Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 22, 2021 | Jun. 30, 2020 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 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 | ||
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 Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 362.7 | ||
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 | FY | ||
Amendment Flag | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
ASSETS | ||
Investment in real estate, net | $ 551,653 | $ 430,776 |
Investment in unconsolidated joint ventures | 37,965 | 5,084 |
Cash and cash equivalents | 106,794 | 185,716 |
Investments - debt securities | 48,051 | 53 |
Investments - equity securities | 2,623 | 9,746 |
Other assets | 63,243 | 52,069 |
Property and equipment, net | 20,846 | 19,018 |
Investments held by special purpose entities | 206,149 | 206,771 |
Total assets | 1,037,324 | 909,233 |
Liabilities: | ||
Debt, net | 158,915 | 92,529 |
Other liabilities | 72,035 | 57,200 |
Deferred tax liabilities, net | 60,915 | 52,808 |
Senior Notes held by special purpose entity | 177,289 | 177,026 |
Total liabilities | 469,154 | 379,563 |
Commitments and contingencies (Note 21) | ||
Equity: | ||
Common stock, no par value; 180,000,000 shares authorized; 58,882,549 and 59,414,583 issued and outstanding at December 31, 2020 and December 31, 2019, respectively | 296,873 | 305,631 |
Retained earnings | 255,216 | 214,225 |
Accumulated other comprehensive loss | (1,472) | (335) |
Total stockholders' equity | 550,617 | 519,521 |
Non-controlling interest | 17,553 | 10,149 |
Total equity | 568,170 | 529,670 |
Total liabilities and equity | 1,037,324 | 909,233 |
Variable Interest Entities | ||
ASSETS | ||
Investment in real estate, net | 170,853 | 96,001 |
Cash and cash equivalents | 2,639 | 3,483 |
Other assets | 13,821 | 12,766 |
Investments held by special purpose entities | 206,149 | 206,771 |
Total assets | 393,462 | 319,021 |
Liabilities: | ||
Debt, net | 139,592 | 81,071 |
Other liabilities | 9,596 | 3,471 |
Senior Notes held by special purpose entity | 177,289 | 177,026 |
Total liabilities | $ 326,477 | $ 261,568 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
CONSOLIDATED BALANCE SHEETS | ||
Common stock, par value | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 180,000,000 | 180,000,000 |
Common stock, issued (in shares) | 58,882,549 | 59,414,583 |
Common stock, outstanding (in shares) | 58,882,549 | 59,414,583 |
CONSOLIDATED BALANCE SHEETS - V
CONSOLIDATED BALANCE SHEETS - VIEs - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
ASSETS | ||
Investment in real estate | $ 551,653 | $ 430,776 |
Cash and cash equivalents | 106,794 | 185,716 |
Other assets | 63,243 | 52,069 |
Investments held by special purpose entities | 206,149 | 206,771 |
Total assets | 1,037,324 | 909,233 |
LIABILITIES | ||
Debt, net | 158,915 | 92,529 |
Other liabilities | 72,035 | 57,200 |
Senior Notes held by special purpose entity | 177,289 | 177,026 |
Total liabilities | 469,154 | 379,563 |
Variable Interest Entities | ||
ASSETS | ||
Investment in real estate | 170,853 | 96,001 |
Cash and cash equivalents | 2,639 | 3,483 |
Other assets | 13,821 | 12,766 |
Investments held by special purpose entities | 206,149 | 206,771 |
Total assets | 393,462 | 319,021 |
LIABILITIES | ||
Debt, net | 139,592 | 81,071 |
Other liabilities | 9,596 | 3,471 |
Senior Notes held by special purpose entity | 177,289 | 177,026 |
Total liabilities | $ 326,477 | $ 261,568 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue: | |||
Leasing revenue | $ 18,819 | $ 15,581 | |
Leasing revenue | $ 13,727 | ||
Total revenue | 160,555 | 127,085 | 110,276 |
Expenses: | |||
Cost of revenue | 77,776 | 64,086 | 51,317 |
Other operating and corporate expenses | 22,906 | 21,389 | 20,557 |
Depreciation, depletion and amortization | 12,788 | 10,287 | 8,998 |
Total expenses | 113,470 | 95,762 | 80,872 |
Operating income | 47,085 | 31,323 | 29,404 |
Other income (expense): | |||
Investment income, net | 4,983 | 10,714 | 12,150 |
Interest expense | (13,564) | (12,302) | (11,840) |
Gain on land contribution to equity method investment | 19,983 | 2,317 | |
Other income, net | 1,329 | 4,133 | 1,152 |
Total other income, net | 12,731 | 4,862 | 1,462 |
Income before equity in loss from unconsolidated affiliates and income taxes | 59,816 | 36,185 | 30,866 |
Equity in loss from unconsolidated affiliates | (666) | (77) | |
Income tax (expense) benefit | (13,670) | (9,447) | 736 |
Net income | 45,480 | 26,661 | 31,602 |
Net (income) loss attributable to non-controlling interest | (277) | 114 | 767 |
Net income attributable to the Company | $ 45,203 | $ 26,775 | $ 32,369 |
Basic and Diluted | |||
Weighted average shares outstanding (in shares) | 59,009,865 | 59,994,527 | 62,725,954 |
Net income per share attributable to the Company | $ 0.77 | $ 0.45 | $ 0.52 |
Real estate | |||
Revenue: | |||
Revenue | $ 87,627 | $ 61,488 | $ 52,183 |
Expenses: | |||
Cost of revenue | 35,794 | 24,282 | 13,442 |
Hospitality | |||
Revenue: | |||
Revenue | 47,778 | 46,112 | 38,736 |
Expenses: | |||
Cost of revenue | 35,239 | 34,505 | 32,465 |
Leasing | |||
Expenses: | |||
Cost of revenue | 5,934 | 4,650 | 4,700 |
Timber | |||
Revenue: | |||
Revenue | 6,331 | 3,904 | 5,630 |
Expenses: | |||
Cost of revenue | $ 809 | $ 649 | $ 710 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Net income: | $ 45,480 | $ 26,661 | $ 31,602 | |
Other comprehensive income (loss): | ||||
Interest rate swap | (836) | (336) | ||
Interest rate swap - unconsolidated affiliate | (821) | |||
Reclassification of net realized (gain) loss included in earnings | (4) | (69) | 1,061 | |
Reclassification into retained earnings | [1] | 932 | ||
Reclassification of other-than-temporary impairment loss included in earnings | 2,330 | |||
Total before income taxes | (1,523) | 455 | 1,472 | |
Income tax benefit (expense) | [2] | 386 | (116) | (685) |
Total other comprehensive (loss) income, net of tax | (1,137) | 339 | 787 | |
Total comprehensive income, net of tax | 44,343 | 27,000 | 32,389 | |
Total comprehensive (income) loss attributable to non-controlling interest | (277) | 114 | 767 | |
Total comprehensive income attributable to the Company | 44,066 | 27,114 | 33,156 | |
Unrestricted available-for-sale, Debt securities | ||||
Other comprehensive income (loss): | ||||
Net unrealized gain (loss) on investments | 130 | 842 | (2,845) | |
Restricted | ||||
Other comprehensive income (loss): | ||||
Net unrealized gain (loss) on investments | $ 8 | $ 18 | $ (6) | |
[1] | The reclassification into retained earnings for the year ended December 31, 2018 relates to the adoption of ASU 2016-01 Financial Instruments – Overall , as amended (“ASU 2016-01”). The new guidance was effective January 1, 2018, and required equity investments to be measured at fair value with changes in fair value recognized in results of operations rather than the consolidated statements of comprehensive income. | |||
[2] | Income tax benefit (expense) for the year ended December 31, 2018 includes $0.3 million of income tax expense related to the adoption of ASU 2018-02 Income Statement – Reporting Comprehensive Income (“ASU 2018-02”). The new guidance was effective January 1, 2018, and allowed a reclassification from accumulated other comprehensive loss to retained earnings for stranded tax effects resulting from the Tax Act. |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018USD ($) | ||
Income tax benefit (expense) | $ (685) | [1] |
Scenario, Adjustment | ASU 2018-02 | ||
Income tax benefit (expense) | $ (300) | |
[1] | Income tax benefit (expense) for the year ended December 31, 2018 includes $0.3 million of income tax expense related to the adoption of ASU 2018-02 Income Statement – Reporting Comprehensive Income (“ASU 2018-02”). The new guidance was effective January 1, 2018, and allowed a reclassification from accumulated other comprehensive loss to retained earnings for stranded tax effects resulting from the Tax Act. |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock | Retained EarningsAdjustment | Retained Earnings | Accumulated Other Comprehensive Loss.Adjustment | Accumulated Other Comprehensive Loss. | Treasury Stock | Non-controlling Interest | Adjustment | Total |
Beginning Balance (in shares) at Dec. 31, 2017 | 65,897,866 | ||||||||
Beginning Balance (ASU 2014-09) at Dec. 31, 2017 | $ 1,140 | $ 1,140 | |||||||
Beginning Balance (ASU 2016-01) at Dec. 31, 2017 | (696) | $ 696 | |||||||
Beginning Balance at Dec. 31, 2017 | $ 424,694 | $ 154,324 | $ (1,461) | $ 15,027 | $ 592,584 | ||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Allocation of ownership interest | (490) | 490 | |||||||
Additional ownership interest | 297 | (297) | |||||||
Capital contribution from non-controlling interest | 887 | 887 | |||||||
Capital distribution to non-controlling interest | (400) | (400) | |||||||
Stock based compensation expense | $ 71 | 71 | |||||||
Stock based compensation expense (in shares) | 2,778 | ||||||||
Issuance of common stock for officer compensation, net of tax withholding | $ 192 | 192 | |||||||
Issuance of common stock for officer compensation, net of tax withholding | 9,956 | ||||||||
Repurchase of common shares | $ (93,369) | (93,369) | |||||||
Repurchase of common shares (in shares) | (5,238,566) | ||||||||
Retirement of treasury stock | $ (93,369) | 93,369 | |||||||
Adoption of ASU 2018-02 Income Statement - Reporting Comprehensive Income | 313 | (313) | |||||||
Other comprehensive income (loss), net of tax | 787 | ||||||||
Other comprehensive (loss) income, net of tax, excluding adoption of ASUs - 2018 | 404 | 404 | |||||||
Net income | 32,369 | (767) | 31,602 | ||||||
Ending Balance at Dec. 31, 2018 | $ 331,395 | 187,450 | (674) | 14,940 | 533,111 | ||||
Ending Balance (in shares) at Dec. 31, 2018 | 60,672,034 | ||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Allocation of ownership interest | $ (1,209) | 1,209 | |||||||
Additional ownership interest | (3,787) | (7,832) | (11,619) | ||||||
Capital contribution from non-controlling interest | 2,546 | 2,546 | |||||||
Capital distribution to non-controlling interest | (600) | (600) | |||||||
Stock based compensation expense | $ 77 | 77 | |||||||
Stock based compensation expense (in shares) | 5,708 | ||||||||
Repurchase of common shares | (20,845) | (20,845) | |||||||
Repurchase of common shares (in shares) | (1,263,159) | ||||||||
Retirement of treasury stock | $ (20,845) | 20,845 | |||||||
Other comprehensive income (loss), net of tax | 339 | 339 | |||||||
Net income | 26,775 | (114) | 26,661 | ||||||
Ending Balance at Dec. 31, 2019 | $ 305,631 | $ (90) | 214,225 | (335) | 10,149 | $ (90) | $ 529,670 | ||
Ending Balance (in shares) at Dec. 31, 2019 | 59,414,583 | 59,414,583 | |||||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Capital contribution from non-controlling interest | 7,748 | $ 7,748 | |||||||
Capital distribution to non-controlling interest | (621) | (621) | |||||||
Stock based compensation expense | $ 45 | 45 | |||||||
Repurchase of common shares | (8,803) | (8,803) | |||||||
Repurchase of common shares (in shares) | (532,034) | ||||||||
Retirement of treasury stock | $ (8,803) | $ 8,803 | |||||||
Dividends ($0.07 per share) | (4,122) | (4,122) | |||||||
Other comprehensive income (loss), net of tax | (1,137) | (1,137) | |||||||
Net income | 45,203 | 277 | 45,480 | ||||||
Ending Balance at Dec. 31, 2020 | $ 296,873 | $ 255,216 | $ (1,472) | $ 17,553 | $ 568,170 | ||||
Ending Balance (in shares) at Dec. 31, 2020 | 58,882,549 | 58,882,549 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY | ||||
Dividends (in dollars per share) | $ 0.07 | $ 0.07 | $ 0 | $ 0 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | |||
Net income: | $ 45,480 | $ 26,661 | $ 31,602 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation, depletion and amortization | 12,788 | 10,287 | 8,998 |
Stock based compensation | 45 | 77 | 263 |
Loss (gain) on sale of investments | 48 | (87) | 973 |
Unrealized loss on investments, net | 4,688 | 5,342 | 3,035 |
Other-than-temporary impairment loss | 2,330 | ||
Equity in loss from unconsolidated affiliates | 666 | 77 | |
Deferred income tax expense (benefit) | 8,088 | 8,378 | (4,804) |
Impairment loss on investment in real estate | 0 | 0 | 99 |
Cost of real estate sold | 33,366 | 22,814 | 12,235 |
Expenditures for and acquisition of real estate to be sold | (40,469) | (40,081) | (19,819) |
Accretion income and other | (919) | (1,221) | (1,919) |
Loss (gain) on disposal of property and equipment | 146 | (67) | 5,223 |
Gain on land contribution to equity method investment | (19,983) | (2,317) | |
Gain on insurance for damage to property and equipment, net | (690) | (5,347) | |
Changes in operating assets and liabilities: | |||
Other assets | (12,991) | 1,078 | (17) |
Other liabilities | 4,225 | 3,728 | (1,236) |
Income taxes receivable | 2,843 | 1,071 | 4,457 |
Net cash provided by operating activities | 37,331 | 30,393 | 41,420 |
Cash flows from investing activities: | |||
Expenditures for operating property | (116,085) | (64,851) | (22,762) |
Expenditures for property and equipment | (5,689) | (9,354) | (2,615) |
Proceeds from the disposition of assets | 8 | 72 | 5,000 |
Proceeds from insurance claims | 690 | 12,071 | |
Purchases of investments - debt securities | (58,912) | (6,917) | |
Purchases of investments - equity securities | (5,797) | (15,105) | |
Purchases of restricted investments | (24) | (74) | (78) |
Maturities of investments - debt securities | 11,000 | 7,000 | 10,000 |
Sales of investments - debt securities | 2,830 | 63,597 | |
Sales of investments - equity securities | 2,502 | 26,859 | 11,051 |
Sales of restricted investments | 1,225 | 1,159 | 1,109 |
Maturities of assets held by special purpose entities | 787 | 787 | 785 |
Net cash (used in) provided by investing activities | (164,498) | (29,298) | 44,065 |
Cash flows from financing activities: | |||
Capital contribution from non-controlling interests | 7,748 | 2,546 | 887 |
Capital distribution to non-controlling interests | (621) | (600) | (400) |
Capital contribution to unconsolidated affiliates | (10,815) | (1,116) | (1,105) |
Additional ownership interest in Windmark | (11,619) | ||
Repurchase of common shares | (8,803) | (20,845) | (93,369) |
Dividends paid | (4,122) | ||
Borrowings on debt | 69,008 | 23,935 | 16,644 |
Principal payments for debt | (1,940) | (1,607) | (1,362) |
Principal payments under finance lease obligation | (55) | (36) | |
Debt issuance costs | (1,791) | (1,149) | (1,158) |
Net cash provided by (used in) financing activities | 48,609 | (10,491) | (79,863) |
Net (decrease) increase in cash, cash equivalents and restricted cash | (78,558) | (9,396) | 5,622 |
Cash, cash equivalents and restricted cash at beginning of the year | 188,677 | 198,073 | 192,451 |
Cash, cash equivalents and restricted cash at end of the year | $ 110,119 | $ 188,677 | $ 198,073 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash, cash equivalents and restricted cash: | |||
Cash and cash equivalents | $ 106,794 | $ 185,716 | $ 195,155 |
Restricted cash included in other assets | 3,325 | 2,961 | 2,918 |
Total cash, cash equivalents and restricted cash shown in the accompanying consolidated statements of cash flows | 110,119 | 188,677 | 198,073 |
Cash paid during the period for: | |||
Interest, net of amounts capitalized | 12,801 | 11,886 | 11,617 |
Income taxes | 2,005 | ||
Non-cash financing and investment activities: | |||
Non-cash allocation of ownership interest in JV | 1,209 | 490 | |
Non-cash capital contribution from non-controlling interest | 2,359 | ||
Non-cash contribution to equity method investment | (23,737) | (2,940) | |
(Decrease) increase in Community Development District debt | (157) | 1,203 | (467) |
Increase (decrease) in expenditures for operating properties and property and equipment financed through accounts payable | $ 7,939 | $ 3,158 | $ (1,273) |
Nature of Operations
Nature of Operations | 12 Months Ended |
Dec. 31, 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 86% of the Company’s real estate is located in Florida’s Bay, Gulf, and Walton counties. Approximately 90% of the Company’s real estate land holdings are located within 15 miles of the Gulf of Mexico. The Company conducts primarily all of its business in the following three reportable 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 reportable 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 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 change had no effect on the consolidated balance sheets, statements of income, statements of comprehensive income or statements of cash flows for the periods presented. See Note 20. Segment Information. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Significant Accounting Policies | |
Significant Accounting Policies | 2. Significant Accounting Policies Basis of Presentation and Principles of Consolidation The consolidated financial statements include the accounts of the Company and all of its majority-owned and controlled subsidiaries and variable interest entities where the Company deems itself the primary beneficiary. Investments in JVs and limited partnerships in which the Company is not the primary beneficiary are accounted for by the equity method. All significant intercompany transactions and balances have been eliminated in consolidation. Certain prior year amounts in the accompanying consolidated financial statements have been reclassified to conform to the current year presentation. These reclassifications had no effect on the Company’s previously reported total assets and liabilities, stockholders’ equity or net income. A variable interest entity (“VIE”) is an entity in which a controlling financial interest may be achieved through arrangements that do not involve voting interests. A VIE is required to be consolidated by its primary beneficiary, which is the entity that possesses the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and has the obligation to absorb losses or the right to receive benefits from the VIE that are significant to the entity. The Company consolidates VIEs when it is the primary beneficiary of the VIE, including real estate JVs determined to be VIEs. The Company continues to assess whether it is the primary beneficiary on an ongoing basis. See Note 4. Joint Ventures Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates and assumptions including investment in real estate, real estate impairment assessments, investments, retained interest investments, accruals, deferred income taxes, allowance for credit losses and revenue recognition. Actual results could differ from those estimates. Investment in Real Estate The Company capitalizes costs directly associated with development and construction of identified real estate projects. These costs include land and common development costs (such as roads, structures, utilities and amenities). The Company also capitalizes indirect costs that relate to specific projects under development or construction. These indirect costs include construction and development administration, legal fees, project administration, interest (up to total interest expense) and real estate taxes. A portion of real estate development costs and estimates for costs to complete are allocated to each unit based on the relative sales value of each unit as compared to the estimated sales value of the total project. These estimates are reevaluated at least annually and more frequently if warranted by market conditions, changes in the project’s scope or other factors, with any adjustments being allocated prospectively to the remaining property or units. The capitalization period relating to direct and indirect project costs is the period in which activities necessary to ready a property for its intended use are in progress. The period begins when such activities commence, typically when the Company begins site work or construction on land already owned, and ends when the asset is substantially complete and ready for its intended use. In the event that the activities to ready the asset for its intended use are suspended, the capitalization period will cease until such activities are resumed. If the Company determines a project will not be completed, any previously capitalized costs that are not recoverable are expensed in the period in which the determination is made and recovery is not deemed probable. Investment in real estate is carried at cost, net of depreciation and timber depletion, unless circumstances indicate that the carrying value of the assets may not be recoverable. If the Company determines that an impairment exists due to the inability to recover an asset’s carrying value, an impairment charge is recorded to the extent that the carrying value exceeds estimated fair value. If such assets were held for sale, the provision for loss would be recorded to the extent that the carrying value exceeds estimated fair value less costs to sell. Depreciation for operating property is computed on the straight-line method over the estimated economic life of the assets, as follows: Estimated Useful Life (in years) Land N/A Land improvements 15 - 20 Buildings 20 - 40 Building improvements 5 - 25 Timber N/A Building improvements are amortized on a straight-line basis over the shorter of the minimum lease term or the estimated economic life of the assets. Long-Lived Assets Long-lived assets include the Company’s investments in land holdings, operating and development properties and property and equipment, which are carried at cost, net of depreciation and timber depletion. The Company reviews its long-lived assets for impairment quarterly to determine whether events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. As part of the Company’s review for impairment of its long-lived assets, the Company reviews the long-lived asset’s carrying value, current period actual financial results as compared to prior period and forecasted results contained in the Company’s business plan and any other events or changes in circumstances to identify whether an indicator of potential impairment may exist. Some of the events or changes in circumstances that are considered by the Company as indicators of potential impairment include: ● a prolonged decrease in the value to below cost or demand for the Company’s properties; ● a change in the expected use or development plans for the Company’s properties; ● a material change in strategy that would affect the value of the Company’s properties; ● continuing operating or cash flow loss for an operating property; ● an accumulation of costs in excess of the projected costs for development or operating property; and ● any other adverse change that may affect the value of the property. The Company uses varying methods to determine if an impairment exists, such as (i) considering indicators of potential impairment, (ii) analyzing expected future cash flows and comparing the expected future undiscounted cash flows of the property to its carrying value or (iii) determining market resale values. For projects under development or construction, an estimate of undiscounted future cash flows is performed using estimated future expenditures necessary to develop and maintain the existing project and using management’s best estimates about future sales prices and holding periods. The projection of undiscounted cash flows requires that management develop various assumptions including: ● the projected pace of sales of homesites based on estimated market conditions and the Company’s development plans; ● estimated pricing and projected price appreciation over time; ● the amount and trajectory of price appreciation over the estimated selling period; ● the length of the estimated development and selling periods, which can differ depending on the size of the development and the number of phases to be developed; ● the amount of remaining development costs, including the extent of infrastructure or amenities included in such development costs; ● holding costs to be incurred over the selling period; ● for bulk land sales of undeveloped and developed parcels future pricing is based upon estimated developed homesite pricing less estimated development costs and estimated developer profit; ● for commercial, multi-family and senior living development property, future pricing is based on sales of comparable property in similar markets; and ● whether liquidity is available to fund continued development. For operating properties, an estimate of undiscounted cash flows also requires management to make assumptions about the use and disposition of such properties. These assumptions include: ● for investments in hotels, other rental units and vacation rental homes, use of average occupancy and room rates, revenue from food and beverage and other amenity operations, operating expenses and capital expenditures, and eventual disposition of such properties as hotels, private residence vacation units or condominiums, based on current prices for similar units appreciated to the expected sale date; ● for investments in commercial, multi-family, senior living or retail property, use of future occupancy and rental rates, operating expenses and capital expenditures and the amount of proceeds to be realized upon eventual disposition of such property at a terminal capitalization rate; and, ● for investments in club and retail assets, use of revenue from membership dues, future golf rounds and greens fees, merchandise and other hospitality operations, operating expenses and capital expenditures, and the amount of proceeds to be realized upon eventual disposition of such properties at a multiple of terminal year cash flows. Homesites substantially completed and ready for sale are measured at the lower of carrying value or fair value less costs to sell. Management identifies homesites as being substantially completed and ready for sale when the properties are being actively marketed with intent to sell such properties in the near term and under current market conditions. Other homesites, which management does not intend to sell in the near term under current market conditions, are evaluated for impairment based on management’s best estimate of the long-term use and eventual disposition of such property. Other properties that management does not intend to sell in the near term under current market conditions and has the ability to hold are evaluated for impairment based on management’s best estimate of the long-term use and eventual disposition of the property. The results of impairment analyses for development and operating properties are particularly dependent on the estimated holding and selling period for each asset group. If a property is considered impaired, the impairment charge is determined by the amount the property’s carrying value exceeds its fair value. The Company uses varying methods to determine fair value, such as (i) analyzing expected future cash flows, (ii) determining resale values in a given market (iii) applying a capitalization rate to net operating income using prevailing rates in a given market or (iv) applying a multiplier to revenue using prevailing rates in a given market. The fair value of a property may be derived either from discounting projected cash flows at an appropriate discount rate, through appraisals of the underlying property, or a combination thereof. The Company classifies the assets and liabilities of a long-lived asset as held-for-sale when management approves and commits to a formal plan of sale and it is probable that a sale will be completed. The carrying value of the assets held-for-sale are then recorded at the lower of their carrying value or fair value less estimated costs to sell. Timber Inventory The Company estimates its standing timber inventory on an annual basis utilizing a process referred to as a “timber cruise.” Specifically, the Company conducts field measurements of the number of trees, tree height and tree diameter on a sample area equal to approximately 20% of the Company’s timber holdings each year. Inventory data is used to calculate volumes and products along with growth projections to maintain accurate data. Industry practices are used for modeling, including growth projections, volume and product classifications. A depletion rate is established annually by dividing merchantable inventory cost by standing merchantable inventory volume. Investment in Unconsolidated Joint Ventures The Company has entered into real estate JVs in which the Company is not the primary beneficiary and the Company’s investment in these JVs are accounted for by the equity method. The Company evaluates its investment in unconsolidated JVs for impairment during each reporting period. A series of operating losses of an investee or other factors may indicate that a decrease in the value of the Company’s investment in the unconsolidated JV has occurred. The amount of impairment recognized is the excess of the investment’s carrying value over its estimated fair value . Some of the Company’s unconsolidated JVs have entered into financing agreements, . See Note 4. Joint Ventures and Note 21. Commitments and Contingencies for additional information. Cash and Cash Equivalents Cash and cash equivalents can include cash on hand, bank demand accounts, money market instruments, commercial paper and U.S. Treasury Bills having original maturities at acquisition date, of ninety days or less. Investments Investments – debt securities and restricted investments consist of available-for-sale securities recorded at fair value, which is established through external pricing services that use quoted market prices and pricing data from recently executed market transactions. Unrealized gains and losses on investments, net of tax, are recorded in other comprehensive (loss) income. Realized gains and losses on investments are determined using the specific identification method. The amortized cost of debt securities are adjusted for amortization of premiums and accretion of discounts to maturity computed under the effective interest method. Such amortization and accretion is included in investment income, net. For available-for-sale securities where fair value is less than cost, credit related impairment, if any, will be recognized through an allowance for credit losses and adjusted each period for changes in credit risk. If the Company intends to sell the security, or more likely than not will be required to sell the security before recovery of its amortized cost basis, any allowance for credit losses will be written off and the amortized cost basis will be written down to the security's fair value at the reporting date with any incremental impairment reported in earnings. Investments - equity securities with a readily determinable fair value are recorded at fair value, which is established through external pricing services that use quoted market prices and pricing data from recently executed market transactions. Unrealized holding gains and losses are recognized in investment income, net in the consolidated statements of income. Fair Value Measurements Fair value is an exit price, representing the amount that would be received by selling an asset or paying to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. A three-tier fair value hierarchy is established as a basis for considering such assumptions and for inputs used in the valuation methodologies in measuring fair value: Level 1. Quoted prices in active markets for identical assets or liabilities; Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3. Unobservable inputs in which there is little or no market data, such as internally-developed valuation models, which require the reporting entity to develop its own assumptions. Comprehensive Income The Company’s comprehensive income includes unrealized gains and losses on available-for-sale securities and restricted investments and fair value adjustments for cash flow hedges. Receivables The Company’s receivables primarily include receivables related to certain homesite sales, homebuilder notes, a revolving promissory note with an unconsolidated JV, leasing receivables, membership initiation fees, hospitality receivables and other receivables. At each reporting period, receivables 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 Inventory Inventory primarily consists of food, beverage, retail products and operating supplies, which are reported at the lower of cost or net realizable value. Cost is determined using weighted-average cost basis or specific identification. Property and Equipment, net Property and equipment is stated at cost, net of accumulated depreciation. Major improvements are capitalized while maintenance and repairs are expensed in the period the cost is incurred. Depreciation is computed using the straight-line method over the estimated economic life of various assets, as follows: Estimated Useful Life (in years) Railroad and equipment 15 - 30 Furniture and fixtures 5 - 10 Machinery and equipment 3 - 10 Office equipment 5 - 10 Autos, trucks and aircraft 5 - 10 Income Taxes The Company’s provision for income taxes includes the current tax owed on the current period earnings, as well as a deferred provision, which reflects the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Changes in existing tax laws and rates, their related interpretations, as well as the uncertainty generated by the prospect of tax legislation in the future may affect the amounts of deferred tax liabilities or the realizability of deferred tax assets. For tax positions taken or expected to take in a tax return, the Company applies a more likely than not assessment (i.e., there is a greater than 50 percent chance) about whether the tax position will be sustained upon examination by the appropriate tax authority with full knowledge of all relevant information. Amounts recorded for uncertain tax positions are periodically assessed, including the evaluation of new facts and circumstances, to ensure sustainability of the position. The Company records interest related to unrecognized tax benefits, if any, in interest expense and penalties in other income, net. The Company applies the aggregate portfolio method to account for income tax effects in accumulated other comprehensive loss with respect to available-for-sale debt securities. Concentration of Risks and Uncertainties The Company’s real estate investments are concentrated in Northwest Florida. Uncertain economic conditions could have an adverse impact on the Company’s real estate values. On March 11, 2020, the World Health Organization characterized the outbreak of COVID-19, as a global pandemic and recommended containment and mitigation measures. The economic conditions in the United States have been negatively impacted by the continued threat by the COVID-19 pandemic. The Company’s hospitality operations have already been, and may continue to be, disrupted by the impacts of the COVID-19 pandemic and the federal, state and local government actions to address it. While the breadth and duration of the COVID-19 pandemic impact is unknown, it could have a material adverse impact on the Company’s results of operations, cash flows and financial condition. See Part I. 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, regional and national financial institutions and as of December 31, 2020 these balances exceed the amount of FDIC insurance provided on such deposits by $15.6 million. In addition, as of December 31, 2020, the Company had $79.0 million invested in short term U.S. Treasury Bills classified as cash equivalents, $11.0 invested in U.S. Treasury Money Market Funds, $48.0 million invested in U.S. Treasury Bills classified as investments – debt securities and $2.6 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 years ended December 31, 2020, basic and diluted average shares outstanding were the same. There were no outstanding common stock equivalents as of December 31, 2020 or 2019. Non-vested restricted stock is included in outstanding shares at the time of grant. Revenue and Revenue Recognition Revenue consists primarily of real estate sales, hospitality operations, leasing operations, and timber sales. Taxes collected from customers and remitted to governmental authorities (e.g., sales tax) are excluded from revenue, costs and expenses. In accordance with Accounting Standards Codification Topic 606, Revenue from Contracts with Customers Real Estate Revenue Revenue from real estate sales, including homesites, commercial properties, operating properties and rural or timberland, is recognized at the point in time when a sale is closed and title and control has been transferred to the buyer. If a performance obligation is not yet substantially complete when title transfers to the buyer, the revenue associated with the incomplete performance obligation is deferred until completed. Residential real estate revenue includes (i) the sale of developed homesites; (ii) the sale of parcels of entitled or undeveloped land; (iii) a homesite residual on homebuilder sales that provides the Company a percentage of the sale price of the completed home if the home price exceeds a negotiated threshold; (iv) the sale of tap and impact fee credits; (v) marketing fees and (vi) other fees on certain transactions. Estimated homesite residuals and certain estimated fees are recognized as revenue at the point in time of sale to homebuilders, subject to constraints, and any change in material circumstances from the estimated amounts are updated at each reporting period. The variable consideration for homesite residuals and certain estimated fees are based on historical experience and are recognized as revenue when it can be reasonably estimated and only to the extent it is probable that a significant reversal in the estimated amount of cumulative revenue will not occur when uncertainties are resolved. For the years ended December 31, 2020, 2019 and 2018, real estate revenue includes $1.9 million, $2.5 million and $1.0 million, respectively of estimated homesite residuals and $1.9 million, $2.3 million and $1.1 million, respectively of certain estimated fees related to homebuilder homesite sales. Hospitality Revenue The Company’s hospitality operations generate revenue from membership sales, membership reservations, golf courses, the WaterColor Inn and WaterSound Inn, short-term vacation rentals, management of The Pearl Hotel, food and beverage operations, merchandise sales, marina operations, charter flights, other resort and entertainment activities and beach clubs, which includes operation of the WaterColor Beach Club. Hospitality revenue is generally recognized at the point in time services are provided and represent a single performance obligation with a fixed transaction price. Hospitality revenue recognized over time includes non-refundable club membership initiation fees, club membership dues, management fees and other membership fees. Clubs Hotel Operations, Food and Beverage Operations, Short-Term Vacation Rentals and Other Management Services Other Hospitality Operations Leasing Revenue Leasing revenue is excluded from Topic 606 and consists of rental revenue from multi-family, retail, office and commercial property and other assets, which is recognized as earned, using the straight-line method over the life of each lease. Certain leases provide for tenant occupancy during periods for which no rent is due or where minimum rent payments change during the lease term. Accordingly, a receivable or liability is recorded representing the difference between the straight-line rent and the rent that is contractually due from the tenant. The Company does not separate nonlease components from lease components and, instead, accounts for each separate lease component and the nonlease components associated with that lease as a single component if the nonlease components otherwise would be accounted for under Topic 606. Nonlease components primarily include common area maintenance. Leasing revenue includes properties located in the Company’s Beckrich Office Park, consolidated Pier Park North JV, Pier Park Crossings JV and Pier Park Crossings II JV, as well as the Company’s industrial park, VentureCrossings and other properties. Leasing revenue within the forestry segment consists primarily of hunting leases, which is recognized as income over the term of each lease. The Company’s marinas generate revenue from boat slip rentals recognized over the term of the lease. See Note 8. Leases Forestry Product Revenue Revenue from the sale of the Company’s forestry products is primarily from open market sales of timber on site without the associated delivery costs and is derived from either pay-as-cut sales contracts or timber bid sales. Under a pay-as-cut sales contract, the risk of loss and title to the specified timber transfers to the buyer when cut by the buyer, and the buyer or some other third party is responsible for all logging and hauling costs, if any. Revenue is recognized at the point in time when risk of loss and title to the specified timber are transferred. Timber bid sales are agreements in which the buyer agrees to purchase and harvest specified timber (i.e., mature pulpwood and/or sawlogs) on a tract of land over the term of the contract. Unlike a pay-as-cut sales contract, risk of loss and title to the trees transfer to the buyer when the contract is signed and revenue is recognized at that point in time accordingly. The buyer pays the full purchase price when the contract is signed and the Company does not have any additional performance obligations. The following represents revenue disaggregated by segment, good or service and timing: Year Ended December 31, 2020 Residential Hospitality Commercial Other Total Revenue by Major Good/Service: Real estate revenue $ 74,137 $ — $ 11,689 $ 1,801 $ 87,627 Hospitality revenue 412 47,366 — — 47,778 Leasing revenue 166 8 18,645 — 18,819 Timber revenue — — 6,331 — 6,331 Total revenue $ 74,715 $ 47,374 $ 36,665 $ 1,801 $ 160,555 Timing of Revenue Recognition: Recognized at a point in time $ 74,549 $ 36,262 $ 18,020 $ 1,801 $ 130,632 Recognized over time — 11,104 — — 11,104 Over lease term 166 8 18,645 — 18,819 Total revenue $ 74,715 $ 47,374 $ 36,665 $ 1,801 $ 160,555 Year Ended December 31, 2019 Residential Hospitality Commercial Other Total Revenue by Major Good/Service: Real estate revenue $ 41,055 $ — $ 19,477 $ 956 $ 61,488 Hospitality revenue 496 45,616 — — 46,112 Leasing revenue 35 104 15,442 — 15,581 Timber revenue — — 3,904 — 3,904 Total revenue $ 41,586 $ 45,720 $ 38,823 $ 956 $ 127,085 Timing of Revenue Recognition: Recognized at a point in time $ 41,551 $ 35,894 $ 23,381 $ 956 $ 101,782 Recognized over time — 9,722 — — 9,722 Over lease term 35 104 15,442 — 15,581 Total revenue $ 41,586 $ 45,720 $ 38,823 $ 956 $ 127,085 Year Ended December 31, 2018 Residential Hospitality Commercial Other Total Revenue by Major Good/Service: Real estate revenue (a) $ 42,761 $ — $ 6,608 $ 2,814 $ 52,183 Hospitality revenue 397 38,339 — — 38,736 Leasing revenue — 1,237 12,490 — 13,727 Timber revenue 108 — 5,522 — 5,630 Total revenue $ 43,266 $ 39,576 $ 24,620 $ 2,814 $ 110,276 Timing of Revenue Recognition: Recognized at a point in time $ 43,266 $ 30,068 $ 12,130 $ 2,814 $ 88,278 Recognized over time — 8,271 — — 8,271 Over lease term — 1,237 12,490 — 13,727 Total revenue $ 43,266 $ 39,576 $ 24,620 $ 2,814 $ 110,276 (a) Residential real estate revenue includes revenue of $23.1 million in 2018 for a one-time receipt of RiverTown impact fees related to the 2014 RiverTown transaction. See Note 18. RiverTown Impact Fees . Recently Adopted Accounting Pronouncements Financial Instruments - Credit Losses In June 2016, the FASB issued ASU 2016-13 that required a financial asset measured at amortized cost to be presented at the net amount expected to be collected and required that credit losses from available-for-sale debt securities be presented as an allowance for credit loss. The allowance for credit losses should reflect management’s current estimate of credit losses that are expected to occur over the remaining life of a financial asset. In November 2018, the FASB issued ASU 2018-19, which clarified that impairment of receivables from operating leases should be accounted for using lease guidance. In April 2019, the FASB issued ASU 2019-04, which clarified and improved ASU 2016-13. In May 2019, the FASB issued ASU 2019-05, which provided an option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis. In November 2019, the FASB issued ASU 2019-11, which provided codification improvements to clarify narrow-scope issues of ASU 2016-13. 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 Codification Improvements to Financial Instruments In March 2020, the FASB issued ASU 2020-03 which made narrow-scope improvements to various aspects of financial instruments guidance. The standard was effective immediately for certain amendments and for fiscal years beginning after December 15, 2019. The implementation of this guidance did not have a material impact on the Company’s financial condition, results of operations and cash flows. 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 m |
Investment in Real Estate
Investment in Real Estate | 12 Months Ended |
Dec. 31, 2020 | |
Investment in Real Estate | |
Investment in Real Estate | 3. Investment in Real Estate Real estate by property type and segment includes the following: December 31, December 31, 2020 2019 Development property: Residential $ 116,911 $ 115,384 Hospitality 51,113 12,229 Commercial 123,389 103,326 Other 2,691 2,631 Total development property 294,104 233,570 Operating property: Residential 13,254 11,985 Hospitality 103,687 94,838 Commercial 216,439 164,589 Other 129 50 Total operating property 333,509 271,462 Less: Accumulated depreciation 75,960 74,256 Total operating property, net 257,549 197,206 Investment in real estate, net $ 551,653 $ 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, as well as development, construction 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, Homewood Suites by Hilton hotel in Panama City Beach, Florida, The Lodge 30A JV hotel and a Hilton Garden Inn 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, senior living and industrial uses, including the Watercrest JV, Watersound Origins Crossings JV, Watersound Town Center, 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 the following components: December 31, December 31, 2020 2019 Land and land improvements $ 97,031 $ 83,995 Buildings and building improvements 223,095 174,712 Timber 13,383 12,755 333,509 271,462 Less: Accumulated depreciation 75,960 74,256 Total operating property, net $ 257,549 $ 197,206 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, The Powder Room, 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, Pier Park Crossings II 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. Depreciation expense related to real estate investments was $8.3 million, $6.8 million and $6.0 million in 2020, 2019 and 2018, respectively. Depletion and amortization expense related to the Company’s timber operations was $0.4 million, $0.3 million and $0.5 million in 2020, 2019 and 2018, respectively. |
Joint Ventures
Joint Ventures | 12 Months Ended |
Dec. 31, 2020 | |
Joint Ventures | |
Joint Ventures | 4. 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: (i) the power to direct the VIE activities that most significantly impact economic performance and (ii) 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. The Company, as lender, entered into a $10.0 million secured revolving promissory note with the unconsolidated Latitude Margaritaville Watersound JV as borrower. 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 9. Other Assets Debt, Net Commitments and Contingencies Consolidated Joint Ventures The Lodge 30A JV 30A Greenway Hotel, LLC JV partner. As of December 31, 2020, the Company owned a 52.8% 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 and approves all major decisions, including annual budgets and financing. The Company determined The Lodge 30A JV is a VIE and that the Company is the VIE’s primary beneficiary as of December 31, 2020. Pier Park Resort Hotel JV Pier Park Resort Hotel, LLC Pier Park Crossings II JV Pier Park Crossings Phase II LLC Watersound Closings JV Watersound Closings & Escrow, LLC, formerly Reliant Title and Closing Services, LLC, Watercrest JV SJWCSL, LLC Watersound Origins Crossings JV Origins Crossings, LLC Pier Park Crossings JV Pier Park Crossings LLC was created Construction of the 240 unit apartment community was completed in the first quarter of 2020 Pier Park North JV During 2012, the Company entered into a JV agreement with a partner to develop a retail center at Pier Park North. As of December 31, 2020 and 2019, the Company owned a 60.0% interest in the consolidated JV. A wholly-owned subsidiary of the Company’s JV s partner is responsible for the day-to-day activities of the retail center. 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 December 31, 2020 and 2019. Windmark JV Through September 2019, the Company owned a 49.0% interest in Windmark JV, LLC (the “Windmark JV”). During September 2019, the Windmark JV distributed property to the two other JV members and a wholly-owned subsidiary of the Company purchased the property from the two other members for a total consideration of $11.6 million and, as a result, the Company now owns 100.0% of the WindMark Beach project. Unconsolidated Joint Ventures Investment in unconsolidated joint ventures includes the Company’s investment accounted for using the equity method. The following table presents detail of the Company’s investment in unconsolidated joint ventures and total outstanding debt of unconsolidated JVs: December 31, December 31, 2020 2019 Investment in unconsolidated joint ventures Latitude Margaritaville Watersound JV $ 24,288 $ 791 Pier Park TPS JV 2,149 3,083 Sea Sound Apartments JV 10,348 — Busy Bee JV 1,180 1,210 Total investment in unconsolidated joint ventures $ 37,965 $ 5,084 Outstanding debt of unconsolidated JVs Latitude Margaritaville Watersound JV (a) $ 3,297 $ — Sea Sound Apartments JV 8,789 — Pier Park TPS JV 14,388 6,791 Busy Bee JV 6,614 1,451 Total outstanding debt of unconsolidated JVs (b) $ 33,088 $ 8,242 (a) See Note 9. Other Assets for additional information on the $10.0 million secured revolving promissory note the Company entered into with the unconsolidated Latitude Margaritaville Watersound JV. (b) See Note 21. Commitments and Contingencies for additional information. The following table presents detail of the Company’s equity in loss from unconsolidated affiliates: Year Ended December 31, 2020 2019 2018 Equity in loss from unconsolidated affiliates Latitude Margaritaville Watersound JV $ (524) $ (71) $ — Pier Park TPS JV (112) (6) — Busy Bee JV (30) — — Total equity in loss from unconsolidated affiliates $ (666) $ (77) $ — Latitude Margaritaville Watersound JV LMWS, LLC 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. The sales center and 13 model homes are currently under construction. In addition, homesite infrastructure for the initial neighborhoods including models is underway, with site development of 629 homesites. contribution, the Company agreed to make certain infrastructure improvements, such that the total contractual value of the land and its improvements equals $35.0 million. As of December 31, 2020, the Company’s investment in the unconsolidated Latitude Margaritaville Watersound JV includes $6.7 million of cash contributions and $16.6 million for the present value of the land contribution. As of December 31, 2020, the Company’s JV partner contributed $6.7 million of cash. 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 timing of home sales. 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. As of December 31, 2020, the Company completed $1.8 million of the agreed upon infrastructure improvements. The transaction price was allocated based on the stand- alone selling prices of the land and agreed upon improvements. Latitude Margaritaville Watersound JV 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. Commitments and Contingencies Summarized financial information for Latitude Margaritaville Watersound JV is as follows: December 31, December 31, 2020 2019 BALANCE SHEETS: Investment in real estate (a) $ 18,255 $ 1,116 Cash and cash equivalents 1,603 525 Other assets 136 — Total assets $ 19,994 $ 1,641 Debt, net $ 2,844 $ — Other liabilities 1,794 58 Equity 15,356 1,583 Total liabilities and equity $ 19,994 $ 1,641 (a) As of December 31, 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 and additional completed infrastructure improvements of $1.8 million . Year Ended December 31, 2020 2019 STATEMENTS OF OPERATIONS: Total expenses $ 1,005 $ 142 Net loss $ (1,005) $ (142) Sea Sound Apartments JV FDSJ Eventide, LLC 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 is 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 2020 the Company contributed mitigation bank credits of $0.4 million and cash of $4.9 million and the JV partner contributed $6.9 million of cash. The project is currently under development with no income or loss impacting the consolidated statements of income for the year ended December 31, 2020. As of December 31, 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 (the “Sea Sound Apartments JV Loan”). The Sea Sound Apartments JV Loan bears interest at LIBOR plus 2.15% and matures in January 2024. 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. As of December 31, 2020, $8.8 million was outstanding on the Sea Sound Apartments JV Loan. Summarized financial information for Sea Sound Apartments JV is as follows: December 31, 2020 BALANCE SHEET: Investment in real estate $ 29,085 Cash and cash equivalents 15 Total assets $ 29,100 Debt, net $ 8,378 Other liabilities 3,439 Equity 17,283 Total liabilities and equity $ 29,100 Pier Park TPS JV Pier Park TPS, LLC was created in April 2018. The Company entered into a JV agreement to develop and operate a 124 room hotel in Panama City Beach, Florida. The hotel opened in May 2020 and is located on land in the Pier Park area that the Company contributed to the JV in January 2019, with a fair value of $1.7 million. As of December 31, 2020, the Company contributed $1.3 million of cash and mitigation bank credits of $0.1 million and the Company’s JV partner contributed $3.1 million of cash. As of December 31, 2020 and 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 21. Commitments and Contingencies Summarized financial information for Pier Park TPS JV is as follows: December 31, December 31, 2020 2019 BALANCE SHEETS: Property and equipment, net $ 17,946 $ 14,775 Cash and cash equivalents 1,705 51 Other assets 483 12 Total assets $ 20,134 $ 14,838 Debt, net $ 14,090 $ 6,480 Other liabilities 1,745 2,193 Equity 4,299 6,165 Total liabilities and equity $ 20,134 $ 14,838 Year Ended December 31, 2020 2019 2018 STATEMENTS OF OPERATIONS: Total revenue $ 2,338 $ — $ — Expenses: Cost of revenue 1,209 — — Other operating expenses 161 — — Depreciation and amortization 962 — — Total expenses 2,332 — — Operating income 6 — — Interest expense (230) (13) — Net loss $ (224) $ (13) $ — Busy Bee JV SJBB, LLC was created in July 2019, when the Company entered into a JV agreement to construct, own and manage a Busy Bee branded fuel station and convenience store in Panama City Beach, Florida. The project is located on land that the Company contributed to the JV in July 2019. Construction of the fuel station and convenience store was completed in June 2020. The investment in the unconsolidated JV of $1.2 million as of December 31, 2020 and 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 December 31, 2020, the Company’s JV partner contributed $1.2 million of cash. As of December 31, 2020 and 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 21. Commitments and Contingencies Summarized financial information for Busy Bee JV is as follows: December 31, December 31, 2020 2019 BALANCE SHEETS: Property and equipment, net $ 8,466 $ 3,886 Cash and cash equivalents 227 36 Other assets 717 28 Total assets $ 9,410 $ 3,950 Debt, net $ 6,532 $ 1,349 Other liabilities 506 181 Equity 2,372 2,420 Total liabilities and equity $ 9,410 $ 3,950 Year Ended December 31, 2020 2019 STATEMENTS OF OPERATIONS: Total revenue $ 5,846 $ — Expenses: Cost of revenue 4,364 — Other operating expenses 1,057 — Depreciation and amortization 229 — Total expenses 5,650 — Operating income 196 — Other expense: Interest expense (99) — Other expense, net (145) — Total other expense (244) Net loss $ (48) $ — ALP Through November 2018, the Company was a partner in ALP Liquidating Trust (“ALP”) and beneficially owned 23.9% of ALP’s outstanding beneficial interest units, for which the Company had no basis. In November 2018, the Company received a final distribution of $2.2 million, which is recorded in other income, net on the consolidated statements of income. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2020 | |
Investments | |
Investments | 5. Investments Available-For-Sale Investments Investments classified as available-for-sale securities were as follows: December 31, 2020 Gross Unrealized Gross Unrealized Amortized Cost Gains (Losses) Fair Value Investments - debt securities: U.S. Treasury Bills $ 47,986 $ 5 $ — $ 47,991 Corporate debt securities 60 — — 60 48,046 5 — 48,051 Restricted investments: Short-term bond 1,160 11 — 1,171 1,160 11 — 1,171 $ 49,206 $ 16 $ — $ 49,222 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 2020, net realized gains from the sale of available-for-sale securities were $0.1 million, proceeds from the sale of available-for-sale securities were $1.2 million, proceeds from the maturity of available-for-sale securities were $11.0 million and purchases of available-for-sale securities were $58.9 million. During 2019, net realized gains from the sale of available-for-sale securities were $0.1 million, proceeds from the sale of available-for-sale securities were $4.0 million, proceeds from the maturity of available-for-sale securities were $7.0 million and purchases of available-for-sale securities were $0.1 million. The following table provides the available-for-sale investments with an unrealized loss position and their related fair values: December 31, 2020 December 31, 2019 Less Than 12 Months 12 Months or Greater Less Than 12 Months 12 Months or Greater Unrealized Unrealized Unrealized Unrealized Fair Value Losses Fair Value Losses Fair Value Losses Fair Value Losses Investments - debt securities: Corporate debt securities $ — $ — $ — $ — $ — $ — $ 53 $ 125 As of December 31, 2020, the Company did not have unrealized losses related to investments – debt securities. The Company had unrealized losses of $0.1 million as of December 31, 2019 related to corporate debt securities. 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. December 31, 2020 Amortized Cost Fair Value Due in one year or less $ 48,046 $ 48,051 Restricted investments 1,160 1,171 $ 49,206 $ 49,222 Investments – Equity Securities As of December 31, 2020 and 2019, investments – equity securities included $2.6 million and $9.7 million, respectively, of preferred stock investments recorded at fair value. During 2020, 2019 and 2018 the Company had net unrealized losses on investments – equity securities of $4.7 million, $5.3 million and $3.0 million respectively, which were included within investment income, net on the consolidated statements of income. Investment Management Agreement Mr. Bruce R. Berkowitz is the Chairman of the Company’s Board. He is the Manager of, and controls entities that own and control, Fairholme Holdings, LLC, which wholly owns FCM. Mr. Berkowitz is the Chief Investment Officer of FCM, which has provided investment advisory services to the Company since April 2013. FCM does not receive any compensation for services as the Company’s investment advisor. As of December 31, 2020, clients of FCM, including Mr. Berkowitz, beneficially owned approximately 44.89% of the Company’s common stock. FCM and its client, The Fairholme Fund, a series of investments originating from the Fairholme Funds, Inc., may be deemed affiliates of the Company. Pursuant to the terms of the Investment Management Agreement, as amended, with the Company, FCM agreed to supervise and direct the investment accounts established by the Company in accordance with the investment guidelines and restrictions approved by the Company. The investment guidelines are set forth in the Investment Management Agreement and require that, as of the date of any investment: (i) no more than 15% of the investment account may be invested in securities of any one issuer (excluding the U.S. Government), (ii) any investment in any one issuer (excluding the U.S. Government) that exceeds 10% of the investment account, but not 15%, requires approval by a second member of the Company’s Board, (iii) 25% of the investment account must be held in cash and cash equivalents, (iv) the investment account is permitted to be invested in common equity securities; however, common stock investments shall be limited to exchange-traded common equities, shall not exceed 5% ownership of a single issuer and, cumulatively, the common stock held in the Company’s investment portfolio shall not exceed $100.0 million market value and (v) the aggregate market value of investments in common stock, preferred stock or other equity investments cannot exceed 25% of the market value of the Company’s investment portfolio at the time of purchase. See Note 22. Subsequent Event |
Financial Instruments and Fair
Financial Instruments and Fair Value Measurements | 12 Months Ended |
Dec. 31, 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: December 31, 2020 Total Fair Level 1 Level 2 Level 3 Value Cash equivalents: Money market funds $ 10,973 $ — $ — $ 10,973 U.S. Treasury Bills 78,991 — — 78,991 89,964 — — 89,964 Investments - debt securities: U.S. Treasury Bills 47,991 — — 47,991 Corporate debt securities — 60 — 60 47,991 60 — 48,051 Investments - equity securities: Preferred stock — 2,623 — 2,623 — 2,623 — 2,623 Restricted investments: Short-term bond 1,171 — — 1,171 1,171 — — 1,171 $ 139,126 $ 2,683 $ — $ 141,809 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 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 consolidated balance sheets and include certain of the surplus assets that were transferred from the Company’s Pension Plan to a suspense account in the Company’s 401(k) plan in December 2014. The Company has retained the risks and rewards of ownership of these assets; therefore, the assets held in the suspense account are included in the Company’s consolidated financial statements until they are allocated to participants. As of December 31, 2020 and 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. See Note 17. Employee Benefit Plan Liabilities measured at fair value on a recurring basis are as follows: December 31, 2020 Location in Total Fair Balance Sheet Level 1 Level 2 Level 3 Value Derivative Liabilities: Interest rate swap Other liabilities $ — $ 1,172 $ — $ 1,172 Interest rate swap - unconsolidated affiliate Investment in unconsolidated joint ventures — 821 — 821 $ — $ 1,993 $ — $ 1,993 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 December 31, 2020 and 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 consolidated balance sheets. 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 2020 or 2019. See Note 11. Debt, Net 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 on the related debt of $14.4 million. As of December 31, 2020, the interest rate swap was recorded at the Company’s proportionate share of its estimated fair value, based on Level 2 measurements, of $0.8 million and is included within investment in unconsolidated joint ventures on the consolidated balance sheets. 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 2020. See Note 21. 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 and operations 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 2020, 2019 or 2018. See Note 4. Joint Ventures Long-lived Assets The Company reviews its long lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The fair value of long-lived assets required to be assessed for impairment is determined on a nonrecurring basis using Level 3 inputs in the fair value hierarchy. During 2020 and 2019 the Company did not record any impairment charges related to long-lived assets. During 2018, the Company recorded impairment charges of $0.1 million included in cost of hospitality revenue, related to non-strategic hospitality assets. Fair Value of Financial Instruments The Company uses the following methods and assumptions in estimating fair value for financial instruments: ● The fair value of the investments held by SPE - time deposit is based on the present value of future cash flows at the current market rate. ● The fair value of the investments held by SPE - U.S. Treasury Bills are measured based on quoted market prices in an active market. ● The fair value of debt is based on discounted future expected cash flows based on current market rates for financial instruments with similar risks, terms and maturities. ● The fair value of the Senior Notes held by SPE is based on the present value of future cash flows at the current market rate. The carrying amount and estimated fair value, measured on a nonrecurring basis, of the Company’s financial instruments were as follows: December 31, 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 $ 5,759 $ 6,363 1 $ 6,382 $ 6,712 1 Liabilities Debt Fixed-rate debt $ 114,125 $ 116,509 2 $ 89,969 $ 92,276 2 Variable-rate debt 47,293 47,293 2 4,538 4,538 2 Total debt $ 161,418 $ 163,802 $ 94,507 $ 96,814 Senior Notes held by SPE $ 177,289 $ 216,363 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 the $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 at an issue price of 98.5% of face value to third party investors. The investments held by Panama City Timber Finance Company, LLC as of December 31, 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 $5.7 million and cash of $0.4 million. The Senior Notes held by Northwest Florida Timber Finance, LLC as of December 31, 2020 consist of $177.3 million, net of the $2.7 million discount and debt issuance costs. Panama City Timber Finance Company, LLC and Northwest Florida Timber Finance, LLC are VIEs, which the Company consolidates as the primary beneficiary of each entity. |
Hurricane Michael
Hurricane Michael | 12 Months Ended |
Dec. 31, 2020 | |
Hurricane Michael | |
Hurricane Michael | 7. Hurricane Michael On October 10, 2018, Hurricane Michael made landfall in the Florida Panhandle. The majority of the Company’s properties incurred minimal or no damage; however the Company’s Bay Point Marina in Bay County and Port St. Joe Marina in Gulf County, as well as certain timber, commercial and multi-family leasing assets were impacted. The marinas suffered significant damage requiring long-term restoration and will remain closed during the reconstruction of significant portions of these assets, 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 both 2020 and 2019, $1.3 million of insurance proceeds were received related to business interruption insurance, included within cost of hospitality revenue on the consolidated statements of income. During 2020, $0.7 million of business interruption insurance proceeds were received related to Pier Park Crossings JV, included within cost of leasing revenue on the consolidated statements of income. Costs incurred due to business interruption, primarily at the marinas, are continuing to be evaluated. The Company does not expect revenue at these locations until the properties have been rebuilt, but will incur costs for employee retention and property maintenance. During 2020, 2019 and 2018, the Company incurred loss from hurricane damage of $1.1 million, $2.7 million and $8.6 million, respectively, for loss on disposal of assets, timber loss and additional hurricane related items. During 2020, 2019 and 2018 the Company recognized $0.7 million, $5.3 million and $7.2 million, respectively, of gain on insurance recovery. The loss from hurricane damage and gain on insurance recovery were recorded in other income, net on the consolidated statements of income. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases | |
Leases | 8. Leases Leasing revenue consists of rental revenue from multi-family, retail, office and commercial property and other assets, which is recognized as earned, using the straight-line method over the life of each lease. The Company’s leases have remaining lease terms up to the year 2036, some of which include options to terminate or extend. The components of leasing revenue are as follows: Year Ended December 31, 2020 2019 2018 Leasing revenue Lease payments $ 14,710 $ 11,637 $ 10,660 Variable lease payments 4,109 3,944 3,067 Total leasing revenue $ 18,819 $ 15,581 $ 13,727 Minimum future base rental revenue on non-cancelable leases subsequent to December 31, 2020, for the years ending December 31 are: 2021 $ 14,820 2022 11,204 2023 8,967 2024 7,505 2025 5,076 Thereafter 14,656 $ 62,228 As of December 31, 2020, the Company leased certain office and other equipment under finance leases 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 consolidated balance sheets, which represent the Company’s right to use an underlying asset during a lease term for leases in excess of one year. Corresponding finance lease liability and operating lease liabilities are included within other liabilities on the consolidated balance sheets and are related to the Company’s obligation to make lease payments for leases in excess of one year. Prior to the adoption ASU 2016-02, Leases The components of lease expense are as follows: Year Ended December 31, 2020 2019 Lease cost Finance lease cost: Amortization of right-of-use assets $ 57 $ 40 Interest on lease liability 11 9 Operating lease cost 289 238 Short-term lease cost 1,016 721 Total lease cost $ 1,373 $ 1,008 Other information Weighted-average remaining lease term - finance lease (in years) 3.9 4.2 Weighted-average remaining lease term - operating leases (in years) 3.9 3.1 Weighted-average discount rate - finance lease 5.0 % 5.0 Weighted-average discount rate - operating leases 4.9 % 5.0 The aggregate payments of finance lease liability subsequent to December 31, 2020, for the years ending December 31 are: 2021 $ 94 2022 94 2023 94 2024 47 2025 12 Total 341 Less imputed interest (25) Total finance lease liability $ 316 The aggregate payments of operating lease liabilities subsequent to December 31, 2020, for the years ending December 31 are: 2021 $ 256 2022 201 2023 158 2024 88 2025 37 Thereafter 281 Total 1,021 Less imputed interest (213) Total operating lease liabilities $ 808 |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2020 | |
Other Assets | |
Other Assets | 9. Other Assets Other assets consist of the following: December 31, December 31, 2020 2019 Restricted investments $ 1,171 $ 2,364 Accounts receivable, net 10,791 6,957 Homesite sales receivable 5,675 5,211 Notes receivable, net 10,877 3,252 Income tax receivable — 2,843 Inventory 2,026 1,384 Prepaid expenses 7,135 6,592 Straight-line rent 3,174 3,292 Operating lease right-of-use assets 808 691 Other assets 5,743 4,331 Retained interest investments 12,905 12,214 Accrued interest receivable for Senior Notes held by SPE 2,938 2,938 Total other assets $ 63,243 $ 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 consolidated balance sheets until they are allocated to current or future 401(k) plan participants within the next year Employee Benefit Plan Accounts Receivable, Net As of December 31, 2020, accounts receivable were presented net of allowance for credit losses of $0.2 million and net of allowance for lease related receivables of $0.1 million. As of December 31, 2019, allowance for doubtful accounts receivable was $0.3 million. During 2020, allowance for credit losses related to accounts receivable, net decreased less than $0.1 million. Homesite Sales Receivable Homesite sales receivable from contracts with customers include estimated homesite residuals and certain estimated fees that are recognized as revenue at the time of sale to homebuilders, subject to constraints. Any change in circumstances from the estimated amounts will be updated at each reporting period. The receivable will be collected as the homebuilders build the homes and sell to retail consumers, which can occur over multiple years. See Note 2. Summary of Significant Accounting Policies . 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 December 31, 2020 Homesite sales receivable $ 5,211 $ 3,854 $ (3,390) $ 5,675 Increases Due To Decreases Due to Balance Revenue Recognized Amounts Balance January 1, 2019 for Homesites Sold Received/Transferred December 31, 2019 Homesite sales receivable $ 2,977 $ 4,755 $ (2,521) $ 5,211 Notes Receivable Notes receivable consist of the following: December 31, December 31, 2020 2019 Various interest bearing homebuilder notes, secured by the real estate sold — bearing interest at rates of 5.5% to 6.3% , due June 2021 through December 2022 $ 7,544 $ 2,598 Interest bearing revolving promissory note with the unconsolidated Latitude Margaritaville Watersound JV, secured by the JV's real property — bearing interest at a rate of 5.0%, matures June 2025 2,714 — Interest bearing notes with JV partners, secured by the partner's membership interest in the JV — bearing interest at a rate of 8.0%, due May 2039 through July 2039 556 569 Various mortgage notes, secured by certain real estate, bearing interest at rates of 6.4% to 6.5%, due December 2022 through November 2023 63 85 Total notes receivable, net $ 10,877 $ 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 all notes and the need for an allowance for credit losses at each reporting date. As of December 31, 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 December 31, 2020 and 2019, accrued interest receivable related to notes receivable was $0.2 million, which is included within other assets on the consolidated balance sheets. In June 2020, the Company entered into a $10.0 million secured revolving promissory note with the unconsolidated Latitude Margaritaville Watersound JV. The Latitude Margaritaville Watersound JV Note was provided to finance the development of the pod-level, non-spine infrastructure, which will be repaid by the JV as each home is sold by the JV, with the aggregate unpaid principal and all accrued and unpaid interest due at maturity in June 2025. The Latitude Margaritaville Watersound JV Note is secured by a mortgage and security interest in and on the real property and improvements located on the real property of the JV. See Note 4. Joint Ventures Retained Interest Investments The Company has a beneficial interest in certain bankruptcy-remote qualified SPEs used in the installment sale monetization of certain sales of timberlands in 2007 and 2008. The SPEs’ assets are not available to satisfy the Company’s liabilities or obligations and the liabilities of the SPEs are not the Company’s liabilities or obligations. Therefore, the SPEs’ assets and liabilities are not consolidated in the Company’s financial statements as of December 31, 2020 and 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 $12.9 million and $12.2 million as of December 31, 2020 and 2019, respectively, recorded in other assets on the Company’s consolidated balance sheets. |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment, Net | |
Property and Equipment, Net | 10. Property and Equipment, Net Property and equipment, net consists of the following: December 31, December 31, 2020 2019 Railroad and equipment $ 33,626 $ 33,626 Furniture and fixtures 22,601 24,062 Machinery and equipment 13,502 11,100 Office equipment 4,607 5,920 Autos, trucks and aircraft 6,240 6,274 80,576 80,982 Less: Accumulated depreciation 60,433 63,223 20,143 17,759 Construction in progress 703 1,259 Total property and equipment, net $ 20,846 $ 19,018 Depreciation expense on property and equipment was $4.0 million, $3.2 million and $2.4 million in 2020, 2019 and 2018, respectively. |
Debt, Net
Debt, Net | 12 Months Ended |
Dec. 31, 2020 | |
Debt, Net | |
Debt, Net | 11. Debt, Net Debt consists of the following: December 31, 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% $ 44,568 $ 314 $ 44,254 $ 45,514 $ 380 $ 45,134 PPC JV Loan, insured by HUD, due June 2060, bearing interest at 4.0% 36,084 1,079 35,005 34,610 1,087 33,523 Watersound Origins Crossings JV Loan, due May 2024, bearing interest at 5.0% 27,179 351 26,828 2,868 454 2,414 Watercrest JV Loan, due June 2047, bearing interest at LIBOR plus 2.2% (effective rate of 2.3% at December 31, 2020) 18,066 284 17,782 — — — PPC II JV Loan, due October 2024, bearing interest at LIBOR plus 2.3% (effective rate of 2.4% at December 31, 2020) 15,921 198 15,723 — — — 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% 6,294 — 6,294 6,977 — 6,977 Beckrich Building III Loan, due August 2029, bearing interest at LIBOR plus 1.7% (effective rate of 1.8% at December 31, 2020) 5,421 59 5,362 — — — Airport Hotel Loan, due March 2025, bearing interest at LIBOR plus 2.0%, with a floor rate of 3.0% (effective rate of 3.0% at December 31, 2020) 3,548 168 3,380 — — — Beach Homes Loan, due May 2029, bearing interest at LIBOR plus 1.7% (effective rate of 1.8% at December 31, 2020) 1,545 17 1,528 1,594 20 1,574 Pier Park Outparcel Construction Loan, due March 2027, bearing interest at LIBOR plus 1.7% (effective rate of 1.8% at December 31, 2020) 1,458 12 1,446 1,535 14 1,521 WaterColor Crossings Construction Loan, due February 2029, bearing interest at LIBOR plus 1.7% (effective rate of 1.8% at December 31, 2020) 1,334 21 1,313 1,409 23 1,386 Total debt $ 161,418 $ 2,503 $ 158,915 $ 94,507 $ 1,978 $ 92,529 In October 2015, the Pier Park North JV entered into a $48.2 million loan, secured by a first lien on, and security interest in, a majority of the Pier Park North JV’s property. The PPN JV Loan provides for principal and interest payments with a final balloon payment at maturity. In connection with the PPN JV Loan, the Company entered into a limited guarantee in favor of the lender, based on its percentage ownership of the JV. In addition, the guarantee can become full recourse in the case of any fraud or intentional misrepresentation by the Pier Park North JV; any voluntary transfer or encumbrance of the property in violation of the due-on-sale clause in the security instrument; upon commencement of voluntary bankruptcy or insolvency proceedings or upon breach of covenants in the security instrument. In May 2018, the Pier Park Crossings JV entered into a $36.6 million loan, insured by HUD, to finance the construction of apartments in Panama City Beach, Florida. The PPC JV Loan provides for monthly principal and interest payments through maturity in June 2060. A prepayment premium is due to the lender of 1.0% - 10.0% of any prepaid principal through June 30, 2030. The PPC JV Loan is secured by the Pier Park Crossings JV’s real property and the assignment of rents and leases. In May 2019, the Watersound Origins Crossings JV entered into a $37.9 million loan to finance the construction of apartments in Watersound, Florida. The Watersound Origins Crossings JV Loan provides for interest only payments for the first thirty months and principal and interest payments thereafter with a final balloon payment at maturity in May 2024. The Watersound Origins Crossings JV Loan is secured by the real property, assignment of rents and the security interest in the rents and personal property. In connection with the Watersound Origins Crossings JV Loan, the Company executed a guarantee in favor of the lender to guarantee the payment and performance of the borrower under the Watersound Origins Crossings JV Loan. The Company is the sole guarantor and receives a monthly fee related to the guarantee from its JV partner based on the JV partner’s ownership percentage. In October 2019, the Pier Park Crossings II JV entered into a $17.5 million loan to finance the construction of apartments in Panama City Beach, Florida. The PPC II JV Loan provides for interest only payments for the first twenty-four months and principal and interest payments thereafter with a final balloon payment at maturity in October 2024. The PPC II JV Loan is secured by the real property, assignment of rents and leases and the security interest in the rents, leases and personal property. In connection with the PPC II JV Loan, the Company executed a guarantee in favor of the lender to guarantee the payment and performance of the borrower under the PPC II JV Loan. 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 to finance the construction of a senior living community in Santa Rosa Beach, Florida. The Watercrest JV Loan provides for interest only payments for the first thirty-six months and principal and interest payments thereafter through maturity in June 2047. The Watercrest JV Loan is secured by the real property, assignment of rents, leases and deposits and the security interest in the rents and personal property. In connection with the Watercrest JV Loan, the Company executed a guarantee in favor of the lender to guarantee the payment and performance of the borrower under the Watercrest JV Loan. The Company is the sole guarantor and receives a quarterly fee related to the guarantee from its JV partner based on the JV partner’s ownership percentage. The Watercrest JV entered into an interest rate swap to hedge cash flows tied to changes in the underlying floating interest rate tied to LIBOR. The interest rate swap is effective June 1, 2021 and matures on June 1, 2024 and fixed the variable rate debt on the notional amount of related debt of $20.0 million to a rate of 4.37%. CDD bonds financed the construction of infrastructure improvements at some of the Company’s projects. The principal and interest payments on the bonds are paid by assessments on the properties benefited by the improvements financed by the bonds. The Company has recorded a liability for CDD debt that is associated with platted property, which is the point at which it becomes fixed and determinable. Additionally, the Company has recorded a liability for the portion of the CDD debt that is associated with unplatted property if it is probable and reasonably estimable that the Company will ultimately be responsible for repayment. The Company’s total CDD debt assigned to property it owns was $15.8 million and $17.8 million at December 31, 2020 and 2019, respectively. The Company pays interest on this total outstanding CDD debt. In August 2019, a wholly-owned subsidiary of the Company entered into a $5.5 million loan to finance the construction of an office building in Panama City Beach, Florida. The Beckrich Building III Loan provides for monthly principal and interest payments with a final balloon payment at maturity in August 2029. The Beckrich Building III Loan is secured by the real property, assignment of leases, rents and profits and the security interest in the rents and personal property. In connection with the Beckrich Building III Loan, the Company executed a guarantee in favor of the lender to guarantee the payment and performance of the borrower under the Beckrich Building III Loan. In March 2020, a wholly-owned subsidiary of the Company entered into a $15.3 million loan to finance the construction of a Hilton Garden Inn near the Northwest Florida Beaches International Airport in Panama City, Florida. The Airport Hotel Loan provides for interest only payments for the first thirty-six months and principal and interest payments thereafter with a final balloon payment at maturity in March 2025. The Airport Hotel Loan is secured by the real property, assignment of leases, rents and profits and the security interest in the rents and personal property. In connection with the Airport Hotel Loan, the Company executed a guarantee in favor of the lender to guarantee the payment and performance of the borrower under the Airport Hotel Loan. In May 2018, a wholly-owned subsidiary of the Company entered into a $1.7 million construction loan to finance the construction of two beach homes located in Panama City Beach, Florida (the “Beach Homes Loan”). The Beach Homes Loan provides for monthly principal and interest payments with a final balloon payment at maturity in May 2029. The Beach Homes Loan is secured by the real property, assignment of rents and the security interest in the rents and personal property. In connection with the Beach Homes Loan, the Company executed a guarantee in favor of the lender to guarantee the payment and performance of the borrower under the Beach Homes Loan. In March 2017, a wholly-owned subsidiary of the Company entered into a $1.6 million construction loan to finance the construction of a commercial leasing property located in Panama City Beach, Florida (the “Pier Park Outparcel Construction Loan”). The Pier Park Outparcel Construction Loan provides for principal and interest payments with a final balloon payment at maturity in March 2027. The Pier Park Outparcel Construction Loan is secured by the real property, assignment of rents and the security interest in the rents and personal property. In February 2018, a wholly-owned subsidiary of the Company entered into a $1.9 million construction loan to finance the construction of a commercial leasing property located in Santa Rosa Beach, Florida (the “WaterColor Crossings Construction Loan”). The WaterColor Crossings Construction Loan provides for monthly principal and interest payments with a final balloon payment at maturity in February 2029. The WaterColor Crossings Construction Loan is secured by the real property, assignment of rents and the security interest in the rents and personal property. In connection with the WaterColor Crossings Construction Loan, the Company executed a guarantee in favor of the lender to guarantee the payment and performance of the borrower under the WaterColor Crossings Construction Loan. In April 2020, the Pier Park Resort Hotel JV entered into a loan with an initial amount of $52.5 million up to a maximum of $60.0 million through additional earn-out requests. The Pier Park Resort Hotel JV Loan was entered into to finance the construction of an Embassy Suites by Hilton hotel in the Pier Park area of Panama City Beach, Florida. The Pier Park Resort Hotel JV Loan provides for interest only payments for the first thirty-six months and principal and interest payments thereafter with a final balloon payment at maturity in March 2027. The Pier Park Resort Hotel JV Loan is secured by the real property, assignment of rents and leases and the security interest in the rents, leases and personal property. In connection with the Pier Park Resort Hotel JV Loan, as guarantor, the Company and the Company’s JV partner entered into a guarantee based on each partner’s ownership interest in favor of the lender, to guarantee the payment and performance of the borrower. As guarantor, the Company’s liability under the Pier Park Resort Hotel JV Loan will be released upon reaching and maintaining certain debt service coverage for twelve months. In addition, the guarantee can become full recourse in the case of the failure of guarantor to abide by or perform any of the covenants or warranties to be performed on the part of such guarantor. As of December 31, 2020, there was no principal balance and the JV had incurred $1.1 million of loan costs related to the Pier Park Resort Hotel JV Loan. In November 2020, a wholly-owned subsidiary of the Company entered into a $16.8 million construction loan to finance the construction of a Homewood Suites by Hilton hotel in the Breakfast Point area of Panama City Beach, Florida. The Breakfast Point Hotel Loan provides for interest only payments for the first twenty-four months and principal and interest payments thereafter through maturity in November 2042. The Breakfast Point Hotel Loan is secured by the real property, assignment of rents and the security interest in the rents and personal property. In connection with the Breakfast Point Hotel Loan, the Company executed a guarantee in favor of the lender to guarantee the payment and performance of the borrower under the Breakfast Point Hotel Loan. As of December 31, 2020, there was no principal balance and the Company had incurred $0.2 million of loan costs related to the Breakfast Point Hotel Loan. In November 2020, a wholly-owned subsidiary of the Company entered into a $5.8 million construction loan to finance the construction of a self-storage facility in Santa Rosa Beach, Florida. The Self-Storage Facility Loan provides for interest only payments for the first forty-eight months and principal and interest payments thereafter with a final balloon payment at maturity in November 2025. The Self-Storage Facility Loan is secured by the real property, assignment of leases and rents and the security interest in the rents and personal property. In connection with the Self-Storage Facility Loan, the Company executed a guarantee in favor of the lender to guarantee the payment and performance of the borrower under the Self-Storage Facility Loan. The Company’s liability as guarantor under the Self-Storage Facility Loan shall not exceed $2.9 million, plus any additional fees, upon reaching and maintaining certain debt service coverage. As of December 31, 2020, there was no principal balance and the Company had incurred $0.1 million of loan costs related to the Self-Storage Facility Loan. The Company’s financing agreements are subject to various customary debt covenants and as both of December 31, 2020 and 2019 the Company was in compliance with the financial debt covenants. The aggregate maturities of debt subsequent to December 31, 2020 are: December 31, 2020 2021 $ 2,605 2022 3,402 2023 3,750 2024 44,993 2025 45,903 Thereafter 60,765 $ 161,418 |
Other Liabilities
Other Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Other Liabilities | |
Other Liabilities | 12. Other Liabilities Other liabilities consist of the following: December 31, December 31, 2020 2019 Accounts payable $ 25,376 $ 16,207 Finance lease liability 316 204 Operating lease liabilities 808 691 Accrued compensation 3,337 3,151 Other accrued liabilities 6,892 3,277 Deferred revenue 16,632 18,972 Club initiation fees 10,716 6,917 Club membership deposits 3,764 3,985 Advance deposits 1,344 946 Accrued interest expense for Senior Notes held by SPE 2,850 2,850 Total other liabilities $ 72,035 $ 57,200 Accounts payable as of December 31, 2020 and 2019 includes payables for projects under development and construction. Deferred revenue as of December 31, 2020 and 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: Club Initiation Fees Balance as of January 1, 2020 $ 6,917 New club memberships 6,268 Revenue from amounts included in contract liability opening balance (2,062) Revenue from current period new memberships (407) Balance as of December 31, 2020 $ 10,716 Club Initiation Fees Balance as of January 1, 2019 $ 5,676 New club memberships 3,083 Revenue from amounts included in contract liability opening balance (1,553) Revenue from current period new memberships (289) Balance as of December 31, 2019 $ 6,917 Remaining performance obligations represent contracted revenue that has not been recognized, which include club initiation fees. As of December 31, 2020 remaining performance obligations were $10.7 million, of which the Company expects to recognize as revenue $2.6 million in less than 1 year 3 5 Advance deposits consist of deposits received on hotel rooms and related hospitality activities. Advance deposits are recorded as other liabilities in the consolidated balance sheets without regard to whether they are refundable and are recognized as income at the time the service is provided for the related deposit. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Taxes | |
Income Taxes | 13. Income Taxes Income tax expense (benefit) consist of the following: Year Ended December 31, 2020 2019 2018 Current: Federal $ 5,146 $ 1,070 $ 4,305 State — — — Total 5,146 1,070 4,305 Deferred: Federal 6,321 5,903 488 State 2,203 2,474 (5,529) Total 8,524 8,377 (5,041) Income tax expense (benefit) $ 13,670 $ 9,447 $ (736) Total income tax expense (benefit) was allocated in the consolidated financial statements as follows: Year Ended December 31, 2020 2019 2018 Income tax expense (benefit) $ 13,670 $ 9,447 $ (736) Income tax recorded in accumulated other comprehensive loss Income tax (benefit) expense (386) 116 685 Total income tax expense (benefit) $ 13,284 $ 9,563 $ (51) Income tax expense (benefit) attributable to income from operations differed from the amount computed by applying the statutory federal income tax rate of 21% as of December 31, 2020, 2019 and 2018 to pre-tax income as a result of the following: Year Ended December 31, 2020 2019 2018 Tax at the statutory federal rate $ 12,385 $ 7,607 $ 6,643 State income taxes (net of federal benefit) 2,203 1,477 1,392 Decrease in valuation allowance, net — — (4,993) Decrease in uncertain tax positions — — (2,165) Change in US and State tax rates — 1,006 (1,035) Income tax credits (454) — — Benefit of Qualified Opportunity Zone investment (161) (561) — Dividend received deduction (33) (188) (322) Other permanent items (270) 106 (256) Total income tax expense (benefit) $ 13,670 $ 9,447 $ (736) The tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities are presented below: December 31, December 31, 2020 2019 Deferred tax assets: State net operating loss carryforwards $ 13,355 $ 14,316 Impairment losses 33,660 36,751 Prepaid income from land sales 3,812 3,180 Capitalized costs 2,851 2,468 Reserves and accruals 1,586 1,672 Unrealized losses on investments 3,403 2,282 Other 765 765 Total gross deferred tax assets 59,432 61,434 Deferred tax liabilities: Investment in real estate and property and equipment basis differences 5,929 4,000 Deferred gain on land sales and involuntary conversions 29,101 24,956 Installment sales 83,337 83,275 Pension Plan assets transferred to the 401(k) plan 287 580 Other 1,693 1,431 Total gross deferred tax liabilities 120,347 114,242 Net deferred tax liabilities $ (60,915) $ (52,808) As of December 31, 2020 and 2019, the Company had state net operating loss carryforwards of $304.0 million and $341.4 million, respectively. As of December 31, 2020, the Company had $2.3 million of federal net operating loss carryforwards and no federal net operating loss carryforwards as of December 31, 2019. The federal net operating loss carryforwards as of December 31, 2020 are applicable to a specific QOF entity of the Company and do not expire. The majority of state net operating losses are available to offset future taxable income through 2036 and will begin expiring in 2029. As of December 31, 2020, the Company had income tax payable of $2.7 million, included within other liabilities on the consolidated balance sheets. As of December 31, 2019, the Company had an income tax receivable of $2.8 million, included in other assets on the consolidated balance sheets that included a federal AMT credit receivable of $2.2 million, which was converted to a tax deposit and partially utilized on the federal income tax return filed for the tax year ended December 31, 2019 On September 12, 2019, the Florida Department of Revenue announced that the corporate income tax rate for tax years 2019, 2020, and 2021 income tax expense during 2019 to adjust its deferred tax balances due to the impact on the Company’s existing Florida net operating loss carryforward in addition to other temporary differences. In general, a valuation allowance is recorded if, based on the available evidence, it is more likely than not that some portion or all of the deferred tax asset will not be realized. Realization of the Company’s deferred tax assets is dependent upon the Company generating sufficient taxable income in future years in the appropriate tax jurisdictions to obtain a benefit from the reversal of deductible temporary differences and from loss carryforwards. In 2018, the Company reassessed its need for a valuation allowance by evaluating all available evidence, including but not limited to historical and projected pre-tax income. Based on this assessment, the Company determined it had the ability to fully realize the future benefit of its net operating loss carryforward and released the valuation allowance in full resulting in a $5.0 million tax benefit in 2018. Significant judgment is required in evaluating the Company's uncertain tax positions and determining its provision for income taxes. The Company regularly assesses the likelihood of adverse outcomes resulting from potential examinations to determine the adequacy of its provision for income taxes and applies a “more-likely-than-not” in determining the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The Company has not identified any material unrecognized tax benefits as of December 31, 2020, 2019 and 2018. During 2018, the Company recognized a $2.1 million income tax benefit due to the expiration of the statute of limitations for the tax year covering the previously unrecognized tax benefits. There were no penalties required to be accrued as of December 31, 2020 and 2019. The Company records interest related to unrecognized tax benefits, if any, in interest expense and penalties in other income, net. 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 carryovers and carrybacks to offset 100% of taxable income for taxable years beginning before 2021. In addition, the CARES Act allows net operating loss carryovers and carrybacks 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. On December 27, 2020, the Taxpayer Certainty and Disaster Tax Relief Act of 2020, a part of the Consolidated Appropriations Act, 2021, was enacted also in response to the COVID-19 pandemic. This legislation provided extensions on several federal tax credits and the expansion of the Employee Retention Credit, in addition to many other provisions. Based upon current facts and circumstances, the Company does not expect that these provisions would result in a material cash benefit or impact to the effective tax rate . The Company is currently open to examination by taxing authorities for the years ended December 31, 2017 through 2019. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2020 | |
Accumulated Other Comprehensive Loss | |
Accumulated Other Comprehensive Loss | 14. 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, 2018 $ (674) $ — $ (674) Other comprehensive income (loss) before reclassifications 642 (251) 391 Amounts reclassified from accumulated other comprehensive loss (52) — (52) Other comprehensive income (loss) 590 (251) 339 Accumulated other comprehensive loss at December 31, 2019 $ (84) $ (251) $ (335) Other comprehensive income (loss) before reclassifications 103 (1,237) (1,134) Amounts reclassified from accumulated other comprehensive loss (3) — (3) Other comprehensive income (loss) 100 (1,237) (1,137) Accumulated other comprehensive income (loss) at December 31, 2020 $ 16 $ (1,488) $ (1,472) Following is a summary of the tax effects allocated to other comprehensive (loss) income: Year Ended December 31, 2020 Before- Tax (Expense) or Net-of- Tax Amount Benefit Tax Amount Unrealized gain on available-for-sale investments $ 130 $ (33) $ 97 Unrealized gain on restricted investments 8 (2) 6 Interest rate swap (836) 212 (624) Interest rate swap - unconsolidated affiliate (821) 208 (613) Reclassification adjustment for net gain included in earnings (4) 1 (3) Net unrealized loss (1,523) 386 (1,137) Other comprehensive loss $ (1,523) $ 386 $ (1,137) Year Ended December 31, 2019 Before- Tax (Expense) or Net-of- Tax Amount Benefit Tax Amount Unrealized gain on available-for-sale investments $ 842 $ (214) $ 628 Unrealized gain on restricted investments 18 (4) 14 Interest rate swap (336) 85 (251) Reclassification adjustment for net gain included in earnings (69) 17 (52) Net unrealized gain 455 (116) 339 Other comprehensive income $ 455 $ (116) $ 339 |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2020 | |
Stockholders' Equity | |
Stockholders' Equity | 15. Stockholders’ Equity Stock Repurchase Program The Company’s Board approved a Stock Repurchase Program pursuant to which the Company is authorized to repurchase shares of its common stock. The Stock Repurchase Program has no expiration date. During the years ended December 31, 2020 and 2019, the Company repurchased 532,034 and 1,263,159 shares, respectively, of its common stock at an average purchase price of $16.54 and $16.59, per share, respectively, for an aggregate purchase price of $8.8 million and $20.8 million, respectively, pursuant to its Stock Repurchase Program. As of December 31, 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 Exchange Act. The timing and amount of any additional shares to be repurchased will depend upon a variety of factors. Repurchases may be commenced or suspended at any time or from time to time without prior notice. The Stock Repurchase Program will continue until otherwise modified or terminated by the Company’s Board at any time in its sole discretion. In December 2020, the Company retired 532,034 shares of treasury stock at a value of $8.8 million. In December 2019, the Company retired 1,263,159 shares of treasury stock at a value of $20.8 million. Dividends During the fourth quarter of 2020, the Company paid a cash dividend of $0.07 per share on the Company’s common stock for a total of $4.1 million. The Company did not pay cash dividends during the years ended December 31, 2019 or 2018. Issuance of Common Stock for Director’s Fees During the year ended December 31, 2020, the Company did not issue any common stock for director’s fees. On May 20, 2019, the Company’s Board approved granting to each non-employee director an equity grant with an aggregate fair market value of $50,000 or, at the director’s election, its cash equivalent. On July 1, 2019, 5,708 shares of restricted stock were granted to two of the Company’s directors pursuant to the Board’s May 20, 2019 approval and the Company’s 2015 Performance and Equity Incentive Plan (the “2015 Plan”). This restricted stock vested on May 19, 2020, the date of the Company’s 2020 Annual Meeting of Shareholders. Two non-employee directors elected to receive cash in lieu of the stock, which was paid in July 2019. On May 23, 2018, the Company’s Board approved granting to each non-employee director an equity grant with an aggregate fair market value of $50,000 or, at the director’s election, its cash equivalent. On July 2, 2018, 2,778 shares of restricted stock were granted to one of the Company’s directors pursuant to the Board’s May 23, 2018 approval and the Company’s 2015 Plan. This restricted stock vested on May 20, 2019, the date of the Company’s 2019 Annual Meeting of Shareholders. Three non-employee directors elected to receive cash in lieu of the stock. On May 25, 2017, the Company’s Board approved granting to each non-employee director an equity grant with an aggregate fair market value of $50,000 or, at the director’s election, its cash equivalent. On July 3, 2017, 5,334 shares of restricted stock were granted to two of the Company’s directors pursuant to the Board’s May 25, 2017 approval and the Company’s 2015 Plan. This restricted stock vested on May 23, 2018, the date of the Company’s 2018 Annual Meeting of Shareholders. Four non-employee directors elected to receive cash in lieu of the stock. For each of the years ended December 31, 2020, 2019 and 2018, the Company recorded expense of $0.1 million, related to restricted stock awards to the Company’s directors. Issuance of Common Stock for Officer Compensation Pursuant to the Company’s 2015 Plan, the Company’s named executive officers (“NEOs”) were provided with the opportunity to elect to receive up to 50% of their discretionary cash incentive award for 2017 performance in shares of Company stock and four of the Company’s NEOs elected to do so. On March 15, 2018, 9,956 shares, net of shares withheld for taxes, of restricted stock were granted to four of the Company’s NEOs. The restricted stock vested immediately. For the year ended December 31, 2018, the Company recorded expense of $0.2 million related to restricted stock awards to the Company’s NEOs. |
Stock Based Compensation
Stock Based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Stock Based Compensation | |
Stock Based Compensation | 16. Stock Based Compensation The Company’s 2015 Plan offers a stock incentive plan whereby awards are granted to certain employees and non-employee directors of the Company in various forms including restricted shares of Company common stock and options to purchase Company common stock. Awards are discretionary and determined by the Compensation Committee of the Board. Stock based compensation cost is measured at the grant date based on the fair value of the award and is typically recognized as expense on a straight-line basis over the requisite service period, which is the vesting period. As of December 31, 2020, 1,463,543 shares were available for awards under the 2015 Plan. Total stock-based compensation recorded in other operating and corporate expenses on the consolidated statements of income is as follows: Year Ended December 31, 2020 2019 2018 Stock compensation expense before tax benefit $ 45 $ 77 $ 71 Income tax benefit (11) (19) (19) $ 34 $ 58 $ 52 In 2019 and 2018, the Company granted 5,708 and 2,778 shares, respectively, of restricted stock awards to certain of the Company’s directors as fees for services rendered under the 2015 Plan, of which 5,708 and 2,778 and 5,334 vested during the years ended December 31, 2020, 2019 and 2018, respectively. As of December 31, 2020, there were no unvested restricted stock units outstanding. The weighted average grant date fair value of restricted stock units during 2019 and 2018 were $17.52 and $18.00, respectively. The total fair values of restricted stock units that vested were $0.1 million during each 2020, 2019 and 2018. In 2018, the Company granted 9,956 shares, net of shares withheld for taxes, of restricted stock awards to certain of the Company’s NEO’s as their discretionary cash incentive award for 2017 performance under the 2015 Plan, of which all |
Employee Benefit Plan
Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2020 | |
Employee Benefit Plan | |
Employee Benefit Plan | 17. Employee Benefit Plan The Company maintains a 401(k) retirement plan covering substantially all officers and employees of the Company, which permits participants to defer up to the maximum allowable amount determined by the IRS of their eligible compensation. As part of the Pension Plan termination in 2014, the Company directed the Pension Plan to transfer $7.9 million of the Pension Plan’s surplus assets into a suspense account in the Company’s 401(k) plan. The Company has retained the risks and rewards of ownership of these assets; therefore, the assets held in the suspense account are included in the Company’s consolidated financial statements until they are allocated to participants. As of December 31, 2020 and 2019, the fair value of these assets was recorded in other assets on the Company’s consolidated balance sheets and were $1.2 million and $2.4 million, respectively. The Company expenses the fair value of the assets at the time the assets are allocated to participants, which is expected to be allocated within the next year |
RiverTown Impact Fees
RiverTown Impact Fees | 12 Months Ended |
Dec. 31, 2020 | |
RiverTown Impact Fees | |
RiverTown Impact Fees | 18. RiverTown Impact Fees As part of the Company’s April 2014 RiverTown transaction, the buyer, an affiliate of Mattamy (Jacksonville) Partnership d/b/a Mattamy Homes (“Mattamy”), was obligated to pay certain impact fees to the Company prior to April 2, 2019 and, depending on circumstances, potentially thereafter. In June 2018, the Company received $23.1 million from Mattamy to pay the estimated impact fees based on Mattamy’s current development plans and the impact fee schedule in effect at the time of the payment. For the year ended December 31, 2018, the impact fees of $23.1 million were included in real estate revenue in the Company’s consolidated statements of income. Mattamy may be required to pay to the Company additional impact fees based on its future development plans. Any consideration the Company may receive for additional impact fees will be based on a variety of factors outside the Company’s control or ability to estimate, including impact fee increases or decreases by St. Johns County, home sizes and the number of homes built in the project. The Company received impact fees for a total of $1.7 million, $1.3 million and $23.7 million during 2020, 2019 and 2018, respectively. |
Other Income, Net
Other Income, Net | 12 Months Ended |
Dec. 31, 2020 | |
Other Income, Net | |
Other Income, Net | 19. Other Income, Net Other income (expense) consists of the following: Year Ended December 31, 2020 2019 2018 Investment income, net Interest and dividend income $ 1,121 $ 7,375 $ 9,060 Accretion income 74 84 684 Net realized (loss) gain on the sale of investments (48) 87 (973) Other-than-temporary impairment loss — — (2,330) Unrealized loss on investments, net (4,688) (5,342) (3,035) Interest income from investments in SPEs 8,180 8,190 8,197 Interest accrued on notes receivable and other interest 344 320 547 Total investment income, net 4,983 10,714 12,150 Interest expense Interest expense and amortization of discount and issuance costs for Senior Notes issued by SPE (8,813) (8,801) (8,788) Other interest expense (4,751) (3,501) (3,052) Total interest expense (13,564) (12,302) (11,840) Gain on land contribution to equity method investment 19,983 2,317 — Other income (expense), net Accretion income from retained interest investments 1,391 1,325 1,232 Gain on insurance recovery 690 5,314 7,199 Loss from hurricane damage (1,123) (2,704) (8,628) Miscellaneous income, net 371 198 1,349 Other income, net 1,329 4,133 1,152 Total other income, net $ 12,731 $ 4,862 $ 1,462 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 investment in preferred stock. Accretion income includes the amortization of the premium or accretion of discount related to the Company’s available-for-sale securities, which is amortized based on an effective interest rate method over the term of the available-for-sale securities. Net realized (loss) gain on the sale of investments include the gains or losses recognized on the sale of available-for-sale and equity securities prior to maturity. Other-than-temporary impairment loss includes impairments related to the Company’s corporate debt securities for the year ended December 31, 2018. Unrealized loss on investments, net includes unrealized gains or losses on investments – equity securities. Interest income from investments in SPEs primarily includes interest earned on the investments held by Panama City Timber Finance Company, LLC, which is used to pay the interest expense for Senior Notes held by Northwest Florida Timber Finance, LLC. Interest Expense Interest expense includes interest incurred related to the Company’s Senior Notes issued by Northwest Florida Timber Finance, LLC, project financing, CDD debt and finance leases. Borrowing costs, including the discount and issuance costs for the Senior Notes issued by Northwest Florida Timber Finance, LLC, are amortized based on the effective interest method at an effective rate of 4.9%. During 2020, 2019 and 2018 the Company capitalized $1.1 million, $0.6 million and $0.2 million, respectively, in interest related to projects under development or construction. These amounts are included within investment in real estate, net on the Company’s consolidated balance sheets. Gain on Land Contribution to Equity Method Investment Gain on land contribution to equity method investment for the year ended December 31, 2020 includes a gain of $15.3 million on land and $0.4 million on additional infrastructure improvements contributed to the Company’s unconsolidated Latitude Margaritaville Watersound JV. The $15.3 million gain on land contributed to the Latitude Margaritaville Watersound JV is comprised of $16.6 million for the 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%, the timing of home sales and an additional performance obligation to provide for infrastructure improvements in the vicinity of the contributed land. The year ended December 31, 2020 also includes a gain of $4.3 million on land and mitigation credits contributed to the Company’s unconsolidated Sea Sound Apartments JV. Gain on land contribution to equity method investment for the year ended December 31, 2019 includes a gain of $0.8 million on land contributed to the Company’s unconsolidated Busy Bee JV and a gain of $1.5 million on land and mitigation credits contributed to the Company’s unconsolidated Pier Park TPS JV. See Note 4. Joint Ventures Other Income, Net Other income, net primarily includes income from the Company’s retained interest investments, gain on insurance recovery, loss from hurricane damage and other income and expense items. The Company records the accretion of investment income from its retained interest investment over the life of the retained interest using the effective yield method with rates ranging from 3.7% to 11.3%. During the year ended December 31, 2020 the Company had a $0.7 million gain on insurance recovery and incurred $1.1 million of loss from hurricane damage related to Hurricane Michael. During the year ended December 31, 2019 the company had a $5.3 million gain on insurance recovery and incurred $2.7 million of loss from hurricane damage related to Hurricane Michael. The year ended December 31, 2018 includes a $7.2 million gain on insurance recovery and $8.6 million of loss from hurricane damage, which includes $7.3 million for loss on disposal of assets related to damage and $1.3 million of expenses related to Hurricane Michael. See Note 7. Hurricane Michael Miscellaneous income, net for the year ended December 31, 2018 primarily consists of $2.2 million of income related to the final distribution from the Company’s unconsolidated ALP JV, offset by $0.6 million for a homeowners’ association settlement related to one of the Company’s residential communities. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2020 | |
Segment Information | |
Segment Information | 20. Segment Information The Company conducts primarily all of its business in the following three reportable 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 reportable segments. See Note 1. Nature of Operations for additional information. The Company’s reportable segments are strategic business units that offer different products and services. They are each managed separately and decisions about allocations of resources are determined by management based on these strategic business units. The Company uses income before equity in loss from unconsolidated affiliates, income taxes and non-controlling interest, cash flows and other measures for purposes of making decisions about allocating resources to each segment and assessing each segment’s performance, which the Company believes represents current performance measures. The accounting policies of the segments are the same as those described herein. Total revenue represents sales to unaffiliated customers, as reported in the Company’s consolidated statements of income. All significant intercompany transactions have been eliminated in consolidation. The caption entitled “Other” consists of mitigation credit revenue, title fee revenue and corporate operating and general and administrative expenses, net of investment income. Information by reportable segment is as follows: Year Ended December 31, 2020 2019 2018 Operating revenue: Residential (a) $ 74,715 $ 41,586 $ 43,266 Hospitality 47,374 45,720 39,576 Commercial 36,665 38,823 24,620 Other (b) 1,801 956 2,814 Consolidated operating revenue $ 160,555 $ 127,085 $ 110,276 Cost of revenue: Cost of residential revenue $ 30,359 $ 20,492 $ 10,215 Cost of hospitality revenue 34,670 33,924 33,385 Cost of commercial revenue 12,228 9,593 7,494 Cost of other revenue 519 77 223 Consolidated cost of revenue $ 77,776 $ 64,086 $ 51,317 Other operating and corporate expenses: Residential $ 5,283 $ 4,873 $ 4,717 Hospitality 1,180 838 533 Commercial 3,681 3,479 3,567 Other 12,762 12,199 11,740 Consolidated other operating and corporate expenses $ 22,906 $ 21,389 $ 20,557 Depreciation, depletion and amortization: Residential $ 318 $ 283 $ 288 Hospitality 4,638 4,579 3,640 Commercial 6,987 5,253 4,925 Other 845 172 145 Consolidated depreciation, depletion and amortization $ 12,788 $ 10,287 $ 8,998 Investment income, net: Residential and commercial $ 298 $ 184 $ 320 Other (c) 4,685 10,530 11,830 Consolidated investment income, net $ 4,983 $ 10,714 $ 12,150 Interest expense: Residential $ 683 $ 717 $ 867 Hospitality 222 30 4 Commercial 3,836 2,739 2,180 Other (d) 8,823 8,816 8,789 Consolidated interest expense $ 13,564 $ 12,302 $ 11,840 Gain on land contribution to equity method investment: Residential (e) $ 15,706 $ — $ — Commercial (f) (g) 3,949 2,244 — Other 328 73 — Consolidated gain on land contribution to equity method investment $ 19,983 $ 2,317 $ — Other (expense) income, net: Residential $ (22) $ (217) $ (508) Hospitality 575 225 (259) Commercial 51 1,190 (362) Other 725 2,935 2,281 Other income, net $ 1,329 $ 4,133 $ 1,152 Income (loss) before equity in loss from unconsolidated affiliates and income taxes: Residential (a) (e) $ 53,998 $ 15,144 $ 26,919 Hospitality 7,238 6,574 1,817 Commercial (f) (g) 13,988 21,239 6,101 Other (b) (15,408) (6,772) (3,971) Consolidated income before equity in loss from unconsolidated affiliates and income taxes $ 59,816 $ 36,185 $ 30,866 Equity in loss from unconsolidated affiliates: Residential $ (524) $ (71) $ — Commercial (142) (6) — Consolidated equity in loss from unconsolidated affiliates $ (666) $ (77) $ — Capital expenditures: Residential $ 33,634 $ 28,639 $ 15,865 Hospitality 42,770 15,923 7,400 Commercial 85,070 69,219 21,552 Other 769 505 379 Total capital expenditures $ 162,243 $ 114,286 $ 45,196 December 31, December 31, 2020 2019 Investment in unconsolidated joint ventures: Residential $ 24,287 $ 791 Commercial 13,678 4,293 Total investment in unconsolidated joint ventures $ 37,965 $ 5,084 Total assets: Residential $ 172,610 $ 139,349 Hospitality 146,724 89,570 Commercial 332,649 253,936 Other 385,341 426,378 Total assets $ 1,037,324 $ 909,233 (a) Includes revenue of $23.1 million in 2018 for a one-time receipt of RiverTown impact fees related to the 2014 RiverTown transaction. See Note 18. RiverTown Impact Fees . (b) Includes revenue of $2.2 million in 2018 related to a specific sale of mitigation bank credits. (c) Includes interest income from investments in SPEs of $8.2 million in each 2020, 2019 and 2018. (d) Includes interest expense from Senior Notes issued by SPE of $8.8 million in each 2020, 2019 and 2018. (e) Includes a gain of $15.7 million in 2020 on land and additional infrastructure improvements contributed to the unconsolidated Latitude Watersound Margaritaville JV. See Note 4. Joint Ventures and Note 19. Other Income, Net for additional information. (f) Includes a gain of $3.9 million in 2020 on land contributed to the Sea Sound Apartments JV. See Note 4. Joint Ventures and Note 19. Other Income, Net for additional information. (g) Includes a gain of $0.8 million in 2019 on land contributed to the Company’s unconsolidated Busy Bee JV and a gain of $1.4 million in 2019 on land contributed to the Company’s unconsolidated Pier Park TPS JV. See Note 4. Joint Ventures and Note 19. Other Income, Net for additional information. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies | |
Commitments and Contingencies | 21. Commitments and Contingencies The Company establishes an accrued liability when it is both probable that a material loss has been incurred and the amount of the loss can be reasonably estimated. The Company will evaluate the range of reasonably estimated losses and record an accrued liability based on what it believes to be the minimum amount in the range, unless it believes an amount within the range is a better estimate than any other amount. In such cases, there may be an exposure to loss in excess of the amounts accrued. The Company evaluates quarterly whether further developments could affect the amount of the accrued liability previously established or would make a loss contingency both probable and reasonably estimable. The Company also provides disclosure when it believes it is reasonably possible that a material loss will be incurred or when it believes it is reasonably possible that the amount of a loss will exceed the recorded liability. The Company reviews loss contingencies at least quarterly to determine whether the likelihood of loss has changed and to assess whether a reasonable estimate of the loss or range of loss can be made. This estimated range of possible losses is based upon currently available information and is subject to significant judgment and a variety of assumptions, as well as known and unknown uncertainties. The matters underlying the estimated range will change from time to time, and actual results may vary significantly from the current estimate. The Company is subject to a variety of litigation, claims, other disputes and governmental proceedings that arise from time to time in the ordinary course of its business, including litigation related to its prior homebuilding and development activities. The Company cannot make assurances that it will be successful in defending these matters. Based on current knowledge, the Company does not believe that loss contingencies arising from pending litigation, claims, other disputes and governmental proceedings, including those described herein, will have a material adverse effect on the consolidated financial position or liquidity of the Company. However, in light of the inherent uncertainties involved in these matters, an adverse outcome in one or more of these matters could be material to the Company’s results of operations or cash flows for any particular reporting period. The Company is subject to costs arising out of environmental laws and regulations, which include obligations to remove or limit the effects on the environment of the disposal or release of certain wastes or substances at various sites, including sites that have been previously sold. It is the Company’s policy to accrue and charge against earnings environmental cleanup costs when it is probable that a liability has been incurred and range of loss can be reasonably estimated. As assessments and cleanups proceed, these accruals are reviewed and adjusted, if necessary, as additional information becomes available. The Company is in the process of assessing certain properties in regard to the effects, if any, on the environment from the disposal or release of wastes or substances. Management is unable to quantify future rehabilitation costs above present accruals at this time or provide a reasonably estimated range of loss. Other litigation, claims and disputes, including environmental matters, are pending against the Company. Accrued aggregate liabilities related to the matters described above and other litigation matters were $0.7 million and $1.5 million as of December 31, 2020 and 2019, respectively. Significant judgment is required in both the determination of probability and whether the amount of an exposure is reasonably estimable. Due to uncertainties related to these matters, accruals are based only on the information available at that time. As additional information becomes available, management reassesses potential liabilities related to pending claims and litigation and may revise its previous estimates, which could materially affect the Company’s results of operations for any particular reporting period. The Company has retained certain self-insurance risks with respect to losses for third party liability and property damage, including its timber assets. 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 December 31, 2020, $2.7 million was outstanding on the Latitude Margaritaville Watersound JV Note. The Latitude Margaritaville Watersound JV Note was provided by the Company to finance the development of the pod-level, non-spine infrastructure, which will be repaid by the JV as each home is sold by the JV, with the aggregate unpaid principal and all accrued and unpaid interest due at maturity in June 2025. The Latitude Margaritaville Watersound JV Note is secured by a mortgage and security interest in and on the real property and improvements located on the real property of the JV. See Note 4. Joint Ventures Other Assets As of December 31, 2020 and 2019, the Company was required to provide surety bonds that guarantee completion of certain infrastructure in certain development projects and mitigation banks of $24.2 million and $10.7 million, respectively, as well as standby letters of credit in the amount of $6.6 million as of December 31, 2020, which may potentially result in liability to the Company if certain obligations of the Company are not met. As of December 31, 2020, the Company had a total of $157.1 million in construction and development related contractual obligations, of which a significant portion will be funded through committed or new financing arrangements. In January 2019, the Company’s unconsolidated Pier Park TPS JV, entered into a $14.4 million loan (the “Pier Park TPS JV Loan”). The Pier Park TPS JV Loan bears interest at LIBOR plus 2.5% and matures in January 2026. The Pier Park TPS JV Loan is secured by the real and personal property and an assignment of rents and the security interest in the rents. In connection with the Pier Park TPS JV Loan, the Company, a wholly-owned subsidiary of the Company and the Company’s JV partner entered into a joint and several payment and performance guarantee in favor of the lender. The Company’s liability as guarantor under the Pier Park TPS JV Loan 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. The guarantee can become full recourse if the guarantor fails to abide by or perform any of the covenants or warranties; 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; or 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 on the related debt of $14.4 million to a rate of 5.21% . 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 Busy Bee JV Construction Loan bears interest at LIBOR plus 1.5%, which was swapped to a fixed rate of 2.68%. The Busy Bee JV Equipment Loan bears interest at LIBOR plus 1.5%, which was swapped to a fixed rate of 2.08%. The loans are secured by the real and personal property, assignment of rents and leases and a security interest in the construction contract and management agreement. In connection with the Busy Bee JV Construction Loan and the Busy Bee JV Equipment Loan, the Company, a wholly-owned subsidiary of the Company and the Company’s JV partner entered into a joint and several payment and performance guarantee in favor of the lender through substantial completion, which occurred in June 2020. The Company’s liability as guarantor under the loans upon substantial completion was reduced to 50.0% for a twelve month period. Subsequent to that time, the Company’s guarantee will be released upon request. Upon release of the Company’s guarantee, the JV partner will be the sole guarantor and will receive a fee related to the guarantee from the Company based on the Company’s ownership percentage. The Busy Bee JV entered into an interest rate swap to hedge cash flows tied to changes in the underlying floating interest rate tied to LIBOR for the . The interest rate swap was effective November 12, 2020 and matures on November 12, 2035 and fixed the variable rate debt, initially at $5.4 million amortizing to $2.8 million at swap maturity, to a rate of 2.68% . The interest rate swap was effective November 12, 2020 and matures on November 12, 2027 and fixed the variable rate debt, initially at $1.2 million to maturity, to a rate of 2.08% . In November 2020, the Company’s unconsolidated Latitude Margaritaville Watersound JV, entered into a $25.0 million construction loan (the “Latitude Margaritaville Watersound JV Loan”). The Latitude Margaritaville Watersound JV Loan bears interest at LIBOR plus 2.5%, with a floor of 3.25%. The Latitude Margaritaville Watersound JV Loan matures in November 2023 and includes additional annual extension rights, subject to bank approval. The Latitude Margaritaville Watersound JV Loan is secured by the real and personal property, assignment of rents, leases and deposits and security interest in the land development, construction contracts, plans and specifications, permits, agreements, approvals, fees and deposits. In connection with the Latitude Margaritaville Watersound JV Loan, the Company and the Company’s JV partner entered into an unconditional guaranty of completion of certain homes in favor of the lender. As of December 31, 2020, $0.6 million was outstanding on the Latitude Margaritaville Watersound JV Loan. The Company has assessed the need to record a liability for the guarantees related to the Company’s unconsolidated JVs and did not record an obligation as of both December 31, 2020 and 2019. As of December 31, 2020, allowance for credit losses related to the contingent aspect of these guarantees, based on historical experience and economic trends, was $0.1 million and is included within other liabilities on the consolidated balance sheets. As part of certain sales of timberlands in 2007, 2008 and 2014, the Company generated significant tax gains. The installment notes structure allowed the Company to defer the resulting federal tax liability of $33.7 million until 2022 - 2023 and $37.8 million until 2029, respectively, the maturity dates for the installment notes. The Company has a deferred tax liability related to the gains in connection with these sales. |
Subsequent Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Event | |
Subsequent Event | 22. Subsequent Events On February 23, 2021, the Company and FCM amended the Investment Management Agreement, to provide that the investment guidelines and restrictions described in the Amended Investment Management Agreement require that any new securities for purchase must be issues of the U.S. Treasury or U.S. Treasury Money Market Funds. The Amended Investment Management Agreement terminated specific restrictions from the previous investment guidelines and restrictions. On February 24, 2021, the Company’s Board declared a cash dividend of $0.08 per share on the Company’s common stock, payable on March 30, 2021, to shareholders of record at the close of business on March 8, 2021. |
Schedule III (Consolidated) - R
Schedule III (Consolidated) - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2020 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
SCHEDULE III (CONSOLIDATED) - REAL ESTATE AND ACCUMULATED DEPRECIATION | SCHEDULE III (CONSOLIDATED) - REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2020 (in thousands) Initial Cost to Company (b) Gross Amount at December 31, 2020 Costs Capitalized Subsequent to Accumulated Date of Depreciation Land & Buildings & Acquisition or Land & Land Buildings and Depreciation and Construction or Life Description (a) Encumbrances Improvements Improvements Construction (c) Improvements Improvements Total Amortization Acquisition (In Years) Residential developments $ 1,976 $ 42,248 $ 14,846 $ 73,071 $ 122,826 $ 7,339 $ 130,165 $ 4,744 through 2020 5 - 25 Hospitality WaterColor Hospitality — 1,137 13,688 11,387 2,216 23,996 26,212 11,194 2002, 2013, 2018 - 2020 5 - 40 Pier Park Hospitality — 1,438 — 9,543 10,981 — 10,981 — 2019 - 2020 N/A 30A Hospitality — 2,143 — 1,580 3,723 — 3,723 — 2020 N/A Airport Hospitality 3,548 — — 13,424 13,424 13,424 — 2019 - 2020 N/A Breakfast Point Hospitality — — — 5,848 5,848 — 5,848 — 2020 N/A The Clubs by JOE — 34,648 20,132 10,477 46,372 18,885 65,257 23,214 2001 - 2007, 2018 - 2020 10 - 25 Marinas — 5,350 2,546 4,097 9,438 2,555 11,993 1,723 2006 - 2007, 2019 - 2020 15 - 25 Other 4,047 1,558 12,374 3,430 4,898 12,464 17,362 2,443 2008 - 2009, 2019 - 2020 5 - 39 Commercial Leasing properties: Pier Park North 44,568 13,711 35,243 3,115 13,711 38,358 52,069 11,086 2014 - 2017 15 - 39 Town centers — — 12,278 1,965 335 13,908 14,243 10,374 2001 - 2008 10 - 25 VentureCrossings — 6,419 29,824 (2,032) 4,937 29,274 34,211 5,428 2012, 2017, 2019 10 - 39 Watersound Origins Crossings 27,179 739 3,457 29,129 29,868 3,457 33,325 — 2019 - 2020 N/A Pier Park Crossings 36,084 8,228 27,820 — 8,228 27,820 36,048 1,396 2018 - 2020 7 - 39 Pier Park Crossings Phase II 15,921 3,528 15,389 158 3,686 15,389 19,075 46 2019 - 2020 7 - 39 Watercrest 18,066 894 — 27,266 28,160 — 28,160 — 2019 - 2020 N/A Self-Storage — 440 — 2,754 3,194 — 3,194 — 2020 N/A Beckrich 5,421 2,200 13,298 183 2,223 13,458 15,681 741 2017 - 2020 5 - 39 Watersound Origins — 1,216 1,835 40 1,256 1,835 3,091 102 2018 - 2020 15 - 25 Other 2,792 4,674 12,122 436 4,717 12,515 17,232 1,403 through 2020 10 - 39 Commercial developments 1,816 35,702 — 24,347 60,049 — 60,049 35 through 2020 5 Timberlands — 6,571 1,758 13,254 19,825 1,758 21,583 1,986 n/a 5 - 30 Corporate and other — — — 2,820 2,736 84 2,820 45 through 2020 5 - 20 Unimproved land — 85 — 1,782 1,867 — 1,867 — n/a N/A Total $ 161,418 $ 172,929 $ 216,610 $ 238,074 $ 404,518 $ 223,095 $ 627,613 $ 75,960 (a) Substantially all real estate properties are located in Northwest Florida. (b) Includes initial costs to the Company to place the assets in service. (c) Includes cumulative impairments. Notes: (A) The aggregate cost of real estate owned at December 31, 2020 for federal income tax purposes is approximately $590.3 million. (B) Reconciliation of real estate owned (in thousands of dollars): December 31, December 31, December 31, 2020 2019 2018 Balance at beginning of the year $ 505,032 $ 418,494 $ 404,376 Amounts capitalized 167,258 109,699 43,306 Impairments — — (99) Cost of real estate sold (33,324) (23,608) (18,347) Amounts retired or adjusted (11,353) 447 (10,742) Balance at the end of the year $ 627,613 $ 505,032 $ 418,494 (C) Reconciliation of accumulated depreciation (in thousands of dollars): December 31, December 31, December 31, 2020 2019 2018 Balance at beginning of the year $ 74,256 $ 67,500 $ 71,752 Depreciation expense 8,298 6,756 6,018 Amounts retired or adjusted (6,594) — (10,270) Balance at the end of the year $ 75,960 $ 74,256 $ 67,500 |
Schedule IV (Consolidated) - Mo
Schedule IV (Consolidated) - Mortgage Loans on Real Estate | 12 Months Ended |
Dec. 31, 2020 | |
Mortgage Loans on Real Estate [Abstract] | |
SCHEDULE IV (CONSOLIDATED) - MORTGAGE LOANS ON REAL ESTATE | THE ST. JOE COMPANY SCHEDULE IV (CONSOLIDATED) - MORTGAGE LOANS ON REAL ESTATE DECEMBER 31, 2020 (in thousands) Principal Amount of Loans Subject Periodic Face Carrying to Delinquent Interest Payment Prior Amount of Amount of Principal Description (a) Rate Final Maturity Date Terms Liens Mortgages Mortgages or Interest Secured revolving promissory note with unconsolidated Latitude Margaritaville Watersound JV, homesite development 5.0% June 2025 P&I (b) — $ 2,742 $ 2,714 $ — Seller financing, residential homesites 5.5% July 2022 P&I (c) — 1,308 1,308 — Seller financing, residential homesites 5.5% November 2022 P&I (c) — 1,111 1,111 — Seller financing, residential homesites 5.5% December 2022 P&I (c) — 1,064 1,064 — Seller financing, residential homesites 5.5% November 2022 P&I (c) — 940 940 — Seller financing, residential homesites 5.5% December 2022 P&I (c) — 742 742 — Seller financing, residential homesites 5.5% June 2021 P&I (c) — 637 637 — Seller financing, residential homesites 5.5% December 2021 P&I (c) — 554 554 — Seller financing, residential homesites 5.5% September 2022 P&I (c) — 532 532 — Seller financing, residential homesites 5.5% September 2022 P&I (c) — 528 528 — Seller financing, residential homesites 6.3% March 2020 P&I (d) — 128 128 128 Various other seller financing, rural land 6.4% to 6.5% December 2022 through November 2023 P&I (e) — 63 63 — Total (f) $ 10,349 $ 10,321 $ 128 (a) All seller financed properties are located in Northwest Florida. (b) Principal and interest due at closing of each residential homesite to a third party. On the maturity date, all outstanding principal, all accrued interest and any other customary charges shall be due and payable in full. See Note 9. Other Assets for additional information related to the revolving promissory note. (c) Interest is paid quarterly over a twenty year amortization schedule. On the maturity date, all outstanding principal, all accrued interest and any other customary charges shall be due and payable in full. (d) Annual principal payment of $0.1 million due and interest is accrued over a twenty year amortization schedule. On the maturity date, all outstanding principal, all accrued interest and any other customary charges shall be due and payable in full. The loan was settled in January 2021. (e) Principal and interest is paid monthly. (f) The aggregate cost for federal income tax purposes approximates the amount of unpaid principal. The summarized changes in the carrying amount of mortgage loans are as follows: December 31, December 31, December 31, 2020 2019 2018 Balance at beginning of the year $ 2,683 $ 1,462 $ 2,995 Additions during the year - new mortgage loans 9,615 2,386 1,471 Deductions during the year: Collections of principal 1,949 1,165 3,004 Foreclosures — — — Other 28 — — Balance at the end of the year $ 10,321 $ 2,683 $ 1,462 |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Significant Accounting Policies | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The consolidated financial statements include the accounts of the Company and all of its majority-owned and controlled subsidiaries and variable interest entities where the Company deems itself the primary beneficiary. Investments in JVs and limited partnerships in which the Company is not the primary beneficiary are accounted for by the equity method. All significant intercompany transactions and balances have been eliminated in consolidation. Certain prior year amounts in the accompanying consolidated financial statements have been reclassified to conform to the current year presentation. These reclassifications had no effect on the Company’s previously reported total assets and liabilities, stockholders’ equity or net income. A variable interest entity (“VIE”) is an entity in which a controlling financial interest may be achieved through arrangements that do not involve voting interests. A VIE is required to be consolidated by its primary beneficiary, which is the entity that possesses the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and has the obligation to absorb losses or the right to receive benefits from the VIE that are significant to the entity. The Company consolidates VIEs when it is the primary beneficiary of the VIE, including real estate JVs determined to be VIEs. The Company continues to assess whether it is the primary beneficiary on an ongoing basis. See Note 4. Joint Ventures |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates and assumptions including investment in real estate, real estate impairment assessments, investments, retained interest investments, accruals, deferred income taxes, allowance for credit losses and revenue recognition. Actual results could differ from those estimates. |
Investment in Real Estate | Investment in Real Estate The Company capitalizes costs directly associated with development and construction of identified real estate projects. These costs include land and common development costs (such as roads, structures, utilities and amenities). The Company also capitalizes indirect costs that relate to specific projects under development or construction. These indirect costs include construction and development administration, legal fees, project administration, interest (up to total interest expense) and real estate taxes. A portion of real estate development costs and estimates for costs to complete are allocated to each unit based on the relative sales value of each unit as compared to the estimated sales value of the total project. These estimates are reevaluated at least annually and more frequently if warranted by market conditions, changes in the project’s scope or other factors, with any adjustments being allocated prospectively to the remaining property or units. The capitalization period relating to direct and indirect project costs is the period in which activities necessary to ready a property for its intended use are in progress. The period begins when such activities commence, typically when the Company begins site work or construction on land already owned, and ends when the asset is substantially complete and ready for its intended use. In the event that the activities to ready the asset for its intended use are suspended, the capitalization period will cease until such activities are resumed. If the Company determines a project will not be completed, any previously capitalized costs that are not recoverable are expensed in the period in which the determination is made and recovery is not deemed probable. Investment in real estate is carried at cost, net of depreciation and timber depletion, unless circumstances indicate that the carrying value of the assets may not be recoverable. If the Company determines that an impairment exists due to the inability to recover an asset’s carrying value, an impairment charge is recorded to the extent that the carrying value exceeds estimated fair value. If such assets were held for sale, the provision for loss would be recorded to the extent that the carrying value exceeds estimated fair value less costs to sell. Depreciation for operating property is computed on the straight-line method over the estimated economic life of the assets, as follows: Estimated Useful Life (in years) Land N/A Land improvements 15 - 20 Buildings 20 - 40 Building improvements 5 - 25 Timber N/A Building improvements are amortized on a straight-line basis over the shorter of the minimum lease term or the estimated economic life of the assets. |
Long-Lived Assets | Long-Lived Assets Long-lived assets include the Company’s investments in land holdings, operating and development properties and property and equipment, which are carried at cost, net of depreciation and timber depletion. The Company reviews its long-lived assets for impairment quarterly to determine whether events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. As part of the Company’s review for impairment of its long-lived assets, the Company reviews the long-lived asset’s carrying value, current period actual financial results as compared to prior period and forecasted results contained in the Company’s business plan and any other events or changes in circumstances to identify whether an indicator of potential impairment may exist. Some of the events or changes in circumstances that are considered by the Company as indicators of potential impairment include: ● a prolonged decrease in the value to below cost or demand for the Company’s properties; ● a change in the expected use or development plans for the Company’s properties; ● a material change in strategy that would affect the value of the Company’s properties; ● continuing operating or cash flow loss for an operating property; ● an accumulation of costs in excess of the projected costs for development or operating property; and ● any other adverse change that may affect the value of the property. The Company uses varying methods to determine if an impairment exists, such as (i) considering indicators of potential impairment, (ii) analyzing expected future cash flows and comparing the expected future undiscounted cash flows of the property to its carrying value or (iii) determining market resale values. For projects under development or construction, an estimate of undiscounted future cash flows is performed using estimated future expenditures necessary to develop and maintain the existing project and using management’s best estimates about future sales prices and holding periods. The projection of undiscounted cash flows requires that management develop various assumptions including: ● the projected pace of sales of homesites based on estimated market conditions and the Company’s development plans; ● estimated pricing and projected price appreciation over time; ● the amount and trajectory of price appreciation over the estimated selling period; ● the length of the estimated development and selling periods, which can differ depending on the size of the development and the number of phases to be developed; ● the amount of remaining development costs, including the extent of infrastructure or amenities included in such development costs; ● holding costs to be incurred over the selling period; ● for bulk land sales of undeveloped and developed parcels future pricing is based upon estimated developed homesite pricing less estimated development costs and estimated developer profit; ● for commercial, multi-family and senior living development property, future pricing is based on sales of comparable property in similar markets; and ● whether liquidity is available to fund continued development. For operating properties, an estimate of undiscounted cash flows also requires management to make assumptions about the use and disposition of such properties. These assumptions include: ● for investments in hotels, other rental units and vacation rental homes, use of average occupancy and room rates, revenue from food and beverage and other amenity operations, operating expenses and capital expenditures, and eventual disposition of such properties as hotels, private residence vacation units or condominiums, based on current prices for similar units appreciated to the expected sale date; ● for investments in commercial, multi-family, senior living or retail property, use of future occupancy and rental rates, operating expenses and capital expenditures and the amount of proceeds to be realized upon eventual disposition of such property at a terminal capitalization rate; and, ● for investments in club and retail assets, use of revenue from membership dues, future golf rounds and greens fees, merchandise and other hospitality operations, operating expenses and capital expenditures, and the amount of proceeds to be realized upon eventual disposition of such properties at a multiple of terminal year cash flows. Homesites substantially completed and ready for sale are measured at the lower of carrying value or fair value less costs to sell. Management identifies homesites as being substantially completed and ready for sale when the properties are being actively marketed with intent to sell such properties in the near term and under current market conditions. Other homesites, which management does not intend to sell in the near term under current market conditions, are evaluated for impairment based on management’s best estimate of the long-term use and eventual disposition of such property. Other properties that management does not intend to sell in the near term under current market conditions and has the ability to hold are evaluated for impairment based on management’s best estimate of the long-term use and eventual disposition of the property. The results of impairment analyses for development and operating properties are particularly dependent on the estimated holding and selling period for each asset group. If a property is considered impaired, the impairment charge is determined by the amount the property’s carrying value exceeds its fair value. The Company uses varying methods to determine fair value, such as (i) analyzing expected future cash flows, (ii) determining resale values in a given market (iii) applying a capitalization rate to net operating income using prevailing rates in a given market or (iv) applying a multiplier to revenue using prevailing rates in a given market. The fair value of a property may be derived either from discounting projected cash flows at an appropriate discount rate, through appraisals of the underlying property, or a combination thereof. The Company classifies the assets and liabilities of a long-lived asset as held-for-sale when management approves and commits to a formal plan of sale and it is probable that a sale will be completed. The carrying value of the assets held-for-sale are then recorded at the lower of their carrying value or fair value less estimated costs to sell. |
Inventory | Timber Inventory The Company estimates its standing timber inventory on an annual basis utilizing a process referred to as a “timber cruise.” Specifically, the Company conducts field measurements of the number of trees, tree height and tree diameter on a sample area equal to approximately 20% of the Company’s timber holdings each year. Inventory data is used to calculate volumes and products along with growth projections to maintain accurate data. Industry practices are used for modeling, including growth projections, volume and product classifications. A depletion rate is established annually by dividing merchantable inventory cost by standing merchantable inventory volume. Inventory Inventory primarily consists of food, beverage, retail products and operating supplies, which are reported at the lower of cost or net realizable value. Cost is determined using weighted-average cost basis or specific identification. |
Investment in Unconsolidated Joint Ventures | Investment in Unconsolidated Joint Ventures The Company has entered into real estate JVs in which the Company is not the primary beneficiary and the Company’s investment in these JVs are accounted for by the equity method. The Company evaluates its investment in unconsolidated JVs for impairment during each reporting period. A series of operating losses of an investee or other factors may indicate that a decrease in the value of the Company’s investment in the unconsolidated JV has occurred. The amount of impairment recognized is the excess of the investment’s carrying value over its estimated fair value . Some of the Company’s unconsolidated JVs have entered into financing agreements, . See Note 4. Joint Ventures and Note 21. Commitments and Contingencies for additional information. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents can include cash on hand, bank demand accounts, money market instruments, commercial paper and U.S. Treasury Bills having original maturities at acquisition date, of ninety days or less. |
Investments | Investments Investments – debt securities and restricted investments consist of available-for-sale securities recorded at fair value, which is established through external pricing services that use quoted market prices and pricing data from recently executed market transactions. Unrealized gains and losses on investments, net of tax, are recorded in other comprehensive (loss) income. Realized gains and losses on investments are determined using the specific identification method. The amortized cost of debt securities are adjusted for amortization of premiums and accretion of discounts to maturity computed under the effective interest method. Such amortization and accretion is included in investment income, net. For available-for-sale securities where fair value is less than cost, credit related impairment, if any, will be recognized through an allowance for credit losses and adjusted each period for changes in credit risk. If the Company intends to sell the security, or more likely than not will be required to sell the security before recovery of its amortized cost basis, any allowance for credit losses will be written off and the amortized cost basis will be written down to the security's fair value at the reporting date with any incremental impairment reported in earnings. Investments - equity securities with a readily determinable fair value are recorded at fair value, which is established through external pricing services that use quoted market prices and pricing data from recently executed market transactions. Unrealized holding gains and losses are recognized in investment income, net in the consolidated statements of income. |
Fair Value Measurements | Fair Value Measurements Fair value is an exit price, representing the amount that would be received by selling an asset or paying to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. A three-tier fair value hierarchy is established as a basis for considering such assumptions and for inputs used in the valuation methodologies in measuring fair value: Level 1. Quoted prices in active markets for identical assets or liabilities; Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3. Unobservable inputs in which there is little or no market data, such as internally-developed valuation models, which require the reporting entity to develop its own assumptions. |
Comprehensive Income | Comprehensive Income The Company’s comprehensive income includes unrealized gains and losses on available-for-sale securities and restricted investments and fair value adjustments for cash flow hedges. |
Receivables | Receivables The Company’s receivables primarily include receivables related to certain homesite sales, homebuilder notes, a revolving promissory note with an unconsolidated JV, leasing receivables, membership initiation fees, hospitality receivables and other receivables. At each reporting period, receivables 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 |
Property and Equipment, net | Property and Equipment, net Property and equipment is stated at cost, net of accumulated depreciation. Major improvements are capitalized while maintenance and repairs are expensed in the period the cost is incurred. Depreciation is computed using the straight-line method over the estimated economic life of various assets, as follows: Estimated Useful Life (in years) Railroad and equipment 15 - 30 Furniture and fixtures 5 - 10 Machinery and equipment 3 - 10 Office equipment 5 - 10 Autos, trucks and aircraft 5 - 10 |
Income Taxes | Income Taxes The Company’s provision for income taxes includes the current tax owed on the current period earnings, as well as a deferred provision, which reflects the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Changes in existing tax laws and rates, their related interpretations, as well as the uncertainty generated by the prospect of tax legislation in the future may affect the amounts of deferred tax liabilities or the realizability of deferred tax assets. For tax positions taken or expected to take in a tax return, the Company applies a more likely than not assessment (i.e., there is a greater than 50 percent chance) about whether the tax position will be sustained upon examination by the appropriate tax authority with full knowledge of all relevant information. Amounts recorded for uncertain tax positions are periodically assessed, including the evaluation of new facts and circumstances, to ensure sustainability of the position. The Company records interest related to unrecognized tax benefits, if any, in interest expense and penalties in other income, net. The Company applies the aggregate portfolio method to account for income tax effects in accumulated other comprehensive loss with respect to available-for-sale debt securities. |
Concentration of Risks and Uncertainties | Concentration of Risks and Uncertainties The Company’s real estate investments are concentrated in Northwest Florida. Uncertain economic conditions could have an adverse impact on the Company’s real estate values. On March 11, 2020, the World Health Organization characterized the outbreak of COVID-19, as a global pandemic and recommended containment and mitigation measures. The economic conditions in the United States have been negatively impacted by the continued threat by the COVID-19 pandemic. The Company’s hospitality operations have already been, and may continue to be, disrupted by the impacts of the COVID-19 pandemic and the federal, state and local government actions to address it. While the breadth and duration of the COVID-19 pandemic impact is unknown, it could have a material adverse impact on the Company’s results of operations, cash flows and financial condition. See Part I. 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, regional and national financial institutions and as of December 31, 2020 these balances exceed the amount of FDIC insurance provided on such deposits by $15.6 million. In addition, as of December 31, 2020, the Company had $79.0 million invested in short term U.S. Treasury Bills classified as cash equivalents, $11.0 invested in U.S. Treasury Money Market Funds, $48.0 million invested in U.S. Treasury Bills classified as investments – debt securities and $2.6 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 years ended December 31, 2020, basic and diluted average shares outstanding were the same. There were no outstanding common stock equivalents as of December 31, 2020 or 2019. Non-vested restricted stock is included in outstanding shares at the time of grant. |
Revenue and Revenue Recognition | Revenue and Revenue Recognition Revenue consists primarily of real estate sales, hospitality operations, leasing operations, and timber sales. Taxes collected from customers and remitted to governmental authorities (e.g., sales tax) are excluded from revenue, costs and expenses. In accordance with Accounting Standards Codification Topic 606, Revenue from Contracts with Customers Real Estate Revenue Revenue from real estate sales, including homesites, commercial properties, operating properties and rural or timberland, is recognized at the point in time when a sale is closed and title and control has been transferred to the buyer. If a performance obligation is not yet substantially complete when title transfers to the buyer, the revenue associated with the incomplete performance obligation is deferred until completed. Residential real estate revenue includes (i) the sale of developed homesites; (ii) the sale of parcels of entitled or undeveloped land; (iii) a homesite residual on homebuilder sales that provides the Company a percentage of the sale price of the completed home if the home price exceeds a negotiated threshold; (iv) the sale of tap and impact fee credits; (v) marketing fees and (vi) other fees on certain transactions. Estimated homesite residuals and certain estimated fees are recognized as revenue at the point in time of sale to homebuilders, subject to constraints, and any change in material circumstances from the estimated amounts are updated at each reporting period. The variable consideration for homesite residuals and certain estimated fees are based on historical experience and are recognized as revenue when it can be reasonably estimated and only to the extent it is probable that a significant reversal in the estimated amount of cumulative revenue will not occur when uncertainties are resolved. For the years ended December 31, 2020, 2019 and 2018, real estate revenue includes $1.9 million, $2.5 million and $1.0 million, respectively of estimated homesite residuals and $1.9 million, $2.3 million and $1.1 million, respectively of certain estimated fees related to homebuilder homesite sales. Hospitality Revenue The Company’s hospitality operations generate revenue from membership sales, membership reservations, golf courses, the WaterColor Inn and WaterSound Inn, short-term vacation rentals, management of The Pearl Hotel, food and beverage operations, merchandise sales, marina operations, charter flights, other resort and entertainment activities and beach clubs, which includes operation of the WaterColor Beach Club. Hospitality revenue is generally recognized at the point in time services are provided and represent a single performance obligation with a fixed transaction price. Hospitality revenue recognized over time includes non-refundable club membership initiation fees, club membership dues, management fees and other membership fees. Clubs Hotel Operations, Food and Beverage Operations, Short-Term Vacation Rentals and Other Management Services Other Hospitality Operations Leasing Revenue Leasing revenue is excluded from Topic 606 and consists of rental revenue from multi-family, retail, office and commercial property and other assets, which is recognized as earned, using the straight-line method over the life of each lease. Certain leases provide for tenant occupancy during periods for which no rent is due or where minimum rent payments change during the lease term. Accordingly, a receivable or liability is recorded representing the difference between the straight-line rent and the rent that is contractually due from the tenant. The Company does not separate nonlease components from lease components and, instead, accounts for each separate lease component and the nonlease components associated with that lease as a single component if the nonlease components otherwise would be accounted for under Topic 606. Nonlease components primarily include common area maintenance. Leasing revenue includes properties located in the Company’s Beckrich Office Park, consolidated Pier Park North JV, Pier Park Crossings JV and Pier Park Crossings II JV, as well as the Company’s industrial park, VentureCrossings and other properties. Leasing revenue within the forestry segment consists primarily of hunting leases, which is recognized as income over the term of each lease. The Company’s marinas generate revenue from boat slip rentals recognized over the term of the lease. See Note 8. Leases Forestry Product Revenue Revenue from the sale of the Company’s forestry products is primarily from open market sales of timber on site without the associated delivery costs and is derived from either pay-as-cut sales contracts or timber bid sales. Under a pay-as-cut sales contract, the risk of loss and title to the specified timber transfers to the buyer when cut by the buyer, and the buyer or some other third party is responsible for all logging and hauling costs, if any. Revenue is recognized at the point in time when risk of loss and title to the specified timber are transferred. Timber bid sales are agreements in which the buyer agrees to purchase and harvest specified timber (i.e., mature pulpwood and/or sawlogs) on a tract of land over the term of the contract. Unlike a pay-as-cut sales contract, risk of loss and title to the trees transfer to the buyer when the contract is signed and revenue is recognized at that point in time accordingly. The buyer pays the full purchase price when the contract is signed and the Company does not have any additional performance obligations. The following represents revenue disaggregated by segment, good or service and timing: Year Ended December 31, 2020 Residential Hospitality Commercial Other Total Revenue by Major Good/Service: Real estate revenue $ 74,137 $ — $ 11,689 $ 1,801 $ 87,627 Hospitality revenue 412 47,366 — — 47,778 Leasing revenue 166 8 18,645 — 18,819 Timber revenue — — 6,331 — 6,331 Total revenue $ 74,715 $ 47,374 $ 36,665 $ 1,801 $ 160,555 Timing of Revenue Recognition: Recognized at a point in time $ 74,549 $ 36,262 $ 18,020 $ 1,801 $ 130,632 Recognized over time — 11,104 — — 11,104 Over lease term 166 8 18,645 — 18,819 Total revenue $ 74,715 $ 47,374 $ 36,665 $ 1,801 $ 160,555 Year Ended December 31, 2019 Residential Hospitality Commercial Other Total Revenue by Major Good/Service: Real estate revenue $ 41,055 $ — $ 19,477 $ 956 $ 61,488 Hospitality revenue 496 45,616 — — 46,112 Leasing revenue 35 104 15,442 — 15,581 Timber revenue — — 3,904 — 3,904 Total revenue $ 41,586 $ 45,720 $ 38,823 $ 956 $ 127,085 Timing of Revenue Recognition: Recognized at a point in time $ 41,551 $ 35,894 $ 23,381 $ 956 $ 101,782 Recognized over time — 9,722 — — 9,722 Over lease term 35 104 15,442 — 15,581 Total revenue $ 41,586 $ 45,720 $ 38,823 $ 956 $ 127,085 Year Ended December 31, 2018 Residential Hospitality Commercial Other Total Revenue by Major Good/Service: Real estate revenue (a) $ 42,761 $ — $ 6,608 $ 2,814 $ 52,183 Hospitality revenue 397 38,339 — — 38,736 Leasing revenue — 1,237 12,490 — 13,727 Timber revenue 108 — 5,522 — 5,630 Total revenue $ 43,266 $ 39,576 $ 24,620 $ 2,814 $ 110,276 Timing of Revenue Recognition: Recognized at a point in time $ 43,266 $ 30,068 $ 12,130 $ 2,814 $ 88,278 Recognized over time — 8,271 — — 8,271 Over lease term — 1,237 12,490 — 13,727 Total revenue $ 43,266 $ 39,576 $ 24,620 $ 2,814 $ 110,276 (a) Residential real estate revenue includes revenue of $23.1 million in 2018 for a one-time receipt of RiverTown impact fees related to the 2014 RiverTown transaction. See Note 18. RiverTown Impact Fees . |
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 that required a financial asset measured at amortized cost to be presented at the net amount expected to be collected and required that credit losses from available-for-sale debt securities be presented as an allowance for credit loss. The allowance for credit losses should reflect management’s current estimate of credit losses that are expected to occur over the remaining life of a financial asset. In November 2018, the FASB issued ASU 2018-19, which clarified that impairment of receivables from operating leases should be accounted for using lease guidance. In April 2019, the FASB issued ASU 2019-04, which clarified and improved ASU 2016-13. In May 2019, the FASB issued ASU 2019-05, which provided an option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis. In November 2019, the FASB issued ASU 2019-11, which provided codification improvements to clarify narrow-scope issues of ASU 2016-13. 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 Codification Improvements to Financial Instruments In March 2020, the FASB issued ASU 2020-03 which made narrow-scope improvements to various aspects of financial instruments guidance. The standard was effective immediately for certain amendments and for fiscal years beginning after December 15, 2019. The implementation of this guidance did not have a material impact on the Company’s financial condition, results of operations and cash flows. 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 which clarifies the interaction between the accounting standard on recognition and measurement of financial instruments in Topic 321, Investments - Equity Securities Investments - Equity Method and Joint Ventures Reference Rate Reform In March 2020, the FASB issued ASU 2020-04 that provides temporary optional guidance to ease the potential burden in Codification Improvements In October 2020, the FASB issued ASU 2020-10 that improves consistency by including all disclosure guidance in the appropriate disclosure sections and clarifies application of various provisions in the Codification. The amendments in this ASU should be applied retrospectively. This new guidance is effective for annual periods beginning after December 15, 2020. The adoption of this guidance is not expected to have an impact on the Company’s financial condition, results of operations and cash flows and the Company does not expect a material impact on the disclosures to the financial statements. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Significant Accounting Policies | |
Schedule of revenue disaggregated by segment, good or service and timing | The following represents revenue disaggregated by segment, good or service and timing: Year Ended December 31, 2020 Residential Hospitality Commercial Other Total Revenue by Major Good/Service: Real estate revenue $ 74,137 $ — $ 11,689 $ 1,801 $ 87,627 Hospitality revenue 412 47,366 — — 47,778 Leasing revenue 166 8 18,645 — 18,819 Timber revenue — — 6,331 — 6,331 Total revenue $ 74,715 $ 47,374 $ 36,665 $ 1,801 $ 160,555 Timing of Revenue Recognition: Recognized at a point in time $ 74,549 $ 36,262 $ 18,020 $ 1,801 $ 130,632 Recognized over time — 11,104 — — 11,104 Over lease term 166 8 18,645 — 18,819 Total revenue $ 74,715 $ 47,374 $ 36,665 $ 1,801 $ 160,555 Year Ended December 31, 2019 Residential Hospitality Commercial Other Total Revenue by Major Good/Service: Real estate revenue $ 41,055 $ — $ 19,477 $ 956 $ 61,488 Hospitality revenue 496 45,616 — — 46,112 Leasing revenue 35 104 15,442 — 15,581 Timber revenue — — 3,904 — 3,904 Total revenue $ 41,586 $ 45,720 $ 38,823 $ 956 $ 127,085 Timing of Revenue Recognition: Recognized at a point in time $ 41,551 $ 35,894 $ 23,381 $ 956 $ 101,782 Recognized over time — 9,722 — — 9,722 Over lease term 35 104 15,442 — 15,581 Total revenue $ 41,586 $ 45,720 $ 38,823 $ 956 $ 127,085 Year Ended December 31, 2018 Residential Hospitality Commercial Other Total Revenue by Major Good/Service: Real estate revenue (a) $ 42,761 $ — $ 6,608 $ 2,814 $ 52,183 Hospitality revenue 397 38,339 — — 38,736 Leasing revenue — 1,237 12,490 — 13,727 Timber revenue 108 — 5,522 — 5,630 Total revenue $ 43,266 $ 39,576 $ 24,620 $ 2,814 $ 110,276 Timing of Revenue Recognition: Recognized at a point in time $ 43,266 $ 30,068 $ 12,130 $ 2,814 $ 88,278 Recognized over time — 8,271 — — 8,271 Over lease term — 1,237 12,490 — 13,727 Total revenue $ 43,266 $ 39,576 $ 24,620 $ 2,814 $ 110,276 (a) Residential real estate revenue includes revenue of $23.1 million in 2018 for a one-time receipt of RiverTown impact fees related to the 2014 RiverTown transaction. See Note 18. RiverTown Impact Fees . |
Investment in real estate, net | |
Significant Accounting Policies | |
Schedule of estimated economic life | Estimated Useful Life (in years) Land N/A Land improvements 15 - 20 Buildings 20 - 40 Building improvements 5 - 25 Timber N/A |
Property and equipment, net | |
Significant Accounting Policies | |
Schedule of estimated economic life | Estimated Useful Life (in years) Railroad and equipment 15 - 30 Furniture and fixtures 5 - 10 Machinery and equipment 3 - 10 Office equipment 5 - 10 Autos, trucks and aircraft 5 - 10 |
Investment in Real Estate (Tabl
Investment in Real Estate (Table) - Investment in real estate, net | 12 Months Ended |
Dec. 31, 2020 | |
Real estate properties | |
Schedule of real estate by property type and segment | December 31, December 31, 2020 2019 Development property: Residential $ 116,911 $ 115,384 Hospitality 51,113 12,229 Commercial 123,389 103,326 Other 2,691 2,631 Total development property 294,104 233,570 Operating property: Residential 13,254 11,985 Hospitality 103,687 94,838 Commercial 216,439 164,589 Other 129 50 Total operating property 333,509 271,462 Less: Accumulated depreciation 75,960 74,256 Total operating property, net 257,549 197,206 Investment in real estate, net $ 551,653 $ 430,776 |
Operating property | |
Real estate properties | |
Schedule of property | December 31, December 31, 2020 2019 Land and land improvements $ 97,031 $ 83,995 Buildings and building improvements 223,095 174,712 Timber 13,383 12,755 333,509 271,462 Less: Accumulated depreciation 75,960 74,256 Total operating property, net $ 257,549 $ 197,206 |
Joint Ventures (Tables)
Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Investments | |
Schedule of financial information of unconsolidated joint venture | December 31, December 31, 2020 2019 Investment in unconsolidated joint ventures Latitude Margaritaville Watersound JV $ 24,288 $ 791 Pier Park TPS JV 2,149 3,083 Sea Sound Apartments JV 10,348 — Busy Bee JV 1,180 1,210 Total investment in unconsolidated joint ventures $ 37,965 $ 5,084 Outstanding debt of unconsolidated JVs Latitude Margaritaville Watersound JV (a) $ 3,297 $ — Sea Sound Apartments JV 8,789 — Pier Park TPS JV 14,388 6,791 Busy Bee JV 6,614 1,451 Total outstanding debt of unconsolidated JVs (b) $ 33,088 $ 8,242 (a) See Note 9. Other Assets for additional information on the $10.0 million secured revolving promissory note the Company entered into with the unconsolidated Latitude Margaritaville Watersound JV. (b) See Note 21. Commitments and Contingencies for additional information. The following table presents detail of the Company’s equity in loss from unconsolidated affiliates: Year Ended December 31, 2020 2019 2018 Equity in loss from unconsolidated affiliates Latitude Margaritaville Watersound JV $ (524) $ (71) $ — Pier Park TPS JV (112) (6) — Busy Bee JV (30) — — Total equity in loss from unconsolidated affiliates $ (666) $ (77) $ — |
Latitude Margaritaville Watersound JV | |
Investments | |
Schedule of financial information of unconsolidated joint venture | December 31, December 31, 2020 2019 BALANCE SHEETS: Investment in real estate (a) $ 18,255 $ 1,116 Cash and cash equivalents 1,603 525 Other assets 136 — Total assets $ 19,994 $ 1,641 Debt, net $ 2,844 $ — Other liabilities 1,794 58 Equity 15,356 1,583 Total liabilities and equity $ 19,994 $ 1,641 (a) As of December 31, 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 and additional completed infrastructure improvements of $1.8 million . Year Ended December 31, 2020 2019 STATEMENTS OF OPERATIONS: Total expenses $ 1,005 $ 142 Net loss $ (1,005) $ (142) |
Sea Sound Apartments JV | |
Investments | |
Schedule of financial information of unconsolidated joint venture | December 31, 2020 BALANCE SHEET: Investment in real estate $ 29,085 Cash and cash equivalents 15 Total assets $ 29,100 Debt, net $ 8,378 Other liabilities 3,439 Equity 17,283 Total liabilities and equity $ 29,100 |
Pier Park TPS JV | |
Investments | |
Schedule of financial information of unconsolidated joint venture | December 31, December 31, 2020 2019 BALANCE SHEETS: Property and equipment, net $ 17,946 $ 14,775 Cash and cash equivalents 1,705 51 Other assets 483 12 Total assets $ 20,134 $ 14,838 Debt, net $ 14,090 $ 6,480 Other liabilities 1,745 2,193 Equity 4,299 6,165 Total liabilities and equity $ 20,134 $ 14,838 Year Ended December 31, 2020 2019 2018 STATEMENTS OF OPERATIONS: Total revenue $ 2,338 $ — $ — Expenses: Cost of revenue 1,209 — — Other operating expenses 161 — — Depreciation and amortization 962 — — Total expenses 2,332 — — Operating income 6 — — Interest expense (230) (13) — Net loss $ (224) $ (13) $ — |
Busy Bee JV (SJBB, LLC) | |
Investments | |
Schedule of financial information of unconsolidated joint venture | December 31, December 31, 2020 2019 BALANCE SHEETS: Property and equipment, net $ 8,466 $ 3,886 Cash and cash equivalents 227 36 Other assets 717 28 Total assets $ 9,410 $ 3,950 Debt, net $ 6,532 $ 1,349 Other liabilities 506 181 Equity 2,372 2,420 Total liabilities and equity $ 9,410 $ 3,950 Year Ended December 31, 2020 2019 STATEMENTS OF OPERATIONS: Total revenue $ 5,846 $ — Expenses: Cost of revenue 4,364 — Other operating expenses 1,057 — Depreciation and amortization 229 — Total expenses 5,650 — Operating income 196 — Other expense: Interest expense (99) — Other expense, net (145) — Total other expense (244) Net loss $ (48) $ — |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Investments | |
Schedule of Investments | Investments classified as available-for-sale securities were as follows: December 31, 2020 Gross Unrealized Gross Unrealized Amortized Cost Gains (Losses) Fair Value Investments - debt securities: U.S. Treasury Bills $ 47,986 $ 5 $ — $ 47,991 Corporate debt securities 60 — — 60 48,046 5 — 48,051 Restricted investments: Short-term bond 1,160 11 — 1,171 1,160 11 — 1,171 $ 49,206 $ 16 $ — $ 49,222 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 | The following table provides the available-for-sale investments with an unrealized loss position and their related fair values: December 31, 2020 December 31, 2019 Less Than 12 Months 12 Months or Greater Less Than 12 Months 12 Months or Greater Unrealized Unrealized Unrealized Unrealized Fair Value Losses Fair Value Losses Fair Value Losses Fair Value Losses Investments - debt securities: Corporate debt securities $ — $ — $ — $ — $ — $ — $ 53 $ 125 |
Schedule of Contractual Maturities of Investments | December 31, 2020 Amortized Cost Fair Value Due in one year or less $ 48,046 $ 48,051 Restricted investments 1,160 1,171 $ 49,206 $ 49,222 |
Financial Instruments and Fai_2
Financial Instruments and Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Financial Instruments and Fair Value Measurements | |
Schedule of Financial Instruments Measured at Fair Value on Recurring Basis | The financial instruments measured at fair value on a recurring basis are as follows: December 31, 2020 Total Fair Level 1 Level 2 Level 3 Value Cash equivalents: Money market funds $ 10,973 $ — $ — $ 10,973 U.S. Treasury Bills 78,991 — — 78,991 89,964 — — 89,964 Investments - debt securities: U.S. Treasury Bills 47,991 — — 47,991 Corporate debt securities — 60 — 60 47,991 60 — 48,051 Investments - equity securities: Preferred stock — 2,623 — 2,623 — 2,623 — 2,623 Restricted investments: Short-term bond 1,171 — — 1,171 1,171 — — 1,171 $ 139,126 $ 2,683 $ — $ 141,809 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 | December 31, 2020 Location in Total Fair Balance Sheet Level 1 Level 2 Level 3 Value Derivative Liabilities: Interest rate swap Other liabilities $ — $ 1,172 $ — $ 1,172 Interest rate swap - unconsolidated affiliate Investment in unconsolidated joint ventures — 821 — 821 $ — $ 1,993 $ — $ 1,993 December 31, 2019 Location in Total Fair Balance Sheet Level 1 Level 2 Level 3 Value Derivative Liabilities: Interest rate swap Other liabilities $ — $ 336 $ — $ 336 $ — $ 336 $ — $ 336 |
Schedule of Carrying Amount and Fair Value Measured on Nonrecurring Basis of Financial Instruments | December 31, 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 $ 5,759 $ 6,363 1 $ 6,382 $ 6,712 1 Liabilities Debt Fixed-rate debt $ 114,125 $ 116,509 2 $ 89,969 $ 92,276 2 Variable-rate debt 47,293 47,293 2 4,538 4,538 2 Total debt $ 161,418 $ 163,802 $ 94,507 $ 96,814 Senior Notes held by SPE $ 177,289 $ 216,363 3 $ 177,026 $ 204,347 3 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases | |
Schedule of components of leasing revenue | Year Ended December 31, 2020 2019 2018 Leasing revenue Lease payments $ 14,710 $ 11,637 $ 10,660 Variable lease payments 4,109 3,944 3,067 Total leasing revenue $ 18,819 $ 15,581 $ 13,727 |
Schedule of minimum future base rental revenue | 2021 $ 14,820 2022 11,204 2023 8,967 2024 7,505 2025 5,076 Thereafter 14,656 $ 62,228 |
Schedule of lease cost | Year Ended December 31, 2020 2019 Lease cost Finance lease cost: Amortization of right-of-use assets $ 57 $ 40 Interest on lease liability 11 9 Operating lease cost 289 238 Short-term lease cost 1,016 721 Total lease cost $ 1,373 $ 1,008 Other information Weighted-average remaining lease term - finance lease (in years) 3.9 4.2 Weighted-average remaining lease term - operating leases (in years) 3.9 3.1 Weighted-average discount rate - finance lease 5.0 % 5.0 Weighted-average discount rate - operating leases 4.9 % 5.0 |
Schedule of aggregate payments of finance lease liability | The aggregate payments of finance lease liability subsequent to December 31, 2020, for the years ending December 31 are: 2021 $ 94 2022 94 2023 94 2024 47 2025 12 Total 341 Less imputed interest (25) Total finance lease liability $ 316 |
Schedule of aggregate payments of operating lease liabilities | The aggregate payments of operating lease liabilities subsequent to December 31, 2020, for the years ending December 31 are: 2021 $ 256 2022 201 2023 158 2024 88 2025 37 Thereafter 281 Total 1,021 Less imputed interest (213) Total operating lease liabilities $ 808 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Other Assets | |
Schedule of Other Assets | December 31, December 31, 2020 2019 Restricted investments $ 1,171 $ 2,364 Accounts receivable, net 10,791 6,957 Homesite sales receivable 5,675 5,211 Notes receivable, net 10,877 3,252 Income tax receivable — 2,843 Inventory 2,026 1,384 Prepaid expenses 7,135 6,592 Straight-line rent 3,174 3,292 Operating lease right-of-use assets 808 691 Other assets 5,743 4,331 Retained interest investments 12,905 12,214 Accrued interest receivable for Senior Notes held by SPE 2,938 2,938 Total other assets $ 63,243 $ 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 December 31, 2020 Homesite sales receivable $ 5,211 $ 3,854 $ (3,390) $ 5,675 Increases Due To Decreases Due to Balance Revenue Recognized Amounts Balance January 1, 2019 for Homesites Sold Received/Transferred December 31, 2019 Homesite sales receivable $ 2,977 $ 4,755 $ (2,521) $ 5,211 |
Schedule of Notes Receivable, Net | December 31, December 31, 2020 2019 Various interest bearing homebuilder notes, secured by the real estate sold — bearing interest at rates of 5.5% to 6.3% , due June 2021 through December 2022 $ 7,544 $ 2,598 Interest bearing revolving promissory note with the unconsolidated Latitude Margaritaville Watersound JV, secured by the JV's real property — bearing interest at a rate of 5.0%, matures June 2025 2,714 — Interest bearing notes with JV partners, secured by the partner's membership interest in the JV — bearing interest at a rate of 8.0%, due May 2039 through July 2039 556 569 Various mortgage notes, secured by certain real estate, bearing interest at rates of 6.4% to 6.5%, due December 2022 through November 2023 63 85 Total notes receivable, net $ 10,877 $ 3,252 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property and equipment, net | |
Property, plant and equipment | |
Schedule of property and equipment, net | December 31, December 31, 2020 2019 Railroad and equipment $ 33,626 $ 33,626 Furniture and fixtures 22,601 24,062 Machinery and equipment 13,502 11,100 Office equipment 4,607 5,920 Autos, trucks and aircraft 6,240 6,274 80,576 80,982 Less: Accumulated depreciation 60,433 63,223 20,143 17,759 Construction in progress 703 1,259 Total property and equipment, net $ 20,846 $ 19,018 |
Debt, Net (Tables)
Debt, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt, Net | |
Schedule of Debt | Debt consists of the following: December 31, 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% $ 44,568 $ 314 $ 44,254 $ 45,514 $ 380 $ 45,134 PPC JV Loan, insured by HUD, due June 2060, bearing interest at 4.0% 36,084 1,079 35,005 34,610 1,087 33,523 Watersound Origins Crossings JV Loan, due May 2024, bearing interest at 5.0% 27,179 351 26,828 2,868 454 2,414 Watercrest JV Loan, due June 2047, bearing interest at LIBOR plus 2.2% (effective rate of 2.3% at December 31, 2020) 18,066 284 17,782 — — — PPC II JV Loan, due October 2024, bearing interest at LIBOR plus 2.3% (effective rate of 2.4% at December 31, 2020) 15,921 198 15,723 — — — 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% 6,294 — 6,294 6,977 — 6,977 Beckrich Building III Loan, due August 2029, bearing interest at LIBOR plus 1.7% (effective rate of 1.8% at December 31, 2020) 5,421 59 5,362 — — — Airport Hotel Loan, due March 2025, bearing interest at LIBOR plus 2.0%, with a floor rate of 3.0% (effective rate of 3.0% at December 31, 2020) 3,548 168 3,380 — — — Beach Homes Loan, due May 2029, bearing interest at LIBOR plus 1.7% (effective rate of 1.8% at December 31, 2020) 1,545 17 1,528 1,594 20 1,574 Pier Park Outparcel Construction Loan, due March 2027, bearing interest at LIBOR plus 1.7% (effective rate of 1.8% at December 31, 2020) 1,458 12 1,446 1,535 14 1,521 WaterColor Crossings Construction Loan, due February 2029, bearing interest at LIBOR plus 1.7% (effective rate of 1.8% at December 31, 2020) 1,334 21 1,313 1,409 23 1,386 Total debt $ 161,418 $ 2,503 $ 158,915 $ 94,507 $ 1,978 $ 92,529 |
Schedule of Aggregate Maturities of Debt | The aggregate maturities of debt subsequent to December 31, 2020 are: December 31, 2020 2021 $ 2,605 2022 3,402 2023 3,750 2024 44,993 2025 45,903 Thereafter 60,765 $ 161,418 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Other Liabilities | |
Schedule of Other Liabilities | December 31, December 31, 2020 2019 Accounts payable $ 25,376 $ 16,207 Finance lease liability 316 204 Operating lease liabilities 808 691 Accrued compensation 3,337 3,151 Other accrued liabilities 6,892 3,277 Deferred revenue 16,632 18,972 Club initiation fees 10,716 6,917 Club membership deposits 3,764 3,985 Advance deposits 1,344 946 Accrued interest expense for Senior Notes held by SPE 2,850 2,850 Total other liabilities $ 72,035 $ 57,200 |
Schedule of changes in club initiation fees related to contracts with customers | Club Initiation Fees Balance as of January 1, 2020 $ 6,917 New club memberships 6,268 Revenue from amounts included in contract liability opening balance (2,062) Revenue from current period new memberships (407) Balance as of December 31, 2020 $ 10,716 Club Initiation Fees Balance as of January 1, 2019 $ 5,676 New club memberships 3,083 Revenue from amounts included in contract liability opening balance (1,553) Revenue from current period new memberships (289) Balance as of December 31, 2019 $ 6,917 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Taxes | |
Schedule of current and deferred income tax expense (benefit) | Year Ended December 31, 2020 2019 2018 Current: Federal $ 5,146 $ 1,070 $ 4,305 State — — — Total 5,146 1,070 4,305 Deferred: Federal 6,321 5,903 488 State 2,203 2,474 (5,529) Total 8,524 8,377 (5,041) Income tax expense (benefit) $ 13,670 $ 9,447 $ (736) |
Summary of income tax expense (benefit) allocated in consolidated financial statements | Year Ended December 31, 2020 2019 2018 Income tax expense (benefit) $ 13,670 $ 9,447 $ (736) Income tax recorded in accumulated other comprehensive loss Income tax (benefit) expense (386) 116 685 Total income tax expense (benefit) $ 13,284 $ 9,563 $ (51) |
Schedule of effective income tax rate reconciliation | Year Ended December 31, 2020 2019 2018 Tax at the statutory federal rate $ 12,385 $ 7,607 $ 6,643 State income taxes (net of federal benefit) 2,203 1,477 1,392 Decrease in valuation allowance, net — — (4,993) Decrease in uncertain tax positions — — (2,165) Change in US and State tax rates — 1,006 (1,035) Income tax credits (454) — — Benefit of Qualified Opportunity Zone investment (161) (561) — Dividend received deduction (33) (188) (322) Other permanent items (270) 106 (256) Total income tax expense (benefit) $ 13,670 $ 9,447 $ (736) |
Schedule of deferred tax assets and liabilities | December 31, December 31, 2020 2019 Deferred tax assets: State net operating loss carryforwards $ 13,355 $ 14,316 Impairment losses 33,660 36,751 Prepaid income from land sales 3,812 3,180 Capitalized costs 2,851 2,468 Reserves and accruals 1,586 1,672 Unrealized losses on investments 3,403 2,282 Other 765 765 Total gross deferred tax assets 59,432 61,434 Deferred tax liabilities: Investment in real estate and property and equipment basis differences 5,929 4,000 Deferred gain on land sales and involuntary conversions 29,101 24,956 Installment sales 83,337 83,275 Pension Plan assets transferred to the 401(k) plan 287 580 Other 1,693 1,431 Total gross deferred tax liabilities 120,347 114,242 Net deferred tax liabilities $ (60,915) $ (52,808) |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 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, 2018 $ (674) $ — $ (674) Other comprehensive income (loss) before reclassifications 642 (251) 391 Amounts reclassified from accumulated other comprehensive loss (52) — (52) Other comprehensive income (loss) 590 (251) 339 Accumulated other comprehensive loss at December 31, 2019 $ (84) $ (251) $ (335) Other comprehensive income (loss) before reclassifications 103 (1,237) (1,134) Amounts reclassified from accumulated other comprehensive loss (3) — (3) Other comprehensive income (loss) 100 (1,237) (1,137) Accumulated other comprehensive income (loss) at December 31, 2020 $ 16 $ (1,488) $ (1,472) |
Summary of Tax Effects Allocated to Other Comprehensive Income | Year Ended December 31, 2020 Before- Tax (Expense) or Net-of- Tax Amount Benefit Tax Amount Unrealized gain on available-for-sale investments $ 130 $ (33) $ 97 Unrealized gain on restricted investments 8 (2) 6 Interest rate swap (836) 212 (624) Interest rate swap - unconsolidated affiliate (821) 208 (613) Reclassification adjustment for net gain included in earnings (4) 1 (3) Net unrealized loss (1,523) 386 (1,137) Other comprehensive loss $ (1,523) $ 386 $ (1,137) Year Ended December 31, 2019 Before- Tax (Expense) or Net-of- Tax Amount Benefit Tax Amount Unrealized gain on available-for-sale investments $ 842 $ (214) $ 628 Unrealized gain on restricted investments 18 (4) 14 Interest rate swap (336) 85 (251) Reclassification adjustment for net gain included in earnings (69) 17 (52) Net unrealized gain 455 (116) 339 Other comprehensive income $ 455 $ (116) $ 339 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Stock Based Compensation | |
Stock-Based Compensation Recognized as Expense | Year Ended December 31, 2020 2019 2018 Stock compensation expense before tax benefit $ 45 $ 77 $ 71 Income tax benefit (11) (19) (19) $ 34 $ 58 $ 52 |
Other Income, Net - (Tables)
Other Income, Net - (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Other Income, Net | |
Schedule of Other (Expense) Income, Net | Year Ended December 31, 2020 2019 2018 Investment income, net Interest and dividend income $ 1,121 $ 7,375 $ 9,060 Accretion income 74 84 684 Net realized (loss) gain on the sale of investments (48) 87 (973) Other-than-temporary impairment loss — — (2,330) Unrealized loss on investments, net (4,688) (5,342) (3,035) Interest income from investments in SPEs 8,180 8,190 8,197 Interest accrued on notes receivable and other interest 344 320 547 Total investment income, net 4,983 10,714 12,150 Interest expense Interest expense and amortization of discount and issuance costs for Senior Notes issued by SPE (8,813) (8,801) (8,788) Other interest expense (4,751) (3,501) (3,052) Total interest expense (13,564) (12,302) (11,840) Gain on land contribution to equity method investment 19,983 2,317 — Other income (expense), net Accretion income from retained interest investments 1,391 1,325 1,232 Gain on insurance recovery 690 5,314 7,199 Loss from hurricane damage (1,123) (2,704) (8,628) Miscellaneous income, net 371 198 1,349 Other income, net 1,329 4,133 1,152 Total other income, net $ 12,731 $ 4,862 $ 1,462 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Information | |
Schedule of Information by Business Segment | Year Ended December 31, 2020 2019 2018 Operating revenue: Residential (a) $ 74,715 $ 41,586 $ 43,266 Hospitality 47,374 45,720 39,576 Commercial 36,665 38,823 24,620 Other (b) 1,801 956 2,814 Consolidated operating revenue $ 160,555 $ 127,085 $ 110,276 Cost of revenue: Cost of residential revenue $ 30,359 $ 20,492 $ 10,215 Cost of hospitality revenue 34,670 33,924 33,385 Cost of commercial revenue 12,228 9,593 7,494 Cost of other revenue 519 77 223 Consolidated cost of revenue $ 77,776 $ 64,086 $ 51,317 Other operating and corporate expenses: Residential $ 5,283 $ 4,873 $ 4,717 Hospitality 1,180 838 533 Commercial 3,681 3,479 3,567 Other 12,762 12,199 11,740 Consolidated other operating and corporate expenses $ 22,906 $ 21,389 $ 20,557 Depreciation, depletion and amortization: Residential $ 318 $ 283 $ 288 Hospitality 4,638 4,579 3,640 Commercial 6,987 5,253 4,925 Other 845 172 145 Consolidated depreciation, depletion and amortization $ 12,788 $ 10,287 $ 8,998 Investment income, net: Residential and commercial $ 298 $ 184 $ 320 Other (c) 4,685 10,530 11,830 Consolidated investment income, net $ 4,983 $ 10,714 $ 12,150 Interest expense: Residential $ 683 $ 717 $ 867 Hospitality 222 30 4 Commercial 3,836 2,739 2,180 Other (d) 8,823 8,816 8,789 Consolidated interest expense $ 13,564 $ 12,302 $ 11,840 Gain on land contribution to equity method investment: Residential (e) $ 15,706 $ — $ — Commercial (f) (g) 3,949 2,244 — Other 328 73 — Consolidated gain on land contribution to equity method investment $ 19,983 $ 2,317 $ — Other (expense) income, net: Residential $ (22) $ (217) $ (508) Hospitality 575 225 (259) Commercial 51 1,190 (362) Other 725 2,935 2,281 Other income, net $ 1,329 $ 4,133 $ 1,152 Income (loss) before equity in loss from unconsolidated affiliates and income taxes: Residential (a) (e) $ 53,998 $ 15,144 $ 26,919 Hospitality 7,238 6,574 1,817 Commercial (f) (g) 13,988 21,239 6,101 Other (b) (15,408) (6,772) (3,971) Consolidated income before equity in loss from unconsolidated affiliates and income taxes $ 59,816 $ 36,185 $ 30,866 Equity in loss from unconsolidated affiliates: Residential $ (524) $ (71) $ — Commercial (142) (6) — Consolidated equity in loss from unconsolidated affiliates $ (666) $ (77) $ — Capital expenditures: Residential $ 33,634 $ 28,639 $ 15,865 Hospitality 42,770 15,923 7,400 Commercial 85,070 69,219 21,552 Other 769 505 379 Total capital expenditures $ 162,243 $ 114,286 $ 45,196 December 31, December 31, 2020 2019 Investment in unconsolidated joint ventures: Residential $ 24,287 $ 791 Commercial 13,678 4,293 Total investment in unconsolidated joint ventures $ 37,965 $ 5,084 Total assets: Residential $ 172,610 $ 139,349 Hospitality 146,724 89,570 Commercial 332,649 253,936 Other 385,341 426,378 Total assets $ 1,037,324 $ 909,233 (a) Includes revenue of $23.1 million in 2018 for a one-time receipt of RiverTown impact fees related to the 2014 RiverTown transaction. See Note 18. RiverTown Impact Fees . (b) Includes revenue of $2.2 million in 2018 related to a specific sale of mitigation bank credits. (c) Includes interest income from investments in SPEs of $8.2 million in each 2020, 2019 and 2018. (d) Includes interest expense from Senior Notes issued by SPE of $8.8 million in each 2020, 2019 and 2018. (e) Includes a gain of $15.7 million in 2020 on land and additional infrastructure improvements contributed to the unconsolidated Latitude Watersound Margaritaville JV. See Note 4. Joint Ventures and Note 19. Other Income, Net for additional information. (f) Includes a gain of $3.9 million in 2020 on land contributed to the Sea Sound Apartments JV. See Note 4. Joint Ventures and Note 19. Other Income, Net for additional information. (g) Includes a gain of $0.8 million in 2019 on land contributed to the Company’s unconsolidated Busy Bee JV and a gain of $1.4 million in 2019 on land contributed to the Company’s unconsolidated Pier Park TPS JV. See Note 4. Joint Ventures and Note 19. Other Income, Net for additional information. |
Nature of Operations - Real Est
Nature of Operations - Real Estate Assets (Details) | 12 Months Ended |
Dec. 31, 2020segment | |
Real estate | |
Number of reportable segments | 3 |
Florida's Bay, Gulf, and Walton counties | |
Real estate | |
Percentage of real estate within geographical region | 86.00% |
Within fifteen miles of the Gulf of Mexico | |
Real estate | |
Percentage of real estate within geographical region | 90.00% |
Commercial | |
Real estate | |
Number of reportable segments | 1 |
Significant Accounting Polici_4
Significant Accounting Policies - Investment in Real Estate (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Land improvements | Minimum | |
Real estate | |
Estimated useful life (in years) | 15 years |
Land improvements | Maximum | |
Real estate | |
Estimated useful life (in years) | 20 years |
Buildings | Minimum | |
Real estate | |
Estimated useful life (in years) | 20 years |
Buildings | Maximum | |
Real estate | |
Estimated useful life (in years) | 40 years |
Building improvements | Minimum | |
Real estate | |
Estimated useful life (in years) | 5 years |
Building improvements | Maximum | |
Real estate | |
Estimated useful life (in years) | 25 years |
Significant Accounting Polici_5
Significant Accounting Policies - Timber Inventory (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Significant Accounting Policies | |
Timber holdings valuation sample (as a percent) | 20.00% |
Significant Accounting Polici_6
Significant Accounting Policies - Receivables (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Significant Accounting Policies | |
Receivables, write off period | 90 days |
Significant Accounting Polici_7
Significant Accounting Policies - Property and Equipment, Net (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Railroad and equipment | Minimum | |
Property, plant and equipment | |
Estimated useful life (in years) | 15 years |
Railroad and equipment | Maximum | |
Property, plant and equipment | |
Estimated useful life (in years) | 30 years |
Furniture and fixtures | Minimum | |
Property, plant and equipment | |
Estimated useful life (in years) | 5 years |
Furniture and fixtures | Maximum | |
Property, plant and equipment | |
Estimated useful life (in years) | 10 years |
Machinery and equipment | Minimum | |
Property, plant and equipment | |
Estimated useful life (in years) | 3 years |
Machinery and equipment | Maximum | |
Property, plant and equipment | |
Estimated useful life (in years) | 10 years |
Office equipment | Minimum | |
Property, plant and equipment | |
Estimated useful life (in years) | 5 years |
Office equipment | Maximum | |
Property, plant and equipment | |
Estimated useful life (in years) | 10 years |
Autos, trucks and aircraft | Minimum | |
Property, plant and equipment | |
Estimated useful life (in years) | 5 years |
Autos, trucks and aircraft | Maximum | |
Property, plant and equipment | |
Estimated useful life (in years) | 10 years |
Significant Accounting Polici_8
Significant Accounting Policies - Concentrations (Details) $ in Thousands | Dec. 31, 2020USD ($)issuer | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Concentration risk | |||
Cash and cash equivalents | $ 106,794 | $ 185,716 | $ 195,155 |
Investments - debt securities | 48,051 | 53 | |
Investments - equity securities | 2,623 | 9,746 | |
Preferred stock | |||
Concentration risk | |||
Investments - equity securities | 2,600 | $ 9,700 | |
Credit concentration risk | Assets | |||
Concentration risk | |||
Cash amount not insured by FDIC | 15,600 | ||
Credit concentration risk | Assets | U.S. Treasury Bills | |||
Concentration risk | |||
Cash and cash equivalents | 79,000 | ||
Credit concentration risk | Assets | U.S. Treasury Bills | Non-investment grade | |||
Concentration risk | |||
Investments - debt securities | 48,000 | ||
Credit concentration risk | Assets | Money Market Funds | |||
Concentration risk | |||
Cash and cash equivalents | 11,000 | ||
Credit concentration risk | Assets | Preferred stock | |||
Concentration risk | |||
Investments - equity securities | $ 2,600 | ||
Credit concentration risk | Assets | Preferred stock | Non-investment grade | |||
Concentration risk | |||
Number of issuers | issuer | 3 |
Significant Accounting Polici_9
Significant Accounting Policies - EPS (Details) - shares | Dec. 31, 2020 | Dec. 31, 2019 |
Significant Accounting Policies | ||
Common stock equivalents (in shares) | 0 | 0 |
Significant Accounting Polic_10
Significant Accounting Policies - Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Real estate | |||
Disaggregation of revenue | |||
Revenue | $ 87,627 | $ 61,488 | $ 52,183 |
Homebuilder homesite sales, Lot residuals | |||
Disaggregation of revenue | |||
Revenue | 1,900 | 2,500 | 1,000 |
Homebuilder homesite sales, Certain products and services | |||
Disaggregation of revenue | |||
Revenue | $ 1,900 | $ 2,300 | $ 1,100 |
Significant Accounting Polic_11
Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of revenue | |||
Leasing revenue | $ 18,819 | $ 15,581 | |
Leasing revenue | $ 13,727 | ||
Total revenue | 160,555 | 127,085 | 110,276 |
Recognized at a point in time | |||
Disaggregation of revenue | |||
Revenue | 130,632 | 101,782 | 88,278 |
Recognized over time | |||
Disaggregation of revenue | |||
Revenue | 11,104 | 9,722 | 8,271 |
Real estate | |||
Disaggregation of revenue | |||
Revenue | 87,627 | 61,488 | 52,183 |
Homebuilder homesite sales, Lot residuals | |||
Disaggregation of revenue | |||
Revenue | 1,900 | 2,500 | 1,000 |
Homebuilder homesite sales, Certain products and services | |||
Disaggregation of revenue | |||
Revenue | 1,900 | 2,300 | 1,100 |
Hospitality | |||
Disaggregation of revenue | |||
Revenue | 47,778 | 46,112 | 38,736 |
Timber | |||
Disaggregation of revenue | |||
Revenue | 6,331 | 3,904 | 5,630 |
Operating Segments | Residential | |||
Disaggregation of revenue | |||
Leasing revenue | 166 | 35 | |
Total revenue | 74,715 | 41,586 | 43,266 |
Operating Segments | Residential | Recognized at a point in time | |||
Disaggregation of revenue | |||
Revenue | 74,549 | 41,551 | 43,266 |
Operating Segments | Residential | Real estate | |||
Disaggregation of revenue | |||
Revenue | 74,137 | 41,055 | 42,761 |
Operating Segments | Residential | Real estate | Mattamy - RiverTown sale | |||
Disaggregation of revenue | |||
Revenue | 23,100 | ||
Operating Segments | Residential | Hospitality | |||
Disaggregation of revenue | |||
Revenue | 412 | 496 | 397 |
Operating Segments | Residential | Timber | |||
Disaggregation of revenue | |||
Revenue | 108 | ||
Operating Segments | Hospitality | |||
Disaggregation of revenue | |||
Leasing revenue | 8 | 104 | |
Leasing revenue | 1,237 | ||
Total revenue | 47,374 | 45,720 | 39,576 |
Operating Segments | Hospitality | Recognized at a point in time | |||
Disaggregation of revenue | |||
Revenue | 36,262 | 35,894 | 30,068 |
Operating Segments | Hospitality | Recognized over time | |||
Disaggregation of revenue | |||
Revenue | 11,104 | 9,722 | 8,271 |
Operating Segments | Hospitality | Hospitality | |||
Disaggregation of revenue | |||
Revenue | 47,366 | 45,616 | 38,339 |
Operating Segments | Commercial | |||
Disaggregation of revenue | |||
Leasing revenue | 18,645 | 15,442 | |
Leasing revenue | 12,490 | ||
Total revenue | 36,665 | 38,823 | 24,620 |
Operating Segments | Commercial | Recognized at a point in time | |||
Disaggregation of revenue | |||
Revenue | 18,020 | 23,381 | 12,130 |
Operating Segments | Commercial | Real estate | |||
Disaggregation of revenue | |||
Revenue | 11,689 | 19,477 | 6,608 |
Operating Segments | Commercial | Timber | |||
Disaggregation of revenue | |||
Revenue | 6,331 | 3,904 | 5,522 |
Other | |||
Disaggregation of revenue | |||
Total revenue | 1,801 | 956 | 2,814 |
Other | Recognized at a point in time | |||
Disaggregation of revenue | |||
Revenue | 1,801 | 956 | 2,814 |
Other | Real estate | |||
Disaggregation of revenue | |||
Revenue | $ 1,801 | $ 956 | $ 2,814 |
Significant Accounting Polic_12
Significant Accounting Policies - Recently Issued Accounting Pronouncements (Details) - USD ($) $ in Thousands | Jan. 01, 2020 | Dec. 31, 2020 | Dec. 31, 2019 |
New accounting pronouncements or change in accounting principle | |||
Retained earnings | $ 255,216 | $ 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 | ||
Adjustment | ASU 2016-13 | |||
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 | ||
Adjustment | ASU 2016-13 | 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 | Dec. 31, 2020 | Dec. 31, 2019 |
Real estate properties | ||
Less: Accumulated depreciation | $ 75,960 | |
Investment in real estate, net | 551,653 | $ 430,776 |
Development property | ||
Real estate properties | ||
Investment in real estate, net | 294,104 | 233,570 |
Development property | Other | ||
Real estate properties | ||
Investment in real estate, net | 2,691 | 2,631 |
Development property | Residential | Operating Segments | ||
Real estate properties | ||
Investment in real estate, net | 116,911 | 115,384 |
Development property | Hospitality | Operating Segments | ||
Real estate properties | ||
Investment in real estate, net | 51,113 | 12,229 |
Development property | Commercial | Operating Segments | ||
Real estate properties | ||
Investment in real estate, net | 123,389 | 103,326 |
Operating property | ||
Real estate properties | ||
Operating property | 333,509 | 271,462 |
Less: Accumulated depreciation | 75,960 | 74,256 |
Investment in real estate, net | 257,549 | 197,206 |
Operating property | Other | ||
Real estate properties | ||
Operating property | 129 | 50 |
Operating property | Residential | Operating Segments | ||
Real estate properties | ||
Operating property | 13,254 | 11,985 |
Operating property | Hospitality | Operating Segments | ||
Real estate properties | ||
Operating property | 103,687 | 94,838 |
Operating property | Commercial | Operating Segments | ||
Real estate properties | ||
Operating property | $ 216,439 | $ 164,589 |
Investment in Real Estate - Ope
Investment in Real Estate - Operating Property (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Real estate properties | ||
Less: Accumulated depreciation | $ 75,960 | |
Investment in real estate, net | 551,653 | $ 430,776 |
Operating property | ||
Real estate properties | ||
Investment in real estate | 333,509 | 271,462 |
Less: Accumulated depreciation | 75,960 | 74,256 |
Investment in real estate, net | 257,549 | 197,206 |
Operating property | Land and land improvements | ||
Real estate properties | ||
Investment in real estate | 97,031 | 83,995 |
Operating property | Building and Building improvements | ||
Real estate properties | ||
Investment in real estate | 223,095 | 174,712 |
Operating property | Timberlands | ||
Real estate properties | ||
Investment in real estate | $ 13,383 | $ 12,755 |
Investment in Real Estate - Dep
Investment in Real Estate - Depreciation, Depletion and Amortization (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Investment in Real Estate | |||
Depreciation expense related to real estate investments | $ 8.3 | $ 6.8 | $ 6 |
Depletion and amortization | $ 0.4 | $ 0.3 | $ 0.5 |
Joint Ventures - General (Detai
Joint Ventures - General (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Jun. 30, 2020 |
Latitude Margaritaville Watersound JV | ||
Investments | ||
Amount as lender of secured revolving promissory note | $ 10 | $ 10 |
Joint Ventures - Consolidated J
Joint Ventures - Consolidated Joint Ventures (Details) $ in Millions | 1 Months Ended | 8 Months Ended | 12 Months Ended | ||
Sep. 30, 2019USD ($)item | Aug. 31, 2019 | Dec. 31, 2020itemroom | Dec. 31, 2019 | Mar. 31, 2020item | |
Lodge 30A JV | |||||
Variable interest entity | |||||
Variable interest entity, ownership percentage | 52.80% | ||||
Pier Park Resort Hotel JV | |||||
Variable interest entity | |||||
Variable interest entity, ownership percentage | 70.00% | ||||
Pier Park Resort Hotel JV | Hotel | |||||
Variable interest entity | |||||
Number of units to be developed | room | 255 | ||||
Pier Park Crossings Phase II JV | |||||
Variable interest entity | |||||
Variable interest entity, ownership percentage | 75.00% | 75.00% | |||
Pier Park Crossings Phase II JV | Apartment | |||||
Variable interest entity | |||||
Number of units completed | 120 | ||||
Watersound Closings JV | |||||
Variable interest entity | |||||
Variable interest entity, ownership percentage | 58.00% | 66.00% | |||
Watercrest JV | |||||
Variable interest entity | |||||
Variable interest entity, ownership percentage | 87.00% | 87.00% | |||
Watercrest JV | Senior living community | |||||
Variable interest entity | |||||
Number of units completed | 107 | ||||
Watersound Origins Crossings JV | |||||
Variable interest entity | |||||
Variable interest entity, ownership percentage | 75.00% | 75.00% | |||
Watersound Origins Crossings JV | Apartment | |||||
Variable interest entity | |||||
Number of units remaining to be constructed | 199 | ||||
Number of units to be developed, under development, or developed and constructed | 217 | ||||
Pier Park Crossings JV | |||||
Variable interest entity | |||||
Number of units completed | 240 | ||||
Variable interest entity, ownership percentage | 75.00% | 75.00% | |||
Pier Park North JV | |||||
Variable interest entity | |||||
Variable interest entity, ownership percentage | 60.00% | 60.00% | |||
Windmark JV | |||||
Variable interest entity | |||||
Variable interest entity, ownership percentage | 49.00% | 100.00% | |||
Number of members property was distributed to and purchased from | 2 | ||||
Total consideration | $ | $ 11.6 |
Joint Ventures - Investment in
Joint Ventures - Investment in Unconsolidated JVs (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Investments | ||
Investment in unconsolidated joint ventures | $ 37,965 | $ 5,084 |
Latitude Margaritaville Watersound JV | ||
Investments | ||
Investment in unconsolidated joint ventures | 24,288 | 791 |
Pier Park TPS JV | ||
Investments | ||
Investment in unconsolidated joint ventures | 2,149 | 3,083 |
Sea Sound Apartments JV | ||
Investments | ||
Investment in unconsolidated joint ventures | 10,348 | |
Busy Bee JV (SJBB, LLC) | ||
Investments | ||
Investment in unconsolidated joint ventures | $ 1,180 | $ 1,210 |
Joint Ventures - Unconsolidated
Joint Ventures - Unconsolidated JV Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Investments | |||
Outstanding debt | $ 161,418 | $ 94,507 | |
Unconsolidated joint ventures | |||
Investments | |||
Outstanding debt | 33,088 | 8,242 | |
Latitude Margaritaville Watersound JV | |||
Investments | |||
Outstanding debt | 3,297 | ||
Sea Sound Apartments JV | |||
Investments | |||
Outstanding debt | 8,789 | ||
Pier Park TPS JV | |||
Investments | |||
Outstanding debt | 14,388 | 6,791 | |
Busy Bee JV (SJBB, LLC) | |||
Investments | |||
Outstanding debt | 6,614 | $ 1,451 | |
Latitude Margaritaville Watersound JV | |||
Investments | |||
Amount as lender of secured revolving promissory note | $ 10,000 | $ 10,000 |
Joint Ventures - Equity in Loss
Joint Ventures - Equity in Loss of Unconsolidated JV Debt (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Investments | ||
Equity in loss from unconsolidated affiliates | $ (666) | $ (77) |
Latitude Margaritaville Watersound JV | ||
Investments | ||
Equity in loss from unconsolidated affiliates | (524) | (71) |
Pier Park TPS JV | ||
Investments | ||
Equity in loss from unconsolidated affiliates | (112) | $ (6) |
Busy Bee JV (SJBB, LLC) | ||
Investments | ||
Equity in loss from unconsolidated affiliates | $ (30) |
Joint Ventures - Unconsolidat_2
Joint Ventures - Unconsolidated JV - Latitude Margaritaville Watersound JV (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020USD ($)itemsitehome | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Summarized financial information | ||||
Investment in real estate | $ 551,653 | $ 430,776 | ||
Cash and cash equivalents | 106,794 | 185,716 | $ 195,155 | |
Other assets | 63,243 | 52,069 | ||
Total assets | 1,037,324 | 909,233 | ||
Debt, net | 158,915 | 92,529 | ||
Other liabilities | 72,035 | 57,200 | ||
Equity | 568,170 | 529,670 | 533,111 | $ 592,584 |
Total liabilities and equity | 1,037,324 | 909,233 | ||
Total expenses | 113,470 | 95,762 | 80,872 | |
Net income | 45,480 | 26,661 | $ 31,602 | |
Latitude Margaritaville Watersound JV | ||||
Investments | ||||
Contractual value of land and improvements to be contributed | 35,000 | |||
Cash contributed | 6,700 | |||
Net present value of land contribution | 16,600 | |||
Cash contributed by JV partner | $ 6,700 | |||
Imputed interest rate (as a percent) | 5.75% | |||
Amount of infrastructure improvements completed | $ 1,800 | |||
Variable interest entity, ownership percentage | 50.00% | |||
Average amount of land contribution returned per home | $ 10 | |||
Summarized financial information | ||||
Historical cost basis of land contributed | 1,300 | |||
Amount of infrastructure improvements completed | 1,800 | |||
Latitude Margaritaville Watersound JV | ||||
Summarized financial information | ||||
Investment in real estate | 18,255 | 1,116 | ||
Cash and cash equivalents | 1,603 | 525 | ||
Other assets | 136 | |||
Total assets | 19,994 | 1,641 | ||
Debt, net | 2,844 | |||
Other liabilities | 1,794 | 58 | ||
Equity | 15,356 | 1,583 | ||
Total liabilities and equity | 19,994 | 1,641 | ||
Total expenses | 1,005 | 142 | ||
Net income | $ (1,005) | $ (142) | ||
Latitude Margaritaville Watersound JV | Residential homes | ||||
Investments | ||||
Number of units under construction | home | 13 | |||
Number of units to be developed, under development, or developed and constructed | item | 3,500 | |||
Latitude Margaritaville Watersound JV | Homesites | ||||
Investments | ||||
Number of units under construction | site | 629 |
Joint Ventures - Unconsolidat_3
Joint Ventures - Unconsolidated JV - Sea Sound Apartments JV (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Jan. 31, 2020USD ($) | Dec. 31, 2020USD ($)item | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Investments | |||||
Net income | $ 45,480 | $ 26,661 | $ 31,602 | ||
Outstanding debt | 161,418 | 94,507 | |||
Summarized financial information | |||||
Investment in real estate | 551,653 | 430,776 | |||
Cash and cash equivalents | 106,794 | 185,716 | 195,155 | ||
Total assets | 1,037,324 | 909,233 | |||
Debt, net | 158,915 | 92,529 | |||
Other liabilities | 72,035 | 57,200 | |||
Equity | 568,170 | 529,670 | $ 533,111 | $ 592,584 | |
Total liabilities and equity | 1,037,324 | 909,233 | |||
Sea Sound Apartments JV | |||||
Investments | |||||
Value of land contributed | $ 5,100 | ||||
Mitigation bank credits contributed | 400 | ||||
Cash contributed | 4,900 | ||||
Net income | $ 0 | ||||
Ownership percentage | 60.00% | ||||
Unconsolidated joint ventures | |||||
Investments | |||||
Outstanding debt | $ 33,088 | $ 8,242 | |||
Sea Sound Apartments JV | |||||
Investments | |||||
Cash contributed by JV partner | 6,900 | ||||
Outstanding debt | 8,789 | ||||
Summarized financial information | |||||
Investment in real estate | 29,085 | ||||
Cash and cash equivalents | 15 | ||||
Total assets | 29,100 | ||||
Debt, net | 8,378 | ||||
Other liabilities | 3,439 | ||||
Equity | 17,283 | ||||
Total liabilities and equity | 29,100 | ||||
Sea Sound Apartments JV | Sea Sound Apartments JV Loan | |||||
Investments | |||||
Loan amount | $ 40,300 | ||||
Outstanding debt | $ 8,800 | ||||
Sea Sound Apartments JV | LIBOR | Sea Sound Apartments JV Loan | |||||
Investments | |||||
Basis spread on variable rate | 2.15% | ||||
Sea Sound Apartments JV | Apartment | |||||
Investments | |||||
Number of units to be developed | item | 300 |
Joint Ventures - Unconsolidat_4
Joint Ventures - Unconsolidated JV - Pier Park TPS JV (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Jan. 31, 2019USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Apr. 30, 2018room | Dec. 31, 2017USD ($) | |
Summarized financial information | ||||||
Property and equipment, net | $ 20,846 | $ 19,018 | ||||
Cash and cash equivalents | 106,794 | 185,716 | $ 195,155 | |||
Other assets | 63,243 | 52,069 | ||||
Total assets | 1,037,324 | 909,233 | ||||
Debt, net | 158,915 | 92,529 | ||||
Other liabilities | 72,035 | 57,200 | ||||
Equity | 568,170 | 529,670 | 533,111 | $ 592,584 | ||
Total liabilities and equity | 1,037,324 | 909,233 | ||||
Total revenue | 160,555 | 127,085 | 110,276 | |||
Cost of revenue | 77,776 | 64,086 | 51,317 | |||
Other operating expenses | 22,906 | 21,389 | 20,557 | |||
Depreciation and amortization | 12,788 | 10,287 | 8,998 | |||
Total expenses | 113,470 | 95,762 | 80,872 | |||
Operating income | 47,085 | 31,323 | 29,404 | |||
Interest expense | (13,564) | (12,302) | (11,840) | |||
Net income | 45,480 | $ 26,661 | $ 31,602 | |||
Pier Park TPS JV | ||||||
Investments | ||||||
Value of land contributed | $ 1,700 | |||||
Cash contributed | 1,300 | |||||
Mitigation bank credits contributed | 100 | |||||
Cash contributed by JV partner | $ 3,100 | |||||
Ownership percentage | 50.00% | 50.00% | ||||
Pier Park TPS JV | ||||||
Summarized financial information | ||||||
Property and equipment, net | $ 17,946 | $ 14,775 | ||||
Cash and cash equivalents | 1,705 | 51 | ||||
Other assets | 483 | 12 | ||||
Total assets | 20,134 | 14,838 | ||||
Debt, net | 14,090 | 6,480 | ||||
Other liabilities | 1,745 | 2,193 | ||||
Equity | 4,299 | 6,165 | ||||
Total liabilities and equity | 20,134 | 14,838 | ||||
Total revenue | 2,338 | |||||
Cost of revenue | 1,209 | |||||
Other operating expenses | 161 | |||||
Depreciation and amortization | 962 | |||||
Total expenses | 2,332 | |||||
Operating income | 6 | |||||
Interest expense | (230) | (13) | ||||
Net income | $ (224) | $ (13) | ||||
Pier Park TPS JV | Hotel | ||||||
Investments | ||||||
Number of units to be developed | room | 124 |
Joint Ventures - Unconsolidat_5
Joint Ventures - Unconsolidated JV - Busy Bee JV (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Investments | ||||
Notes receivable, net | $ 10,877 | $ 3,252 | ||
Summarized financial information | ||||
Property and equipment, net | 20,846 | 19,018 | ||
Cash and cash equivalents | 106,794 | 185,716 | $ 195,155 | |
Other assets | 63,243 | 52,069 | ||
Total assets | 1,037,324 | 909,233 | ||
Debt, net | 158,915 | 92,529 | ||
Other liabilities | 72,035 | 57,200 | ||
Equity | 568,170 | 529,670 | 533,111 | $ 592,584 |
Total liabilities and equity | 1,037,324 | 909,233 | ||
Total revenue | 160,555 | 127,085 | 110,276 | |
Cost of revenue | 77,776 | 64,086 | 51,317 | |
Other operating expenses | 22,906 | 21,389 | 20,557 | |
Depreciation and amortization | 12,788 | 10,287 | 8,998 | |
Total expenses | 113,470 | 95,762 | 80,872 | |
Operating income | 47,085 | 31,323 | 29,404 | |
Interest expense | (13,564) | (12,302) | (11,840) | |
Other (expense) income, net | 1,329 | 4,133 | 1,152 | |
Total other income, net | 12,731 | 4,862 | 1,462 | |
Net income | 45,480 | 26,661 | $ 31,602 | |
Busy Bee JV (SJBB, LLC) | ||||
Investments | ||||
Investment in unconsolidated joint venture | 1,200 | |||
Value of land contributed | 1,400 | |||
Notes receivable, net | 200 | |||
Cash contributed by JV partner | $ 1,200 | |||
Ownership percentage | 50.00% | |||
Busy Bee JV (SJBB, LLC) | ||||
Summarized financial information | ||||
Property and equipment, net | $ 8,466 | 3,886 | ||
Cash and cash equivalents | 227 | 36 | ||
Other assets | 717 | 28 | ||
Total assets | 9,410 | 3,950 | ||
Debt, net | 6,532 | 1,349 | ||
Other liabilities | 506 | 181 | ||
Equity | 2,372 | 2,420 | ||
Total liabilities and equity | 9,410 | $ 3,950 | ||
Total revenue | 5,846 | |||
Cost of revenue | 4,364 | |||
Other operating expenses | 1,057 | |||
Depreciation and amortization | 229 | |||
Total expenses | 5,650 | |||
Operating income | 196 | |||
Interest expense | (99) | |||
Other (expense) income, net | (145) | |||
Total other income, net | (244) | |||
Net income | $ (48) |
Joint Ventures - Unconsolidat_6
Joint Ventures - Unconsolidated JV - ALP (Details) - ALP - USD ($) $ in Millions | 1 Months Ended | 11 Months Ended | 12 Months Ended |
Nov. 30, 2018 | Nov. 30, 2018 | Dec. 31, 2018 | |
Investments | |||
Variable interest entity, ownership percentage | 23.90% | ||
Distributions from termination of unconsolidated joint venture | $ 2.2 | $ 2.2 |
Investments - Schedule of Inves
Investments - Schedule of Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt securities and restricted investments | ||
Amortized Cost | $ 49,206 | $ 2,531 |
Gross Unrealized Gains | 16 | 11 |
Gross Unrealized (Losses) | 0 | (125) |
Fair Value | 49,222 | 2,417 |
Unrestricted available-for-sale, Debt securities | ||
Debt securities and restricted investments | ||
Amortized Cost | 48,046 | 178 |
Gross Unrealized Gains | 5 | |
Gross Unrealized (Losses) | (125) | |
Fair Value | 48,051 | 53 |
Unrestricted available-for-sale, Debt securities | U.S. Treasury Bills | ||
Debt securities and restricted investments | ||
Amortized Cost | 47,986 | |
Gross Unrealized Gains | 5 | |
Fair Value | 47,991 | |
Unrestricted available-for-sale, Debt securities | Corporate debt securities | ||
Debt securities and restricted investments | ||
Amortized Cost | 60 | 178 |
Gross Unrealized (Losses) | (125) | |
Fair Value | 60 | 53 |
Restricted | ||
Debt securities and restricted investments | ||
Amortized Cost | 1,160 | 2,353 |
Gross Unrealized Gains | 11 | 11 |
Fair Value | 1,171 | 2,364 |
Restricted | Short-term bond | ||
Debt securities and restricted investments | ||
Amortized Cost | 1,160 | 2,239 |
Gross Unrealized Gains | 11 | 11 |
Fair Value | $ 1,171 | 2,250 |
Restricted | Money Market Funds | ||
Debt securities and restricted investments | ||
Amortized Cost | 114 | |
Fair Value | $ 114 |
Investments - Gains and Proceed
Investments - Gains and Proceeds (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Investments | |||
Realized loss (gain) on sale of investments | $ (100) | $ (100) | |
Proceeds from sale of available-for-sale debt securities | 1,200 | 4,000 | |
Maturities of investments - debt securities | 11,000 | 7,000 | $ 10,000 |
Purchases of available-for-sale securities | $ 58,900 | $ 100 |
Investments - Unrealized Loss P
Investments - Unrealized Loss Position (Details) - Unrestricted available-for-sale, Debt securities - Corporate debt securities - Level 3 $ in Thousands | Dec. 31, 2019USD ($) |
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 | Dec. 31, 2020 | Dec. 31, 2019 |
Investments | ||
Unrealized losses, debt securities | $ 0 | $ 125 |
Investments - Contractual Matur
Investments - Contractual Maturities of Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Amortized Cost | ||
Amortized Cost | $ 49,206 | $ 2,531 |
Fair Value | ||
Fair Value | 49,222 | 2,417 |
Unrestricted available-for-sale, Debt securities | ||
Amortized Cost | ||
Amortized Cost, Due in one year or less | 48,046 | |
Amortized Cost | 48,046 | 178 |
Fair Value | ||
Fair Value, Due in one year or less | 48,051 | |
Fair Value | 48,051 | 53 |
Restricted | ||
Amortized Cost | ||
Amortized Cost | 1,160 | 2,353 |
Fair Value | ||
Fair Value | $ 1,171 | $ 2,364 |
Investments - Equity Securities
Investments - Equity Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Equity Securities | ||||
Investments - equity securities | $ 2,623 | $ 9,746 | ||
Unrealized loss on investments, net | (4,688) | (5,342) | $ (3,035) | |
Reclassification into retained earnings | [1] | $ 932 | ||
Preferred stock | ||||
Equity Securities | ||||
Investments - equity securities | $ 2,600 | $ 9,700 | ||
[1] | The reclassification into retained earnings for the year ended December 31, 2018 relates to the adoption of ASU 2016-01 Financial Instruments – Overall , as amended (“ASU 2016-01”). The new guidance was effective January 1, 2018, and required equity investments to be measured at fair value with changes in fair value recognized in results of operations rather than the consolidated statements of comprehensive income. |
Investments - Investment Manage
Investments - Investment Management Agreement (Details) $ in Millions | 12 Months Ended |
Dec. 31, 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 | 44.89% |
Financial Instruments and Fai_3
Financial Instruments and Fair Value Measurements - Measurements on Recurring Basis (Details) - Recurring basis - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Financial instruments and fair value measurements | ||
Cash equivalents | $ 89,964 | $ 166,253 |
Total | 141,809 | 178,416 |
Level 1 | ||
Financial instruments and fair value measurements | ||
Cash equivalents | 89,964 | 166,253 |
Total | 139,126 | 168,617 |
Level 2 | ||
Financial instruments and fair value measurements | ||
Total | 2,683 | 9,799 |
Unrestricted available-for-sale, Debt securities | ||
Financial instruments and fair value measurements | ||
Investments | 48,051 | 53 |
Unrestricted available-for-sale, Debt securities | Level 1 | ||
Financial instruments and fair value measurements | ||
Investments | 47,991 | |
Unrestricted available-for-sale, Debt securities | Level 2 | ||
Financial instruments and fair value measurements | ||
Investments | 60 | 53 |
Equity securities | ||
Financial instruments and fair value measurements | ||
Investments | 2,623 | 9,746 |
Equity securities | Level 2 | ||
Financial instruments and fair value measurements | ||
Investments | 2,623 | 9,746 |
Restricted | ||
Financial instruments and fair value measurements | ||
Investments | 1,171 | 2,364 |
Restricted | Level 1 | ||
Financial instruments and fair value measurements | ||
Investments | 1,171 | 2,364 |
Money Market Funds | ||
Financial instruments and fair value measurements | ||
Cash equivalents | 10,973 | 21,043 |
Money Market Funds | Level 1 | ||
Financial instruments and fair value measurements | ||
Cash equivalents | 10,973 | 21,043 |
Money Market Funds | Restricted | ||
Financial instruments and fair value measurements | ||
Investments | 114 | |
Money Market Funds | 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 | 78,991 | 6,990 |
U.S. Treasury Bills | Level 1 | ||
Financial instruments and fair value measurements | ||
Cash equivalents | 78,991 | 6,990 |
U.S. Treasury Bills | Unrestricted available-for-sale, Debt securities | ||
Financial instruments and fair value measurements | ||
Investments | 47,991 | |
U.S. Treasury Bills | Unrestricted available-for-sale, Debt securities | Level 1 | ||
Financial instruments and fair value measurements | ||
Investments | 47,991 | |
Corporate debt securities | Unrestricted available-for-sale, Debt securities | ||
Financial instruments and fair value measurements | ||
Investments | 60 | 53 |
Corporate debt securities | Unrestricted available-for-sale, Debt securities | Level 2 | ||
Financial instruments and fair value measurements | ||
Investments | 60 | 53 |
Preferred stock | Equity securities | ||
Financial instruments and fair value measurements | ||
Investments | 2,623 | 9,746 |
Preferred stock | Equity securities | Level 2 | ||
Financial instruments and fair value measurements | ||
Investments | 2,623 | 9,746 |
Short-term bond | Restricted | ||
Financial instruments and fair value measurements | ||
Investments | 1,171 | 2,250 |
Short-term bond | Restricted | Level 1 | ||
Financial instruments and fair value measurements | ||
Investments | $ 1,171 | $ 2,250 |
Financial Instruments and Fai_4
Financial Instruments and Fair Value Measurements - Expected Maturity (Details) - Y | Dec. 31, 2020 | Dec. 31, 2019 |
Financial instruments and fair value measurements | ||
Debt Securities, Available-for-sale, Measurement Input [Extensible List] | us-gaap:MeasurementInputExpectedTermMember | us-gaap:MeasurementInputExpectedTermMember |
Restricted | Short-term bond | Minimum | ||
Financial instruments and fair value measurements | ||
Measurement input (in years) | 0 | 0 |
Restricted | Short-term bond | Maximum | ||
Financial instruments and fair value measurements | ||
Measurement input (in years) | 3 | 3 |
Financial Instruments and Fai_5
Financial Instruments and Fair Value Measurements - Liabilities Measured at FV (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Jan. 31, 2019 |
Recurring basis | ||||
Financial instruments and fair value measurements | ||||
Liabilities | $ 1,993 | $ 336 | ||
Recurring basis | Interest rate swap | Other liabilities. | ||||
Financial instruments and fair value measurements | ||||
Derivative liabilities | 1,172 | 336 | ||
Recurring basis | Interest rate swap | Investment in unconsolidated joint ventures | ||||
Financial instruments and fair value measurements | ||||
Derivative liabilities | 821 | |||
Recurring basis | Level 2 | ||||
Financial instruments and fair value measurements | ||||
Liabilities | 1,993 | 336 | ||
Recurring basis | Level 2 | Interest rate swap | Other liabilities. | ||||
Financial instruments and fair value measurements | ||||
Derivative liabilities | 1,172 | $ 336 | ||
Recurring basis | Level 2 | Interest rate swap | Investment in unconsolidated joint ventures | ||||
Financial instruments and fair value measurements | ||||
Derivative liabilities | 821 | |||
Pier Park TPS JV | Interest rate swap | ||||
Financial instruments and fair value measurements | ||||
Notional amount | $ 14,400 | |||
Pier Park TPS JV | Recurring basis | Level 2 | Interest rate swap | ||||
Financial instruments and fair value measurements | ||||
Derivative liabilities | $ 800 | |||
Latitude Margaritaville Watersound JV | Interest rate swap | Watercrest JV | ||||
Financial instruments and fair value measurements | ||||
Notional amount | $ 20,000 |
Financial Instruments and Fai_6
Financial Instruments and Fair Value Measurements - Investment in Unconsolidated JVs and Long-lived assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Financial Instruments and Fair Value Measurements | |||
Impairment loss on investment in unconsolidated joint ventures | $ 0 | $ 0 | $ 0 |
Impairment loss on investment in real estate | $ 0 | $ 0 | $ 99 |
Financial Instruments and Fai_7
Financial Instruments and Fair Value Measurements - Carrying Amount and Fair Value (Details) - Nonrecurring - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Carrying Value | ||
Financial instruments and fair value measurements | ||
Debt | $ 161,418 | $ 94,507 |
Fair Value | ||
Financial instruments and fair value measurements | ||
Debt | 163,802 | 96,814 |
Level 1 | Carrying Value | U. S Treasury Bills and cash | ||
Financial instruments and fair value measurements | ||
Investments held by SPEs | 5,759 | 6,382 |
Level 1 | Fair Value | U. S Treasury Bills and cash | ||
Financial instruments and fair value measurements | ||
Investments held by SPEs | 6,363 | 6,712 |
Level 2 | Carrying Value | Fixed-rate debt | ||
Financial instruments and fair value measurements | ||
Debt | 114,125 | 89,969 |
Level 2 | Carrying Value | Variable rate debt | ||
Financial instruments and fair value measurements | ||
Debt | 47,293 | 4,538 |
Level 2 | Fair Value | Fixed-rate debt | ||
Financial instruments and fair value measurements | ||
Debt | 116,509 | 92,276 |
Level 2 | Fair Value | Variable rate debt | ||
Financial instruments and fair value measurements | ||
Debt | 47,293 | 4,538 |
Level 3 | Carrying Value | ||
Financial instruments and fair value measurements | ||
Senior Notes held by SPE | 177,289 | 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 | 216,363 | 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 | Dec. 31, 2020 | Dec. 31, 2019 | |
Financial instruments and fair value measurements | |||
Investments held by special purpose entities | $ 206,149 | $ 206,771 | |
Senior Notes held by special purpose entity | 177,289 | 177,026 | |
Variable Interest Entities | |||
Financial instruments and fair value measurements | |||
Investments held by special purpose entities | 206,149 | 206,771 | |
Senior Notes held by special purpose entity | 177,289 | $ 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 | $ 5,700 | ||
Panama City Timber Finance Company, LLC | Cash | |||
Financial instruments and fair value measurements | |||
Investments held by special purpose entities | 400 | ||
Northwest Florida Timber Finance, LLC | |||
Financial instruments and fair value measurements | |||
Loan amount | $ 180,000 | ||
Debt interest rate (as a percent) | 4.80% | ||
Issue price of senior secured notes (as a percent) | 98.50% | ||
Senior Notes held by special purpose entity | 177,300 | ||
Unamortized discount and debt issuance costs | $ 2,700 |
Hurricane Michael (Details)
Hurricane Michael (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Loss contingency | |||
Insurance proceeds | $ 690 | $ 5,314 | $ 7,199 |
Loss from hurricane damage | 1,123 | 2,704 | 8,628 |
Hurricane Michael. | |||
Loss contingency | |||
Insurance proceeds | 700 | 5,300 | 7,200 |
Loss from hurricane damage | 1,100 | 2,700 | $ 8,600 |
Hurricane Michael. | Hospitality | Cost of revenue | |||
Loss contingency | |||
Proceeds from business interruption insurance | 1,300 | $ 1,300 | |
Hurricane Michael. | Pier Park Crossings JV | Cost of leasing revenue | |||
Loss contingency | |||
Proceeds from business interruption insurance | $ 700 |
Leases - Components of Lease Re
Leases - Components of Lease Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Leasing revenue | |||
Lease payments | $ 14,710 | $ 11,637 | $ 10,660 |
Variable lease payments | 4,109 | 3,944 | 3,067 |
Total leasing revenue | $ 18,819 | $ 15,581 | |
Leasing revenue | $ 13,727 |
Leases - Minimum Future Base Re
Leases - Minimum Future Base Rental Revenue (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Minimum future base rental revenue: | |
2021 | $ 14,820 |
2022 | 11,204 |
2023 | 8,967 |
2024 | 7,505 |
2025 | 5,076 |
Thereafter | 14,656 |
Total | $ 62,228 |
Leases - Lease Cost (Details)
Leases - Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Lease cost | ||
Finance lease cost: Amortization of right-of-use assets | $ 57 | $ 40 |
Finance lease cost: Interest on lease liability | 11 | 9 |
Operating lease cost | 289 | 238 |
Short-term lease cost | 1,016 | 721 |
Total lease cost | $ 1,373 | $ 1,008 |
Leases - Lease Cost - Other Inf
Leases - Lease Cost - Other Information (Details) | Dec. 31, 2020 | Dec. 31, 2019 |
Leases | ||
Weighted-average remaining lease term - finance lease (in years) | 3 years 10 months 24 days | 4 years 2 months 12 days |
Weighted-average remaining lease term - operating leases (in years) | 3 years 10 months 24 days | 3 years 1 month 6 days |
Weighted-average discount rate - finance lease (as a percent) | 5.00% | 5.00% |
Weighted-average discount rate - operating leases (as a percent) | 4.90% | 5.00% |
Leases - Aggregate Payments of
Leases - Aggregate Payments of Finance Lease Liability (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Aggregate payments of finance lease liability: | ||
2021 | $ 94 | |
2022 | 94 | |
2023 | 94 | |
2024 | 47 | |
2025 | 12 | |
Total | 341 | |
Less imputed interest | (25) | |
Total finance lease liability | $ 316 | $ 204 |
Leases - Aggregate Payments o_2
Leases - Aggregate Payments of Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Aggregate payments of operating lease liabilities: | ||
2021 | $ 256 | |
2022 | 201 | |
2023 | 158 | |
2024 | 88 | |
2025 | 37 | |
Thereafter | 281 | |
Total | 1,021 | |
Less imputed interest | (213) | |
Total operating lease liabilities | $ 808 | $ 691 |
Other Assets - Schedule of Othe
Other Assets - Schedule of Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Other Assets | |||
Restricted investments | $ 1,171 | $ 2,364 | |
Accounts receivable, net | 10,791 | 6,957 | |
Homesite sales receivable | 5,675 | 5,211 | $ 2,977 |
Notes receivable, net | 10,877 | 3,252 | |
Income tax receivable | 2,843 | ||
Inventory | 2,026 | 1,384 | |
Prepaid expenses | 7,135 | 6,592 | |
Straight-line rent | 3,174 | 3,292 | |
Operating lease, right-of use assets | 808 | 691 | |
Other assets | 5,743 | 4,331 | |
Retained interest investments | 12,905 | 12,214 | |
Accrued interest receivable for Senior Notes held by SPE | 2,938 | 2,938 | |
Total other assets | $ 63,243 | $ 52,069 |
Other Assets - Restricted Inves
Other Assets - Restricted Investments (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Other Assets | |
401(k) Plan distribution period (in years) | 1 year |
Other Assets - Accounts Receiva
Other Assets - Accounts Receivable, Net (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Accounts Receivable, Net | ||
Allowance for credit losses | $ 0.2 | |
Allowance for lease related receivables | 0.1 | |
Allowance for doubtful accounts receivable | $ 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 | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Changes in lot sales receivable | ||
Homesite Sales Receivable, Beginning Balance | $ 5,211 | $ 2,977 |
Increases Due To Revenue Recognized for Lots Sold | 3,854 | 4,755 |
Decreases Due to Amounts Received/Transferred | (3,390) | (2,521) |
Homesite Sales Receivable, Ending Balance | $ 5,675 | $ 5,211 |
Other Assets - Notes Receivable
Other Assets - Notes Receivable, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2020 | |
Receivables | ||||
Notes receivable, net | $ 10,877 | $ 3,252 | ||
Proceeds from collection of principal | 1,949 | 1,165 | $ 3,004 | |
Allowance for credit losses, Notes receivable | 0 | |||
Accrued interest receivable | 2,938 | 2,938 | ||
Latitude Margaritaville Watersound JV | ||||
Receivables | ||||
Notes receivable, net | 2,700 | |||
Amount as lender of secured revolving promissory note | 10,000 | $ 10,000 | ||
Maximum | ||||
Receivables | ||||
Allowance for credit losses, Notes receivable | 100 | |||
Notes Receivable | ||||
Receivables | ||||
Accrued interest receivable | 200 | 200 | ||
Various interest bearing homebuilder notes, secured by the real estate sold - bearing interest at rates of 5.5% to 6.3% , due June 2021 through December 2022 | ||||
Receivables | ||||
Notes receivable, net | $ 7,544 | $ 2,598 | ||
Various interest bearing homebuilder notes, secured by the real estate sold - bearing interest at rates of 5.5% to 6.3% , due June 2021 through December 2022 | Minimum | ||||
Receivables | ||||
Interest rate, note (as a percent) | 5.50% | 5.50% | ||
Various interest bearing homebuilder notes, secured by the real estate sold - bearing interest at rates of 5.5% to 6.3% , due June 2021 through December 2022 | Maximum | ||||
Receivables | ||||
Interest rate, note (as a percent) | 6.30% | 6.30% | ||
Interest bearing revolving promissory note with the unconsolidated Latitude Margaritaville Watersound JV, secured by the JV's real property - bearing interest at a rate of 5.0%, matures June 2025 | ||||
Receivables | ||||
Notes receivable, net | $ 2,714 | |||
Interest rate, note (as a percent) | 5.00% | |||
Interest bearing note with a JV partner, secured by the partner's membership interest in the JV - 8.0% interest rate, due May 2039 through July 2039 | ||||
Receivables | ||||
Notes receivable, net | $ 556 | $ 569 | ||
Interest rate, note (as a percent) | 8.00% | 8.00% | ||
Various mortgage notes, secured by certain real estate, bearing interest at rates of 6.4% to 6.5%, due December 2022 through November 2023 | ||||
Receivables | ||||
Notes receivable, net | $ 63 | $ 85 | ||
Various mortgage notes, secured by certain real estate, bearing interest at rates of 6.4% to 6.5%, due December 2022 through November 2023 | Minimum | ||||
Receivables | ||||
Interest rate (as a percent) | 6.40% | 6.40% | ||
Various mortgage notes, secured by certain real estate, bearing interest at rates of 6.4% to 6.5%, due December 2022 through November 2023 | Maximum | ||||
Receivables | ||||
Interest rate (as a percent) | 6.50% | 6.50% |
Other Assets - Retained Interes
Other Assets - Retained Interest Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Investments | ||
Retained interest investments | $ 12,905 | $ 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 | $ 12,900 | $ 12,200 |
Minimum | Retained interest investments | ||
Investments | ||
Notes maturity year | 2022 | |
Maximum | Retained interest investments | ||
Investments | ||
Notes maturity year | 2024 |
Property and Equipment, Net (De
Property and Equipment, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, plant and equipment | |||
Property and equipment, gross | $ 80,576 | $ 80,982 | |
Less: Accumulated depreciation | 60,433 | 63,223 | |
Property, plant and equipment, excluding construction in progress, net | 20,143 | 17,759 | |
Construction in progress | 703 | 1,259 | |
Total | 20,846 | 19,018 | |
Depreciation expense | 4,000 | 3,200 | $ 2,400 |
Railroad and equipment | |||
Property, plant and equipment | |||
Property and equipment, gross | 33,626 | 33,626 | |
Furniture and fixtures | |||
Property, plant and equipment | |||
Property and equipment, gross | 22,601 | 24,062 | |
Machinery and equipment | |||
Property, plant and equipment | |||
Property and equipment, gross | 13,502 | 11,100 | |
Office equipment | |||
Property, plant and equipment | |||
Property and equipment, gross | 4,607 | 5,920 | |
Autos and trucks | |||
Property, plant and equipment | |||
Property and equipment, gross | $ 6,240 | $ 6,274 |
Debt, Net - Schedule of Debt (D
Debt, Net - Schedule of Debt (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Debt instruments | ||
Outstanding debt | $ 161,418 | $ 94,507 |
Unamortized Discount and Debt Issuance Costs | 2,503 | 1,978 |
Debt, Net | 158,915 | 92,529 |
PPN JV Loan, due November 2025, bearing interest at 4.1% | ||
Debt instruments | ||
Outstanding debt | 44,568 | 45,514 |
Unamortized Discount and Debt Issuance Costs | 314 | 380 |
Debt, Net | $ 44,254 | $ 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 | $ 36,084 | $ 34,610 |
Unamortized Discount and Debt Issuance Costs | 1,079 | 1,087 |
Debt, Net | $ 35,005 | $ 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 | $ 27,179 | $ 2,868 |
Unamortized Discount and Debt Issuance Costs | 351 | 454 |
Debt, Net | $ 26,828 | $ 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 | $ 18,066 | |
Unamortized Discount and Debt Issuance Costs | 284 | |
Debt, Net | $ 17,782 | |
Effective interest rate (as a percent) | 2.30% | |
Watercrest JV Loan, due June 2047, bearing interest at LIBOR plus 2.2% | LIBOR | ||
Debt instruments | ||
Basis spread on variable rate | 2.20% | |
PPC II JV Loan, due October 2024, bearing interest at LIBOR plus 2.3% | ||
Debt instruments | ||
Outstanding debt | $ 15,921 | |
Unamortized Discount and Debt Issuance Costs | 198 | |
Debt, Net | $ 15,723 | |
Effective interest rate (as a percent) | 2.40% | |
PPC II JV Loan, due October 2024, bearing interest at LIBOR plus 2.3% | LIBOR | ||
Debt instruments | ||
Basis spread on variable rate | 2.30% | |
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 | $ 6,294 | $ 6,977 |
Debt, Net | $ 6,294 | $ 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% |
Beckrich Building III Loan, due August 2029, bearing interest at LIBOR plus 1.7% | ||
Debt instruments | ||
Outstanding debt | $ 5,421 | |
Unamortized Discount and Debt Issuance Costs | 59 | |
Debt, Net | $ 5,362 | |
Effective interest rate (as a percent) | 1.80% | |
Beckrich Building III Loan, due August 2029, bearing interest at LIBOR plus 1.7% | LIBOR | ||
Debt instruments | ||
Basis spread on variable rate | 1.70% | |
Airport Hotel Loan, due March 2025, bearing interest at LIBOR plus 2.0% | ||
Debt instruments | ||
Outstanding debt | $ 3,548 | |
Unamortized Discount and Debt Issuance Costs | 168 | |
Debt, Net | $ 3,380 | |
Floor rate (as a percent) | 3.00% | |
Effective interest rate (as a percent) | 3.00% | |
Airport Hotel Loan, due March 2025, bearing interest at LIBOR plus 2.0% | LIBOR | ||
Debt instruments | ||
Basis spread on variable rate | 2.00% | |
Beach Homes Loan, due May 2029, bearing interest at LIBOR plus 1.7%. | ||
Debt instruments | ||
Outstanding debt | $ 1,545 | $ 1,594 |
Unamortized Discount and Debt Issuance Costs | 17 | 20 |
Debt, Net | $ 1,528 | $ 1,574 |
Effective interest rate (as a percent) | 1.80% | |
Beach Homes Loan, due May 2029, bearing interest at LIBOR plus 1.7%. | LIBOR | ||
Debt instruments | ||
Basis spread on variable rate | 1.70% | 1.70% |
Pier Park Outparcel Construction Loan, due March 2027, bearing interest at LIBOR plus 1.7% | ||
Debt instruments | ||
Outstanding debt | $ 1,458 | $ 1,535 |
Unamortized Discount and Debt Issuance Costs | 12 | 14 |
Debt, Net | $ 1,446 | $ 1,521 |
Effective interest rate (as a percent) | 1.80% | |
Pier Park Outparcel Construction Loan, due March 2027, bearing interest at LIBOR plus 1.7% | LIBOR | ||
Debt instruments | ||
Basis spread on variable rate | 1.70% | 1.70% |
WaterColor Crossings Construction Loan, due February 2029, bearing interest at LIBOR plus 1.7% | ||
Debt instruments | ||
Outstanding debt | $ 1,334 | $ 1,409 |
Unamortized Discount and Debt Issuance Costs | 21 | 23 |
Debt, Net | $ 1,313 | $ 1,386 |
Effective interest rate (as a percent) | 1.80% | |
WaterColor Crossings Construction Loan, due February 2029, bearing interest at LIBOR plus 1.7% | LIBOR | ||
Debt instruments | ||
Basis spread on variable rate | 1.70% | 1.70% |
Debt, Net - Debt Agreements (De
Debt, Net - Debt Agreements (Details) $ in Thousands | 1 Months Ended | 120 Months Ended | ||||||||||||
Nov. 30, 2020USD ($) | Apr. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Oct. 31, 2019USD ($) | Jun. 30, 2019USD ($) | May 31, 2019USD ($) | Jun. 30, 2030 | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Aug. 31, 2019USD ($) | May 31, 2018USD ($)item | Feb. 28, 2018USD ($) | Mar. 31, 2017USD ($) | Oct. 31, 2015USD ($) | |
Debt instruments | ||||||||||||||
Outstanding debt | $ 161,418 | $ 94,507 | ||||||||||||
Total Community Development District debt | 15,800 | 17,800 | ||||||||||||
PPN JV Loan, due November 2025, bearing interest at 4.1% | ||||||||||||||
Debt instruments | ||||||||||||||
Loan amount | $ 48,200 | |||||||||||||
Outstanding debt | 44,568 | 45,514 | ||||||||||||
PPC JV Loan, due June 2060, bearing interest at 4.0% | ||||||||||||||
Debt instruments | ||||||||||||||
Loan amount | $ 36,600 | |||||||||||||
Outstanding debt | 36,084 | 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 | 27,179 | 2,868 | ||||||||||||
Debt instrument, period subject to interest payments only | 30 months | |||||||||||||
PPC II JV Loan, due October 2024, bearing interest at LIBOR plus 2.3% | ||||||||||||||
Debt instruments | ||||||||||||||
Loan amount | $ 17,500 | |||||||||||||
Outstanding debt | 15,921 | |||||||||||||
Debt instrument, period subject to interest payments only | 24 months | |||||||||||||
Watercrest JV Loan, due June 2047, bearing interest at LIBOR plus 2.2% | ||||||||||||||
Debt instruments | ||||||||||||||
Loan amount | $ 22,500 | |||||||||||||
Outstanding debt | 18,066 | |||||||||||||
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 | 6,294 | 6,977 | ||||||||||||
Beckrich Building III Loan, due August 2029, bearing interest at LIBOR plus 1.7% | ||||||||||||||
Debt instruments | ||||||||||||||
Loan amount | $ 5,500 | |||||||||||||
Outstanding debt | 5,421 | |||||||||||||
Airport Hotel Loan, due March 2025, bearing interest at LIBOR plus 2.0% | ||||||||||||||
Debt instruments | ||||||||||||||
Loan amount | $ 15,300 | |||||||||||||
Outstanding debt | 3,548 | |||||||||||||
Debt instrument, period subject to interest payments only | 36 months | |||||||||||||
Beach Homes Loan, due May 2029, bearing interest at LIBOR plus 1.7%. | ||||||||||||||
Debt instruments | ||||||||||||||
Loan amount | $ 1,700 | |||||||||||||
Outstanding debt | 1,545 | 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 | 1,458 | 1,535 | ||||||||||||
WaterColor Crossings Construction Loan, due February 2029, bearing interest at LIBOR plus 1.7% | ||||||||||||||
Debt instruments | ||||||||||||||
Loan amount | $ 1,900 | |||||||||||||
Outstanding debt | 1,334 | $ 1,409 | ||||||||||||
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 | 1,100 | |||||||||||||
Pier Park Resort Hotel JV Loan | Maximum | ||||||||||||||
Debt instruments | ||||||||||||||
Loan amount | $ 60,000 | |||||||||||||
Breakfast Point Hotel Loan, Due November 2042 | ||||||||||||||
Debt instruments | ||||||||||||||
Loan amount | $ 16,800 | |||||||||||||
Outstanding debt | 0 | |||||||||||||
Debt instrument, period subject to interest payments only | 24 months | |||||||||||||
Loan costs | 200 | |||||||||||||
Self-Storage Facility Loan, Due November 2025 | ||||||||||||||
Debt instruments | ||||||||||||||
Loan amount | $ 5,800 | |||||||||||||
Outstanding debt | 0 | |||||||||||||
Debt instrument, period subject to interest payments only | 48 months | |||||||||||||
Loan costs | $ 100 | |||||||||||||
Self-Storage Facility Loan, Due November 2025 | Maximum | ||||||||||||||
Debt instruments | ||||||||||||||
Amount of liability as guarantor | $ 2,900 |
Debt, Net - Maturities of Debt
Debt, Net - Maturities of Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt, Net | ||
2021 | $ 2,605 | |
2022 | 3,402 | |
2023 | 3,750 | |
2024 | 44,993 | |
2025 | 45,903 | |
Thereafter | 60,765 | |
Long term debt | $ 161,418 | $ 94,507 |
Other Liabilities - Schedule of
Other Liabilities - Schedule of Other Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Other Liabilities | ||
Accounts payable | $ 25,376 | $ 16,207 |
Finance lease liability | 316 | 204 |
Operating lease liabilities | 808 | 691 |
Accrued compensation | 3,337 | 3,151 |
Other accrued liabilities | 6,892 | 3,277 |
Deferred revenue | 16,632 | 18,972 |
Club initiation fees | 10,716 | 6,917 |
Club membership deposits | 3,764 | 3,985 |
Advance deposits | 1,344 | 946 |
Accrued interest expense for Senior Notes held by SPE | 2,850 | 2,850 |
Total other liabilities | $ 72,035 | $ 57,200 |
Finance Lease, Liability, Statement of Financial Position [Extensible List] | Total other liabilities | Total other liabilities |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Total other liabilities | Total other liabilities |
Other Liabilities - Additional
Other Liabilities - Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Other Liabilities | ||
Deferred revenue | $ 16,632 | $ 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) - Club Membership - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Change in contract with customer liability | ||
Balance at beginning of period | $ 6,917 | $ 5,676 |
New club memberships | 6,268 | 3,083 |
Revenue from amounts included in contract liability opening balance | (2,062) | (1,553) |
Revenue from current period new memberships | (407) | (289) |
Balance at end of period | $ 10,716 | $ 6,917 |
Other Liabilities - Performance
Other Liabilities - Performance Obligations (Details) $ in Millions | Dec. 31, 2020USD ($) |
Other Liabilities | |
Remaining performance obligations | $ 10.7 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Other Liabilities | |
Remaining performance obligations | $ 2.6 |
Performance obligations | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Other Liabilities | |
Remaining performance obligations | $ 4.5 |
Performance obligations | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 2 years |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Other Liabilities | |
Remaining performance obligations | $ 3 |
Performance obligations | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 2 years |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Other Liabilities | |
Remaining performance obligations | $ 0.6 |
Performance obligations | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period |
Income Taxes - Provision for In
Income Taxes - Provision for Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current: | |||
Federal | $ 5,146 | $ 1,070 | $ 4,305 |
Total | 5,146 | 1,070 | 4,305 |
Deferred: | |||
Federal | 6,321 | 5,903 | 488 |
State | 2,203 | 2,474 | (5,529) |
Total | 8,524 | 8,377 | (5,041) |
Total income tax expense (benefit) | $ 13,670 | $ 9,447 | $ (736) |
Income Taxes - Allocation of Ta
Income Taxes - Allocation of Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Taxes | |||
Income tax expense (benefit) | $ 13,670 | $ 9,447 | $ (736) |
Income tax recorded in accumulated other comprehensive loss, Income tax (benefit) expense | (386) | 116 | 685 |
Total income tax expense (benefit) | $ 13,284 | $ 9,563 | $ (51) |
Income Taxes - Expense (Benefit
Income Taxes - Expense (Benefit) Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Taxes | |||
Statutory federal income tax rate (as a percent) | 21.00% | 21.00% | 21.00% |
Tax at the statutory federal rate | $ 12,385 | $ 7,607 | $ 6,643 |
State income taxes (net of federal benefit) | 2,203 | 1,477 | 1,392 |
Decrease in valuation allowance, net | (4,993) | ||
Decrease in uncertain tax positions | (2,165) | ||
Change in US and State tax rates | 1,006 | (1,035) | |
Income tax credits | (454) | ||
Benefit of Qualified Opportunity Zone investment | (161) | (561) | |
Dividend received deduction | (33) | (188) | (322) |
Other permanent items | (270) | 106 | (256) |
Total income tax expense (benefit) | $ 13,670 | $ 9,447 | $ (736) |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets: | ||
State net operating loss carryforwards | $ 13,355 | $ 14,316 |
Impairment losses | 33,660 | 36,751 |
Prepaid income from land sales | 3,812 | 3,180 |
Capitalized costs | 2,851 | 2,468 |
Reserves and accruals | 1,586 | 1,672 |
Unrealized losses on investments | 3,403 | 2,282 |
Other | 765 | 765 |
Total gross deferred tax assets | 59,432 | 61,434 |
Deferred tax liabilities: | ||
Investment in real estate and property and equipment basis differences | 5,929 | 4,000 |
Deferred gain on land sales and involuntary conversions | 29,101 | 24,956 |
Installment sales | 83,337 | 83,275 |
Pension Plan assets transferred to the 401(k) Plan | 287 | 580 |
Other | 1,693 | 1,431 |
Total gross deferred tax liabilities | 120,347 | 114,242 |
Net deferred tax liabilities | $ (60,915) | $ (52,808) |
Income Taxes - Operating Loss C
Income Taxes - Operating Loss Carryforwards (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
State | ||
Operating loss carryforwards | ||
Operating loss carryforwards | $ 304 | $ 341.4 |
Federal | ||
Operating loss carryforwards | ||
Operating loss carryforwards | $ 2.3 | $ 0 |
Income Taxes - Tax Credit Carry
Income Taxes - Tax Credit Carryforward (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Income Taxes | ||
Income tax payable | $ 2,700 | |
Income tax receivable | $ 2,843 | |
AMT credit receivable | $ 2,200 |
Income Taxes - Tax Rates (Detai
Income Taxes - Tax Rates (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income taxes | ||||
Statutory federal income tax rate (as a percent) | 21.00% | 21.00% | 21.00% | |
Impact of change in tax rate | $ 1,006 | $ (1,035) | ||
Florida Department of Revenue | ||||
Income taxes | ||||
Tax at the state statutory rate (as a percent) | 4.50% | 4.50% | 5.50% | |
Impact of change in tax rate | $ 1,000 | |||
Florida Department of Revenue | Forecast | ||||
Income taxes | ||||
Tax at the state statutory rate (as a percent) | 4.50% |
Income Taxes - Valuation Allowa
Income Taxes - Valuation Allowances and Unrecognized Tax Benefits (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Income Taxes | |
Amount of decrease in valuation allowance | $ 5 |
Decrease in unrecognized tax benefits, expiration of statute of limitations | $ 2.1 |
Income Taxes - Tax Refund (Deta
Income Taxes - Tax Refund (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Income Taxes | ||
Unrecognized tax benefits, income tax penalties accrued | $ 0 | $ 0 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Summary of Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Summary of changes in accumulated other comprehensive loss | |||
Beginning Balance | $ 529,670 | $ 533,111 | $ 592,584 |
Amounts reclassified from accumulated other comprehensive loss | (3) | (52) | |
Total other comprehensive (loss) income, net of tax | (1,137) | 339 | 787 |
Ending Balance | 568,170 | 529,670 | 533,111 |
Accumulated Other Comprehensive Loss. | |||
Summary of changes in accumulated other comprehensive loss | |||
Beginning Balance | (335) | (674) | (1,461) |
Other comprehensive income (loss) before reclassifications | (1,134) | 391 | |
Amounts reclassified from accumulated other comprehensive loss | (3) | (52) | |
Total other comprehensive (loss) income, net of tax | (1,137) | 339 | |
Ending Balance | (1,472) | (335) | (674) |
Unrealized (loss) and gain on available for sale securities | |||
Summary of changes in accumulated other comprehensive loss | |||
Beginning Balance | (84) | (674) | |
Other comprehensive income (loss) before reclassifications | 103 | 642 | |
Amounts reclassified from accumulated other comprehensive loss | (3) | (52) | |
Total other comprehensive (loss) income, net of tax | 100 | 590 | |
Ending Balance | 16 | (84) | $ (674) |
Unrealized loss Cash flow hedge, Interest rate swap | |||
Summary of changes in accumulated other comprehensive loss | |||
Beginning Balance | (251) | ||
Other comprehensive income (loss) before reclassifications | (1,237) | (251) | |
Total other comprehensive (loss) income, net of tax | (1,237) | (251) | |
Ending Balance | $ (1,488) | $ (251) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss - Summary of the Tax Effects Allocated to Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Accumulated Other Comprehensive Loss | ||||
Reclassification adjustment for net gain included in earnings before-tax amount | $ (4) | $ (69) | ||
Reclassification adjustment for net gain included in earnings, Tax (expense) or benefit | 1 | 17 | ||
Reclassification adjustment for net gain included in earnings net-of-tax amount | (3) | (52) | ||
Total before income taxes | (1,523) | 455 | $ 1,472 | |
Other comprehensive loss, Tax (expense) or benefit | [1] | 386 | (116) | (685) |
Total other comprehensive (loss) income, net of tax | (1,137) | 339 | $ 787 | |
Accumulated Other Comprehensive Loss. | ||||
Accumulated Other Comprehensive Loss | ||||
Unrealized gain on investments, Net-of-tax amount | (1,134) | 391 | ||
Reclassification adjustment for net gain included in earnings net-of-tax amount | (3) | (52) | ||
Total other comprehensive (loss) income, net of tax | (1,137) | 339 | ||
Unrealized (loss) and gain on available for sale securities | ||||
Accumulated Other Comprehensive Loss | ||||
Unrealized gain on investments, Net-of-tax amount | 103 | 642 | ||
Reclassification adjustment for net gain included in earnings net-of-tax amount | (3) | (52) | ||
Total other comprehensive (loss) income, net of tax | 100 | 590 | ||
Unrealized loss Cash flow hedge, Interest rate swap | ||||
Accumulated Other Comprehensive Loss | ||||
Unrealized gain on investments, Net-of-tax amount | (1,237) | (251) | ||
Total other comprehensive (loss) income, net of tax | (1,237) | (251) | ||
Unrealized loss Cash flow hedge, Interest rate swap | Interest rate swap | ||||
Accumulated Other Comprehensive Loss | ||||
Unrealized gain on investments, Before-tax amount | (836) | (336) | ||
Unrealized gain on investments, Tax (expense) or benefit | 212 | 85 | ||
Unrealized gain on investments, Net-of-tax amount | (624) | (251) | ||
Unrealized loss Cash flow hedge, Interest rate swap | Interest rate swap, unconsolidated affiliates | ||||
Accumulated Other Comprehensive Loss | ||||
Unrealized gain on investments, Before-tax amount | (821) | |||
Unrealized gain on investments, Tax (expense) or benefit | 208 | |||
Unrealized gain on investments, Net-of-tax amount | (613) | |||
Unrestricted available-for-sale, Debt securities | Unrealized (loss) and gain on available for sale securities | ||||
Accumulated Other Comprehensive Loss | ||||
Unrealized gain on investments, Before-tax amount | 130 | 842 | ||
Unrealized gain on investments, Tax (expense) or benefit | (33) | (214) | ||
Unrealized gain on investments, Net-of-tax amount | 97 | 628 | ||
Restricted | Unrealized (loss) and gain on available for sale securities | ||||
Accumulated Other Comprehensive Loss | ||||
Unrealized gain on investments, Before-tax amount | 8 | 18 | ||
Unrealized gain on investments, Tax (expense) or benefit | (2) | (4) | ||
Unrealized gain on investments, Net-of-tax amount | $ 6 | $ 14 | ||
[1] | Income tax benefit (expense) for the year ended December 31, 2018 includes $0.3 million of income tax expense related to the adoption of ASU 2018-02 Income Statement – Reporting Comprehensive Income (“ASU 2018-02”). The new guidance was effective January 1, 2018, and allowed a reclassification from accumulated other comprehensive loss to retained earnings for stranded tax effects resulting from the Tax Act. |
Stockholders' Equity - Stock Re
Stockholders' Equity - Stock Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Stockholders' Equity | |||||
Average purchase price per share for share repurchase (in dollars per share) | $ 16.54 | $ 16.59 | |||
Aggregate cost | $ 8,803 | $ 20,845 | $ 93,369 | ||
Remaining authorized repurchase amount | $ 77,400 | $ 77,400 | |||
Common Stock | |||||
Stockholders' Equity | |||||
Shares repurchased during the period (in shares) | 532,034 | 1,263,159 | 5,238,566 | ||
Treasury stock, shares, retired (in shares) | 532,034 | 1,263,159 | |||
Retirement of treasury stock | $ 8,800 | $ 20,800 | $ 8,803 | $ 20,845 | $ 93,369 |
Stockholders' Equity - Dividend
Stockholders' Equity - Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Stockholders' Equity | ||||
Dividends paid (in dollars per share) | $ 0.07 | $ 0.07 | $ 0 | $ 0 |
Amount of dividends paid | $ 4,122 |
Stockholders' Equity - Issuance
Stockholders' Equity - Issuance of Common Stock (Details) $ in Thousands | Jul. 01, 2019directorshares | Jul. 02, 2018directorshares | Mar. 15, 2018employeeshares | Jul. 03, 2017directorshares | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($)employeeshares | May 20, 2019USD ($) | May 23, 2018USD ($) | Dec. 31, 2017 | May 25, 2017USD ($) |
Share-based compensation | |||||||||||
Stock compensation expense before tax benefit | $ 45 | $ 77 | $ 71 | ||||||||
Directors | Restricted Stock | |||||||||||
Share-based compensation | |||||||||||
Fair value of equity grant award approved for each director | $ 50 | $ 50 | $ 50 | ||||||||
Number of restricted stock awards granted | shares | 5,708 | 2,778 | 5,334 | 0 | 5,708 | 2,778 | |||||
Number of directors granted restricted stock awards | director | 2 | 1 | 2 | ||||||||
Number of directors who elected to receive cash in lieu of the stock | director | 2 | 3 | 4 | ||||||||
Stock compensation expense before tax benefit | $ 100 | $ 100 | $ 100 | ||||||||
Officers | Restricted Stock | |||||||||||
Share-based compensation | |||||||||||
Number of restricted stock awards granted | shares | 9,956 | ||||||||||
Issuance of common stock for officer compensation, net of tax withholding | shares | 9,956 | ||||||||||
Number of directors granted restricted stock awards | employee | 4 | ||||||||||
Percentage of total discretionary cash incentive award elected to be received in shares of Company stock | 50.00% | ||||||||||
Number of grantees who elected to receive a portion of total discretionary cash incentive award in shares of company stock | employee | 4 | ||||||||||
Stock compensation expense before tax benefit | $ 200 |
Stock Based Compensation - Plan
Stock Based Compensation - Plans (Details) | Dec. 31, 2020shares |
Stock Based Compensation | |
Shares available for future issuance | 1,463,543 |
Stock Based Compensation - Expe
Stock Based Compensation - Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Stock Based Compensation | |||
Stock compensation expense before tax benefit | $ 45 | $ 77 | $ 71 |
Income tax benefit | (11) | (19) | (19) |
Stock compensation expense after tax benefit | $ 34 | $ 58 | $ 52 |
Stock Based Compensation - Rest
Stock Based Compensation - Restricted stock (Details) - Restricted Stock - USD ($) $ / shares in Units, $ in Millions | Jul. 01, 2019 | Jul. 02, 2018 | Mar. 15, 2018 | Jul. 03, 2017 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Number of Units | |||||||
Unvested restricted stock units outstanding | 0 | ||||||
Weighted Average Grant Date Fair Value | |||||||
Fair values of vested restricted stock and stock options | $ 0.1 | $ 0.1 | $ 0.1 | ||||
Directors | |||||||
Number of Units | |||||||
Number of restricted stock awards granted | 5,708 | 2,778 | 5,334 | 0 | 5,708 | 2,778 | |
Number of units, vested | 5,708 | 2,778 | 5,334 | ||||
Weighted Average Grant Date Fair Value | |||||||
Weighted average grant date fair value, granted (in dollars per share) | $ 17.52 | $ 18 | |||||
Officers | |||||||
Number of Units | |||||||
Number of restricted stock awards granted | 9,956 | ||||||
Number of units, vested | 9,956 | ||||||
Issuance of common stock for officer compensation, net of tax withholding | 9,956 | ||||||
Weighted Average Grant Date Fair Value | |||||||
Weighted average grant date fair value, granted (in dollars per share) | $ 19.32 | ||||||
Fair values of vested restricted stock and stock options | $ 0.2 |
Employee Benefit Plan (Details)
Employee Benefit Plan (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2014 | |
Defined Benefit Plan, Plan Assets, Allocation [Line Items] | ||||
Assets Contributed to 401k Plan | $ 7.9 | |||
Restricted investments | $ 1.2 | $ 2.4 | ||
401(k) Plan distribution period (in years) | 1 year | |||
Compensation expense for assets allocated to participants | $ 1.2 | 1.1 | $ 1.1 | |
Restricted | Maximum | ||||
Defined Benefit Plan, Plan Assets, Allocation [Line Items] | ||||
Gain (loss) on assets | $ 0.1 | $ (0.1) | $ (0.1) |
RiverTown Impact Fees (Details)
RiverTown Impact Fees (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jun. 30, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Real estate sale | ||||
Revenues | $ 160,555 | $ 127,085 | $ 110,276 | |
Mattamy - RiverTown sale | ||||
Real estate sale | ||||
Impact fees received | $ 23,100 | 1,700 | 1,300 | 23,700 |
Residential | Operating Segments | ||||
Real estate sale | ||||
Revenues | $ 74,715 | $ 41,586 | 43,266 | |
Residential | Operating Segments | Real estate - Impact fees | Mattamy - RiverTown sale | ||||
Real estate sale | ||||
Revenues | $ 23,100 |
Other Income, Net - Components
Other Income, Net - Components (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Investment income, net | |||
Interest and dividend income | $ 1,121 | $ 7,375 | $ 9,060 |
Accretion income | 74 | 84 | 684 |
Net realized (loss) gain on the sale of investments | (48) | 87 | (973) |
Other-than-temporary impairment loss | (2,330) | ||
Unrealized loss on investments, net | (4,688) | (5,342) | (3,035) |
Interest income from investments in SPEs | 8,180 | 8,190 | 8,197 |
Interest accrued on notes receivable and other interest | 344 | 320 | 547 |
Total investment income, net | 4,983 | 10,714 | 12,150 |
Interest expense | |||
Interest expense and amortization of discount and issuance costs for Senior Notes issued by SPE | (8,813) | (8,801) | (8,788) |
Other interest expense | (4,751) | (3,501) | (3,052) |
Total interest expense | (13,564) | (12,302) | (11,840) |
Gain on land contribution to equity method investment | 19,983 | 2,317 | |
Other income (expense), net | |||
Accretion income from retained interest investments | 1,391 | 1,325 | 1,232 |
Gain on insurance recovery | 690 | 5,314 | 7,199 |
Loss from hurricane damage | (1,123) | (2,704) | (8,628) |
Miscellaneous income, net | 371 | 198 | 1,349 |
Other income, net | 1,329 | 4,133 | 1,152 |
Total other income, net | $ 12,731 | $ 4,862 | $ 1,462 |
Other Income, Net - Interest Ex
Other Income, Net - Interest Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Other Income, Net | |||
Capitalized interest cost | $ 1.1 | $ 0.6 | $ 0.2 |
Senior Notes held by special purpose entity | |||
Other Income, Net | |||
Effective interest rate (as a percent) | 4.90% |
Other Income, Net - Gain on Lan
Other Income, Net - Gain on Land Contribution and Other Income, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Other Income, Net | ||
Gain on land contribution and mitigation credits | $ 19,983 | $ 2,317 |
Busy Bee JV (SJBB, LLC) | ||
Other Income, Net | ||
Gain on land contributed | 800 | |
Pier Park TPS JV | ||
Other Income, Net | ||
Gain on land contributed | 1,400 | |
Gain on land contribution and mitigation credits | $ 1,500 | |
Sea Sound Apartments JV | ||
Other Income, Net | ||
Gain on land contributed | 3,900 | |
Sea Sound Apartments JV | ||
Other Income, Net | ||
Gain on land contribution and mitigation credits | 4,300 | |
Latitude Margaritaville Watersound JV | ||
Other Income, Net | ||
Gain on land contributed | 15,300 | |
Gain on additional infrastructure improvements contributed | 400 | |
Gain on land contribution and mitigation credits | 15,700 | |
Net present value of land contribution | 16,600 | |
Land contributed, at cost | $ 1,300 | |
Imputed interest rate (as a percent) | 5.75% |
Other Income, Net - Other Incom
Other Income, Net - Other Income, Net (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Nov. 30, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Other Income, Net | ||||
Gain on insurance recovery | $ 690 | $ 5,314 | $ 7,199 | |
Loss from hurricane damage | (1,123) | (2,704) | (8,628) | |
Loss on disposal of assets | $ (146) | 67 | (5,223) | |
Home owners' association settlement | 600 | |||
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) | 11.30% | |||
Hurricane Michael. | ||||
Other Income, Net | ||||
Gain on insurance recovery | $ 700 | 5,300 | 7,200 | |
Loss from hurricane damage | $ (1,100) | $ (2,700) | (8,600) | |
Loss on disposal of assets | (7,300) | |||
Additional hurricane expense | (1,300) | |||
ALP | ||||
Other Income, Net | ||||
Distributions from termination of unconsolidated joint venture | $ 2,200 | $ 2,200 |
Segment Information - Reportabl
Segment Information - Reportable Segments (Details) | 12 Months Ended |
Dec. 31, 2020segment | |
Segment Information | |
Number of reportable segments | 3 |
Segment Information - Informati
Segment Information - Information by Business Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segments | |||
Total revenue | $ 160,555 | $ 127,085 | $ 110,276 |
Cost of revenue | 77,776 | 64,086 | 51,317 |
Other operating and corporate expenses | 22,906 | 21,389 | 20,557 |
Depreciation, depletion and amortization | 12,788 | 10,287 | 8,998 |
Investment income, net | 4,983 | 10,714 | 12,150 |
Interest expense | 13,564 | 12,302 | 11,840 |
Gain on land contribution to equity method investment | 19,983 | 2,317 | |
Other (expense) income, net | 1,329 | 4,133 | 1,152 |
Income before equity in loss from unconsolidated affiliates and income taxes | 59,816 | 36,185 | 30,866 |
Equity in loss from unconsolidated affiliates | (666) | (77) | |
Capital expenditures | 162,243 | 114,286 | 45,196 |
Investment in unconsolidated joint ventures | 37,965 | 5,084 | |
Total assets | 1,037,324 | 909,233 | |
Interest income from investments in SPEs | 8,180 | 8,190 | 8,197 |
Interest expense from Senior Notes issued by SPE | (8,813) | (8,801) | (8,788) |
Latitude Margaritaville Watersound JV | |||
Segments | |||
Gain on land contribution to equity method investment | 15,700 | ||
Equity in loss from unconsolidated affiliates | (524) | (71) | |
Investment in unconsolidated joint ventures | 24,288 | 791 | |
Gain on land contributed | 15,300 | ||
Sea Sound Apartments JV | |||
Segments | |||
Investment in unconsolidated joint ventures | 10,348 | ||
Gain on land contributed | 3,900 | ||
Busy Bee JV (SJBB, LLC) | |||
Segments | |||
Equity in loss from unconsolidated affiliates | (30) | ||
Investment in unconsolidated joint ventures | 1,180 | 1,210 | |
Gain on land contributed | 800 | ||
Pier Park TPS JV | |||
Segments | |||
Gain on land contribution to equity method investment | 1,500 | ||
Equity in loss from unconsolidated affiliates | (112) | (6) | |
Investment in unconsolidated joint ventures | 2,149 | 3,083 | |
Gain on land contributed | 1,400 | ||
Residential | |||
Segments | |||
Equity in loss from unconsolidated affiliates | (524) | (71) | |
Investment in unconsolidated joint ventures | 24,287 | 791 | |
Commercial | |||
Segments | |||
Equity in loss from unconsolidated affiliates | (142) | (6) | |
Investment in unconsolidated joint ventures | 13,678 | 4,293 | |
Operating Segments | Residential | |||
Segments | |||
Total revenue | 74,715 | 41,586 | 43,266 |
Cost of revenue | 30,359 | 20,492 | 10,215 |
Other operating and corporate expenses | 5,283 | 4,873 | 4,717 |
Depreciation, depletion and amortization | 318 | 283 | 288 |
Interest expense | 683 | 717 | 867 |
Gain on land contribution to equity method investment | 15,706 | ||
Other (expense) income, net | (22) | (217) | (508) |
Income before equity in loss from unconsolidated affiliates and income taxes | 53,998 | 15,144 | 26,919 |
Capital expenditures | 33,634 | 28,639 | 15,865 |
Total assets | 172,610 | 139,349 | |
Operating Segments | Residential | Mattamy - RiverTown sale | Real estate - Impact fees | |||
Segments | |||
Total revenue | 23,100 | ||
Operating Segments | Hospitality | |||
Segments | |||
Total revenue | 47,374 | 45,720 | 39,576 |
Cost of revenue | 34,670 | 33,924 | 33,385 |
Other operating and corporate expenses | 1,180 | 838 | 533 |
Depreciation, depletion and amortization | 4,638 | 4,579 | 3,640 |
Interest expense | 222 | 30 | 4 |
Other (expense) income, net | 575 | 225 | (259) |
Income before equity in loss from unconsolidated affiliates and income taxes | 7,238 | 6,574 | 1,817 |
Capital expenditures | 42,770 | 15,923 | 7,400 |
Total assets | 146,724 | 89,570 | |
Operating Segments | Commercial | |||
Segments | |||
Total revenue | 36,665 | 38,823 | 24,620 |
Cost of revenue | 12,228 | 9,593 | 7,494 |
Other operating and corporate expenses | 3,681 | 3,479 | 3,567 |
Depreciation, depletion and amortization | 6,987 | 5,253 | 4,925 |
Interest expense | 3,836 | 2,739 | 2,180 |
Gain on land contribution to equity method investment | 3,949 | 2,244 | |
Other (expense) income, net | 51 | 1,190 | (362) |
Income before equity in loss from unconsolidated affiliates and income taxes | 13,988 | 21,239 | 6,101 |
Capital expenditures | 85,070 | 69,219 | 21,552 |
Total assets | 332,649 | 253,936 | |
Operating Segments | Residential and commercial | |||
Segments | |||
Investment income, net | 298 | 184 | 320 |
Other | |||
Segments | |||
Total revenue | 1,801 | 956 | 2,814 |
Cost of revenue | 519 | 77 | 223 |
Other operating and corporate expenses | 12,762 | 12,199 | 11,740 |
Depreciation, depletion and amortization | 845 | 172 | 145 |
Investment income, net | 4,685 | 10,530 | 11,830 |
Interest expense | 8,823 | 8,816 | 8,789 |
Gain on land contribution to equity method investment | 328 | 73 | |
Other (expense) income, net | 725 | 2,935 | 2,281 |
Income before equity in loss from unconsolidated affiliates and income taxes | (15,408) | (6,772) | (3,971) |
Capital expenditures | 769 | 505 | 379 |
Total assets | 385,341 | 426,378 | |
Interest income from investments in SPEs | 8,200 | 8,200 | 8,200 |
Interest expense from Senior Notes issued by SPE | $ (8,800) | $ (8,800) | (8,800) |
Other | Mitigation bank credit | |||
Segments | |||
Total revenue | $ 2,200 |
Commitments and Contingencies -
Commitments and Contingencies - (Details) - USD ($) $ in Thousands | Jun. 29, 2020 | Nov. 30, 2020 | Nov. 30, 2019 | Jan. 31, 2019 | Nov. 12, 2035 | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Obligations | ||||||||
Accrued liabilities for other litigation, claims, other disputes and governmental proceedings | $ 700 | $ 1,500 | ||||||
Amount of letters of credit outstanding | 6,600 | |||||||
Purchase obligations, total | 157,100 | |||||||
Notes receivable, net | 10,877 | 3,252 | ||||||
Principal balance | 161,418 | 94,507 | ||||||
Deferred tax liabilities | 120,347 | 114,242 | ||||||
Allowance for credit losses within other liabilities | 100 | |||||||
Tax years 2007 and 2008 | ||||||||
Obligations | ||||||||
Deferred tax liabilities | 33,700 | |||||||
Tax year 2014 | ||||||||
Obligations | ||||||||
Deferred tax liabilities | 37,800 | |||||||
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 | ||||||||
Amount as lender of secured revolving promissory note | 10,000 | $ 10,000 | ||||||
Notes receivable, net | 2,700 | |||||||
Surety bonds | ||||||||
Obligations | ||||||||
Commitment obligations | 24,200 | 10,700 | ||||||
Unconsolidated joint ventures | ||||||||
Obligations | ||||||||
Principal balance | 33,088 | 8,242 | ||||||
Pier Park TPS JV | ||||||||
Obligations | ||||||||
Principal balance | 14,388 | 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 | 14,400 | 6,800 | ||||||
Pier Park TPS JV | Pier Park TPS JV Loan | LIBOR | ||||||||
Obligations | ||||||||
Basis spread on variable rate | 2.50% | |||||||
Pier Park TPS JV | Interest rate swap | ||||||||
Obligations | ||||||||
Notional amount | $ 14,400 | |||||||
Busy Bee JV (SJBB, LLC) | ||||||||
Obligations | ||||||||
Principal balance | 6,614 | 1,451 | ||||||
Busy Bee JV (SJBB, LLC) | Busy Bee JV Construction and Equipment Loans | LIBOR | ||||||||
Obligations | ||||||||
Basis spread on variable rate | 1.50% | |||||||
Busy Bee JV (SJBB, LLC) | Busy Bee JV Construction Loan, due November 2035 | ||||||||
Obligations | ||||||||
Notional amount | $ 5,400 | |||||||
Loan amount | 5,400 | |||||||
Principal balance | 5,400 | 1,400 | ||||||
Busy Bee JV (SJBB, LLC) | Busy Bee JV Equipment Loan, due November 2027 | ||||||||
Obligations | ||||||||
Notional amount | 1,200 | |||||||
Loan amount | $ 1,200 | |||||||
Principal balance | $ 1,200 | |||||||
Busy Bee JV (SJBB, LLC) | Busy Bee JV Equipment Loan, due November 2027 | LIBOR | ||||||||
Obligations | ||||||||
Debt interest rate (as a percent) | 1.50% | |||||||
Busy Bee JV (SJBB, LLC) | Busy Bee JV Equipment Loan, due November 2027 | Maximum | ||||||||
Obligations | ||||||||
Principal balance | $ 100 | |||||||
Busy Bee JV (SJBB, LLC) | Interest rate swap | Busy Bee JV Construction Loan, due November 2035 | ||||||||
Obligations | ||||||||
Fixed interest rate (as a percent) | 2.68% | 2.68% | ||||||
Busy Bee JV (SJBB, LLC) | Interest rate swap | Busy Bee JV Construction Loan, due November 2035 | Forecast | ||||||||
Obligations | ||||||||
Notional amount | $ 2,800 | |||||||
Busy Bee JV (SJBB, LLC) | Interest rate swap | Busy Bee JV Equipment Loan, due November 2027 | ||||||||
Obligations | ||||||||
Fixed interest rate (as a percent) | 2.08% | 2.08% | ||||||
Latitude Margaritaville Watersound JV | ||||||||
Obligations | ||||||||
Principal balance | $ 3,297 | |||||||
Latitude Margaritaville Watersound JV | Latitude Margaritaville Watersound JV Loan, due November 2023 | ||||||||
Obligations | ||||||||
Loan amount | $ 25,000 | |||||||
Principal balance | $ 600 | |||||||
Floor rate (as a percent) | 3.25% | |||||||
Latitude Margaritaville Watersound JV | Latitude Margaritaville Watersound JV Loan, due November 2023 | LIBOR | ||||||||
Obligations | ||||||||
Basis spread on variable rate | 2.50% |
Subsequent Event (Details)
Subsequent Event (Details) | Feb. 24, 2021$ / shares |
Subsequent Event. | |
Subsequent Event | |
Dividends declared (in dollars per share) | $ 0.08 |
Schedule III (Consolidated) -_2
Schedule III (Consolidated) - Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule III, Real Estate | ||||
Encumbrances | $ 161,418 | |||
Initial Cost to Company, Land & Improvements | 172,929 | |||
Initial Cost to Company, Buildings & Improvements | 216,610 | |||
Costs Capitalized Subsequent to Acquisition or Construction | 238,074 | |||
Land & Land Improvements | 404,518 | |||
Buildings and Improvements | 223,095 | |||
Total | 627,613 | $ 505,032 | $ 418,494 | $ 404,376 |
Accumulated Depreciation | 75,960 | |||
Aggregate cost of real estate owned for federal income tax purposes | 590,300 | |||
Residential developments | ||||
Schedule III, Real Estate | ||||
Encumbrances | 1,976 | |||
Initial Cost to Company, Land & Improvements | 42,248 | |||
Initial Cost to Company, Buildings & Improvements | 14,846 | |||
Costs Capitalized Subsequent to Acquisition or Construction | 73,071 | |||
Land & Land Improvements | 122,826 | |||
Buildings and Improvements | 7,339 | |||
Total | 130,165 | |||
Accumulated Depreciation | $ 4,744 | |||
Residential developments | Minimum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 5 years | |||
Residential developments | Maximum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 25 years | |||
Water Color Hospitality | ||||
Schedule III, Real Estate | ||||
Initial Cost to Company, Land & Improvements | $ 1,137 | |||
Initial Cost to Company, Buildings & Improvements | 13,688 | |||
Costs Capitalized Subsequent to Acquisition or Construction | 11,387 | |||
Land & Land Improvements | 2,216 | |||
Buildings and Improvements | 23,996 | |||
Total | 26,212 | |||
Accumulated Depreciation | $ 11,194 | |||
Water Color Hospitality | Minimum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 5 years | |||
Water Color Hospitality | Maximum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 40 years | |||
Pier Park Hospitality | ||||
Schedule III, Real Estate | ||||
Initial Cost to Company, Land & Improvements | $ 1,438 | |||
Costs Capitalized Subsequent to Acquisition or Construction | 9,543 | |||
Land & Land Improvements | 10,981 | |||
Total | 10,981 | |||
30A Hospitality | ||||
Schedule III, Real Estate | ||||
Initial Cost to Company, Land & Improvements | 2,143 | |||
Costs Capitalized Subsequent to Acquisition or Construction | 1,580 | |||
Land & Land Improvements | 3,723 | |||
Total | 3,723 | |||
Airport Hospitality | ||||
Schedule III, Real Estate | ||||
Encumbrances | 3,548 | |||
Costs Capitalized Subsequent to Acquisition or Construction | 13,424 | |||
Land & Land Improvements | 13,424 | |||
Total | 13,424 | |||
Breakfast Point Hospitality | ||||
Schedule III, Real Estate | ||||
Costs Capitalized Subsequent to Acquisition or Construction | 5,848 | |||
Land & Land Improvements | 5,848 | |||
Total | 5,848 | |||
The Clubs by JOE | ||||
Schedule III, Real Estate | ||||
Initial Cost to Company, Land & Improvements | 34,648 | |||
Initial Cost to Company, Buildings & Improvements | 20,132 | |||
Costs Capitalized Subsequent to Acquisition or Construction | 10,477 | |||
Land & Land Improvements | 46,372 | |||
Buildings and Improvements | 18,885 | |||
Total | 65,257 | |||
Accumulated Depreciation | $ 23,214 | |||
The Clubs by JOE | Minimum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 10 years | |||
The Clubs by JOE | Maximum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 25 years | |||
Marinas | ||||
Schedule III, Real Estate | ||||
Initial Cost to Company, Land & Improvements | $ 5,350 | |||
Initial Cost to Company, Buildings & Improvements | 2,546 | |||
Costs Capitalized Subsequent to Acquisition or Construction | 4,097 | |||
Land & Land Improvements | 9,438 | |||
Buildings and Improvements | 2,555 | |||
Total | 11,993 | |||
Accumulated Depreciation | $ 1,723 | |||
Marinas | Minimum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 15 years | |||
Marinas | Maximum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 25 years | |||
Other Hospitality | ||||
Schedule III, Real Estate | ||||
Encumbrances | $ 4,047 | |||
Initial Cost to Company, Land & Improvements | 1,558 | |||
Initial Cost to Company, Buildings & Improvements | 12,374 | |||
Costs Capitalized Subsequent to Acquisition or Construction | 3,430 | |||
Land & Land Improvements | 4,898 | |||
Buildings and Improvements | 12,464 | |||
Total | 17,362 | |||
Accumulated Depreciation | $ 2,443 | |||
Other Hospitality | Minimum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 5 years | |||
Other Hospitality | Maximum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 39 years | |||
Pier Park North JV | ||||
Schedule III, Real Estate | ||||
Encumbrances | $ 44,568 | |||
Initial Cost to Company, Land & Improvements | 13,711 | |||
Initial Cost to Company, Buildings & Improvements | 35,243 | |||
Costs Capitalized Subsequent to Acquisition or Construction | 3,115 | |||
Land & Land Improvements | 13,711 | |||
Buildings and Improvements | 38,358 | |||
Total | 52,069 | |||
Accumulated Depreciation | $ 11,086 | |||
Pier Park North JV | Minimum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 15 years | |||
Pier Park North JV | Maximum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 39 years | |||
Town centers | ||||
Schedule III, Real Estate | ||||
Initial Cost to Company, Buildings & Improvements | $ 12,278 | |||
Costs Capitalized Subsequent to Acquisition or Construction | 1,965 | |||
Land & Land Improvements | 335 | |||
Buildings and Improvements | 13,908 | |||
Total | 14,243 | |||
Accumulated Depreciation | $ 10,374 | |||
Town centers | Minimum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 10 years | |||
Town centers | Maximum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 25 years | |||
VentureCrossings | ||||
Schedule III, Real Estate | ||||
Initial Cost to Company, Land & Improvements | $ 6,419 | |||
Initial Cost to Company, Buildings & Improvements | 29,824 | |||
Costs Capitalized Subsequent to Acquisition or Construction | (2,032) | |||
Land & Land Improvements | 4,937 | |||
Buildings and Improvements | 29,274 | |||
Total | 34,211 | |||
Accumulated Depreciation | $ 5,428 | |||
VentureCrossings | Minimum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 10 years | |||
VentureCrossings | Maximum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 39 years | |||
Watersound Origins Crossings | ||||
Schedule III, Real Estate | ||||
Encumbrances | $ 27,179 | |||
Initial Cost to Company, Land & Improvements | 739 | |||
Initial Cost to Company, Buildings & Improvements | 3,457 | |||
Costs Capitalized Subsequent to Acquisition or Construction | 29,129 | |||
Land & Land Improvements | 29,868 | |||
Buildings and Improvements | 3,457 | |||
Total | 33,325 | |||
Pier Park Crossings | ||||
Schedule III, Real Estate | ||||
Encumbrances | 36,084 | |||
Initial Cost to Company, Land & Improvements | 8,228 | |||
Initial Cost to Company, Buildings & Improvements | 27,820 | |||
Land & Land Improvements | 8,228 | |||
Buildings and Improvements | 27,820 | |||
Total | 36,048 | |||
Accumulated Depreciation | $ 1,396 | |||
Pier Park Crossings | Minimum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 7 years | |||
Pier Park Crossings | Maximum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 39 years | |||
Pier Park Crossings Phase II | ||||
Schedule III, Real Estate | ||||
Encumbrances | $ 15,921 | |||
Initial Cost to Company, Land & Improvements | 3,528 | |||
Initial Cost to Company, Buildings & Improvements | 15,389 | |||
Costs Capitalized Subsequent to Acquisition or Construction | 158 | |||
Land & Land Improvements | 3,686 | |||
Buildings and Improvements | 15,389 | |||
Total | 19,075 | |||
Accumulated Depreciation | $ 46 | |||
Pier Park Crossings Phase II | Minimum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 7 years | |||
Pier Park Crossings Phase II | Maximum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 39 years | |||
Watercrest | ||||
Schedule III, Real Estate | ||||
Encumbrances | $ 18,066 | |||
Initial Cost to Company, Land & Improvements | 894 | |||
Costs Capitalized Subsequent to Acquisition or Construction | 27,266 | |||
Land & Land Improvements | 28,160 | |||
Total | 28,160 | |||
Self-Storage | ||||
Schedule III, Real Estate | ||||
Initial Cost to Company, Land & Improvements | 440 | |||
Costs Capitalized Subsequent to Acquisition or Construction | 2,754 | |||
Land & Land Improvements | 3,194 | |||
Total | 3,194 | |||
Beckrich | ||||
Schedule III, Real Estate | ||||
Encumbrances | 5,421 | |||
Initial Cost to Company, Land & Improvements | 2,200 | |||
Initial Cost to Company, Buildings & Improvements | 13,298 | |||
Costs Capitalized Subsequent to Acquisition or Construction | 183 | |||
Land & Land Improvements | 2,223 | |||
Buildings and Improvements | 13,458 | |||
Total | 15,681 | |||
Accumulated Depreciation | $ 741 | |||
Beckrich | Minimum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 5 years | |||
Beckrich | Maximum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 39 years | |||
Watersound Origins | ||||
Schedule III, Real Estate | ||||
Initial Cost to Company, Land & Improvements | $ 1,216 | |||
Initial Cost to Company, Buildings & Improvements | 1,835 | |||
Costs Capitalized Subsequent to Acquisition or Construction | 40 | |||
Land & Land Improvements | 1,256 | |||
Buildings and Improvements | 1,835 | |||
Total | 3,091 | |||
Accumulated Depreciation | $ 102 | |||
Watersound Origins | Minimum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 15 years | |||
Watersound Origins | Maximum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 25 years | |||
Other Commercial leasing | ||||
Schedule III, Real Estate | ||||
Encumbrances | $ 2,792 | |||
Initial Cost to Company, Land & Improvements | 4,674 | |||
Initial Cost to Company, Buildings & Improvements | 12,122 | |||
Costs Capitalized Subsequent to Acquisition or Construction | 436 | |||
Land & Land Improvements | 4,717 | |||
Buildings and Improvements | 12,515 | |||
Total | 17,232 | |||
Accumulated Depreciation | $ 1,403 | |||
Other Commercial leasing | Minimum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 10 years | |||
Other Commercial leasing | Maximum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 39 years | |||
Commercial developments | ||||
Schedule III, Real Estate | ||||
Encumbrances | $ 1,816 | |||
Initial Cost to Company, Land & Improvements | 35,702 | |||
Costs Capitalized Subsequent to Acquisition or Construction | 24,347 | |||
Land & Land Improvements | 60,049 | |||
Total | 60,049 | |||
Accumulated Depreciation | $ 35 | |||
Depreciation Life (in years) | 5 years | |||
Timberlands | ||||
Schedule III, Real Estate | ||||
Initial Cost to Company, Land & Improvements | $ 6,571 | |||
Initial Cost to Company, Buildings & Improvements | 1,758 | |||
Costs Capitalized Subsequent to Acquisition or Construction | 13,254 | |||
Land & Land Improvements | 19,825 | |||
Buildings and Improvements | 1,758 | |||
Total | 21,583 | |||
Accumulated Depreciation | $ 1,986 | |||
Timberlands | Minimum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 5 years | |||
Timberlands | Maximum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 30 years | |||
Corporate and other | ||||
Schedule III, Real Estate | ||||
Costs Capitalized Subsequent to Acquisition or Construction | $ 2,820 | |||
Land & Land Improvements | 2,736 | |||
Buildings and Improvements | 84 | |||
Total | 2,820 | |||
Accumulated Depreciation | $ 45 | |||
Corporate and other | Minimum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 5 years | |||
Corporate and other | Maximum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 20 years | |||
Unimproved land | ||||
Schedule III, Real Estate | ||||
Initial Cost to Company, Land & Improvements | $ 85 | |||
Costs Capitalized Subsequent to Acquisition or Construction | 1,782 | |||
Land & Land Improvements | 1,867 | |||
Total | $ 1,867 |
Schedule III (Consolidated) -_3
Schedule III (Consolidated) - Real Estate and Accumulated Depreciation - Reconciliation of Real Estate Owned (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
SEC Schedule III, Reconciliation of real estate owned | |||
Balance at beginning of the year | $ 505,032 | $ 418,494 | $ 404,376 |
Amounts capitalized | 167,258 | 109,699 | 43,306 |
Impairments | (99) | ||
Cost of real estate sold | (33,324) | (23,608) | (18,347) |
Amounts retired or adjusted | (11,353) | 447 | (10,742) |
Balance at the end of the year | $ 627,613 | $ 505,032 | $ 418,494 |
Schedule III (Consolidated) -_4
Schedule III (Consolidated) - Real Estate and Accumulated Depreciation - Reconciliation of Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
SEC Schedule III, Reconciliation of accumulated depreciation | |||
Balance at beginning of the year | $ 74,256 | $ 67,500 | $ 71,752 |
Depreciation expense | 8,298 | 6,756 | 6,018 |
Amounts retired or adjusted | (6,594) | (10,270) | |
Balance at the end of the year | $ 75,960 | $ 74,256 | $ 67,500 |
Schedule IV (Consolidated) - _2
Schedule IV (Consolidated) - Mortgage Loans on Real Estate (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Mortgage Loans on Real Estate | ||||
Face amount of mortgages | $ 10,349 | |||
Carrying amount of mortgages | 10,321 | $ 2,683 | $ 1,462 | $ 2,995 |
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 128 | |||
Secured revolving promissory note with unconsolidated Latitude Margaritaville Watersound JV, homesite development | ||||
Mortgage Loans on Real Estate | ||||
Interest rate (as a percent) | 5.00% | |||
Face amount of mortgages | $ 2,742 | |||
Carrying amount of mortgages | $ 2,714 | |||
Interest bearing homebuilder note - 5.5% interest rate, due July 2022 | ||||
Mortgage Loans on Real Estate | ||||
Amortization period | 20 years | |||
Seller financing | Interest bearing homebuilder note - 5.5% interest rate, due July 2022 | ||||
Mortgage Loans on Real Estate | ||||
Interest rate (as a percent) | 5.50% | |||
Face amount of mortgages | $ 1,308 | |||
Carrying amount of mortgages | $ 1,308 | |||
Amortization period | 20 years | |||
Seller financing | Interest bearing homebuilder note - 5.5% interest rate, due November 2022, Note 1 | ||||
Mortgage Loans on Real Estate | ||||
Interest rate (as a percent) | 5.50% | |||
Face amount of mortgages | $ 1,111 | |||
Carrying amount of mortgages | $ 1,111 | |||
Amortization period | 20 years | |||
Seller financing | Interest bearing homebuilder note - 5.5% interest rate, due December 2022, Note 1 | ||||
Mortgage Loans on Real Estate | ||||
Interest rate (as a percent) | 5.50% | |||
Face amount of mortgages | $ 1,064 | |||
Carrying amount of mortgages | $ 1,064 | |||
Amortization period | 20 years | |||
Seller financing | Interest bearing homebuilder note - 5.5% interest rate, due November 2022, Note 2 | ||||
Mortgage Loans on Real Estate | ||||
Interest rate (as a percent) | 5.50% | |||
Face amount of mortgages | $ 940 | |||
Carrying amount of mortgages | $ 940 | |||
Amortization period | 20 years | |||
Seller financing | Interest bearing homebuilder note - 5.5% interest rate, due December 2022, Note 2 | ||||
Mortgage Loans on Real Estate | ||||
Interest rate (as a percent) | 5.50% | |||
Face amount of mortgages | $ 742 | |||
Carrying amount of mortgages | $ 742 | |||
Amortization period | 20 years | |||
Seller financing | Interest bearing homebuilder note - 5.5% interest rate, due June 2021 | ||||
Mortgage Loans on Real Estate | ||||
Interest rate (as a percent) | 5.50% | |||
Face amount of mortgages | $ 637 | |||
Carrying amount of mortgages | $ 637 | |||
Amortization period | 20 years | |||
Seller financing | Interest bearing homebuilder note - 5.5% interest rate, due December 2021 | ||||
Mortgage Loans on Real Estate | ||||
Interest rate (as a percent) | 5.50% | |||
Face amount of mortgages | $ 554 | |||
Carrying amount of mortgages | $ 554 | |||
Amortization period | 20 years | |||
Seller financing | Interest bearing homebuilder note - 5.5% interest rate, due September 2022, Note 1 | ||||
Mortgage Loans on Real Estate | ||||
Interest rate (as a percent) | 5.50% | |||
Face amount of mortgages | $ 532 | |||
Carrying amount of mortgages | $ 532 | |||
Amortization period | 20 years | |||
Seller financing | Interest bearing homebuilder note - 5.5% interest rate, due September 2022, Note 2 | ||||
Mortgage Loans on Real Estate | ||||
Interest rate (as a percent) | 5.50% | |||
Face amount of mortgages | $ 528 | |||
Carrying amount of mortgages | $ 528 | |||
Amortization period | 20 years | |||
Seller financing | Interest bearing homebuilder note - 6.3% interest rate, due March 2020 (settled in January 2021) | ||||
Mortgage Loans on Real Estate | ||||
Interest rate (as a percent) | 6.30% | |||
Face amount of mortgages | $ 128 | |||
Carrying amount of mortgages | 128 | |||
Principal Amount of Loans Subject to Delinquent Principal or Interest | 128 | |||
Annual principal payment | $ 100 | |||
Amortization period | 20 years | |||
Various other seller financing | Various mortgage notes, secured by certain real estate, bearing interest at various rates | ||||
Mortgage Loans on Real Estate | ||||
Face amount of mortgages | $ 63 | |||
Carrying amount of mortgages | $ 63 | |||
Various other seller financing | Various mortgage notes, secured by certain real estate, bearing interest at various rates | Minimum | ||||
Mortgage Loans on Real Estate | ||||
Interest rate (as a percent) | 6.40% | |||
Various other seller financing | Various mortgage notes, secured by certain real estate, bearing interest at various rates | Maximum | ||||
Mortgage Loans on Real Estate | ||||
Interest rate (as a percent) | 6.50% |
Schedule IV (Consolidated) - _3
Schedule IV (Consolidated) - Mortgage Loans on Real Estate - Carrying Amount of Mortgage Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Changes in carrying amount of mortgage loans | |||
Balance at beginning of the year | $ 2,683 | $ 1,462 | $ 2,995 |
Additions during the year - new mortgage loans | 9,615 | 2,386 | 1,471 |
Collections of principal | 1,949 | 1,165 | 3,004 |
Other | 28 | ||
Balance at the end of the year | $ 10,321 | $ 2,683 | $ 1,462 |