,797 ​ $ 16,207 Finance lease liability ​ ​ 197 ​ ​ 204 Operating lease liabilities ​ ​ 672 ​ ​ 691 Accrued compensation ​ 2,022 ​ 3,151 Other accrued liabilities ​ 5,864 ​ 3,277 Deferred revenue ​ 17,668 ​ 18,972 Club initiation fees ​ ​ 7,429 ​ ​ 6,917 Club membership deposits ​ 3,835 ​ 3,985 Advance deposits ​ 2,794 ​ 946 Accrued interest expense for Senior Notes held by SPE ​ 2,850 ​ 2,850 Total other liabilities ​ $ 68,128 ​ $ 57,200 ​ Accounts payable as of June 30, 2020 and December 31, 2019 includes payables for projects under development and construction. Other accrued liabilities include $2.4 million and $0.1 million of accrued property taxes as of June 30, 2020 and December 31, 2019, respectively, which are generally paid annually in November. Deferred revenue as of June 30, 2020 and December 31, 2019 includes $11.5 million and $12.5 million, respectively, related to a 2006 agreement pursuant to which the Company agreed to sell land to the Florida Department of Transportation. Revenue is recognized when title to a specific parcel is legally transferred. Club initiation fees are recognized as revenue over the estimated average duration of membership, which is evaluated periodically. The following table presents the changes in club initiation fees related to contracts with customers: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance ​ ​ Increases Due To ​ ​ Decreases Due to ​ ​ Balance ​ ​ ​ January 1, 2020 ​ ​ Cash Received ​ ​ Revenue Recognized ​ ​ June 30, 2020 Contract liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Club initiation fees ​ $ 6,917 ​ $ 1,686 ​ $ (1,174) ​ $ 7,429 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance ​ ​ Increases Due To ​ ​ Decreases Due to ​ ​ Balance ​ ​ ​ January 1, 2019 ​ ​ Cash Received ​ ​ Revenue Recognized ​ ​ June 30, 2019 Contract liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Club initiation fees ​ $ 5,676 ​ $ 1,663 ​ $ (882) ​ $ 6,457 ​ Advance deposits consist of deposits received on hotel rooms and related hospitality activities. Advance deposits are recorded as other liabilities in the condensed consolidated balance sheets without regard to whether they are refundable and are recognized as income at the time the service is provided for the related deposit.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2020
Income Taxes
Income Taxes	12. Income Taxes Income tax expense attributable to income from operations differed from the amount computed by applying the statutory federal income tax rate of 21% as of June 30, 2020 and 2019 to pre-tax income as a result of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ 2020 2019 ​ 2020 2019 Tax at the federal statutory rate $ 5,273 $ 2,869 ​ $ 4,847 $ 3,424 State income taxes (net of federal benefit) ​ 884 ​ 601 ​ 813 ​ 717 Tax credits ​ ​ (251) ​ ​ — ​ ​ (251) ​ ​ — Other ​ 1 ​ (36) ​ 3 ​ (46) Total income tax expense $ 5,907 $ 3,434 ​ $ 5,412 $ 4,095 ​ As of June 30, 2020 and December 31, 2019 the Company had an income tax receivable of $2.5 million and $2.8 million, respectively, included in other assets on the condensed consolidated balance sheets. As of both June 30, 2020 and December 31, 2019 the income tax receivable included a federal alternative minimum tax (“AMT”) credit receivable of $2.2 million. Significant judgment is required in evaluating the Company's uncertain tax positions and determining its provision for income taxes. The Company regularly assesses the likelihood of adverse outcomes resulting from potential examinations to determine the adequacy of its provision for income taxes and applies a “more-likely-than-not” in determining the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The Company has not identified any material unrecognized tax benefits as of either June 30, 2020 or December 31, 2019. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted in response to the COVID-19 pandemic. The CARES Act, among other things, permits net operating loss (“NOL”) carryovers and carrybacks to offset 100% of taxable income for taxable years beginning before 2021. In addition, the CARES Act allows NOLs incurred in 2018, 2019, and 2020 to be carried back to each of the five preceding taxable years to generate a refund of previously paid income taxes. The CARES Act also contains modifications on the limitation of business interest for tax years beginning in 2019 and 2020. The modifications to Section 163(j) increase the allowable business interest deduction from 30% of adjusted taxable income to 50% of adjusted taxable income. Based upon current facts and circumstances, the Company does not expect that these provisions would result in a material cash benefit or impact to the effective tax rate.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	6 Months Ended
	Jun. 30, 2020
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss	13. Accumulated Other Comprehensive Loss Following is a summary of the changes in the balances of accumulated other comprehensive loss, which is presented net of tax: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrealized (Loss) Gain Unrealized Loss ​ ​ ​ ​ on Available-for- Cash Flow ​ ​ ​ ​ ​ Sale Securities ​ Hedge ​ Total Accumulated other comprehensive loss at December 31, 2019 ​ $ (84) ​ $ (251) ​ $ (335) Other comprehensive loss before reclassifications ​ 82 ​ ​ (1,274) ​ ​ (1,192) Amounts reclassified from accumulated other comprehensive loss ​ (3) ​ ​ — ​ ​ (3) Other comprehensive loss ​ 79 ​ ​ (1,274) ​ ​ (1,195) Accumulated other comprehensive loss at June 30, 2020 ​ $ (5) ​ $ (1,525) ​ $ (1,530) ​ Following is a summary of the tax effects allocated to other comprehensive (loss) income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2020 ​ Before- Tax (Expense) or Net-of- ​ ​ Tax Amount ​ Benefit ​ Tax Amount Unrealized gain on available-for-sale investments ​ $ 106 ​ $ (27) ​ $ 79 Unrealized gain on restricted investments ​ 15 ​ (4) ​ 11 Interest rate swap ​ ​ (137) ​ ​ 35 ​ ​ (102) Interest rate swap - unconsolidated affiliate ​ ​ (841) ​ ​ 213 ​ ​ (628) Net unrealized loss ​ (857) ​ 217 ​ (640) Other comprehensive loss ​ $ (857) ​ $ 217 ​ $ (640) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2019 ​ Before- Tax Benefit or Net-of- ​ ​ Tax Amount ​ (Expense) ​ Tax Amount Unrealized loss on available-for-sale investments ​ $ (9) ​ $ 2 ​ $ (7) Unrealized gain on restricted investments ​ 7 ​ (2) ​ 5 Net unrealized loss ​ (2) ​ — ​ (2) Other comprehensive loss ​ $ (2) ​ $ — ​ $ (2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2020 ​ Before- Tax (Expense) or Net-of- ​ ​ Tax Amount ​ Benefit ​ Tax Amount Unrealized gain on available-for-sale investments ​ $ 106 ​ $ (27) ​ $ 79 Unrealized gain on restricted investments ​ ​ 5 ​ ​ (2) ​ ​ 3 Interest rate swap ​ ​ (866) ​ ​ 220 ​ ​ (646) Interest rate swap - unconsolidated affiliate ​ ​ (841) ​ ​ 213 ​ ​ (628) Reclassification adjustment for net gain included in earnings ​ (4) ​ 1 ​ (3) Net unrealized loss ​ (1,600) ​ 405 ​ (1,195) Other comprehensive loss ​ $ (1,600) ​ $ 405 ​ $ (1,195) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2019 ​ Before- Tax Net-of- ​ ​ Tax Amount ​ Expense ​ Tax Amount Unrealized gain on available-for-sale investments ​ $ 790 ​ $ (201) ​ $ 589 Unrealized gain on restricted investments ​ 18 ​ (5) ​ 13 Reclassification adjustment for net loss included in earnings ​ 2 ​ — ​ 2 Net unrealized gain ​ 810 ​ (206) ​ 604 Other comprehensive income ​ $ 810 ​ $ (206) ​ $ 604 ​

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2020
Stockholders' Equity
Stockholders' Equity	14. Stockholders’ Equity Stock Repurchase Program The Company’s Board has approved a stock repurchase program (the “Stock Repurchase Program”) pursuant to which the Company is authorized to repurchase shares of its common stock. The Stock Repurchase Program has no expiration date. During the six months ended June 30, 2020 and 2019, the Company repurchased 532,034 and 471,500 shares, respectively, of its common stock at an average purchase price of $16.54 and $15.00, per share, respectively, for an aggregate purchase price of $8.8 million and $7.1 million, respectively, pursuant to its Stock Repurchase Program. As of June 30, 2020, the Company had a total authority of $77.4 million available for purchase of shares of its common stock pursuant to its Stock Repurchase Program. The Company may repurchase its common stock in open market purchases from time to time, in privately negotiated transactions or otherwise, pursuant to Rule 10b-18 under the 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 in cash, cash equivalents and/or investments 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 vested on May 19, 2020, the date of the Company’s 2020 Annual Meeting of Shareholders. Two non-employee directors elected to receive cash in lieu of the stock, which was paid in July 2019. On May 23, 2018, the Company’s Board approved granting to each non-employee director an equity grant with an aggregate fair market value of $50,000 or, at the director’s election, its cash equivalent. On July 2, 2018, 2,778 shares of restricted stock were granted to one of the Company’s directors pursuant to the Board’s May 23, 2018 approval and the Company’s 2015 Plan. This restricted stock vested on May 20, 2019, the date of the Company’s 2019 Annual Meeting of Shareholders. Three non-employee directors elected to receive cash in lieu of the stock. For each of the three and six months ended June 30, 2020 and 2019, the Company recorded expense of less than $0.1 million, related to restricted stock awards to the Company’s directors.

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jun. 30, 2020
Revenue Recognition
Revenue Recognition	15. Revenue Recognition Revenue consists primarily of real estate sales, hospitality operations, leasing operations, and timber sales. Taxes collected from customers and remitted to governmental authorities (e.g., sales tax) are excluded from revenue, costs and expenses. The following represents revenue disaggregated by segment, good or service and timing: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2020 ​ ​ Residential ​ Hospitality ​ Commercial ​ Other ​ Total Revenue by Major Good/Service: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Real estate revenue ​ $ 14,002 ​ $ — ​ $ 2,322 ​ $ 1,231 ​ $ 17,555 Hospitality revenue ​ ​ 70 ​ ​ 11,495 ​ ​ — ​ ​ — ​ ​ 11,565 Leasing revenue ​ ​ 55 ​ ​ 3 ​ ​ 4,849 ​ ​ — ​ ​ 4,907 Timber revenue ​ ​ — ​ ​ — ​ ​ 2,055 ​ ​ — ​ ​ 2,055 Total revenue ​ $ 14,127 ​ $ 11,498 ​ $ 9,226 ​ $ 1,231 ​ $ 36,082 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Timing of Revenue Recognition: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recognized at a point in time ​ $ 14,072 ​ $ 10,744 ​ $ 4,377 ​ $ 1,231 ​ $ 30,424 Recognized over time ​ ​ — ​ ​ 751 ​ ​ — ​ ​ — ​ ​ 751 Over lease term ​ ​ 55 ​ ​ 3 ​ ​ 4,849 ​ ​ — ​ ​ 4,907 Total revenue ​ $ 14,127 ​ $ 11,498 ​ $ 9,226 ​ $ 1,231 ​ $ 36,082 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2019 ​ ​ Residential ​ Hospitality ​ Commercial ​ Other ​ Total Revenue by Major Good/Service: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Real estate revenue ​ $ 13,825 ​ $ — ​ $ 1,288 ​ $ 440 ​ $ 15,553 Hospitality revenue ​ ​ 183 ​ ​ 15,377 ​ ​ — ​ ​ — ​ ​ 15,560 Leasing revenue ​ ​ 11 ​ ​ 27 ​ ​ 3,636 ​ ​ — ​ ​ 3,674 Timber revenue ​ ​ — ​ ​ — ​ ​ 759 ​ ​ — ​ ​ 759 Total revenue ​ $ 14,019 ​ $ 15,404 ​ $ 5,683 ​ $ 440 ​ $ 35,546 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Timing of Revenue Recognition: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recognized at a point in time ​ $ 14,008 ​ $ 14,597 ​ $ 2,047 ​ $ 440 ​ $ 31,092 Recognized over time ​ ​ — ​ ​ 780 ​ ​ — ​ ​ — ​ ​ 780 Over lease term ​ ​ 11 ​ ​ 27 ​ ​ 3,636 ​ ​ — ​ ​ 3,674 Total revenue ​ $ 14,019 ​ $ 15,404 ​ $ 5,683 ​ $ 440 ​ $ 35,546 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2020 ​ ​ Residential ​ Hospitality ​ Commercial ​ Other ​ Total Revenue by Major Good/Service: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Real estate revenue ​ $ 16,956 ​ $ — ​ $ 5,087 ​ $ 1,319 ​ $ 23,362 Hospitality revenue ​ ​ 132 ​ ​ 18,044 ​ ​ — ​ ​ — ​ ​ 18,176 Leasing revenue ​ ​ 78 ​ ​ 5 ​ ​ 9,123 ​ ​ — ​ ​ 9,206 Timber revenue ​ ​ — ​ ​ — ​ ​ 3,911 ​ ​ — ​ ​ 3,911 Total revenue ​ $ 17,166 ​ $ 18,049 ​ $ 18,121 ​ $ 1,319 ​ $ 54,655 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Timing of Revenue Recognition: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recognized at a point in time ​ $ 17,088 ​ $ 16,671 ​ $ 8,998 ​ $ 1,319 ​ $ 44,076 Recognized over time ​ ​ — ​ ​ 1,373 ​ ​ — ​ ​ — ​ ​ 1,373 Over lease term ​ ​ 78 ​ ​ 5 ​ ​ 9,123 ​ ​ — ​ ​ 9,206 Total revenue ​ $ 17,166 ​ $ 18,049 ​ $ 18,121 ​ $ 1,319 ​ $ 54,655 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2019 ​ ​ Residential ​ Hospitality ​ Commercial ​ Other ​ Total Revenue by Major Good/Service: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Real estate revenue ​ $ 17,187 ​ $ — ​ $ 2,399 ​ $ 558 ​ $ 20,144 Hospitality revenue ​ ​ 335 ​ ​ 22,656 ​ ​ — ​ ​ — ​ ​ 22,991 Leasing revenue ​ ​ 22 ​ ​ 52 ​ ​ 7,107 ​ ​ — ​ ​ 7,181 Timber revenue ​ ​ — ​ ​ — ​ ​ 1,254 ​ ​ — ​ ​ 1,254 Total revenue ​ $ 17,544 ​ $ 22,708 ​ $ 10,760 ​ $ 558 ​ $ 51,570 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Timing of Revenue Recognition: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recognized at a point in time ​ $ 17,522 ​ $ 21,365 ​ $ 3,653 ​ $ 558 ​ $ 43,098 Recognized over time ​ ​ — ​ ​ 1,291 ​ ​ — ​ ​ — ​ ​ 1,291 Over lease term ​ ​ 22 ​ ​ 52 ​ ​ 7,107 ​ ​ — ​ ​ 7,181 Total revenue ​ $ 17,544 ​ $ 22,708 ​ $ 10,760 ​ $ 558 ​ $ 51,570 ​

Other Income

Other Income	6 Months Ended
	Jun. 30, 2020
Other Income
Other Income	16. Other Income, Net Other income, net consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ 2020 2019 2020 2019 Investment income, net ​ ​ ​ ​ Interest and dividend income ​ $ 67 ​ $ 2,302 ​ $ 1,111 ​ $ 4,115 ​ Accretion income ​ 30 ​ 23 ​ 47 ​ 84 ​ Net realized loss on the sale of investments ​ — ​ — ​ (48) ​ (2) ​ Unrealized (loss) gain on investments, net ​ ​ (142) ​ ​ (1,915) ​ ​ (4,903) ​ ​ 133 ​ Interest income from investments in SPEs ​ 2,045 ​ 2,048 ​ 4,091 ​ 4,096 ​ Interest accrued on notes receivable and other interest ​ 55 ​ 77 ​ 148 ​ 154 ​ Total investment income, net ​ 2,055 ​ 2,535 ​ 446 ​ 8,580 ​ Interest expense ​ ​ ​ ​ ​ Interest expense and amortization of discount and issuance costs for Senior Notes issued by SPE ​ (2,203) ​ (2,200) ​ (4,405) ​ (4,399) ​ Other interest expense ​ (1,187) ​ (824) ​ (2,329) ​ (1,567) ​ Total interest expense ​ (3,390) ​ (3,024) ​ (6,734) ​ (5,966) ​ Other income (expense), net ​ ​ ​ ​ ​ Gain on land contribution to equity method investment ​ ​ 15,338 ​ ​ — ​ ​ 19,616 ​ ​ 1,472 ​ Accretion income from retained interest investments ​ 340 ​ 327 ​ 685 ​ 647 ​ Gain on insurance recovery ​ ​ — ​ ​ 3,792 ​ ​ — ​ ​ 4,071 ​ Loss from hurricane damage ​ ​ (447) ​ ​ (805) ​ ​ (502) ​ ​ (1,127) ​ Miscellaneous income (expense), net ​ 246 ​ (31) ​ 210 ​ (84) ​ Other income, net ​ 15,477 ​ 3,283 ​ 20,009 ​ 4,979 ​ Total other income, net ​ $ 14,142 ​ $ 2,794 ​ $ 13,721 ​ $ 7,593 ​ ​ Investment Income, Net Interest and dividend income includes interest income accrued or received on the Company’s U. S. Treasury Bills, corporate debt securities, commercial paper and money market funds, and dividend income received from the Company’s investments in preferred stock. Accretion income includes the amortization of the premium or accretion of discount related to the Company’s available-for-sale securities, which is amortized based on an effective interest rate method over the term of the available-for-sale securities. Net realized loss on the sale of investments include the gains or losses recognized on the sale of available-for-sale and equity securities prior to maturity. Unrealized (loss) gain on investments, net includes unrealized gains or losses on investments - equity securities. Interest income from investments in SPEs primarily includes interest earned on the investments held by Panama City Timber Finance Company, LLC, which is used to pay the interest expense for Senior Notes held by Northwest Florida Timber Finance, LLC. Interest Expense Interest expense includes interest incurred related to the Company’s CDD debt, Senior Notes issued by Northwest Florida Timber Finance, LLC, project financing and finance leases. Borrowing costs, including the discount and issuance costs for the Senior Notes issued by Northwest Florida Timber Finance, LLC, are amortized based on the effective interest method at an effective rate of 4.9%. During each of the three months ended June 30, 2020 and 2019 the Company capitalized $0.2 million in interest related to projects under development. During the six months ended June 30, 2020 and 2019 the Company capitalized $0.3 million and $0.4 million, respectively, in interest related to projects under development. These amounts are included within investment in real estate, net on the Company’s condensed consolidated balance sheets. 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. Other income, net for the three and six months ended June 30, 2020 includes a gain of $15.3 million on land contributed to the Company’s unconsolidated Latitude Margaritaville Watersound JV. The $15.3 million gain on land contributed to the Latitude Margaritaville Watersound JV includes $16.6 million for the net present value of the land contribution, net of $1.3 million cost basis. The present value of the land contribution was based on the Company’s best estimate of the prevailing market rates for the source of credit using an imputed interest rate of 5.75% and an additional performance obligation to provide for infrastructure improvements in the vicinity of the contributed land. The six months ended June 30, 2020 also include a gain of $4.3 million on land and mitigation credits contributed to the Company’s unconsolidated Sea Sound Apartments JV. The six months ended June 30, 2019, include 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 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 11.2%. During the three and six months ended June 30, 2020, the Company did not have any gain on insurance recovery and incurred $0.4 million and $0.5 million, respectively, of loss from hurricane damage related to Hurricane Michael. During the three and six months ended June 30, 2019, the Company had a gain on insurance recovery of $3.8 million and $4.1 million, respectively, and incurred $0.8 million and $1.1 million, respectively, of loss from hurricane damage related to Hurricane Michael. See Note 7. Hurricane Michael

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2020
Segment Information
Segment Information	17. Segment Information The Company currently conducts primarily all of its business in the following three operating segments: (1) residential, (2) hospitality and (3) commercial. Prior to the first quarter of 2020, commercial leasing and sales, as well as forestry were treated as individual operating segments. See Note 1. Nature of Operations 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 set forth in Note 2 to the Company’s consolidated financial statements contained in Item 15 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. Total revenue represents sales to unaffiliated customers, as reported in the Company’s condensed consolidated statements of income. All significant intercompany transactions have been eliminated in consolidation. The caption entitled “Other” 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ 2020 2019 2020 2019 Operating revenue: ​ ​ ​ ​ Residential ​ $ 14,127 ​ $ 14,019 ​ $ 17,166 ​ $ 17,544 Hospitality ​ 11,498 ​ 15,404 ​ 18,049 ​ 22,708 Commercial ​ 9,226 ​ 5,683 ​ 18,121 ​ 10,760 Other ​ 1,231 ​ 440 ​ 1,319 ​ 558 Consolidated operating revenue ​ $ 36,082 ​ $ 35,546 ​ $ 54,655 ​ $ 51,570 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) before equity in loss from unconsolidated affiliates and income taxes: ​ ​ ​ ​ Residential (a) ​ $ 21,602 ​ $ 5,578 ​ $ 22,006 ​ $ 5,849 Hospitality ​ 2,411 ​ 5,287 ​ 153 ​ 4,464 Commercial (b) ​ 3,446 ​ 1,554 ​ 11,400 ​ 4,624 Other ​ (2,210) ​ 1,243 ​ (10,057) ​ 1,365 Consolidated income before equity in loss from unconsolidated affiliates and income taxes ​ $ 25,249 ​ $ 13,662 ​ $ 23,502 ​ $ 16,302 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (a) The three and six months ended June 30, 2020 includes a gain of $15.3 million on land contributed to the Latitude Watersound Margaritaville JV. See Note 4. Real Estate Joint Ventures and Note 16. Other Income, Net for additional information. (b) The six months ended June 30, 2020 includes a gain of $3.9 million on land contributed to the Sea Sound Apartments JV. ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2020 ​ 2019 Total assets: ​ ​ Residential ​ $ 167,841 ​ $ 139,349 Hospitality ​ 115,084 ​ 89,570 Commercial ​ 301,273 ​ 253,936 Other ​ 382,118 ​ 426,378 Total assets ​ $ 966,316 ​ $ 909,233 ​

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies
Commitments and Contingencies	18. Commitments and Contingencies The Company establishes an accrued liability when it is both probable that a material loss has been incurred and the amount of the loss can be reasonably estimated. The Company will evaluate the range of reasonably estimated losses and record an accrued liability based on what it believes to be the minimum amount in the range, unless it believes an amount within the range is a better estimate than any other amount. In such cases, there may be an exposure to loss in excess of the amounts accrued. The Company evaluates quarterly whether further developments could affect the amount of the accrued liability previously established or would make a loss contingency both probable and reasonably estimable. The Company also provides disclosure when it believes it is reasonably possible that a material loss will be incurred or when it believes it is reasonably possible that the amount of a loss will exceed the recorded liability. The Company reviews loss contingencies at least quarterly to determine whether the likelihood of loss has changed and to assess whether a reasonable estimate of the loss or range of loss can be made. This estimated range of possible losses is based upon currently available information and is subject to significant judgment and a variety of assumptions, as well as known and unknown uncertainties. The matters underlying the estimated range will change from time to time, and actual results may vary significantly from the current estimate. The Company is subject to a variety of litigation, claims, other disputes and governmental proceedings that arise from time to time in the ordinary course of its business, including litigation related to its prior homebuilding and development activities. The Company cannot make assurances that it will be successful in defending these matters. Based on current knowledge, the Company does not believe that loss contingencies arising from pending litigation, claims, other disputes and governmental proceedings, including those described herein, will have a material adverse effect on the consolidated financial position or liquidity of the Company. However, in light of the inherent uncertainties involved in these matters, an adverse outcome in one or more of these matters could be material to the Company’s results of operations or cash flows for any particular reporting period. The Company is subject to costs arising out of environmental laws and regulations, which include obligations to remove or limit the effects on the environment of the disposal or release of certain wastes or substances at various sites, including sites which have been previously sold. It is the Company’s policy to accrue and charge against earnings environmental cleanup costs when it is probable that a liability has been incurred and a range of loss can be reasonably estimated. As assessments and cleanups proceed, these accruals are reviewed and adjusted, if necessary, as additional information becomes available. The Company is in the process of assessing certain properties in regard to the effects, if any, on the environment from the disposal or release of wastes or substances. Management is unable to quantify future rehabilitation costs above present accruals at this time or provide a reasonably estimated range of loss. Other litigation, claims, 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 $0.8 million and $1.5 million as of June 30, 2020 and December 31, 2019, respectively. Significant judgment is required in both the determination of probability and the determination as to whether the amount of an exposure is reasonably estimable. Due to uncertainties related to these matters, accruals are based only on the information available at the time. As additional information becomes available, management reassesses potential liabilities related to pending claims and litigation and may revise its previous estimates, which could materially affect the Company’s results of operations for any particular reporting period. The Company has retained certain self-insurance risks with respect to losses for third party liability and property damage, including its timber assets. In June 2020, the Company, as lender, entered into a $10.0 million secured revolving promissory note with the unconsolidated Latitude Margaritaville Watersound JV, as borrower. As of June 30, 2020, $0.1 million was outstanding on the The to finance the development of the pod-level, non-spine infrastructure, which will be repaid by the JV as each home is sold by the JV, with the aggregate unpaid principal and all accrued and unpaid interest due at maturity in June 2025. The Real Estate Joint Ventures Other Assets As of June 30, 2020 and December 31, 2019, the Company was required to provide surety bonds that guarantee completion of certain infrastructure in certain development projects and mitigation banks of $19.7 million and $10.7 million, respectively, as well as a standby letter of credit in the amount of $1.9 million as of June 30, 2020, which may potentially result in liability to the Company if certain obligations of the Company are not met. As of June 30, 2020, the Company had a total of $134.9 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”). 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. The Pier Park TPS JV entered into an interest rate swap to hedge cash flows tied to changes in the underlying floating interest rate tied to LIBOR. The interest rate swap is effective January 14, 2021 and matures on January 14, 2026 and fixed the variable rate debt on the notional amount of related debt of $14.4 million to a rate of 5.21%. As of June 30, 2020 and December 31, 2019, $13.3 million and $6.8 million, respectively, was outstanding on the Pier Park TPS JV Loan. In November 2019, the Company’s unconsolidated Busy Bee JV, entered into a $5.4 million construction loan maturing in November 2035 (the “Busy Bee JV Construction Loan”) and a $1.2 million equipment loan maturing in November 2027 (the “Busy Bee JV Equipment Loan”). The 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, which occurred on June 29, 2020. As guarantor, the Company’s liability under the loans upon substantial completion was reduced to 50.0% for a twelve month period. Subsequent to that time, the Company’s guarantee will be released upon request. Upon release of the Company’s guarantee, the JV partner will be the sole guarantor and will receive a fee related to the guarantee from the Company based on the Company’s ownership percentage. As of June 30, 2020 and December 31, 2019, $5.4 million and $1.4 million, respectively, was outstanding on the Busy Bee JV Construction Loan. As of June 30, 2020 and December 31, 2019, $1.0 million and $0.1 million, respectively, 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 both June 30, 2020 and December 31, 2019. As of June 30, 2020, allowance for credit losses related to the contingent aspect of these guarantees, based on historical experience and economic trends, was $0.1 million and is included within other liabilities on the condensed consolidated balance sheets.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2020
Significant Accounting Policies
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The accompanying unaudited interim condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for reporting on Form 10-Q. Accordingly, certain information and footnotes required by United States generally accepted accounting principles (“GAAP”) for complete financial statements are not included herein. The unaudited interim condensed consolidated financial statements include the accounts of the Company and all of its majority-owned and controlled subsidiaries and variable interest entities where the Company deems itself the primary beneficiary. Investments in joint ventures (“JV”) and limited partnerships in which the Company is not the primary beneficiary are accounted for by the equity method. All significant intercompany transactions and balances have been eliminated in consolidation. The December 31, 2019 condensed consolidated balance sheet amounts have been derived from the Company’s December 31, 2019 audited consolidated financial statements. Certain prior period amounts in the accompanying condensed consolidated financial statements have been reclassified to conform to the current year presentation. These reclassifications had no effect on the Company’s previously reported total assets and liabilities, stockholders’ equity or net income. Operating results for the six months ended June 30, 2020 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2020. A variable interest entity (“VIE”) is an entity in which a controlling financial interest may be achieved through arrangements that do not involve voting interests. A VIE is required to be consolidated by its primary beneficiary, which is the entity that possesses the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and has the obligation to absorb losses or the right to receive benefits from the VIE that are significant to the entity. The Company consolidates VIEs when it is the primary beneficiary of the VIE, including real estate JVs determined to be VIEs. See Note 4. Real Estate Joint Ventures The unaudited interim condensed consolidated financial statements reflect all normal recurring adjustments that, in the opinion of management, are necessary for fair presentation of the information contained herein. The unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. The Company adheres to the same accounting policies in preparation of its unaudited interim condensed consolidated financial statements as the Company’s December 31, 2019 annual financial statements, except for recently adopted accounting pronouncements detailed below. As required under GAAP, interim accounting for certain expenses, including income taxes, are based on full year assumptions. For interim financial reporting purposes, income taxes are recorded based upon estimated annual income tax rates.
Concentration of Risks and Uncertainties	Concentration of Risks and Uncertainties The Company’s real estate investments are concentrated in Northwest Florida. Uncertain economic conditions could have an adverse impact on the Company’s real estate values. On March 11, 2020, the World Health Organization characterized the outbreak of the novel coronavirus (“COVID-19”), as a global pandemic and recommended containment and mitigation measures. The economic conditions in the United States have been negatively impacted by the continued threat by COVID-19. The Company’s hospitality operations have already been, and may continue to be, disrupted by the impacts of the COVID-19 pandemic and the federal, state and local government actions to address it. While the breadth and duration of the COVID-19 pandemic impact is unknown, it could have a material adverse impact on the Company’s results of operations, cash flows and financial condition. See Part II. Item 1A. Risk Factors Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash, cash equivalents, investments, other receivables, investments held by special purpose entity or entities (“SPE”) and investments in retained interests. The Company deposits and invests cash with local and regional financial institutions, and as of June 30, 2020, these balances exceeded the amount of F.D.I.C. insurance provided on such deposits. In addition, as of June 30, 2020 the company had $49.9 million invested in U.S. Treasury Bills, $87.0 million invested in U.S. Treasury money market funds and $2.4 million invested in three issuers of preferred stock that are non-investment grade.
Earnings Per Share	Earnings Per Share Basic and diluted earnings per share are calculated by dividing net income attributable to the Company by the weighted average number of common shares outstanding for the period. For the three and six months ended June 30, 2020 and 2019, basic and diluted average shares outstanding were the same. There were no outstanding common stock equivalents as of June 30, 2020 or June 30, 2019.
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements	Recently Adopted Accounting Pronouncements Financial Instruments - Credit Losses In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses The Company adopted the new guidance, including amendments, as of January 1, 2020, and elected to implement Topic 326 retrospectively using the cumulative-effect adjustment transition method as of the date of adoption. As a result, prior periods have not been restated. The Company elected the practical expedient to not measure an allowance for credit losses for accrued interest receivables and will write-off uncollectible balances in a timely manner, which is 90 days from when it is determined uncollectible. As of the date of adoption, a cumulative-effect adjustment was recorded to beginning retained earnings. The impact of adopting this guidance resulted in an adjustment to decrease retained earnings by $0.1 million, net of the related tax effects, a decrease in accounts receivable, net and notes receivable, net for allowance for credit losses unconsolidated JV debt guaranteed by the Company of less than $0.1 million. There were no adjustments related to operating lease receivables for which the Company is the lessor. The adoption of this guidance did not materially impact results of operations or cash flows. Codification Improvements to Financial Instruments In March 2020, the FASB issued ASU 2020-03, Codification Improvements to Financial Instruments ​ Recently Issued Accounting Pronouncements Income Taxes In December 2019, the FASB issued ASU 2019-12, which simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendment also improves consistent application of and simplifies GAAP for other areas of Topic 740 by clarifying and amending existing guidance. This new guidance will be effective for annual and interim periods beginning after December 15, 2020, with early adoption permitted. The Company does not expect the adoption of this guidance to have a material impact on its financial condition, results of operations and cash flows. Investments – Equity Securities, Investments-Equity Method and Joint Ventures and Derivatives and Hedging In January 2020, the FASB issued ASU 2020-01, 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. Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting that provides temporary on March 12, 2020 through December 31, 2022. The Company is currently evaluating the impact that the adoption of this guidance will have on its financial condition, results of operations and cash flows. ​

Investment in Real Estate (Tabl

Investment in Real Estate (Table)	6 Months Ended
	Jun. 30, 2020
Investment in Real Estate
Schedule of real estate by property type and segment	​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2020 ​ 2019 Development property: ​ ​ Residential ​ $ 123,067 ​ $ 115,384 Hospitality ​ 27,761 ​ 12,229 Commercial ​ 117,353 ​ 103,326 Other ​ 2,510 ​ 2,631 Total development property ​ 270,691 ​ 233,570 ​ ​ ​ ​ ​ ​ ​ Operating property: ​ ​ Residential ​ 12,001 ​ 11,985 Hospitality ​ 98,265 ​ 94,838 Commercial ​ 188,755 ​ 164,589 Other ​ 50 ​ 50 Total operating property ​ 299,071 ​ 271,462 Less: Accumulated depreciation ​ 72,104 ​ 74,256 Total operating property, net ​ 226,967 ​ 197,206 Investment in real estate, net ​ $ 497,658 ​ $ 430,776

Real Estate Joint Ventures (Tab

Real Estate Joint Ventures (Tables)	6 Months Ended
	Jun. 30, 2020
Investments
Schedule of financial information of unconsolidated joint venture	​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2020 ​ 2019 Investment in unconsolidated joint ventures ​ ​ Latitude Margaritaville Watersound JV ​ $ 18,518 ​ $ 791 Pier Park TPS JV ​ 2,235 ​ 3,083 Sea Sound Apartments JV (a) ​ ​ 7,363 ​ ​ — Busy Bee JV ​ 1,177 ​ 1,210 Total investment in unconsolidated joint ventures ​ $ 29,293 ​ $ 5,084 ​ ​ ​ Outstanding debt of unconsolidated JVs ​ ​ ​ ​ ​ ​ Latitude Margaritaville Watersound JV ​ $ 55 ​ $ — Pier Park TPS JV ​ ​ 13,274 ​ ​ 6,791 Busy Bee JV ​ ​ 6,394 ​ ​ 1,451 Total outstanding debt of unconsolidated JVs (b) ​ $ 19,723 ​ $ 8,242 a) JV was formed in January 2020. b) See Note 18. Commitments and Contingencies for additional information. The following table presents detail of the Company’s equity in loss from unconsolidated affiliates: ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2020 ​ Six Months Ended June 30, 2020 Equity in loss from unconsolidated affiliates ​ ​ ​ ​ ​ ​ Latitude Margaritaville Watersound JV ​ $ (93) ​ $ (167) Pier Park TPS JV ​ ​ (3) ​ ​ (6) Busy Bee JV ​ ​ (27) ​ ​ (33) Total equity in loss from unconsolidated affiliates ​ $ (123) ​ $ (206)
Latitude Margaritaville Watersound JV
Investments
Schedule of financial information of unconsolidated joint venture	​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2020 ​ 2019 BALANCE SHEETS: ​ ​ Investment in real estate (a) ​ $ 5,322 ​ $ 1,116 Cash and cash equivalents ​ 166 ​ 525 Other assets ​ 2 ​ — Total assets ​ $ 5,490 ​ $ 1,641 ​ ​ ​ Debt ​ $ 55 ​ $ — Other liabilities ​ ​ 304 ​ ​ 58 Equity ​ ​ 5,131 ​ ​ 1,583 Total liabilities and equity ​ $ 5,490 ​ $ 1,641 (a) As of June 30, 2020, investment in real estate includes the land contributed to the Latitude Margaritaville Watersound JV at the Company’s historical cost basis of $1.3 million. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2020 ​ Six Months Ended June 30, 2020 STATEMENTS OF OPERATIONS: ​ ​ ​ ​ ​ ​ Total expenses ​ $ 186 ​ $ 335 Net loss ​ $ (186) ​ $ (335)
Sea Sound Apartments JV
Investments
Schedule of financial information of unconsolidated joint venture	​ ​ ​ ​ ​ ​ June 30, ​ ​ 2020 BALANCE SHEET: ​ Investment in real estate ​ $ 14,705 Cash and cash equivalents ​ 3 Other assets ​ 509 Total assets ​ $ 15,217 ​ ​ Other liabilities ​ $ 2,910 Equity ​ ​ 12,307 Total liabilities and equity ​ $ 15,217
Pier Park TPS JV
Investments
Schedule of financial information of unconsolidated joint venture	​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2020 ​ 2019 BALANCE SHEETS: ​ ​ Property and equipment, net ​ $ 18,502 ​ $ 14,775 Cash and cash equivalents ​ 366 ​ 51 Other assets ​ 512 ​ 12 Total assets ​ $ 19,380 ​ $ 14,838 ​ ​ ​ Debt, net ​ $ 12,969 ​ $ 6,480 Other liabilities ​ ​ 1,952 ​ ​ 2,193 Equity ​ ​ 4,459 ​ ​ 6,165 Total liabilities and equity ​ $ 19,380 ​ $ 14,838 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2020 ​ Six Months Ended June 30, 2020 STATEMENTS OF OPERATIONS: ​ ​ ​ ​ ​ ​ Total revenue ​ $ 533 ​ $ 533 ​ ​ ​ ​ ​ ​ ​ Cost of revenue ​ ​ 251 ​ ​ 251 Expenses ​ ​ 260 ​ ​ 260 Total expenses ​ ​ 511 ​ ​ 511 Operating income ​ ​ 22 ​ ​ 22 Interest expense ​ ​ (34) ​ ​ (34) Net loss ​ $ (12) ​ $ (12) ​
Busy Bee JV (SJBB, LLC)
Investments
Schedule of financial information of unconsolidated joint venture	​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2020 ​ 2019 BALANCE SHEETS: ​ ​ Property and equipment, net ​ $ 8,301 ​ $ 3,886 Cash and cash equivalents ​ 45 ​ 36 Other assets ​ 883 ​ 28 Total assets ​ $ 9,229 ​ $ 3,950 ​ ​ ​ Debt, net ​ $ 6,301 ​ $ 1,349 Other liabilities ​ ​ 553 ​ ​ 181 Equity ​ ​ 2,375 ​ ​ 2,420 Total liabilities and equity ​ $ 9,229 ​ $ 3,950 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2020 ​ Six Months Ended June 30, 2020 STATEMENTS OF OPERATIONS: ​ ​ ​ ​ ​ ​ Total expenses ​ $ 54 ​ $ 65 Net loss ​ $ (54) ​ $ (65)

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2020
Investments
Schedule of Investments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 ​ ​ ​ Gross Unrealized Gross Unrealized ​ ​ ​ ​ Amortized Cost ​ Gains ​ (Losses) ​ Fair Value Investments - debt securities: ​ ​ ​ ​ U.S. Treasury Bills ​ $ 49,962 ​ $ — ​ $ (18) ​ $ 49,944 Corporate debt securities ​ ​ 52 ​ ​ — ​ ​ — ​ ​ 52 ​ ​ 50,014 ​ — ​ (18) ​ 49,996 Restricted investments: ​ ​ ​ ​ Short-term bond ​ 1,163 ​ 13 ​ — ​ 1,176 ​ ​ 1,163 ​ 13 ​ — ​ 1,176 ​ ​ $ 51,177 ​ $ 13 ​ $ (18) ​ $ 51,172 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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
Schedule of Unrealized Loss Position and Related Fair Value of Investments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 ​ ​ Less Than 12 Months ​ 12 Months or Greater ​ ​ ​ ​ ​ Unrealized ​ ​ ​ ​ Unrealized ​ Fair Value Losses Fair Value Losses Investments - debt securities: ​ ​ ​ ​ U.S. Treasury Bills ​ $ 42,954 ​ $ 18 ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​
Schedule of Contractual Maturities of Investments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 ​ Amortized Cost Fair Value Due in one year or less ​ $ 50,014 ​ $ 49,996 Restricted investments ​ 1,163 ​ 1,176 ​ ​ $ 51,177 ​ $ 51,172

Financial Instruments and Fai_2

Financial Instruments and Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2020
Financial Instruments and Fair Value Measurements
Schedule of Financial Instruments Measured at Fair Value on Recurring Basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 ​ ​ ​ ​ ​ ​ ​ Total Fair ​ ​ Level 1 ​ Level 2 ​ Level 3 ​ Value Cash equivalents: ​ ​ ​ ​ Money market funds ​ $ 86,951 ​ $ — ​ $ — ​ $ 86,951 ​ ​ 86,951 ​ — ​ — ​ 86,951 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments - debt securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasury Bills ​ ​ 49,944 ​ ​ — ​ ​ — ​ ​ 49,944 Corporate debt securities ​ ​ — ​ ​ 52 ​ ​ — ​ ​ 52 ​ ​ ​ 49,944 ​ ​ 52 ​ ​ — ​ ​ 49,996 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments - equity securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Preferred stock ​ ​ — ​ ​ 2,415 ​ ​ — ​ ​ 2,415 ​ ​ ​ — ​ ​ 2,415 ​ ​ — ​ ​ 2,415 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Restricted investments: ​ ​ ​ ​ Short-term bond ​ 1,176 ​ — ​ — ​ 1,176 ​ ​ 1,176 ​ — ​ — ​ 1,176 ​ ​ $ 138,071 ​ $ 2,467 ​ $ — ​ $ 140,538 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ ​ ​ ​ ​ ​ ​ Total Fair ​ ​ Level 1 ​ Level 2 ​ Level 3 ​ Value Cash equivalents: ​ ​ ​ ​ Money market funds ​ $ 21,043 ​ $ — ​ $ — ​ $ 21,043 Commercial paper ​ 138,220 ​ — ​ — ​ 138,220 U.S. Treasury Bills ​ ​ 6,990 ​ ​ — ​ ​ — ​ ​ 6,990 ​ ​ 166,253 ​ — ​ — ​ 166,253 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments - debt securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate debt securities ​ ​ — ​ ​ 53 ​ ​ — ​ ​ 53 ​ ​ ​ — ​ ​ 53 ​ ​ — ​ ​ 53 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments - equity securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Preferred stock ​ ​ — ​ ​ 9,746 ​ ​ — ​ ​ 9,746 ​ ​ ​ — ​ ​ 9,746 ​ ​ — ​ ​ 9,746 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Restricted investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Short-term bond ​ 2,250 ​ — ​ — ​ 2,250 Money market fund ​ 114 ​ — ​ — ​ 114 ​ ​ 2,364 ​ — ​ — ​ 2,364 ​ ​ $ 168,617 ​ $ 9,799 ​ $ — ​ $ 178,416 ​
Schedule of Liabilities Measured at Fair Value on Recurring Basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 ​ ​ Location in ​ ​ ​ ​ ​ ​ Total Fair ​ ​ Balance Sheet ​ Level 1 ​ Level 2 ​ Level 3 ​ Value Derivative Liabilities: ​ ​ ​ ​ ​ ​ Interest rate swap ​ Other liabilities ​ $ — ​ $ 1,202 ​ $ — ​ $ 1,202 Interest rate swap - unconsolidated affiliate ​ Investment in unconsolidated joint ventures ​ ​ — ​ ​ 841 ​ ​ — ​ ​ 841 ​ ​ ​ ​ $ — ​ $ 2,043 ​ $ — ​ $ 2,043 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 ​ December 31, 2019 ​ Carrying Estimated ​ Carrying Estimated ​ ​ ​ value ​ Fair value ​ Level ​ value ​ Fair value ​ Level Assets ​ ​ ​ ​ Investments held by SPEs: ​ ​ ​ ​ Time deposit ​ $ 200,000 ​ $ 200,000 3 ​ $ 200,000 ​ $ 200,000 3 U.S. Treasury Bills and cash ​ $ 6,438 ​ $ 6,731 1 ​ $ 6,771 ​ $ 6,712 1 Liabilities ​ ​ ​ ​ ​ ​ Debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed-rate debt ​ $ 101,123 ​ $ 109,232 ​ 2 ​ $ 89,969 ​ $ 92,276 ​ 2 Variable-rate debt ​ ​ 21,857 ​ ​ 21,857 ​ 2 ​ ​ 4,538 ​ ​ 4,538 ​ 2 Total debt ​ $ 122,980 ​ $ 131,089 ​ ​ ​ $ 94,507 ​ $ 96,814 ​ ​ Senior Notes held by SPE ​ $ 177,156 ​ $ 222,866 3 ​ $ 177,026 ​ $ 204,347 3 ​

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2020
Leases
Schedule of components of leasing revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ 2020 ​ 2019 ​ 2020 ​ 2019 Leasing revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lease payments $ 3,772 ​ $ 2,724 ​ $ 7,154 ​ $ 5,404 Variable lease payments ​ 1,135 ​ ​ 950 ​ ​ 2,052 ​ ​ 1,777 Total leasing revenue $ 4,907 ​ $ 3,674 ​ $ 9,206 ​ $ 7,181
Schedule of minimum future base rental revenue	​ ​ ​ ​ ​ ​ ​ 2020 ​ $ 7,458 2021 ​ 11,490 2022 ​ 10,243 2023 ​ 8,158 2024 ​ ​ 6,913 Thereafter ​ ​ 17,293 ​ ​ $ 61,555
Schedule of lease cost	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ 2020 ​ 2019 ​ 2020 ​ 2019 ​ Lease cost ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance lease cost: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of right-of-use assets $ 13 ​ $ 12 ​ $ 25 ​ $ 16 ​ Interest on lease liability 2 ​ 3 ​ 5 ​ 4 ​ Operating lease cost 72 ​ 53 ​ 137 ​ 105 ​ Short-term lease cost 277 ​ 237 ​ 351 ​ 301 ​ Total lease cost $ 364 ​ $ 305 ​ $ 518 ​ $ 426 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other information ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average remaining lease term - finance lease (in years) ​ ​ ​ ​ ​ ​ ​ 4.1 ​ ​ 4.7 ​ Weighted-average remaining lease term - operating leases (in years) ​ ​ ​ ​ ​ ​ ​ 2.6 ​ ​ 1.7 ​ Weighted-average discount rate - finance lease ​ ​ ​ ​ ​ ​ ​ 5.0 % ​ 5.0 % Weighted-average discount rate - operating leases ​ ​ ​ ​ ​ ​ ​ 5.0 % ​ 5.0 %
Schedule of aggregate payments of finance lease liability	The aggregate payments of finance lease liability subsequent to June 30, 2020, for the years ending December 31 are: ​ ​ ​ ​ 2020 ​ $ 29 2021 ​ 58 2022 ​ 58 2023 ​ 58 2024 ​ ​ 12 Thereafter ​ ​ 1 Total ​ ​ 216 Less imputed interest ​ ​ (19) Total finance lease liability ​ $ 197
Schedule of aggregate payments of operating lease liabilities	The aggregate payments of operating lease liabilities subsequent to June 30, 2020, for the years ending December 31 are: ​ ​ ​ ​ 2020 ​ $ 139 2021 ​ 214 2022 ​ 126 2023 ​ 83 2024 ​ ​ 13 Thereafter ​ ​ 293 Total ​ ​ 868 Less imputed interest ​ ​ (196) Total operating lease liabilities ​ $ 672

Other Assets (Tables)

Other Assets (Tables)	6 Months Ended
	Jun. 30, 2020
Other Assets
Schedule of Other Assets	​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2020 ​ 2019 Restricted investments ​ $ 1,176 ​ $ 2,364 Accounts receivable, net ​ ​ 8,190 ​ ​ 6,957 Homesite sales receivable ​ ​ 4,919 ​ ​ 5,211 Notes receivable, net ​ 3,084 ​ 3,252 Income tax receivable ​ ​ 2,487 ​ ​ 2,843 Prepaid expenses ​ 8,119 ​ 6,592 Straight-line rent ​ 3,261 ​ 3,292 Operating lease right-of-use assets ​ ​ 672 ​ ​ 691 Other assets ​ 7,639 ​ 5,715 Retained interest investments ​ ​ 12,492 ​ ​ 12,214 Accrued interest receivable for Senior Notes held by SPE ​ 2,938 ​ 2,938 Total other assets ​ $ 54,977 ​ $ 52,069
Schedule of Lot Sales Receivable	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Increases Due To ​ ​ Decreases Due to ​ ​ ​ ​ ​ ​ Balance ​ ​ Revenue Recognized ​ ​ Amounts ​ ​ Balance ​ ​ ​ January 1, 2020 ​ ​ for Homesites Sold ​ ​ Received/Transferred ​ ​ June 30, 2020 Homesite sales receivable ​ $ 5,211 ​ $ 1,075 ​ $ (1,367) ​ $ 4,919 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Increases Due To ​ ​ Decreases Due to ​ ​ ​ ​ ​ ​ Balance ​ ​ Revenue Recognized ​ ​ Amounts ​ ​ Balance ​ ​ ​ January 1, 2019 ​ ​ for Homesites Sold ​ ​ Received/Transferred ​ ​ June 30, 2019 Homesite sales receivable ​ $ 2,977 ​ $ 2,006 ​ $ (1,208) ​ $ 3,775 ​
Schedule of Notes Receivable, Net	​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2020 ​ 2019 Interest bearing homebuilder note, secured by the real estate sold — 5.5% interest rate, due June 2021 ​ $ 1,394 ​ $ 1,514 Interest bearing homebuilder note, secured by the real estate sold — 5.5% interest rate, due December 2021 ​ ​ 872 ​ ​ 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 ​ ​ 359 ​ ​ 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 ​ ​ 200 ​ ​ 206 Interest bearing homebuilder note, secured by the real estate sold — 6.3% interest rate, due March 2020 ​ ​ 128 ​ ​ 128 Various mortgage notes, secured by certain real estate, bearing interest at various rates ​ 76 ​ 85 Interest bearing revolving promissory note with Latitude Margaritaville Watersound JV, secured by the JV's real property - 5.0% interest rate, due June 2025 ​ ​ 55 ​ ​ — Interest bearing homebuilder note, secured by the real estate sold — 5.5% interest rate, due June 2020 ​ — ​ 84 Total notes receivable, net ​ $ 3,084 ​ $ 3,252 ​

Debt, Net (Tables)

Debt, Net (Tables)	6 Months Ended
	Jun. 30, 2020
Debt, Net
Schedule of Debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 ​ ​ December 31, 2019 ​ ​ ​ Unamortized ​ ​ ​ ​ ​ Unamortized ​ ​ ​ ​ ​ ​ ​ Discount and ​ ​ ​ ​ ​ ​ ​ Discount and ​ ​ ​ ​ ​ ​ ​ ​ Debt Issuance ​ ​ ​ ​ ​ ​ ​ Debt Issuance ​ ​ ​ ​ ​ Principal ​ Costs ​ Net ​ Principal ​ Costs ​ Net PPN JV Loan, due November 2025, bearing interest at 4.1% ​ $ 45,046 ​ $ 347 ​ $ 44,699 ​ ​ $ 45,514 ​ $ 380 ​ $ 45,134 PPC JV Loan, insured by HUD, due June 2060, bearing interest at 4.0% ​ ​ 35,690 ​ ​ 1,074 ​ ​ 34,616 ​ ​ ​ 34,610 ​ ​ 1,087 ​ ​ 33,523 Watersound Origins Crossings JV Loan, due May 2024, bearing interest at 5.0% ​ 14,292 ​ 402 ​ 13,890 ​ ​ ​ 2,868 ​ 454 ​ 2,414 Watercrest JV Loan, due June 2047, bearing interest at LIBOR plus 2.2% (effective rate of 2.4% at June 30, 2020) ​ ​ 8,639 ​ ​ 289 ​ ​ 8,350 ​ ​ ​ — ​ ​ — ​ ​ — 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% ​ ​ 6,095 ​ ​ — ​ ​ 6,095 ​ ​ ​ 6,977 ​ ​ — ​ ​ 6,977 PPC II JV Loan, due October 2024, bearing interest at LIBOR plus 2.3% (effective rate of 2.4% at June 30, 2020) ​ ​ 5,174 ​ ​ 224 ​ ​ 4,950 ​ ​ ​ — ​ ​ — ​ ​ — Beckrich Building III Loan, due August 2029, bearing interest at LIBOR plus 1.7% (effective rate of 1.9% at June 30, 2020) ​ ​ 3,596 ​ ​ 69 ​ ​ 3,527 ​ ​ ​ — ​ ​ — ​ ​ — Beach Homes Loan, due May 2029, bearing interest at LIBOR plus 1.7% (effective rate of 1.9% at June 30, 2020) ​ 1,571 ​ 18 ​ 1,553 ​ ​ ​ 1,594 ​ ​ 20 ​ ​ 1,574 Pier Park Outparcel Construction Loan, due March 2027, bearing interest at LIBOR plus 1.7% (effective rate of 1.9% at June 30, 2020) ​ ​ 1,500 ​ ​ 13 ​ ​ 1,487 ​ ​ ​ 1,535 ​ ​ 14 ​ ​ 1,521 WaterColor Crossings Construction Loan, due February 2029, bearing interest at LIBOR plus 1.7% (effective rate of 1.9% at June 30, 2020) ​ ​ 1,377 ​ ​ 22 ​ ​ 1,355 ​ ​ ​ 1,409 ​ ​ 23 ​ ​ 1,386 Total debt ​ $ 122,980 ​ $ 2,458 ​ $ 120,522 ​ ​ $ 94,507 ​ $ 1,978 ​ $ 92,529
Schedule of Aggregate Maturities of Debt	The aggregate maturities of debt subsequent to June 30, 2020, for the years ending December 31 are: ​ ​ ​ ​ ​ June 30, ​ ​ 2020 2020 ​ $ 885 2021 ​ 2,472 2022 ​ 2,871 2023 ​ 3,049 2024 ​ 21,663 Thereafter ​ 92,040 ​ ​ $ 122,980

Other Liabilities (Tables)

Other Liabilities (Tables)	6 Months Ended
	Jun. 30, 2020
Other Liabilities
Schedule of Other Liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2020 ​ 2019 Accounts payable ​ $ 24,797 ​ $ 16,207 Finance lease liability ​ ​ 197 ​ ​ 204 Operating lease liabilities ​ ​ 672 ​ ​ 691 Accrued compensation ​ 2,022 ​ 3,151 Other accrued liabilities ​ 5,864 ​ 3,277 Deferred revenue ​ 17,668 ​ 18,972 Club initiation fees ​ ​ 7,429 ​ ​ 6,917 Club membership deposits ​ 3,835 ​ 3,985 Advance deposits ​ 2,794 ​ 946 Accrued interest expense for Senior Notes held by SPE ​ 2,850 ​ 2,850 Total other liabilities ​ $ 68,128 ​ $ 57,200
Schedule of changes in club initiation fees related to contracts with customers	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance ​ ​ Increases Due To ​ ​ Decreases Due to ​ ​ Balance ​ ​ ​ January 1, 2020 ​ ​ Cash Received ​ ​ Revenue Recognized ​ ​ June 30, 2020 Contract liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Club initiation fees ​ $ 6,917 ​ $ 1,686 ​ $ (1,174) ​ $ 7,429 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance ​ ​ Increases Due To ​ ​ Decreases Due to ​ ​ Balance ​ ​ ​ January 1, 2019 ​ ​ Cash Received ​ ​ Revenue Recognized ​ ​ June 30, 2019 Contract liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Club initiation fees ​ $ 5,676 ​ $ 1,663 ​ $ (882) ​ $ 6,457

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2020
Income Taxes
Schedule of effective income tax rate reconciliation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ 2020 2019 ​ 2020 2019 Tax at the federal statutory rate $ 5,273 $ 2,869 ​ $ 4,847 $ 3,424 State income taxes (net of federal benefit) ​ 884 ​ 601 ​ 813 ​ 717 Tax credits ​ ​ (251) ​ ​ — ​ ​ (251) ​ ​ — Other ​ 1 ​ (36) ​ 3 ​ (46) Total income tax expense $ 5,907 $ 3,434 ​ $ 5,412 $ 4,095

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
	Jun. 30, 2020
Accumulated Other Comprehensive Loss
Summary of Changes in Accumulated Other Comprehensive Loss	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrealized (Loss) Gain Unrealized Loss ​ ​ ​ ​ on Available-for- Cash Flow ​ ​ ​ ​ ​ Sale Securities ​ Hedge ​ Total Accumulated other comprehensive loss at December 31, 2019 ​ $ (84) ​ $ (251) ​ $ (335) Other comprehensive loss before reclassifications ​ 82 ​ ​ (1,274) ​ ​ (1,192) Amounts reclassified from accumulated other comprehensive loss ​ (3) ​ ​ — ​ ​ (3) Other comprehensive loss ​ 79 ​ ​ (1,274) ​ ​ (1,195) Accumulated other comprehensive loss at June 30, 2020 ​ $ (5) ​ $ (1,525) ​ $ (1,530)
Summary of Tax Effects Allocated to Other Comprehensive Income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2020 ​ Before- Tax (Expense) or Net-of- ​ ​ Tax Amount ​ Benefit ​ Tax Amount Unrealized gain on available-for-sale investments ​ $ 106 ​ $ (27) ​ $ 79 Unrealized gain on restricted investments ​ 15 ​ (4) ​ 11 Interest rate swap ​ ​ (137) ​ ​ 35 ​ ​ (102) Interest rate swap - unconsolidated affiliate ​ ​ (841) ​ ​ 213 ​ ​ (628) Net unrealized loss ​ (857) ​ 217 ​ (640) Other comprehensive loss ​ $ (857) ​ $ 217 ​ $ (640) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2019 ​ Before- Tax Benefit or Net-of- ​ ​ Tax Amount ​ (Expense) ​ Tax Amount Unrealized loss on available-for-sale investments ​ $ (9) ​ $ 2 ​ $ (7) Unrealized gain on restricted investments ​ 7 ​ (2) ​ 5 Net unrealized loss ​ (2) ​ — ​ (2) Other comprehensive loss ​ $ (2) ​ $ — ​ $ (2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2020 ​ Before- Tax (Expense) or Net-of- ​ ​ Tax Amount ​ Benefit ​ Tax Amount Unrealized gain on available-for-sale investments ​ $ 106 ​ $ (27) ​ $ 79 Unrealized gain on restricted investments ​ ​ 5 ​ ​ (2) ​ ​ 3 Interest rate swap ​ ​ (866) ​ ​ 220 ​ ​ (646) Interest rate swap - unconsolidated affiliate ​ ​ (841) ​ ​ 213 ​ ​ (628) Reclassification adjustment for net gain included in earnings ​ (4) ​ 1 ​ (3) Net unrealized loss ​ (1,600) ​ 405 ​ (1,195) Other comprehensive loss ​ $ (1,600) ​ $ 405 ​ $ (1,195) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2019 ​ Before- Tax Net-of- ​ ​ Tax Amount ​ Expense ​ Tax Amount Unrealized gain on available-for-sale investments ​ $ 790 ​ $ (201) ​ $ 589 Unrealized gain on restricted investments ​ 18 ​ (5) ​ 13 Reclassification adjustment for net loss included in earnings ​ 2 ​ — ​ 2 Net unrealized gain ​ 810 ​ (206) ​ 604 Other comprehensive income ​ $ 810 ​ $ (206) ​ $ 604

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Jun. 30, 2020
Revenue Recognition
Schedule of revenue disaggregated by segment, good or service and timing	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2020 ​ ​ Residential ​ Hospitality ​ Commercial ​ Other ​ Total Revenue by Major Good/Service: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Real estate revenue ​ $ 14,002 ​ $ — ​ $ 2,322 ​ $ 1,231 ​ $ 17,555 Hospitality revenue ​ ​ 70 ​ ​ 11,495 ​ ​ — ​ ​ — ​ ​ 11,565 Leasing revenue ​ ​ 55 ​ ​ 3 ​ ​ 4,849 ​ ​ — ​ ​ 4,907 Timber revenue ​ ​ — ​ ​ — ​ ​ 2,055 ​ ​ — ​ ​ 2,055 Total revenue ​ $ 14,127 ​ $ 11,498 ​ $ 9,226 ​ $ 1,231 ​ $ 36,082 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Timing of Revenue Recognition: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recognized at a point in time ​ $ 14,072 ​ $ 10,744 ​ $ 4,377 ​ $ 1,231 ​ $ 30,424 Recognized over time ​ ​ — ​ ​ 751 ​ ​ — ​ ​ — ​ ​ 751 Over lease term ​ ​ 55 ​ ​ 3 ​ ​ 4,849 ​ ​ — ​ ​ 4,907 Total revenue ​ $ 14,127 ​ $ 11,498 ​ $ 9,226 ​ $ 1,231 ​ $ 36,082 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2019 ​ ​ Residential ​ Hospitality ​ Commercial ​ Other ​ Total Revenue by Major Good/Service: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Real estate revenue ​ $ 13,825 ​ $ — ​ $ 1,288 ​ $ 440 ​ $ 15,553 Hospitality revenue ​ ​ 183 ​ ​ 15,377 ​ ​ — ​ ​ — ​ ​ 15,560 Leasing revenue ​ ​ 11 ​ ​ 27 ​ ​ 3,636 ​ ​ — ​ ​ 3,674 Timber revenue ​ ​ — ​ ​ — ​ ​ 759 ​ ​ — ​ ​ 759 Total revenue ​ $ 14,019 ​ $ 15,404 ​ $ 5,683 ​ $ 440 ​ $ 35,546 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Timing of Revenue Recognition: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recognized at a point in time ​ $ 14,008 ​ $ 14,597 ​ $ 2,047 ​ $ 440 ​ $ 31,092 Recognized over time ​ ​ — ​ ​ 780 ​ ​ — ​ ​ — ​ ​ 780 Over lease term ​ ​ 11 ​ ​ 27 ​ ​ 3,636 ​ ​ — ​ ​ 3,674 Total revenue ​ $ 14,019 ​ $ 15,404 ​ $ 5,683 ​ $ 440 ​ $ 35,546 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2020 ​ ​ Residential ​ Hospitality ​ Commercial ​ Other ​ Total Revenue by Major Good/Service: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Real estate revenue ​ $ 16,956 ​ $ — ​ $ 5,087 ​ $ 1,319 ​ $ 23,362 Hospitality revenue ​ ​ 132 ​ ​ 18,044 ​ ​ — ​ ​ — ​ ​ 18,176 Leasing revenue ​ ​ 78 ​ ​ 5 ​ ​ 9,123 ​ ​ — ​ ​ 9,206 Timber revenue ​ ​ — ​ ​ — ​ ​ 3,911 ​ ​ — ​ ​ 3,911 Total revenue ​ $ 17,166 ​ $ 18,049 ​ $ 18,121 ​ $ 1,319 ​ $ 54,655 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Timing of Revenue Recognition: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recognized at a point in time ​ $ 17,088 ​ $ 16,671 ​ $ 8,998 ​ $ 1,319 ​ $ 44,076 Recognized over time ​ ​ — ​ ​ 1,373 ​ ​ — ​ ​ — ​ ​ 1,373 Over lease term ​ ​ 78 ​ ​ 5 ​ ​ 9,123 ​ ​ — ​ ​ 9,206 Total revenue ​ $ 17,166 ​ $ 18,049 ​ $ 18,121 ​ $ 1,319 ​ $ 54,655 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2019 ​ ​ Residential ​ Hospitality ​ Commercial ​ Other ​ Total Revenue by Major Good/Service: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Real estate revenue ​ $ 17,187 ​ $ — ​ $ 2,399 ​ $ 558 ​ $ 20,144 Hospitality revenue ​ ​ 335 ​ ​ 22,656 ​ ​ — ​ ​ — ​ ​ 22,991 Leasing revenue ​ ​ 22 ​ ​ 52 ​ ​ 7,107 ​ ​ — ​ ​ 7,181 Timber revenue ​ ​ — ​ ​ — ​ ​ 1,254 ​ ​ — ​ ​ 1,254 Total revenue ​ $ 17,544 ​ $ 22,708 ​ $ 10,760 ​ $ 558 ​ $ 51,570 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Timing of Revenue Recognition: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recognized at a point in time ​ $ 17,522 ​ $ 21,365 ​ $ 3,653 ​ $ 558 ​ $ 43,098 Recognized over time ​ ​ — ​ ​ 1,291 ​ ​ — ​ ​ — ​ ​ 1,291 Over lease term ​ ​ 22 ​ ​ 52 ​ ​ 7,107 ​ ​ — ​ ​ 7,181 Total revenue ​ $ 17,544 ​ $ 22,708 ​ $ 10,760 ​ $ 558 ​ $ 51,570

Other Income - (Tables)

Other Income - (Tables)	6 Months Ended
	Jun. 30, 2020
Other Income
Schedule of Other Income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ 2020 2019 2020 2019 Investment income, net ​ ​ ​ ​ Interest and dividend income ​ $ 67 ​ $ 2,302 ​ $ 1,111 ​ $ 4,115 ​ Accretion income ​ 30 ​ 23 ​ 47 ​ 84 ​ Net realized loss on the sale of investments ​ — ​ — ​ (48) ​ (2) ​ Unrealized (loss) gain on investments, net ​ ​ (142) ​ ​ (1,915) ​ ​ (4,903) ​ ​ 133 ​ Interest income from investments in SPEs ​ 2,045 ​ 2,048 ​ 4,091 ​ 4,096 ​ Interest accrued on notes receivable and other interest ​ 55 ​ 77 ​ 148 ​ 154 ​ Total investment income, net ​ 2,055 ​ 2,535 ​ 446 ​ 8,580 ​ Interest expense ​ ​ ​ ​ ​ Interest expense and amortization of discount and issuance costs for Senior Notes issued by SPE ​ (2,203) ​ (2,200) ​ (4,405) ​ (4,399) ​ Other interest expense ​ (1,187) ​ (824) ​ (2,329) ​ (1,567) ​ Total interest expense ​ (3,390) ​ (3,024) ​ (6,734) ​ (5,966) ​ Other income (expense), net ​ ​ ​ ​ ​ Gain on land contribution to equity method investment ​ ​ 15,338 ​ ​ — ​ ​ 19,616 ​ ​ 1,472 ​ Accretion income from retained interest investments ​ 340 ​ 327 ​ 685 ​ 647 ​ Gain on insurance recovery ​ ​ — ​ ​ 3,792 ​ ​ — ​ ​ 4,071 ​ Loss from hurricane damage ​ ​ (447) ​ ​ (805) ​ ​ (502) ​ ​ (1,127) ​ Miscellaneous income (expense), net ​ 246 ​ (31) ​ 210 ​ (84) ​ Other income, net ​ 15,477 ​ 3,283 ​ 20,009 ​ 4,979 ​ Total other income, net ​ $ 14,142 ​ $ 2,794 ​ $ 13,721 ​ $ 7,593 ​

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2020
Segment Information
Schedule of Information by Business Segment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ 2020 2019 2020 2019 Operating revenue: ​ ​ ​ ​ Residential ​ $ 14,127 ​ $ 14,019 ​ $ 17,166 ​ $ 17,544 Hospitality ​ 11,498 ​ 15,404 ​ 18,049 ​ 22,708 Commercial ​ 9,226 ​ 5,683 ​ 18,121 ​ 10,760 Other ​ 1,231 ​ 440 ​ 1,319 ​ 558 Consolidated operating revenue ​ $ 36,082 ​ $ 35,546 ​ $ 54,655 ​ $ 51,570 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) before equity in loss from unconsolidated affiliates and income taxes: ​ ​ ​ ​ Residential (a) ​ $ 21,602 ​ $ 5,578 ​ $ 22,006 ​ $ 5,849 Hospitality ​ 2,411 ​ 5,287 ​ 153 ​ 4,464 Commercial (b) ​ 3,446 ​ 1,554 ​ 11,400 ​ 4,624 Other ​ (2,210) ​ 1,243 ​ (10,057) ​ 1,365 Consolidated income before equity in loss from unconsolidated affiliates and income taxes ​ $ 25,249 ​ $ 13,662 ​ $ 23,502 ​ $ 16,302 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (a) The three and six months ended June 30, 2020 includes a gain of $15.3 million on land contributed to the Latitude Watersound Margaritaville JV. See Note 4. Real Estate Joint Ventures and Note 16. Other Income, Net for additional information. (b) The six months ended June 30, 2020 includes a gain of $3.9 million on land contributed to the Sea Sound Apartments JV. ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2020 ​ 2019 Total assets: ​ ​ Residential ​ $ 167,841 ​ $ 139,349 Hospitality ​ 115,084 ​ 89,570 Commercial ​ 301,273 ​ 253,936 Other ​ 382,118 ​ 426,378 Total assets ​ $ 966,316 ​ $ 909,233

Nature of Operations - Real Est

Nature of Operations - Real Estate Assets (Details)	6 Months Ended
	Jun. 30, 2020segment
Real estate
Percentage of real estate land holdings located within fifteen miles of Gulf of Mexico	90.00%
Number of reportable operating segments	3
Commercial
Real estate
Number of reportable operating segments	1

Significant Accounting Polici_3

Significant Accounting Policies - Concentrations (Details) $ in Thousands	Jun. 30, 2020USD ($)issuer	Dec. 31, 2019USD ($)	Jun. 30, 2019USD ($)
Concentration risk
Investments - debt securities	$ 49,996	$ 53
Investments - equity securities	2,415	9,746
Cash and cash equivalents	106,039	185,716	$ 195,587
Preferred stock
Concentration risk
Investments - equity securities	2,400	$ 9,700
Assets | Money market fund
Concentration risk
Cash and cash equivalents	87,000
Credit concentration risk | Assets | U.S. Treasury Bills
Concentration risk
Investments - debt securities	49,900
Credit concentration risk | Assets | Preferred stock | Non-investment grade
Concentration risk
Investments - equity securities	$ 2,400
Number of issuers | issuer	3

Significant Accounting Polici_4

Significant Accounting Policies - EPS (Details) - shares	Jun. 30, 2020	Jun. 30, 2019
Significant Accounting Policies
Common stock equivalents (in shares)	0	0

Significant Accounting Polici_5

Significant Accounting Policies - Recently Issued Accounting Pronouncements (Details) - USD ($) $ in Thousands	Jan. 01, 2020	Jun. 30, 2020	Dec. 31, 2019
New accounting pronouncements or change in accounting principle
Retained earnings		$ 231,801	$ 214,225
Allowance for credit losses within other liabilities		$ 100
ASU 2016-13
New accounting pronouncements or change in accounting principle
Change in Accounting Principle, Accounting Standards Update, Adopted	true
New Accounting Pronouncement or Change in Accounting Principle, Prior Period Not Restated	true
Write off threshold	90 days
ASU 2016-13 | Adjustment
New accounting pronouncements or change in accounting principle
Retained earnings			(100)
Accounts receivable, net and notes receivable, net			(100)
Allowance for credit losses, Accounts receivable and notes receivable			100
Operating lease receivables			0
ASU 2016-13 | Adjustment | Maximum
New accounting pronouncements or change in accounting principle
Allowance for credit losses within other liabilities			$ 100

Investment in Real Estate - Rea

Investment in Real Estate - Real Estate by Property Type and Segment (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Real estate properties
Investment in real estate, net	$ 497,658	$ 430,776
Development property
Real estate properties
Investment in real estate, net	270,691	233,570
Development property | Other
Real estate properties
Investment in real estate, net	2,510	2,631
Development property | Residential | Operating Segments
Real estate properties
Investment in real estate, net	123,067	115,384
Development property | Hospitality | Operating Segments
Real estate properties
Investment in real estate, net	27,761	12,229
Development property | Commercial | Operating Segments
Real estate properties
Investment in real estate, net	117,353	103,326
Operating property
Real estate properties
Operating property	299,071	271,462
Less: Accumulated depreciation	72,104	74,256
Investment in real estate, net	226,967	197,206
Operating property | Other
Real estate properties
Operating property	50	50
Operating property | Residential | Operating Segments
Real estate properties
Operating property	12,001	11,985
Operating property | Hospitality | Operating Segments
Real estate properties
Operating property	98,265	94,838
Operating property | Commercial | Operating Segments
Real estate properties
Operating property	$ 188,755	$ 164,589

Real Estate Joint Ventures - Co

Real Estate Joint Ventures - Consolidated Joint Ventures (Details) - item	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019	Apr. 30, 2017
Pier Park Resort Hotel JV
Variable interest entity
Number of units to be developed and constructed	255
Variable interest entity, ownership percentage	70.00%
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%	75.00%
Reliant Title JV
Variable interest entity
Variable interest entity, ownership percentage	66.00%	66.00%
Watercrest JV
Variable interest entity
Number of units to be developed and constructed	107
Variable interest entity, ownership percentage	87.00%	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%	75.00%
Pier Park Crossings JV
Variable interest entity
Number of units to be developed and constructed			240
Variable interest entity, ownership percentage	75.00%	75.00%
Pier Park North JV
Variable interest entity
Variable interest entity, ownership percentage	60.00%	60.00%

Real Estate Joint Ventures - In

Real Estate Joint Ventures - Investment in unconsolidated JVs (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Investments
Investment in unconsolidated joint ventures	$ 29,293	$ 5,084
Latitude Margaritaville Watersound JV
Investments
Investment in unconsolidated joint ventures	18,518	791
Pier Park TPS JV
Investments
Investment in unconsolidated joint ventures	2,235	3,083
Sea Sound Apartments JV
Investments
Investment in unconsolidated joint ventures	7,363
Busy Bee JV (SJBB, LLC)
Investments
Investment in unconsolidated joint ventures	$ 1,177	$ 1,210

Real Estate Joint Ventures - Un

Real Estate Joint Ventures - Unconsolidated JV debt (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Investments
Outstanding debt	$ 122,980	$ 94,507
Unconsolidated joint ventures
Investments
Outstanding debt	19,723	8,242
Latitude Margaritaville Watersound JV
Investments
Outstanding debt	55
Pier Park TPS JV
Investments
Outstanding debt	13,274	6,791
Busy Bee JV (SJBB, LLC)
Investments
Outstanding debt	$ 6,394	$ 1,451

Real Estate Joint Ventures - Eq

Real Estate Joint Ventures - Equity in loss of unconsolidated JV debt (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020
Investments
Equity in loss from unconsolidated affiliates	$ (123)	$ (206)
Latitude Margaritaville Watersound JV
Investments
Equity in loss from unconsolidated affiliates	(93)	(167)
Pier Park TPS JV
Investments
Equity in loss from unconsolidated affiliates	(3)	(6)
Busy Bee JV (SJBB, LLC)
Investments
Equity in loss from unconsolidated affiliates	$ (27)	$ (33)

Real Estate Joint Ventures - Su

Real Estate Joint Ventures - Summarized financial information by unconsolidated JV (Details) $ in Thousands	Jul. 05, 2019USD ($)	Jan. 14, 2019USD ($)	Jun. 30, 2020USD ($)homeitem	Jun. 30, 2020USD ($)homeitem	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)	Jan. 31, 2020USD ($)	Apr. 30, 2018item
Investments
Net present value of land contribution			$ 16,600	$ 16,600
Notes receivable, net			3,084	3,084		$ 3,252
Outstanding debt			122,980	122,980		94,507
Unconsolidated joint ventures
Investments
Outstanding debt			19,723	19,723		$ 8,242
Latitude Margaritaville Watersound JV
Investments
Outstanding debt			55	55
Sea Sound Apartments JV
Investments
Cash contributed				4,900
Sea Sound Apartments JV | Sea Sound Apartments JV Loan
Investments
Loan amount							$ 40,300
Outstanding debt			0	0
Loan costs			$ 500	$ 500
Latitude Margaritaville Watersound JV
Investments
Number of units to be developed and constructed | home			3,500	3,500
Value of land contributed				$ 35,000
Cash contributed				2,200
Net present value of land contribution			$ 16,600	$ 16,600
Imputed interest rate (as a percent)				5.75%
Variable interest entity, ownership percentage				50.00%		50.00%
Average amount of land contribution returned per home				$ 10
Summarized financial information - Balance Sheets:
Investment in real estate			5,322	5,322		$ 1,116
Cash and cash equivalents			166	166		525
Other assets			2	2
Total assets			5,490	5,490		1,641
Debt, net			55	55
Other liabilities			304	304		58
Equity			5,131	5,131		1,583
Total liabilities and equity			5,490	5,490		$ 1,641
Historical cost basis of land contributed			1,300	1,300
Summarized financial information - Statement of Operations:
Total expenses			186	335
Net loss			$ (186)	$ (335)
Sea Sound Apartments JV
Investments
Number of units to be developed and constructed | item			300	300
Value of land contributed				$ 5,100
Mitigation bank credits contributed				400
Cash contributed				$ 1,900
Variable interest entity, ownership percentage				60.00%
Summarized financial information - Balance Sheets:
Investment in real estate			$ 14,705	$ 14,705
Cash and cash equivalents			3	3
Other assets			509	509
Total assets			15,217	15,217
Other liabilities			2,910	2,910
Equity			12,307	12,307
Total liabilities and equity			15,217	15,217
Summarized financial information - Statement of Operations:
Net loss			$ 0	$ 0
Pier Park TPS JV
Investments
Number of units to be developed and constructed | item								124
Value of land contributed		$ 1,700
Mitigation bank credits contributed					$ 100
Cash contributed					$ 200
Ownership percentage			50.00%	50.00%		50.00%
Summarized financial information - Balance Sheets:
Property and equipment, net			$ 18,502	$ 18,502		$ 14,775
Cash and cash equivalents			366	366		51
Other assets			512	512		12
Total assets			19,380	19,380		14,838
Debt, net			12,969	12,969		6,480
Other liabilities			1,952	1,952		2,193
Equity			4,459	4,459		6,165
Total liabilities and equity			19,380	19,380		14,838
Summarized financial information - Statement of Operations:
Total revenue			533	533
Cost of revenue			251	251
Expenses			260	260
Total expenses			511	511
Operating income			22	22
Interest expense			(34)	(34)
Net loss			(12)	(12)
Busy Bee JV (SJBB, LLC)
Investments
Value of land contributed	$ 1,400
Investment in unconsolidated joint venture			1,200	1,200		$ 1,200
Notes receivable, net			$ 200	$ 200
Ownership percentage			50.00%	50.00%		50.00%
Summarized financial information - Balance Sheets:
Property and equipment, net			$ 8,301	$ 8,301		$ 3,886
Cash and cash equivalents			45	45		36
Other assets			883	883		28
Total assets			9,229	9,229		3,950
Debt, net			6,301	6,301		1,349
Other liabilities			553	553		181
Equity			2,375	2,375		2,420
Total liabilities and equity			9,229	9,229		$ 3,950
Summarized financial information - Statement of Operations:
Total expenses			54	65
Net loss			$ (54)	$ (65)

Investments - Schedule of inves

Investments - Schedule of investments (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Debt securities and restricted investments
Amortized Cost	$ 51,177	$ 2,531
Gross Unrealized Gains	13	11
Gross Unrealized (Losses)	(18)	(125)
Fair Value	51,172	2,417
Unrestricted available-for-sale, Debt securities
Debt securities and restricted investments
Amortized Cost	50,014	178
Gross Unrealized (Losses)	(18)	(125)
Fair Value	49,996	53
Unrestricted available-for-sale, Debt securities | U.S. Treasury Bills
Debt securities and restricted investments
Amortized Cost	49,962
Gross Unrealized (Losses)	(18)
Fair Value	49,944
Unrestricted available-for-sale, Debt securities | Corporate debt securities
Debt securities and restricted investments
Amortized Cost	52	178
Gross Unrealized (Losses)		(125)
Fair Value	52	53
Restricted
Debt securities and restricted investments
Amortized Cost	1,163	2,353
Gross Unrealized Gains	13	11
Fair Value	1,176	2,364
Restricted | Short-term bond
Debt securities and restricted investments
Amortized Cost	1,163	2,239
Gross Unrealized Gains	13	11
Fair Value	$ 1,176	2,250
Restricted | Money market fund
Debt securities and restricted investments
Amortized Cost		114
Fair Value		$ 114

Investments - Gains and proceed

Investments - Gains and proceeds (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Investments
Realized loss (gain) on sale of investments	$ 0	$ 0
Maturities of investments - debt securities			$ 7,000	$ 7,000
Proceeds from sale of available-for-sale debt securities			1,200	1,200
Purchases of available-for-sale securities			56,900
Maximum
Investments
Realized loss (gain) on sale of investments			$ 100	100
Purchases of available-for-sale securities				$ 100

Investments - Unrealized Loss P

Investments - Unrealized Loss Position (Details) - Unrestricted available-for-sale, Debt securities - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
U.S. Treasury Bills
Investments
Less Than 12 Months, Fair Value	$ 42,954
Less Than 12 Months, Unrealized Losses	$ 18
Corporate debt securities
Investments
12 Months or Greater, Fair Value		$ 53
12 Months or Greater, Unrealized Losses		$ 125

Investments - Unrealized Loss (

Investments - Unrealized Loss (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Investments
Unrealized losses, debt securities	$ 18	$ 125
Maximum
Investments
Unrealized losses, debt securities	$ 100

Investments - Contractual Matur

Investments - Contractual Maturities of Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Amortized Cost
Amortized Cost	$ 51,177	$ 2,531
Fair Value
Fair Value	51,172	2,417
Unrestricted available-for-sale, Debt securities
Amortized Cost
Amortized Cost, Due in one year or less	50,014
Amortized Cost	50,014	178
Fair Value
Fair Value, Due in one year or less	49,996
Fair Value	49,996	53
Restricted
Amortized Cost
Amortized Cost	1,163	2,353
Fair Value
Fair Value	$ 1,176	$ 2,364

Investments - Equity Securities

Investments - Equity Securities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Equity Securities
Investments - equity securities	$ 2,415		$ 2,415		$ 9,746
Unrealized (loss) gain on investments, net	(142)	$ (1,915)	(4,903)	$ 133
Preferred stock
Equity Securities
Investments - equity securities	$ 2,400		$ 2,400		$ 9,700

Investments - Investment Manage

Investments - Investment Management Agreement (Details) $ in Millions	6 Months Ended
	Jun. 30, 2020USD ($)
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	44.99%

Financial Instruments and Fai_3

Financial Instruments and Fair Value Measurements - Measurements on Recurring Basis (Details) - Recurring basis - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Financial instruments and fair value measurements
Cash equivalents	$ 86,951	$ 166,253
Total	140,538	178,416
Level 1
Financial instruments and fair value measurements
Cash equivalents	86,951	166,253
Total	138,071	168,617
Level 2
Financial instruments and fair value measurements
Total	2,467	9,799
Unrestricted available-for-sale, Debt securities
Financial instruments and fair value measurements
Investments	49,996	53
Unrestricted available-for-sale, Debt securities | Level 1
Financial instruments and fair value measurements
Investments	49,944
Unrestricted available-for-sale, Debt securities | Level 2
Financial instruments and fair value measurements
Investments	52	53
Equity securities
Financial instruments and fair value measurements
Investments	2,415	9,746
Equity securities | Level 2
Financial instruments and fair value measurements
Investments	2,415	9,746
Restricted
Financial instruments and fair value measurements
Investments	1,176	2,364
Restricted | Level 1
Financial instruments and fair value measurements
Investments	1,176	2,364
Money market fund
Financial instruments and fair value measurements
Cash equivalents	86,951	21,043
Money market fund | Level 1
Financial instruments and fair value measurements
Cash equivalents	86,951	21,043
Money market fund | Restricted
Financial instruments and fair value measurements
Investments		114
Money market fund | Restricted | Level 1
Financial instruments and fair value measurements
Investments		114
Commercial paper
Financial instruments and fair value measurements
Cash equivalents		138,220
Commercial paper | Level 1
Financial instruments and fair value measurements
Cash equivalents		138,220
U.S. Treasury Bills
Financial instruments and fair value measurements
Cash equivalents		6,990
U.S. Treasury Bills | Level 1
Financial instruments and fair value measurements
Cash equivalents		6,990
U.S. Treasury Bills | Unrestricted available-for-sale, Debt securities
Financial instruments and fair value measurements
Investments	49,944
U.S. Treasury Bills | Unrestricted available-for-sale, Debt securities | Level 1
Financial instruments and fair value measurements
Investments	49,944
Corporate debt securities | Unrestricted available-for-sale, Debt securities
Financial instruments and fair value measurements
Investments	52	53
Corporate debt securities | Unrestricted available-for-sale, Debt securities | Level 2
Financial instruments and fair value measurements
Investments	52	53
Preferred stock | Equity securities
Financial instruments and fair value measurements
Investments	2,415	9,746
Preferred stock | Equity securities | Level 2
Financial instruments and fair value measurements
Investments	2,415	9,746
Short-term bond | Restricted
Financial instruments and fair value measurements
Investments	1,176	2,250
Short-term bond | Restricted | Level 1
Financial instruments and fair value measurements
Investments	$ 1,176	$ 2,250

Financial Instruments and Fai_4

Financial Instruments and Fair Value Measurements - Expected Maturity (Details) - Restricted - Short-term bond - Y	Jun. 30, 2020	Dec. 31, 2019
Minimum
Financial instruments and fair value measurements
Measurement input (in years)	0	0
Maximum
Financial instruments and fair value measurements
Measurement input (in years)	3	3

Financial Instruments and Fai_5

Financial Instruments and Fair Value Measurements - Liabilities measured at FV (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Jan. 31, 2019
Pier Park TPS JV
Financial instruments and fair value measurements
Notional amount				$ 14,400
Interest rate swap
Financial instruments and fair value measurements
Notional amount			$ 20,000
Level 2 | Interest rate swap | Other liabilities.
Financial instruments and fair value measurements
Derivative liabilities	$ 1,200	$ 300
Recurring basis
Financial instruments and fair value measurements
Liabilities	2,043	336
Recurring basis | Interest rate swap | Other liabilities.
Financial instruments and fair value measurements
Derivative liabilities	1,202	336
Recurring basis | Interest rate swap | Investment in unconsolidated joint ventures
Financial instruments and fair value measurements
Derivative liabilities	841
Recurring basis | Level 2
Financial instruments and fair value measurements
Liabilities	2,043	336
Recurring basis | Level 2 | Interest rate swap | Pier Park TPS JV
Financial instruments and fair value measurements
Derivative liabilities	800
Recurring basis | Level 2 | Interest rate swap | Other liabilities.
Financial instruments and fair value measurements
Derivative liabilities	1,202	$ 336
Recurring basis | Level 2 | Interest rate swap | Investment in unconsolidated joint ventures
Financial instruments and fair value measurements
Derivative liabilities	$ 841

Financial Instruments and Fai_6

Financial Instruments and Fair Value Measurements - Investment in unconsolidated JVs and Long-lived assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Financial Instruments and Fair Value Measurements
Impairment loss on investment in unconsolidated joint ventures	$ 0	$ 0	$ 0	$ 0

Financial Instruments and Fai_7

Financial Instruments and Fair Value Measurements - Carrying Amount and Fair Value (Details) - Nonrecurring - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Carrying Value
Financial instruments and fair value measurements
Debt	$ 122,980	$ 94,507
Fair Value
Financial instruments and fair value measurements
Debt	131,089	96,814
Level 1 | Carrying Value | U. S Treasury Bills and cash
Financial instruments and fair value measurements
Investments held by SPEs	6,438	6,771
Level 1 | Fair Value | U. S Treasury Bills and cash
Financial instruments and fair value measurements
Investments held by SPEs	6,731	6,712
Level 2 | Carrying Value | Fixed-rate debt
Financial instruments and fair value measurements
Debt	101,123	89,969
Level 2 | Carrying Value | Variable rate debt
Financial instruments and fair value measurements
Debt	21,857	4,538
Level 2 | Fair Value | Fixed-rate debt
Financial instruments and fair value measurements
Debt	109,232	92,276
Level 2 | Fair Value | Variable rate debt
Financial instruments and fair value measurements
Debt	21,857	4,538
Level 3 | Carrying Value
Financial instruments and fair value measurements
Senior Notes held by SPE	177,156	177,026
Level 3 | Carrying Value | Time deposit
Financial instruments and fair value measurements
Investments held by SPEs	200,000	200,000
Level 3 | Fair Value
Financial instruments and fair value measurements
Senior Notes held by SPE	222,866	204,347
Level 3 | Fair Value | Time deposit
Financial instruments and fair value measurements
Investments held by SPEs	$ 200,000	$ 200,000

Financial Instruments and Fai_8

Financial Instruments and Fair Value Measurements - Held by Special Purpose Entities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Jun. 30, 2020	Dec. 31, 2019
Financial instruments and fair value measurements
Investments held by special purpose entities		$ 206,438	$ 206,771
Senior Notes held by special purpose entity		177,156	$ 177,026
Panama City Timber Finance Company, LLC | 2014 real estate sale
Financial instruments and fair value measurements
Notes received as consideration in sale of real estate	$ 200,000
Promissory notes maturity period	15 years
Panama City Timber Finance Company, LLC | Time deposit
Financial instruments and fair value measurements
Investments held by special purpose entities		$ 200,000
Investment interest rate (as a percent)		4.00%
Panama City Timber Finance Company, LLC | U.S. Treasury Bills
Financial instruments and fair value measurements
Investments held by special purpose entities		$ 6,000
Panama City Timber Finance Company, LLC | Cash
Financial instruments and fair value measurements
Investments held by special purpose entities		400
Northwest Florida Timber Finance, LLC
Financial instruments and fair value measurements
Loan amount	$ 180,000
Debt interest rate (as a percent)	4.80%
Issue price of senior secured notes (as a percent)	98.50%
Senior Notes held by special purpose entity		177,200
Unamortized discount and debt issuance costs		$ 2,800

Hurricane Michael (Details)

Hurricane Michael (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Loss contingency
Loss on disposal of assets			$ (7)
Insurance proceeds		$ 3,792		$ 4,071
Loss from hurricane damage	$ 447	805	502	1,127
Proceeds from settlement received				10,796
Hurricane Michael.
Loss contingency
Proceeds from business interruption insurance	0	1,300	700	1,300
Insurance proceeds	0	3,800	0	4,100
Loss from hurricane damage	$ 400	$ 800	$ 500	$ 1,100

Leases - Components of lease re

Leases - Components of lease revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Leasing revenue
Lease payments	$ 3,772	$ 2,724	$ 7,154	$ 5,404
Variable lease payments	1,135	950	2,052	1,777
Total leasing revenue	$ 4,907	$ 3,674	$ 9,206	$ 7,181

Leases - Minimum future base re

Leases - Minimum future base rental revenue (Details) $ in Thousands	Jun. 30, 2020USD ($)
Minimum future base rental revenue:
2020	$ 7,458
2021	11,490
2022	10,243
2023	8,158
2024	6,913
Thereafter	17,293
Total	$ 61,555

Leases - Lease cost (Details)

Leases - Lease cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Lease cost
Finance lease cost: Amortization of right-of-use assets	$ 13	$ 12	$ 25	$ 16
Finance lease cost: Interest on lease liability	2	3	5	4
Operating lease cost	72	53	137	105
Short-term lease cost	277	237	351	301
Total lease cost	$ 364	$ 305	$ 518	$ 426

Leases - Lease cost - Other inf

Leases - Lease cost - Other information (Details)	Jun. 30, 2020	Jun. 30, 2019
Leases
Weighted-average remaining lease term - finance lease (in years)	4 years 1 month 6 days	4 years 8 months 12 days
Weighted-average remaining lease term - operating leases (in years)	2 years 7 months 6 days	1 year 8 months 12 days
Weighted-average discount rate - finance lease (as a percent)	5.00%	5.00%
Weighted-average discount rate - operating leases (as a percent)	5.00%	5.00%

Leases - Aggregate payments of

Leases - Aggregate payments of finance lease liability (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Aggregate payments of finance lease liability:
2020	$ 29
2021	58
2022	58
2023	58
2024	12
Thereafter	1
Total	216
Less imputed interest	(19)
Total finance lease liability	$ 197	$ 204

Leases - Aggregate payments o_2

Leases - Aggregate payments of operating lease liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Aggregate payments of operating lease liabilities:
2020	$ 139
2021	214
2022	126
2023	83
2024	13
Thereafter	293
Total	868
Less imputed interest	(196)
Total operating lease liabilities	$ 672	$ 691

Other Assets - Schedule of Othe

Other Assets - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Other Assets
Restricted investments	$ 1,176	$ 2,364
Accounts receivable, net	8,190	6,957
Homesite sales receivable	4,919	5,211	$ 3,775	$ 2,977
Notes receivable, net	3,084	3,252
Income tax receivable	2,487	2,843
Prepaid expenses	8,119	6,592
Straight line rent	3,261	3,292
Operating lease, right-of use assets	672	691
Other assets	7,639	5,715
Retained interest investments	12,492	12,214
Accrued interest receivable for Senior Notes held by SPE	2,938	2,938
Total other assets	$ 54,977	$ 52,069

Other Assets - Restricted Inves

Other Assets - Restricted Investments (Details) - Restricted - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Investments
Expense for fair value of assets, less expenses, allocated to participants			$ 1.2	$ 1.1
Gain (loss) on assets		$ (0.1)		$ (0.1)
Maximum
Investments
Gain (loss) on assets	$ (0.1)		$ 0.1

Other Assets - Accounts Receiva

Other Assets - Accounts Receivable, Net (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Accounts Receivable, Net
Allowance for credit losses	$ 0.2
Allowance for lease related receivables	0.1
Allowance for doubtful accounts		$ 0.3
Maximum
Accounts Receivable, Net
Increase (decrease) in allowance for credit losses related to accounts receivable	$ 0.1

Other Assets - Homesite Sales R

Other Assets - Homesite Sales Receivable (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Changes in lot sales receivable
Homesite Sales Receivable, Beginning Balance	$ 5,211	$ 2,977
Increases Due To Revenue Recognized for Lots Sold	1,075	2,006
Decreases Due to Amounts Received/Transferred	(1,367)	(1,208)
Homesite Sales Receivable, Ending Balance	$ 4,919	$ 3,775

Other Assets - Notes Receivable

Other Assets - Notes Receivable, Net (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Receivables
Notes receivable, net	$ 3,084	$ 3,252
Allowance for credit losses, Notes receivable		0
Accrued interest receivable	2,938	2,938
Latitude Margaritaville Watersound JV
Receivables
Secured revolving promissory note	10,000
Maximum
Receivables
Allowance for credit losses, Notes receivable	100
Notes Receivable
Receivables
Accrued interest receivable	100	100
Interest bearing homebuilder note - 5.5% interest rate, due June 2021
Receivables
Notes receivable, net	$ 1,394	$ 1,514
Interest rate (as a percent)	5.50%	5.50%
Interest bearing homebuilder note - 5.5% interest rate, due December 2021
Receivables
Notes receivable, net	$ 872	$ 872
Interest rate (as a percent)	5.50%	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, net	$ 359	$ 363
Interest rate, note (as a percent)	8.00%	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, net	$ 200	$ 206
Interest rate, note (as a percent)	8.00%	8.00%
Interest bearing homebuilder note - 6.3% interest rate, due March 2020
Receivables
Notes receivable, net	$ 128	$ 128
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, net	$ 76	$ 85
Interest bearing revolving promissory note with Latitude Margaritaville Watersound JV, secured by the JV's real property - 5.0% interest rate, due June 2025
Receivables
Notes receivable, net	$ 55
Interest rate (as a percent)	5.00%
Interest bearing homebuilder note - 5.5% interest rate, due June 2020
Receivables
Notes receivable, net		$ 84
Interest rate (as a percent)		5.50%

Other Assets - Retained Interes

Other Assets - Retained Interest Investments (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Investments
Retained interest investments	$ 12,492	$ 12,214
Retained interest investments
Investments
Expected amount to receive upon maturity of note after payment of note and any other liabilities	$ 16,400
Promissory notes maturity period	15 years
Retained interest investments	$ 12,500	$ 12,200
Minimum | Retained interest investments
Investments
Notes maturity year	2022
Maximum | Retained interest investments
Investments
Notes maturity year	2024

Debt, Net - Schedule of Debt (D

Debt, Net - Schedule of Debt (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Debt instruments
Outstanding debt	$ 122,980	$ 94,507
Unamortized Discount and Debt Issuance Costs	2,458	1,978
Debt, Net	120,522	92,529
PPN JV Loan, due November 2025, bearing interest at 4.1%
Debt instruments
Outstanding debt	45,046	45,514
Unamortized Discount and Debt Issuance Costs	347	380
Debt, Net	$ 44,699	$ 45,134
Debt interest rate (as a percent)	4.10%	4.10%
PPC JV Loan, due June 2060, bearing interest at 4.0%
Debt instruments
Outstanding debt	$ 35,690	$ 34,610
Unamortized Discount and Debt Issuance Costs	1,074	1,087
Debt, Net	$ 34,616	$ 33,523
Debt interest rate (as a percent)	4.00%	4.00%
Watersound Origins Crossings JV Loan, due May 2024, bearing interest at 5.0%
Debt instruments
Outstanding debt	$ 14,292	$ 2,868
Unamortized Discount and Debt Issuance Costs	402	454
Debt, Net	$ 13,890	$ 2,414
Debt interest rate (as a percent)	5.00%	5.00%
Watercrest JV Loan, due June 2047, bearing interest at LIBOR plus 2.2%
Debt instruments
Outstanding debt	$ 8,639
Unamortized Discount and Debt Issuance Costs	289
Debt, Net	$ 8,350
Basis spread on variable rate	2.20%	2.20%
Effective interest rate (as a percent)	2.40%
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	$ 6,095	$ 6,977
Debt, Net	$ 6,095	$ 6,977
Community Development District debt, secured by certain real estate or other collateral, due May 2023 through May 2039, bearing interest at 3.6% to 6.0% | Minimum
Debt instruments
Debt interest rate (as a percent)	3.60%	3.60%
Community Development District debt, secured by certain real estate or other collateral, due May 2023 through May 2039, bearing interest at 3.6% to 6.0% | Maximum
Debt instruments
Debt interest rate (as a percent)	6.00%	6.00%
PPC II JV Loan, due October 2024, bearing interest at LIBOR plus 2.3%
Debt instruments
Outstanding debt	$ 5,174
Unamortized Discount and Debt Issuance Costs	224
Debt, Net	$ 4,950
Debt interest rate (as a percent)	2.30%
Effective interest rate (as a percent)	2.40%
Beckrich Building III Loan, due August 2029, bearing interest at LIBOR plus 1.7%
Debt instruments
Outstanding debt	$ 3,596
Unamortized Discount and Debt Issuance Costs	69
Debt, Net	$ 3,527
Effective interest rate (as a percent)	1.90%
Beckrich Building III Loan, due August 2029, bearing interest at LIBOR plus 1.7% | LIBOR
Debt instruments
Basis spread on variable rate	1.70%
Beach Homes Loan, due May 2029, bearing interest at LIBOR plus 1.7%.
Debt instruments
Outstanding debt	$ 1,571	$ 1,594
Unamortized Discount and Debt Issuance Costs	18	20
Debt, Net	$ 1,553	$ 1,574
Effective interest rate (as a percent)	1.90%
Beach Homes Loan, due May 2029, bearing interest at LIBOR plus 1.7%. | LIBOR
Debt instruments
Basis spread on variable rate	1.70%	1.70%
Pier Park Outparcel Construction Loan, due March 2027, bearing interest at LIBOR plus 1.7%
Debt instruments
Outstanding debt	$ 1,500	$ 1,535
Unamortized Discount and Debt Issuance Costs	13	14
Debt, Net	$ 1,487	$ 1,521
Effective interest rate (as a percent)	1.90%
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	$ 1,377	$ 1,409
Unamortized Discount and Debt Issuance Costs	22	23
Debt, Net	$ 1,355	$ 1,386
Effective interest rate (as a percent)	1.90%
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

Apr. 30, 2020USD ($)

Mar. 31, 2020USD ($)

Oct. 31, 2019USD ($)

Aug. 31, 2019USD ($)

Jun. 30, 2019USD ($)

May 31, 2019USD ($)

Jun. 30, 2030

Jun. 30, 2020USD ($)

Dec. 31, 2019USD ($)

May 31, 2018USD ($)item

Feb. 28, 2018USD ($)

Mar. 31, 2017USD ($)

Oct. 31, 2015USD ($)

Debt instruments

Outstanding debt

$ 122,980

$ 94,507

Total Community Development District debt

17,000

17,700

PPN JV Loan, due November 2025, bearing interest at 4.1%

Debt instruments

Loan amount

$ 48,200

Outstanding debt

45,046

45,514

PPC JV Loan, due June 2060, bearing interest at 4.0%

Debt instruments

Loan amount

$ 36,600

Outstanding debt

35,690

34,610

PPC JV Loan, due June 2060, bearing interest at 4.0% | Minimum | Forecast

Debt instruments

Prepayment premium, as a percent of principal repaid

1.00%

PPC JV Loan, due June 2060, bearing interest at 4.0% | Maximum | Forecast

Debt instruments

Prepayment premium, as a percent of principal repaid

10.00%

Watersound Origins Crossings JV Loan, due May 2024, bearing interest at 5.0%

Debt instruments

Loan amount

$ 37,900

Outstanding debt

14,292

2,868

Debt instrument, period subject to interest payments only

30 months

Watercrest JV Loan, due June 2047, bearing interest at LIBOR plus 2.2%

Debt instruments

Loan amount

$ 22,500

Outstanding debt

8,639

Debt instrument, period subject to interest payments only

36 months

Notional amount

$ 20,000

Fixed interest rate (as a percent)

4.37%

Community Development District debt, secured by certain real estate or other collateral, due May 2023 through May 2039, bearing interest at 3.6% to 6.0%

Debt instruments

Outstanding debt

6,095

6,977

Pier Park Crossings II JV Loan

Debt instruments

Loan amount

$ 17,500

Debt instrument, period subject to interest payments only

24 months

Beckrich Building 3 Loan

Debt instruments

Loan amount

$ 5,500

Debt instrument, period subject to interest payments only

12 months

Beach Homes Loan, due May 2029, bearing interest at LIBOR plus 1.7%.

Debt instruments

Loan amount

$ 1,700

Outstanding debt

1,571

1,594

Number of homes financed | item

2

Pier Park Outparcel Construction Loan, due March 2027, bearing interest at LIBOR plus 1.7%

Debt instruments

Loan amount

$ 1,600

Outstanding debt

1,500

1,535

WaterColor Crossings Construction Loan, due February 2029, bearing interest at LIBOR plus 1.7%

Debt instruments

Loan amount

$ 1,900

Outstanding debt

1,377

$ 1,409

Airport Hotel Loan

Debt instruments

Loan amount

$ 15,300

Outstanding debt

0

Debt instrument, period subject to interest payments only

36 months

Loan costs

200

Pier Park Resort Hotel JV Loan

Debt instruments

Loan amount

$ 52,500

Outstanding debt

0

Debt instrument, period subject to interest payments only

36 months

Debt Instrument, Guarantor, Debt Service Coverage Period

12 months

Loan costs

$ 1,200

Pier Park Resort Hotel JV Loan | Maximum

Debt instruments

Loan amount

$ 60,000

Debt, Net - Maturities of Debt

Debt, Net - Maturities of Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Debt, Net
2020	$ 885
2021	2,472
2022	2,871
2023	3,049
2024	21,663
Thereafter	92,040
Long term debt	$ 122,980	$ 94,507

Other Liabilities - Schedule of

Other Liabilities - Schedule of Other Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Other Liabilities
Accounts payable	$ 24,797	$ 16,207
Finance lease liability	197	204
Operating lease liabilities	672	691
Accrued compensation	2,022	3,151
Other accrued liabilities	5,864	3,277
Deferred revenue	17,668	18,972
Club initiation fees	7,429	6,917	$ 6,457	$ 5,676
Club membership deposits	3,835	3,985
Advance deposits	2,794	946
Accrued interest expense for Senior Notes held by SPE	2,850	2,850
Total other liabilities	$ 68,128	$ 57,200

Other Liabilities - Additional

Other Liabilities - Additional information (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Other Liabilities
Accrued property taxes	$ 2,400	$ 100
Deferred revenue	17,668	18,972
Florida Department of Transportation
Other Liabilities
Deferred revenue	$ 11,500	$ 12,500

Other Liabilities - Changes in

Other Liabilities - Changes in contract liabilities (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Changes in contract liabilities
Contract liabilities - Club initiation fees (Balance at beginning of period)	$ 6,917	$ 5,676
Increases Due To Cash Received	1,686	1,663
Decreases Due to Revenue Recognized	(1,174)	(882)
Contract liabilities - Club initiation fees (Balance at end of period)	$ 7,429	$ 6,457

Income Taxes - Expense (benefit

Income Taxes - Expense (benefit) reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Income Taxes
Statutory federal income tax rate (as a percent)			21.00%		21.00%
Tax at the federal statutory rate	$ 5,273	$ 2,869	$ 4,847	$ 3,424
State income taxes (net of federal benefit)	884	601	813	717
Tax credits	(251)		(251)
Other	1	(36)	3	(46)
Total income tax (benefit) expense	$ 5,907	$ 3,434	$ 5,412	$ 4,095

Income Taxes - Tax credit carry

Income Taxes - Tax credit carryforward (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Tax credit carryforward
Income tax receivable	$ 2,487	$ 2,843
ATM credit carryforward | Federal
Tax credit carryforward
Income tax receivable		$ 2,200

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss - Summary of Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Summary of changes in accumulated other comprehensive loss
Beginning Balance	$ 520,910	$ 530,320	$ 529,670	$ 533,111
Amounts reclassified from accumulated other comprehensive loss			(3)	2
Total other comprehensive (loss) income, net of tax	(640)	(2)	(1,195)	604
Ending Balance	542,650	542,140	542,650	542,140
Accumulated Other Comprehensive (Loss) Income
Summary of changes in accumulated other comprehensive loss
Beginning Balance	(890)	(68)	(335)	(674)
Other comprehensive loss before reclassifications			(1,192)
Amounts reclassified from accumulated other comprehensive loss			(3)
Total other comprehensive (loss) income, net of tax	(640)	(2)	(1,195)	604
Ending Balance	(1,530)	$ (70)	(1,530)	$ (70)
Unrealized (loss) and gain on available for sale securities
Summary of changes in accumulated other comprehensive loss
Beginning Balance			(84)
Other comprehensive loss before reclassifications			82
Amounts reclassified from accumulated other comprehensive loss			(3)
Total other comprehensive (loss) income, net of tax			79
Ending Balance	(5)		(5)
Unrealized loss Cash flow hedge, Interest rate swap
Summary of changes in accumulated other comprehensive loss
Beginning Balance			(251)
Other comprehensive loss before reclassifications			(1,274)
Total other comprehensive (loss) income, net of tax			(1,274)
Ending Balance	$ (1,525)		$ (1,525)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Loss - Summary of the Tax Effects Allocated to Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Accumulated Other Comprehensive Loss
Reclassification adjustment for net gain included in earnings before-tax amount			$ (4)	$ 2
Reclassification adjustment for net gain included in earnings, Tax (expense) or benefit			1
Reclassification adjustment for net gain included in earnings net-of-tax amount			(3)	2
Total before income taxes	$ (857)	$ (2)	(1,600)	810
Other comprehensive loss, Tax (expense) or benefit	217	(2)	405	(206)
Total other comprehensive (loss) income, net of tax	(640)	(2)	(1,195)	604
Accumulated Other Comprehensive (Loss) Income
Accumulated Other Comprehensive Loss
Unrealized gain (loss) on investments, Net-of-tax amount			(1,192)
Reclassification adjustment for net gain included in earnings net-of-tax amount			(3)
Total other comprehensive (loss) income, net of tax	(640)	(2)	(1,195)	604
Unrealized (loss) and gain on available for sale securities
Accumulated Other Comprehensive Loss
Unrealized gain (loss) on investments, Net-of-tax amount			82
Reclassification adjustment for net gain included in earnings net-of-tax amount			(3)
Total other comprehensive (loss) income, net of tax			79
Unrealized loss Cash flow hedge, Interest rate swap
Accumulated Other Comprehensive Loss
Unrealized gain (loss) on investments, Net-of-tax amount			(1,274)
Total other comprehensive (loss) income, net of tax			(1,274)
Unrealized loss Cash flow hedge, Interest rate swap | Interest rate swap
Accumulated Other Comprehensive Loss
Unrealized gain (loss) on investments, Before-tax amount	(137)		(866)
Unrealized gain (loss) on investments, Tax (expense) or benefit	35		220
Unrealized gain (loss) on investments, Net-of-tax amount	(102)		(646)
Unrealized loss Cash flow hedge, Interest rate swap | Interest rate swap, unconsolidated affiliates
Accumulated Other Comprehensive Loss
Unrealized gain (loss) on investments, Before-tax amount	(841)		(841)
Unrealized gain (loss) on investments, Tax (expense) or benefit	213		213
Unrealized gain (loss) on investments, Net-of-tax amount	(628)		(628)
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	106	(9)	106	790
Unrealized gain (loss) on investments, Tax (expense) or benefit	(27)	2	(27)	(201)
Unrealized gain (loss) on investments, Net-of-tax amount	79	(7)	79	589
Restricted | Unrealized (loss) and gain on available for sale securities
Accumulated Other Comprehensive Loss
Unrealized gain (loss) on investments, Before-tax amount	15	7	5	18
Unrealized gain (loss) on investments, Tax (expense) or benefit	(4)	(2)	(2)	(5)
Unrealized gain (loss) on investments, Net-of-tax amount	$ 11	$ 5	$ 3	$ 13

Stockholders' Equity - Stock Re

Stockholders' Equity - Stock Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020	Jun. 30, 2019
Stockholders' Equity
Average purchase price per share for share repurchase (in dollars per share)		$ 16.54	$ 15
Aggregate cost		$ 8,803	$ 7,073
Remaining authorized repurchase amount	$ 77,400	77,400
Cash, cash equivalents and/or investments to be maintained	$ 100,000	$ 100,000
Common Stock
Stockholders' Equity
Shares repurchased during the period (in shares)	120,921	532,034	471,500

Stockholders' Equity - Issuance

Stockholders' Equity - Issuance of Common Stock (Details) - Directors - Restricted Stock	Jul. 01, 2019directorshares	Jul. 02, 2018directorshares	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	May 20, 2019USD ($)	May 23, 2018USD ($)
Share-based compensation
Fair value of equity grant award approved for each director | $							$ 50,000	$ 50,000
Number of restricted stock awards granted | shares	5,708	2,778
Number of directors granted restricted stock awards | director	2	1
Number of directors who elected to receive cash in lieu of the stock | director	2	3
Maximum
Share-based compensation
Stock compensation expense | $			$ 100,000	$ 100,000	$ 100,000	$ 100,000

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Disaggregation of revenue
Leasing revenue	$ 4,907	$ 3,674	$ 9,206	$ 7,181
Total revenue	36,082	35,546	54,655	51,570
Recognized at a point in time
Disaggregation of revenue
Revenue	30,424	31,092	44,076	43,098
Recognized over time
Disaggregation of revenue
Revenue	751	780	1,373	1,291
Real estate
Disaggregation of revenue
Revenue	17,555	15,553	23,362	20,144
Hospitality
Disaggregation of revenue
Revenue	11,565	15,560	18,176	22,991
Timber
Disaggregation of revenue
Revenue	2,055	759	3,911	1,254
Operating Segments | Residential
Disaggregation of revenue
Leasing revenue	55	11	78	22
Total revenue	14,127	14,019	17,166	17,544
Operating Segments | Residential | Recognized at a point in time
Disaggregation of revenue
Revenue	14,072	14,008	17,088	17,522
Operating Segments | Residential | Real estate
Disaggregation of revenue
Revenue	14,002	13,825	16,956	17,187
Operating Segments | Residential | Hospitality
Disaggregation of revenue
Revenue	70	183	132	335
Operating Segments | Hospitality
Disaggregation of revenue
Leasing revenue	3	27	5	52
Total revenue	11,498	15,404	18,049	22,708
Operating Segments | Hospitality | Recognized at a point in time
Disaggregation of revenue
Revenue	10,744	14,597	16,671	21,365
Operating Segments | Hospitality | Recognized over time
Disaggregation of revenue
Revenue	751	780	1,373	1,291
Operating Segments | Hospitality | Hospitality
Disaggregation of revenue
Revenue	11,495	15,377	18,044	22,656
Operating Segments | Commercial
Disaggregation of revenue
Leasing revenue	4,849	3,636	9,123	7,107
Total revenue	9,226	5,683	18,121	10,760
Operating Segments | Commercial | Recognized at a point in time
Disaggregation of revenue
Revenue	4,377	2,047	8,998	3,653
Operating Segments | Commercial | Real estate
Disaggregation of revenue
Revenue	2,322	1,288	5,087	2,399
Operating Segments | Commercial | Timber
Disaggregation of revenue
Revenue	2,055	759	3,911	1,254
Other
Disaggregation of revenue
Total revenue	1,231	440	1,319	558
Other | Recognized at a point in time
Disaggregation of revenue
Revenue	1,231	440	1,319	558
Other | Real estate
Disaggregation of revenue
Revenue	$ 1,231	$ 440	$ 1,319	$ 558

Other Income - Components (Deta

Other Income - Components (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Investment income, net
Interest and dividend income	$ 67	$ 2,302	$ 1,111	$ 4,115
Accretion income	30	23	47	84
Net realized loss on the sale of investments			(48)	(2)
Unrealized (loss) gain on investments, net	(142)	(1,915)	(4,903)	133
Interest income from investments in SPEs	2,045	2,048	4,091	4,096
Interest accrued on notes receivable and other interest	55	77	148	154
Total investment income, net	2,055	2,535	446	8,580
Interest expense
Interest expense and amortization of discount and issuance costs for Senior Notes issued by SPE	(2,203)	(2,200)	(4,405)	(4,399)
Other interest expense	(1,187)	(824)	(2,329)	(1,567)
Total interest expense	(3,390)	(3,024)	(6,734)	(5,966)
Other income (expense), net
Gain on land contribution to equity method investment	15,338		19,616	1,472
Accretion income from retained interest investments	340	327	685	647
Gain on insurance recovery		3,792		4,071
Loss from hurricane damage	447	805	502	1,127
Miscellaneous income (expense), net	246	(31)	210	(84)
Other income, net	15,477	3,283	20,009	4,979
Total other income, net	$ 14,142	$ 2,794	$ 13,721	$ 7,593

Other Income - Interest Expense

Other Income - Interest Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Other Income, Net
Capitalized interest cost	$ 0.2	$ 0.2	$ 0.3	$ 0.4
Senior Notes held by special purpose entity
Other Income, Net
Effective interest rate (as a percent)	4.90%		4.90%

Other Income - Other income, Ne

Other Income - Other income, Net (Details) - USD ($) $ in Thousands	Jan. 14, 2019	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Other Income, Net
Gain on land contribution to equity method investment		$ 15,338		$ 19,616	$ 1,472
Net present value of land contribution		16,600		16,600
Gain on insurance recovery			$ 3,792		4,071
Loss from hurricane damage		447	805	502	1,127
Loss on disposal of assets				$ (7)
Minimum
Other Income, Net
Retained interest, effective interest rate (as a percent)				3.70%
Maximum
Other Income, Net
Retained interest, effective interest rate (as a percent)				11.20%
Hurricane Michael.
Other Income, Net
Gain on insurance recovery		0	3,800	$ 0	4,100
Loss from hurricane damage		400	$ 800	500	1,100
Pier Park TPS JV
Other Income, Net
Gain on land contribution to equity method investment					$ 1,500
Value of land contributed	$ 1,700
Sea Sound Apartments JV
Other Income, Net
Gain on land contribution to equity method investment				4,300
Value of land contributed				5,100
Latitude Margaritaville Watersound JV
Other Income, Net
Gain on land contribution to equity method investment		15,300		15,300
Value of land contributed				$ 35,000
Imputed interest rate (as a percent)				5.75%
Net present value of land contribution		$ 16,600		$ 16,600
Land contributed, at cost				$ 1,300

Segment Information - Reportabl

Segment Information - Reportable Segments (Details)	6 Months Ended
	Jun. 30, 2020segment
Segment Information
Number of reportable operating segments	3

Segment Information - Informati

Segment Information - Information by Business Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Segments
Revenues	$ 36,082	$ 35,546	$ 54,655	$ 51,570
Consolidated income before equity in loss from unconsolidated affiliates and income taxes	25,249	13,662	23,502	16,302
Total assets	966,316		966,316		$ 909,233
Gain on land contribution to equity method investment	15,338		19,616	1,472
Latitude Margaritaville Watersound JV
Segments
Gain on land contribution to equity method investment	15,300		15,300
Sea Sound Apartments JV
Segments
Gain on land contribution to equity method investment			4,300
Residential | Latitude Margaritaville Watersound JV
Segments
Gain on land contribution to equity method investment	15,300		15,300
Commercial | Sea Sound Apartments JV
Segments
Gain on land contribution to equity method investment			3,900
Operating Segments | Residential
Segments
Revenues	14,127	14,019	17,166	17,544
Consolidated income before equity in loss from unconsolidated affiliates and income taxes	21,602	5,578	22,006	5,849
Total assets	167,841		167,841		139,349
Operating Segments | Hospitality
Segments
Revenues	11,498	15,404	18,049	22,708
Consolidated income before equity in loss from unconsolidated affiliates and income taxes	2,411	5,287	153	4,464
Total assets	115,084		115,084		89,570
Operating Segments | Commercial
Segments
Revenues	9,226	5,683	18,121	10,760
Consolidated income before equity in loss from unconsolidated affiliates and income taxes	3,446	1,554	11,400	4,624
Total assets	301,273		301,273		253,936
Other
Segments
Revenues	1,231	440	1,319	558
Consolidated income before equity in loss from unconsolidated affiliates and income taxes	(2,210)	$ 1,243	(10,057)	$ 1,365
Total assets	$ 382,118		$ 382,118		$ 426,378

Commitments and Contingencies -

Commitments and Contingencies - (Details) - USD ($) $ in Thousands	1 Months Ended
	Nov. 30, 2019	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Jan. 31, 2019
Obligations
Accrued liabilities for other litigation, claims, other disputes and governmental proceedings		$ 800	$ 1,500
Amount of letters of credit outstanding		1,900
Purchase obligations, total		134,900
Principal balance		122,980	94,507
Allowance for credit losses within other liabilities		100
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
Latitude Margaritaville Watersound JV
Obligations
Secured revolving promissory note		10,000
Amount committed to fund		10,000
Note receivable		100
Interest rate swap
Obligations
Notional amount				$ 20,000
Surety bonds
Obligations
Commitment obligations		19,700	10,700
Pier Park TPS JV
Obligations
Notional amount					$ 14,400
Principal balance		$ 13,274	6,791
Pier Park TPS JV | Pier Park TPS JV Loan
Obligations
Loan amount					$ 14,400
Debt interest rate (as a percent)		5.21%
Principal balance		$ 13,300	6,800
Pier Park TPS JV | Interest rate swap | Pier Park TPS JV Loan
Obligations
Notional amount		14,400
Busy Bee JV (SJBB, LLC)
Obligations
Principal balance		6,394	1,451
Busy Bee JV (SJBB, LLC) | Busy Bee JV Construction Loan, due November 2035
Obligations
Loan amount	$ 5,400
Principal balance		5,400	1,400
Busy Bee JV (SJBB, LLC) | Busy Bee JV Equipment Loan, due November 2027
Obligations
Loan amount	$ 1,200
Principal balance		$ 1,000	$ 100