Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 26, 2021 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
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 Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 58,882,549 | |
Entity Central Index Key | 0000745308 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
ASSETS | ||
Investment in real estate, net | $ 569,201 | $ 551,653 |
Investment in unconsolidated joint ventures | 40,776 | 37,965 |
Cash and cash equivalents | 52,313 | 106,794 |
Investments - debt securities | 93,973 | 48,051 |
Investments - equity securities | 1,589 | 2,623 |
Other assets | 62,315 | 63,243 |
Property and equipment, net of accumulated depreciation of $61,816 and $60,433 at March 31, 2021 and December 31, 2020, respectively | 27,456 | 20,846 |
Investments held by special purpose entities | 205,770 | 206,149 |
Total assets | 1,053,393 | 1,037,324 |
Liabilities: | ||
Debt, net | 169,730 | 158,915 |
Other liabilities | 76,930 | 72,035 |
Deferred tax liabilities, net | 61,272 | 60,915 |
Senior Notes held by special purpose entity | 177,357 | 177,289 |
Total liabilities | 485,289 | 469,154 |
Commitments and contingencies | ||
Equity: | ||
Common stock, no par value; 180,000,000 shares authorized; 58,882,549 issued and outstanding at March 31, 2021 and December 31, 2020 | 296,873 | 296,873 |
Retained earnings | 253,701 | 255,216 |
Accumulated other comprehensive loss | (1,210) | (1,472) |
Total stockholders' equity | 549,364 | 550,617 |
Non-controlling interest | 18,740 | 17,553 |
Total equity | 568,104 | 568,170 |
Total liabilities and equity | 1,053,393 | 1,037,324 |
Variable Interest Entities | ||
ASSETS | ||
Investment in real estate, net | 170,550 | 170,853 |
Cash and cash equivalents | 6,957 | 2,639 |
Other assets | 18,119 | 13,821 |
Investments held by special purpose entities | 205,770 | 206,149 |
Total assets | 401,396 | 393,462 |
Liabilities: | ||
Debt, net | 145,430 | 139,592 |
Other liabilities | 7,356 | 9,596 |
Senior Notes held by special purpose entity | 177,357 | 177,289 |
Total liabilities | $ 330,143 | $ 326,477 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
CONSOLIDATED BALANCE SHEETS | ||
Property and equipment, Accumulated depreciation | $ 61,816 | $ 60,433 |
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 | 58,882,549 |
Common stock, outstanding (in shares) | 58,882,549 | 58,882,549 |
CONSOLIDATED BALANCE SHEETS - V
CONSOLIDATED BALANCE SHEETS - VIEs - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
ASSETS | ||
Investment in real estate | $ 569,201 | $ 551,653 |
Cash and cash equivalents | 52,313 | 106,794 |
Other assets | 62,315 | 63,243 |
Investments held by special purpose entities | 205,770 | 206,149 |
Total assets | 1,053,393 | 1,037,324 |
LIABILITIES | ||
Debt, net | 169,730 | 158,915 |
Other liabilities | 76,930 | 72,035 |
Senior Notes held by special purpose entity | 177,357 | 177,289 |
Total liabilities | 485,289 | 469,154 |
Variable Interest Entities | ||
ASSETS | ||
Investment in real estate | 170,550 | 170,853 |
Cash and cash equivalents | 6,957 | 2,639 |
Other assets | 18,119 | 13,821 |
Investments held by special purpose entities | 205,770 | 206,149 |
Total assets | 401,396 | 393,462 |
LIABILITIES | ||
Debt, net | 145,430 | 139,592 |
Other liabilities | 7,356 | 9,596 |
Senior Notes held by special purpose entity | 177,357 | 177,289 |
Total liabilities | $ 330,143 | $ 326,477 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenue: | ||
Leasing revenue | $ 5,594 | $ 4,300 |
Total revenue | 41,305 | 18,574 |
Expenses: | ||
Cost of leasing revenue | 2,664 | 612 |
Other operating and corporate expenses | 7,069 | 6,916 |
Depreciation, depletion and amortization | 3,853 | 3,073 |
Total expenses | 35,766 | 19,899 |
Operating income (loss) | 5,539 | (1,325) |
Other income (expense): | ||
Investment income (loss), net | 1,195 | (1,609) |
Interest expense | (3,671) | (3,345) |
Gain on contribution to equity method investment | 120 | 4,277 |
Other income, net | 1,294 | 255 |
Total other expense, net | (1,062) | (422) |
Income (loss) before equity in loss from unconsolidated affiliates and income taxes | 4,477 | (1,747) |
Equity in loss from unconsolidated affiliates | (468) | (83) |
Income tax (expense) benefit | (1,052) | 495 |
Net income (loss) | 2,957 | (1,335) |
Net loss (income) attributable to non-controlling interest | 239 | (198) |
Net income (loss) attributable to the Company | $ 3,196 | $ (1,533) |
Basic and Diluted | ||
Weighted average shares outstanding (in shares) | 58,882,549 | 59,375,618 |
Net income per share attributable to the Company | $ 0.05 | $ (0.03) |
Real estate | ||
Revenue: | ||
Revenue | $ 21,053 | $ 5,808 |
Expenses: | ||
Cost of revenue | 10,544 | 1,799 |
Hospitality | ||
Revenue: | ||
Revenue | 13,067 | 6,610 |
Expenses: | ||
Cost of revenue | 11,495 | 7,320 |
Timber | ||
Revenue: | ||
Revenue | 1,591 | 1,856 |
Expenses: | ||
Cost of revenue | $ 141 | $ 179 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net income (loss): | $ 2,957 | $ (1,335) |
Other comprehensive income (loss): | ||
Interest rate swap | 157 | (729) |
Interest rate swap - unconsolidated affiliate | 211 | |
Reclassification of net realized (gain) loss included in earnings | (15) | (4) |
Total before income taxes | 351 | (743) |
Income tax (expense) benefit | (89) | 188 |
Total other comprehensive income (loss), net of tax | 262 | (555) |
Total comprehensive income (loss), net of tax | 3,219 | (1,890) |
Total comprehensive loss (income) attributable to non-controlling interest | 239 | (198) |
Total comprehensive income (loss) attributable to the Company | 3,458 | (2,088) |
Unrestricted available-for-sale, Debt securities | ||
Other comprehensive income (loss): | ||
Net unrealized loss on investments | $ (2) | |
Restricted | ||
Other comprehensive income (loss): | ||
Net unrealized loss on investments | $ (10) |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock | Retained EarningsAdjustment | Retained Earnings | Accumulated Other Comprehensive Loss. | Treasury Stock | Non-controlling Interest | Adjustment | Total |
Beginning Balance (in shares) at Dec. 31, 2019 | 59,414,583 | |||||||
Beginning Balance at Dec. 31, 2019 | $ 305,631 | $ (90) | $ 214,225 | $ (335) | $ 10,149 | $ (90) | $ 529,670 | |
Increase (Decrease) in Stockholders' Equity | ||||||||
Stock based compensation expense | $ 27 | 27 | ||||||
Repurchase of common shares | $ (6,807) | (6,807) | ||||||
Repurchase of common shares (in shares) | (411,113) | |||||||
Other comprehensive income, net of tax | (555) | (555) | ||||||
Net income | (1,533) | 198 | (1,335) | |||||
Ending Balance at Mar. 31, 2020 | $ 305,658 | 212,602 | (890) | $ (6,807) | 10,347 | $ 520,910 | ||
Ending Balance (in shares) at Mar. 31, 2020 | 59,003,470 | |||||||
Beginning Balance (in shares) at Dec. 31, 2020 | 58,882,549 | 58,882,549 | ||||||
Beginning Balance at Dec. 31, 2020 | $ 296,873 | 255,216 | (1,472) | 17,553 | $ 568,170 | |||
Increase (Decrease) in Stockholders' Equity | ||||||||
Capital contribution from non-controlling interest | 1,745 | 1,745 | ||||||
Capital distribution to non-controlling interest | (319) | (319) | ||||||
Repurchase of common shares (in shares) | 0 | |||||||
Dividends ($0.08 per share) | (4,711) | (4,711) | ||||||
Other comprehensive income, net of tax | 262 | 262 | ||||||
Net income | 3,196 | (239) | 2,957 | |||||
Ending Balance at Mar. 31, 2021 | $ 296,873 | $ 253,701 | $ (1,210) | $ 18,740 | $ 568,104 | |||
Ending Balance (in shares) at Mar. 31, 2021 | 58,882,549 | 58,882,549 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) | 3 Months Ended |
Mar. 31, 2021$ / shares | |
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY | |
Dividends (in dollars per share) | $ 0.08 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities: | ||
Net income (loss): | $ 2,957 | $ (1,335) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation, depletion and amortization | 3,853 | 3,073 |
Stock based compensation | 27 | |
(Gain) loss on sale of investments | (17) | 48 |
Unrealized loss on investments, net | 1,049 | 4,761 |
Equity in loss from unconsolidated affiliates | 468 | 83 |
Deferred income tax expense | 268 | 935 |
Cost of real estate sold | 9,839 | 1,593 |
Expenditures for and acquisition of real estate to be sold | (12,038) | (6,323) |
Accretion income and other | (188) | (268) |
Gain on land contribution to equity method investment | (120) | (4,277) |
Gain on insurance for damage to property and equipment, net | (866) | |
Changes in operating assets and liabilities: | ||
Other assets | 816 | 4,390 |
Other liabilities | 3,807 | 1,408 |
Income taxes receivable | (998) | |
Net cash provided by operating activities | 9,828 | 3,117 |
Cash flows from investing activities: | ||
Expenditures for operating property | (24,319) | (32,974) |
Expenditures for property and equipment | (803) | (1,476) |
Proceeds from insurance claims | 866 | |
Purchases of investments - debt securities | (84,971) | (49,927) |
Purchases of restricted investments | (12) | |
Maturities of investments - debt securities | 39,000 | |
Sales of investments - debt securities | 36 | |
Sales of investments - equity securities | 9 | 2,502 |
Sales of restricted investments | 1,173 | 1,208 |
Maturities of assets held by special purpose entities | 416 | 415 |
Net cash used in investing activities | (68,593) | (80,264) |
Cash flows from financing activities: | ||
Capital contribution from non-controlling interests | 1,745 | |
Capital distribution to non-controlling interests | (319) | |
Capital contribution to unconsolidated affiliates | (2,500) | (600) |
Repurchase of common shares | (6,807) | |
Dividends paid | (4,711) | |
Borrowings on debt | 11,343 | 6,545 |
Principal payments for debt | (449) | (272) |
Principal payments under finance lease obligation | (21) | (11) |
Debt issuance costs | (540) | (193) |
Net cash provided by (used in) financing activities | 4,548 | (1,338) |
Net decrease in cash, cash equivalents and restricted cash | (54,217) | (78,485) |
Cash, cash equivalents and restricted cash at beginning of the year | 110,119 | 188,677 |
Cash, cash equivalents and restricted cash at end of the year | $ 55,902 | $ 110,192 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash, cash equivalents and restricted cash: | ||
Cash and cash equivalents | $ 52,313 | $ 106,427 |
Restricted cash included in other assets | 3,589 | 3,765 |
Total cash, cash equivalents and restricted cash shown in the accompanying condensed consolidated statements of cash flows | 55,902 | 110,192 |
Cash paid during the period for: | ||
Interest, net of amounts capitalized | 5,207 | 5,110 |
Non-cash financing and investment activities: | ||
Non-cash contribution to equity method investment | (574) | (5,476) |
Decrease in Community Development District debt | (2) | (225) |
Transfers of operating property to property and equipment | 7,092 | 346 |
Decrease in expenditures for operating properties and property and equipment financed through accounts payable | $ (551) | $ (1,556) |
Nature of Operations
Nature of Operations | 3 Months Ended |
Mar. 31, 2021 | |
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. The Company conducts primarily all of its business in the following three reportable segments: 1) residential, 2) hospitality and 3) commercial. See Note 17. Segment Information. |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Significant Accounting Policies | |
Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying unaudited interim condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for reporting on Form 10-Q. Accordingly, certain information and footnotes required by United States generally accepted accounting principles (“GAAP”) for complete financial statements are not included herein. The unaudited interim condensed consolidated financial statements include the accounts of the Company and all of its majority-owned and controlled subsidiaries and variable interest entities where the Company deems itself the primary beneficiary. Investments in joint ventures (“JV”) and limited partnerships in which the Company is not the primary beneficiary are accounted for by the equity method. All significant intercompany transactions and balances have been eliminated in consolidation. The December 31, 2020 condensed consolidated balance sheet amounts have been derived from the Company’s December 31, 2020 audited consolidated financial statements. Certain prior period amounts in the accompanying condensed consolidated financial statements have been reclassified to conform to the current year presentation. These reclassifications had no effect on the Company’s previously reported total assets and liabilities, stockholders’ equity or net income (loss). Operating results for the three months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2021. 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. Joint Ventures The unaudited interim condensed consolidated financial statements reflect all normal recurring adjustments that, in the opinion of management, are necessary for fair presentation of the information contained herein. The unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. The Company adheres to the same accounting policies in preparation of its unaudited interim condensed consolidated financial statements as the Company’s December 31, 2020 annual financial statements, except for recently adopted accounting pronouncements detailed below. As required under GAAP, interim accounting for certain expenses, including income taxes, are based on full year assumptions. For interim financial reporting purposes, income taxes are recorded based upon estimated annual income tax rates. Concentration of Risks and Uncertainties The Company’s real estate investments are concentrated in Northwest Florida. Uncertain economic conditions could have an adverse impact on the Company’s real estate values. On March 11, 2020, the World Health Organization characterized the outbreak of the novel coronavirus (“COVID-19”), as a global pandemic and recommended containment and mitigation measures. The economic conditions in the United States have been negatively impacted by the continued threat by 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. 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 March 31, 2021, these balances exceeded the amount of F.D.I.C. insurance provided on such deposits. In addition, as of March 31, 2021 the company had $16.0 million invested in short-term U.S. Treasury Bills classified as cash equivalents, $17.0 million invested in U.S. Treasury Money Market Funds, $94.0 million invested in U.S. Treasury Bills classified as investments – debt securities, and $1.6 million invested in two 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 months ended March 31, 2021 and 2020 the Company did not have any potential dilutive instruments, therefore, basic and diluted weighted average shares outstanding were equal. Recently Adopted Accounting Pronouncements Income Taxes In December 2019, the FASB issued ASU 2019-12, Income Taxes - Simplifying the Accounting for Income Taxes Investments – Equity Securities, Investments-Equity Method and Joint Ventures and Derivatives and Hedging In January 2020, the FASB issued ASU 2020-01, Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 (a consensus of the Emerging Issues Task Force ), which clarifies the interaction between the accounting standard on recognition and measurement of financial instruments in Topic 321 , Investments—Equity Securities and Topic 323, Investments—Equity Method and Joint Ventures . . . Codification Improvements In October 2020, the FASB issued ASU 2020-10, Codification Improvements have an impact on the Company’s financial condition, results of operations and cash flows and did not have a material impact on the disclosures to the financial statements. Recently Issued Accounting Pronouncements Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting that provides temporary In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848) which clarifies the original guidance that certain optional expedients and exceptions in contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. through December 31, 2022, as reference rate activities occur. There is no current impact to the Company from this guidance and the Company is evaluating the impact that the adoption of this guidance will have on its financial condition, results of operations and cash flows. |
Investment in Real Estate
Investment in Real Estate | 3 Months Ended |
Mar. 31, 2021 | |
Investment in Real Estate | |
Investment in Real Estate | 3. Investment in Real Estate Real estate by property type and segment includes the following: March 31, December 31, 2021 2020 Development property: Residential $ 115,099 $ 116,911 Hospitality 66,430 51,113 Commercial 98,352 123,389 Other 3,259 2,691 Total development property 283,140 294,104 Operating property: Residential 13,253 13,254 Hospitality 105,046 103,687 Commercial 246,054 216,439 Other 129 129 Total operating property 364,482 333,509 Less: Accumulated depreciation 78,421 75,960 Total operating property, net 286,061 257,549 Investment in real estate, net $ 569,201 $ 551,653 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 development property includes residential communities such as Watersound Origins, SouthWood and WindMark Beach, as well as other communities. Hospitality development property consists of land, improvements and construction and development costs primarily related to the Pier Park Resort Hotel JV, Watersound Camp Creek club amenity, 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 and construction and development costs for commercial, multi-family and industrial uses, including the 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 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, senior living and commercial rental purposes, including property in the Pier Park North JV, VentureCrossings, Pier Park Crossings JV, Pier Park Crossings II JV, Watersound Origins Crossings JV, Watercrest 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. |
Joint Ventures
Joint Ventures | 3 Months Ended |
Mar. 31, 2021 | |
Joint Ventures | |
Joint Ventures | 4. Joint Ventures The Company enters into 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 The Lodge 30A JV was created in July 2020, when the Company entered into a JV agreement to develop and operate a boutique hotel in Seagrove Beach, Florida. The JV parties are working together to develop and construct the 85 room hotel. The hotel is located on Scenic County Highway 30A on land that was contributed to the JV by the Company’s JV partner. As of March 31, 2021 and 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 March 31, 2021 and December 31, 2020. Pier Park Resort Hotel JV Pier Park Resort Hotel JV was created in April 2020, when the Company entered into a JV agreement to develop and operate an Embassy Suites hotel in Panama City Beach, Florida. The JV parties are working together to develop and construct a 255 room hotel. The hotel is located on land in the Pier Park area that was contributed to the JV by the Company. As of March 31, 2021 and December 31, 2020, the Company owned a 70.0% interest in the consolidated JV. The Company’s partner is currently responsible for the construction activities of the JV, but once operational, a wholly-owned subsidiary of the Company will manage the day-to-day operations of the hotel. The Company has significant involvement in the project design and development, annual budgets and financing. The Company determined Pier Park Resort Hotel JV is a VIE and that the Company is the VIE’s primary beneficiary as of March 31, 2021 and December 31, 2020. Pier Park Crossings Phase II JV Pier Park Crossings Phase II JV was created in October 2019, when the Company entered into a JV agreement to develop, manage and lease apartments in Panama City Beach, Florida. Construction of the 120 unit apartment community was completed in December 2020. The community is located on land in the Pier Park area that was contributed to the JV by the Company. As of March 31, 2021 and December 31, 2020, the Company owned a 75.0% interest in the consolidated JV. The Company’s partner is responsible for the day-to-day activities of the JV. However, the Company approves all major decisions, including project development, annual budgets and financing. The Company determined Pier Park Crossings Phase II JV is a VIE and that the Company is the VIE’s primary beneficiary as of March 31, 2021 and December 31, 2020. Watersound Closings JV Watersound Closings JV was created in October 2019, when the Company entered into a JV agreement to own, operate and manage a real estate title insurance agency business. As of March 31, 2021 and December 31, 2020, the Company owned a 58.0% interest in the consolidated JV. A wholly-owned subsidiary of the Company is the managing member of Watersound Closings JV and is responsible for the day-to-day activities of the business. As the manager of the JV, as well as the majority member, the Company has the power to direct all of the activities of the JV that most significantly impact economic performance. The Company determined Watersound Closings JV is a VIE and that the Company is the VIE’s primary beneficiary as of March 31, 2021 and December 31, 2020. Watercrest JV Watercrest JV was created in May 2019, when the Company entered into a JV agreement to develop and operate a new senior living community in Santa Rosa Beach, Florida. Construction of the 107 unit community was completed in the fourth quarter of 2020. The community is located on land that was contributed to the JV by the Company. As of March 31, 2021 and December 31, 2020, the Company owned an 87.0% interest in the consolidated JV. A wholly-owned subsidiary of the Company’s JV partner is responsible for the day-to-day activities of the community. However, the Company approves all major decisions, including project development, annual budgets and financing. The Company determined Watercrest JV is a VIE and that the Company is the VIE’s primary beneficiary as of March 31, 2021 and December 31, 2020. Watersound Origins Crossings JV Watersound Origins Crossings JV was created in January 2019, when the Company entered into a JV agreement to develop, manage and lease apartments in Watersound, Florida. The JV parties are working together to develop and construct the remaining 163 units of the 217 unit apartment community. The community is located on land near the entrance to the Watersound Origins residential community, which was contributed to the JV by the Company. As of March 31, 2021 and December 31, 2020 the Company owned a 75.0% interest in the consolidated JV. A wholly-owned subsidiary of the Company’s JV partner is responsible for the day-to-day activities of the community. However, the Company has significant involvement in the design of the development and approves all major decisions, including project development, annual budgets and financing. The Company determined Watersound Origins Crossings JV is a VIE and that the Company is the VIE’s primary beneficiary as of March 31, 2021 and December 31, 2020. Pier Park Crossings JV Pier Park Crossings JV was created in April 2017, when the Company entered into a JV agreement to develop, manage and lease apartments in Panama City Beach, Florida. The 240 unit apartment community is located on land in the Pier Park area that was contributed to the JV by the Company. As of March 31, 2021 and December 31, 2020, the Company owned a 75.0% interest in the consolidated JV. A wholly-owned subsidiary of the Company’s JV partner is responsible for the day-to-day activities of the community. However, the Company approves all major decisions, including project development, annual budgets and financing. The Company determined Pier Park Crossings JV is a VIE and that the Company is the VIE’s primary beneficiary as of March 31, 2021 and December 31, 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 March 31, 2021 and December 31, 2020, the Company owned a 60.0% interest in the consolidated JV. A wholly-owned subsidiary of the Company’s JV 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 March 31, 2021 and December 31, 2020. 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: March 31, December 31, 2021 2020 Investment in unconsolidated joint ventures Latitude Margaritaville Watersound JV $ 26,714 $ 24,288 Sea Sound Apartments JV 10,346 10,348 Pier Park TPS JV 2,314 2,149 Busy Bee JV 1,402 1,180 Total investment in unconsolidated joint ventures $ 40,776 $ 37,965 Outstanding debt of unconsolidated JVs Latitude Margaritaville Watersound JV (a) $ 7,599 $ 3,297 Sea Sound Apartments JV 15,648 8,789 Pier Park TPS JV 14,340 14,388 Busy Bee JV 6,539 6,614 Total outstanding debt of unconsolidated JVs (b) $ 44,126 $ 33,088 (a) See Note 9. Other Assets for additional information on the $10.0 million secured revolving promissory note Company entered into with the unconsolidated Latitude Margaritaville Watersound JV. (b) See Note 18. Commitments and Contingencies for additional information. The following table presents detail of the Company’s equity in (loss) income from unconsolidated affiliates: Three Months Ended March 31, 2021 2020 Equity in (loss) income from unconsolidated affiliates Latitude Margaritaville Watersound JV $ (642) $ (74) Sea Sound Apartments JV (2) — Pier Park TPS JV (46) (3) Busy Bee JV 222 (6) Total equity in loss from unconsolidated affiliates $ (468) $ (83) Latitude Margaritaville Watersound JV LMWS, LLC (“Latitude Margaritaville Watersound JV”) was created in June 2019, when the Company entered into a JV agreement to develop a 55+ active adult residential community in Bay County, Florida. The JV parties are working together to develop the first phase of the community. Construction of the sales center and 13 model homes was completed in April 2021. In addition, homesite infrastructure for the initial neighborhoods is underway, with site development of 616 homesites. The community is located on land that was contributed to the JV by the Company in June 2020. As part of the land 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 March 31, 2021, the Company’s investment in the unconsolidated Latitude Margaritaville Watersound JV includes $9.2 million of cash contributions and $16.6 million for the net present value of the land contribution. As of March 31, 2021, the Company’s JV partner contributed $9.2 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 March 31, 2021, the Company completed $2.4 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. The Latitude Margaritaville Watersound JV community is estimated to include approximately 3,500 residential homes, which will be developed in smaller increments of discrete neighborhoods. As of March 31, 2021 and December 31, 2020, the Company owned a 50.0% voting interest in the JV. Each JV member will continue to contribute an equal amount of cash t owards the development and construction of the main spine infrastructure and amenities. Per the JV agreement, the Company has provided interest-bearing financing in the form of a revolving promissory note to the Latitude Margaritaville Watersound JV to finance the development of the pod-level, non-spine infrastructure, which will be repaid by the JV as each home is sold by the JV. See Note 9. Other Assets Commitments and Contingencies Summarized financial information for Latitude Margaritaville Watersound JV is as follows: March 31, December 31, 2021 2020 BALANCE SHEETS: Investment in real estate (a) $ 24,466 $ 18,255 Cash and cash equivalents 3,116 1,603 Other assets 156 136 Total assets $ 27,738 $ 19,994 Debt, net $ 7,185 $ 2,844 Other liabilities 862 1,794 Equity 19,691 15,356 Total liabilities and equity $ 27,738 $ 19,994 (a) As of March 31, 2021 and 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 $2.4 million and $1.8 million, respectively. Three Months Ended March 31, 2021 2020 STATEMENTS OF OPERATIONS: Total expenses $ 1,239 $ 149 Net loss $ (1,239) $ (149) Sea Sound Apartments JV FDSJ Eventide, LLC (“Sea Sound Apartments JV”) was created in January 2020. The Company entered into a JV agreement to develop, construct and manage a 300 unit apartment community in Panama City Beach, Florida. The JV parties are currently working together to construct the project. 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. As of March 31, 2021 and 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. Summarized financial information for Sea Sound Apartments JV is as follows: March 31, December 31, 2021 2020 BALANCE SHEET: Investment in real estate $ 38,339 $ 29,085 Cash and cash equivalents 14 15 Other assets 20 — Total assets $ 38,373 $ 29,100 Debt, net $ 15,286 $ 8,378 Other liabilities 5,807 3,439 Equity 17,280 17,283 Total liabilities and equity $ 38,373 $ 29,100 Three Months Ended March 31, 2021 2020 STATEMENTS OF OPERATIONS: Total expenses $ 3 $ — Net loss $ (3) $ — Pier Park TPS, LLC Pier Park TPS, LLC (“Pier Park TPS JV”) was created in April 2018. The Company entered into a JV agreement to develop and operate a 124 room hotel in Panama City Beach, Florida. The hotel opened in May 2020 and is located on land in the Pier Park area that the Company contributed to the JV in January 2019. As of March 31, 2021 and December 31, 2020, the Company owned a 50.0% interest in the JV. The Company’s partner is responsible for the day-to-day activities of the JV. The Company has determined that Pier Park TPS JV is a VIE, but that the Company is not the primary beneficiary since it does not have the power to direct the activities that most significantly impact the economic performance of the JV. The Company’s investment in Pier Park TPS JV is accounted for using the equity method. See Note 18. Commitments and Contingencies Summarized financial information for Pier Park TPS JV is as follows: March 31, December 31, 2021 2020 BALANCE SHEETS: Property and equipment, net $ 17,595 $ 17,946 Cash and cash equivalents 2,080 1,705 Other assets 207 483 Total assets $ 19,882 $ 20,134 Debt, net $ 14,045 $ 14,090 Other liabilities 1,453 1,745 Equity 4,384 4,299 Total liabilities and equity $ 19,882 $ 20,134 Three Months Ended March 31, 2021 2020 STATEMENTS OF OPERATIONS: Total revenue $ 937 $ — Expenses: Cost of revenue 435 — Other operating expenses 78 3 Depreciation and amortization 358 — Total expenses 871 3 Operating income (loss) 66 (3) Interest expense (158) (3) Net loss $ (92) $ (6) SJBB, LLC SJBB, LLC (“Busy Bee JV”) was created in July 2019, when the Company entered into a JV agreement to construct, own and manage a Busy Bee branded fuel station and convenience store in Panama City Beach, Florida. The project is located on land that the Company contributed to the JV in July 2019. Construction of the fuel station and convenience store was completed in June 2020. As of March 31, 2021 and December 31, 2020, the Company owned a 50.0% interest in the JV. The Company’s partner is responsible for the day-to-day activities of the JV. The Company has determined that Busy Bee JV is a VIE, but that the Company is not the primary beneficiary since it does not have the power to direct the activities that most significantly impact the economic performance of the JV. The Company’s investment in the Busy Bee JV is accounted for using the equity method. See Note 18. Commitments and Contingencies for additional information related to debt guaranteed by the Company. Summarized financial information for Busy Bee JV is as follows: March 31, December 31, 2021 2020 BALANCE SHEETS: Property and equipment, net $ 8,385 $ 8,466 Cash and cash equivalents 284 227 Other assets 941 717 Total assets $ 9,610 $ 9,410 Debt, net $ 6,463 $ 6,532 Other liabilities 385 506 Equity 2,762 2,372 Total liabilities and equity $ 9,610 $ 9,410 Three Months Ended March 31, 2021 2020 STATEMENTS OF OPERATIONS: Total revenue $ 2,792 $ — Expenses: Cost of revenue 2,247 — Other operating expenses 462 6 Depreciation and amortization 115 — Total expenses 2,824 6 Operating loss (32) (6) Other (expense) income: Interest expense (53) (5) Other income, net 474 — Total other income (expense) 421 (5) Net income (loss) $ 389 $ (11) |
Investments
Investments | 3 Months Ended |
Mar. 31, 2021 | |
Investments | |
Investments | 5. Investments Available-For-Sale Investments Investments classified as available-for-sale securities were as follows: March 31, 2021 Gross Unrealized Gross Unrealized Amortized Cost Gains (Losses) Fair Value Investments - debt securities: U.S. Treasury Bills $ 93,969 $ 5 $ (1) $ 93,973 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 During the three months ended March 31, 2021 net realized gains from the sale of available-for-sale securities were less than $0.1 million, proceeds from the sale of available-for-sale securities were $1.2 million and purchases of available-for-sale securities were $85.0 million. During the three months ended March 31, 2020 net realized gains from the sale of available-for-sale securities were less than $0.1 million, proceeds from the sale of available-for-sale securities were $1.2 million and purchases of available-for sale securities were less than $49.9 million. The following table provides the available-for-sale investments with an unrealized loss position and their related fair values: March 31, 2021 December 31, 2020 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: U.S. Treasury Bills $ 9,999 $ 1 $ — $ — $ — $ — $ — $ — As of March 31, 2021, the Company had de minimis unrealized losses related to U.S. Treasury Bills. As of December 31, 2020, the Company did not have unrealized losses related to investments – debt securities. As of March 31, 2021, the Company determined unrealized losses related to U.S. Treasury Bills were not due to credit impairment and did not record an allowance for credit losses related to available-for-sale debt securities. As of March 31, 2021, the Company did not intend to sell the investments with an unrealized loss and it is more likely than not that the Company will not be required to sell any of these securities prior to their anticipated recovery. The amortized cost and estimated fair value of investments - debt securities classified as available-for-sale, by contractual maturity are shown in the following table. March 31, 2021 Amortized Cost Fair Value Due in one year or less $ 93,969 $ 93,973 Investments - Equity Securities As of March 31, 2021 and December 31, 2020 investments - equity securities included $1.6 million and $2.6 million, respectively, of preferred stock investments recorded at fair value. During the three months ended March 31, 2021 and 2020, the Company recognized $1.0 million and $4.8 million, respectively of unrealized loss on investments related to equity securities still held as of March 31, 2021 and 2020, respectively. These amounts were included within investment income, net on the condensed consolidated statements of operations. Investment Management Agreement Mr. Bruce R. Berkowitz is the Chairman of the Company’s Board of Directors (the “Board”). He is the Manager of, and controls entities that own and control, Fairholme Holdings, LLC, which wholly owns Fairholme Capital Management, L.L.C. (“FCM”), an investment advisor registered with the SEC. Mr. Berkowitz is the Chief Investment Officer of FCM, which has provided investment advisory services to the Company since April 2013. FCM does not receive any compensation for services as the Company’s investment advisor. As of March 31, 2021, clients of FCM, including Mr. Berkowitz, beneficially owned approximately 43.72% of the Company’s common stock. FCM and its client, The Fairholme Fund, (“Fairholme”) a series of investments originating from the Fairholme Funds, Inc., may be deemed affiliates of the Company. Pursuant to the terms of an Investment Management Agreement, as amended, (the “Investment Management Agreement”) with the Company, FCM agreed to supervise and direct the investments of investment accounts established by the Company in accordance with the investment guidelines and restrictions approved by the Company. The investment guidelines are set forth in the Investment Management Agreement and require that any new securities for purchase must be issues of the U.S. Treasury or U.S. Treasury Money Market Funds . |
Financial Instruments and Fair
Financial Instruments and Fair Value Measurements | 3 Months Ended |
Mar. 31, 2021 | |
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: March 31, 2021 Total Fair Level 1 Level 2 Level 3 Value Cash equivalents: Money market funds $ 17,049 $ — $ — $ 17,049 U.S. Treasury Bills 16,000 — — 16,000 33,049 — — 33,049 Investments - debt securities: U.S. Treasury Bills 93,974 — — 93,974 93,974 — — 93,974 Investments - equity securities: Preferred stock — 1,589 — 1,589 — 1,589 — 1,589 $ 127,023 $ 1,589 $ — $ 128,612 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 Money market funds, 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 and short term U.S. Treasury Bills with a maturity date of 90 days or less from the date of purchase are classified as cash equivalents in the Company’s condensed consolidated balance sheets. The Company’s corporate debt securities and preferred stock investments are not traded on a nationally recognized exchange, but are traded in the U.S. over-the-counter market where there is less trading activity and the investments are measured primarily using pricing data from external pricing services that report prices observed for recently executed market transactions. For these reasons, the Company has determined that corporate debt securities and preferred stock investments are categorized as Level 2 financial instruments since their fair values were determined from market inputs in an inactive market. As of December 31, 2020, restricted investments were included within other assets on the condensed consolidated balance sheets and included 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 retained the risks and rewards of ownership of these assets; therefore, the assets held in the suspense account were included in the Company’s condensed consolidated financial statements until they were allocated to participants. The final allocation of the assets occurred in March 2021. As of December 31, 2020, 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. The Vanguard Short-Term Bond Fund is 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 was responsible for investing decisions and allocation decisions of the suspense account. Refer to Note 9. Other Assets Liabilities measured at fair value on a recurring basis are as follows: March 31, 2021 Location in Total Fair Balance Sheet Level 1 Level 2 Level 3 Value Derivative Liabilities: Interest rate swap Other liabilities $ — $ 1,015 $ — $ 1,015 Interest rate swap - unconsolidated affiliate Investment in unconsolidated joint ventures — 610 — 610 $ — $ 1,625 $ — $ 1,625 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 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 on the notional amount of related debt of $20.0 million. As of March 31, 2021 and December 31, 2020, the interest rate swap was recorded at its estimated fair value, based on Level 2 measurements, of $1.0 million and $1.2 million, respectively, and is included within other liabilities on the condensed consolidated balance sheets. The gain or loss on the derivative instrument is reported as a component of other comprehensive income (loss) and reclassified into earnings in the period during which the hedged transaction affects earnings. The Company did not reclassify any amounts out of other comprehensive income (loss) into interest expense during the three months ended March 31, 2021 and 2020. See Note 10. Debt In January 2019 the Pier Park TPS JV, which is unconsolidated and accounted for using the equity method, entered into an interest rate swap agreement designated as a cash flow hedge to manage the interest rate risk associated with variable rate debt. The interest rate swap was 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 March 31, 2021 and 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 $0.6 million and $0.8 million, respectively, and is included within investment in unconsolidated joint ventures on the condensed consolidated balance sheets. The gain or loss on the derivative instrument is reported as a component of other comprehensive income (loss) and reclassified into earnings in the period during which the hedged transaction affects earnings. The Company did not reclassify any amounts out of other comprehensive income (loss) into equity in loss from unconsolidated affiliates during the three months ended March 31, 2021 and 2020. See Note 4. Joint Ventures Commitments and Contingencies Investment in Unconsolidated Joint Ventures The Company evaluates its investment in unconsolidated JVs for impairment during each reporting period. A series of operating losses of an investee or other factors may indicate that a decrease in the value of the Company’s investment in the unconsolidated JV has occurred. The amount of impairment recognized is the excess of the investment’s carrying value over its estimated fair value. The fair value of the Company’s investment in unconsolidated JVs is determined primarily using a discounted cash flow model to value the underlying net assets of the respective JV. The fair value of investment in unconsolidated JVs required to be assessed for impairment is determined on a nonrecurring basis using Level 3 inputs in the fair value hierarchy. No impairment for unconsolidated JVs was recorded during the three months ended March 31, 2021 and 2020. See Note 4. Joint Ventures Fair Value of Financial Instruments The Company uses the following methods and assumptions in estimating fair value for financial instruments: ● The fair value of the investments held by SPEs - time deposit is based on the present value of future cash flows at the current market rate. ● The fair value of the investments held by SPEs - U.S. Treasury Bills are measured based on quoted market prices in an active market. ● The fair value of debt is based on discounted future expected cash flows based on current market rates for financial instruments with similar risks, terms and maturities. ● The fair value of the senior notes held by SPE is based on the present value of future cash flows at the current market rate. The carrying amount and estimated fair value, measured on a nonrecurring basis, of the Company’s financial instruments were as follows: March 31, 2021 December 31, 2020 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 $ 5,389 $ 5,832 1 $ 5,759 $ 6,363 1 Liabilities Debt Fixed-rate debt $ 117,668 $ 118,219 2 $ 114,125 $ 116,509 2 Variable-rate debt 54,641 54,641 2 47,293 47,293 2 Total debt $ 172,309 $ 172,860 $ 161,418 $ 163,802 Senior Notes held by SPE $ 177,357 $ 205,171 3 $ 177,289 $ 216,363 3 Investments and Senior Notes Held by Special Purpose Entities In connection with a real estate sale in 2014, the Company received consideration including a $200.0 million fifteen-year installment note (the “Timber Note”) issued by Panama City Timber Finance Company, LLC. The Company contributed the Timber Note and assigned its rights as a beneficiary under a letter of credit to Northwest Florida Timber Finance, LLC. Northwest Florida Timber Finance, LLC monetized the Timber Note by issuing $180.0 million aggregate principal amount of its 4.8% Senior Secured Notes due in 2029 (the “Senior Notes”) at an issue price of 98.5% of face value to third party investors. The investments held by Panama City Timber Finance Company, LLC as of March 31, 2021, 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 $5.4 million and cash of $0.4 million. The Senior Notes held by Northwest Florida Timber Finance, LLC as of March 31, 2021 consist of $177.4 million, net of the $2.6 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 | 3 Months Ended |
Mar. 31, 2021 | |
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. A portion of the marinas are expected to open by the end of 2021. 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 exist between the impairment losses, capital expenditures made to repair or restore properties and recognition and receipt of insurance proceeds reflected in the Company’s financial statements. During the three months ended March 31, 2021, no insurance proceeds were received related to business interruption. During the three months ended March 31, 2020, $0.7 million of business interruption insurance proceeds were received related to the Pier Park Crossings JV, which are included within the cost of leasing revenue on the condensed consolidated statements of operations Costs incurred due to business interruption 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 continue to incur costs for employee retention and property maintenance. During the three months ended March 31, 2021, the Company recognized a $0.9 million gain on insurance recovery and incurred loss from hurricane damage of less than $0.1 million. During the three months ended March 31, 2020, the Company did not recognize any gain on insurance recovery, but incurred loss from hurricane damage of $0.1 million. The gain on insurance recovery and loss from hurricane damage were included in other income, net on the condensed consolidated statements of operations. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2021 | |
Leases | |
Leases | 8. Leases Leasing revenue consists of rental revenue from multi-family, senior living, retail, office and commercial property, cell towers and other assets, which is recognized as earned, using the straight-line method over the life of each lease. The Company’s leases have remaining lease terms up to the year 2036, some of which include options to terminate or extend. The components of leasing revenue are as follows: Three Months Ended March 31, 2021 2020 Leasing revenue Lease payments $ 4,466 $ 3,382 Variable lease payments 1,128 918 Total leasing revenue $ 5,594 $ 4,300 Minimum future base rental revenue on non-cancelable leases subsequent to March 31, 2021, for the years ending December 31 are: 2021 $ 13,000 2022 11,836 2023 9,294 2024 7,769 2025 5,246 Thereafter 14,678 $ 61,823 As of March 31, 2021, the Company leased certain office and other equipment under a finance lease and had operating leases for property and equipment used in corporate, hospitality and commercial operations with remaining lease terms up to the year 2049. Certain leases include options to purchase, terminate or renew for one or more years, which are included in the lease term used to establish right-of-use assets and lease liabilities when it is reasonably certain that the option will be exercised. Finance lease right-of-use assets are included within property, plant and equipment and operating lease right-of-use assets are included within other assets on the condensed consolidated balance sheets, which represent the Company’s right to use an underlying asset during a lease term for leases in excess of one year. Corresponding finance lease liability and operating lease liabilities are included within other liabilities on the condensed consolidated balance sheets and are related to the Company’s obligation to make lease payments for leases in excess of one year. The Company uses its incremental borrowing rate to determine the present value of the lease payments since the rate implicit in each lease is not readily determinable. The Company recognizes short-term (twelve months or less) lease payments in profit or loss on a straight-line basis over the term of the lease and variable lease payments in the period in which the obligation for those payments is incurred. The components of lease expense are as follows: Three Months Ended March 31, 2021 2020 Lease cost Finance lease cost: Amortization of right-of-use assets $ 27 $ 12 Interest on lease liability 5 3 Operating lease cost 77 65 Short-term lease cost 193 78 Total lease cost $ 302 $ 158 Other information Weighted-average remaining lease term - finance lease (in years) 4.0 3.9 Weighted-average remaining lease term - operating leases (in years) 3.4 2.9 Weighted-average discount rate - finance lease 4.5 % 5.0 % Weighted-average discount rate - operating leases 4.9 % 5.0 % The aggregate payments of finance lease liability subsequent to March 31, 2021, for the years ending December 31 are: 2021 $ 89 2022 120 2023 120 2024 73 2025 37 Total 439 Less imputed interest (34) Total finance lease liability $ 405 The aggregate payments of operating lease liabilities subsequent to March 31, 2021, for the years ending December 31 are: 2021 $ 221 2022 245 2023 204 2024 103 2025 51 Thereafter 281 Total 1,105 Less imputed interest (217) Total operating lease liabilities $ 888 |
Other Assets
Other Assets | 3 Months Ended |
Mar. 31, 2021 | |
Other Assets | |
Other Assets | 9. Other Assets Other assets consist of the following: March 31, December 31, 2021 2020 Restricted investments $ — $ 1,171 Accounts receivable, net 10,578 10,791 Homesite sales receivable 6,456 5,675 Notes receivable, net 12,077 10,877 Inventory 2,335 2,026 Prepaid expenses 6,555 7,135 Straight-line rent 2,921 3,174 Operating lease right-of-use assets 888 808 Other assets 6,478 5,743 Retained interest investments 13,092 12,905 Accrued interest receivable for Senior Notes held by SPE 935 2,938 Total other assets $ 62,315 $ 63,243 Restricted Investments As of December 31, 2020, the Company’s restricted investments were 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 retained the risks and rewards of ownership of these assets; therefore, the assets held in the suspense account were included in the Company’s condensed consolidated balance sheets until they were allocated to current or future 401(k) plan participants Financial Instruments and Fair Value Measurements Accounts Receivable, Net The Company’s accounts receivable, net primarily include receivables related to certain homesite sales, leasing receivables, membership initiation fees, hospitality receivables and other receivables. At each reporting period, accounts receivable in the scope of Topic 326 are pooled by type and judgements are made based on historical losses and expected credit losses based on economic trends to determine the allowance for credit losses primarily using the aging method. Actual losses could differ from those estimates. Write-offs are recorded when the Company concludes that all or a portion of the receivable is no longer collectible and recoveries on receivables previously charged-off are credited to the allowance. Homesite Sales Receivable Homesite sales receivable from contracts with customers include estimated homesite residuals and certain estimated fees that are recognized as revenue at the time of sale to homebuilders, subject to constraints. Any change in circumstances from the estimated amounts will be updated at each reporting period. The receivable will be collected as the homebuilders build the homes and sell to retail consumers, which can occur over multiple years. The following table presents the changes in homesite sales receivable: Increases Due To Decreases Due to Balance Revenue Recognized Amounts Balance January 1, 2021 for Homesites Sold Received/Transferred March 31, 2021 Homesite sales receivable $ 5,675 $ 1,768 $ (987) $ 6,456 Increases Due To Decreases Due to Balance Revenue Recognized Amounts Balance January 1, 2020 for Homesites Sold Received/Transferred March 31, 2020 Homesite sales receivable $ 5,211 $ — $ (664) $ 4,547 Notes Receivable, Net Notes receivable, net consists of the following: March 31, December 31, 2021 2020 Various interest bearing homebuilder notes, secured by the real estate sold — bearing interest at a rate of 5.5%, due June 2021 through March 2023 $ 6,540 $ 7,544 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 4,843 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 554 556 Non-interest bearing note with a tenant for tenant improvements, due October 2025 82 — Various mortgage notes, secured by certain real estate, bearing interest at rates of 4.9% to 6.5%, due December 2022 through November 2023 58 63 Total notes receivable, net $ 12,077 $ 10,877 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 receivable and the need for an allowance for credit losses at each reporting date. As of both March 31, 2021 and December 31, 2020, notes receivable were presented net of allowance for credit losses of less than $0.1 million. As of March 31, 2021 and December 31, 2020, accrued interest receivable was $0.3 million and $0.2 million, respectively, and is included within other assets on the condensed consolidated balance sheets. In June 2020, the Company entered into a $10.0 million secured revolving promissory note (the “Latitude Margaritaville Watersound JV Note”) with the unconsolidated Latitude Margaritaville Watersound JV. The to finance the development of the pod-level, non-spine infrastructure, which will be repaid by the JV as each home is sold by the JV, with the aggregate unpaid principal and all accrued and unpaid interest due at maturity in June 2025. The Joint Ventures Retained Interest Investments The Company has a beneficial interest in certain bankruptcy-remote qualified SPEs used in the installment sale monetization of certain sales of timberlands in 2007 and 2008. The SPEs’ assets are not available to satisfy the Company’s liabilities or obligations and the liabilities of the SPEs are not the Company’s liabilities or obligations. Therefore, the SPEs’ assets and liabilities are not consolidated in the Company’s condensed consolidated financial statements as of March 31, 2021 and December 31, 2020. The Company’s continuing involvement with the SPEs is the receipt of the net interest payments and the remaining principal of approximately $16.5 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 $13.1 million and $12.9 million as of March 31, 2021 and December 31, 2020, respectively, recorded in other assets on the Company’s condensed consolidated balance sheets. |
Debt, Net
Debt, Net | 3 Months Ended |
Mar. 31, 2021 | |
Debt, Net | |
Debt, Net | 10. Debt, Net Debt consists of the following: March 31, 2021 December 31, 2020 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% $ 44,325 $ 297 $ 44,028 $ 44,568 $ 314 $ 44,254 PPC JV Loan, insured by HUD, due June 2060, bearing interest at 4.0% 35,990 1,072 34,918 36,084 1,079 35,005 Watersound Origins Crossings JV Loan, due May 2024, bearing interest at 5.0% 31,061 325 30,736 27,179 351 26,828 Watercrest JV Loan, due June 2047, bearing interest at LIBOR plus 2.2% (effective rate of 2.3% at March 31, 2021) 18,931 347 18,584 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 March 31, 2021) 17,355 191 17,164 15,921 198 15,723 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 March 31, 2021) 7,184 158 7,026 3,548 168 3,380 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% 6,292 — 6,292 6,294 — 6,294 Beckrich Building III Loan, due August 2029, bearing interest at LIBOR plus 1.7% (effective rate of 1.8% at March 31, 2021) 5,363 57 5,306 5,421 59 5,362 Beach Homes Loan, due May 2029, bearing interest at LIBOR plus 1.7% (effective rate of 1.8% at March 31, 2021) 1,532 17 1,515 1,545 17 1,528 Self-Storage Facility Loan, due November 2025, bearing interest at LIBOR plus 2.5%, with a floor rate of 3.0% (effective rate of 3.0% at March 31, 2021) 1,526 83 1,443 — — — Pier Park Outparcel Construction Loan, due March 2027, bearing interest at LIBOR plus 1.7% (effective rate of 1.8% at March 31, 2021) 1,436 12 1,424 1,458 12 1,446 WaterColor Crossings Construction Loan, due February 2029, bearing interest at LIBOR plus 1.7% (effective rate of 1.8% at March 31, 2021) 1,314 20 1,294 1,334 21 1,313 Total debt $ 172,309 $ 2,579 $ 169,730 $ 161,418 $ 2,503 $ 158,915 In October 2015, the Pier Park North JV entered into a $48.2 million loan (the “PPN JV Loan”), secured by a first lien on, and security interest in, a majority of the Pier Park North JV’s property. The PPN JV Loan provides for principal and interest payments with a final balloon payment at maturity. In May 2018, the Pier Park Crossings JV entered into a $36.6 million loan, insured by the U.S. Department of Housing and Urban Development (“HUD”), to finance the construction of apartments in Panama City Beach, Florida (the “PPC JV Loan”). The PPC JV Loan provides for monthly principal and interest payments through maturity in June 2060. 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 (the “Watersound Origins Crossings JV Loan”) to finance the construction of apartments in Watersound, Florida. The Watersound Origins Crossings JV Loan provides for interest only payments for the first thirty months and principal and interest payments thereafter 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 June 2019, the Watercrest JV entered into a $22.5 million loan (the “Watercrest JV Loan”) to finance the construction of a senior living facility in Santa Rosa Beach, Florida. The Watercrest JV Loan provides for interest only payments for the first thirty-six months and principal and interest payments thereafter through maturity in June 2047. The Watercrest JV Loan is secured by the real property, assignment of rents, leases and deposits and the security interest in the rents and personal property. In connection with the Watercrest JV Loan, the Company executed a guarantee in favor of the lender to guarantee the payment and performance of the borrower under the Watercrest JV Loan. The Company is the sole guarantor and 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 on the notional amount of related debt of $20.0 million to a rate of 4.37%. In October 2019, the Pier Park Crossings Phase II JV entered into a $17.5 million loan (the “PPC II JV Loan”) to finance the construction of apartments in Panama City Beach, Florida. The PPC II JV Loan provides for interest only payments for the first twenty-four months and principal and interest payments thereafter 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. As guarantor, the Company’s liability under the PPC II JV Loan will be reduced to 50% of the principal amount upon satisfaction of final advance conditions and reduced to 25% of the principal amount upon reaching and maintaining a certain debt service coverage ratio. 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 March 2020, a wholly-owned subsidiary of the Company entered into a $15.3 million loan (the “Airport Hotel Loan”) to finance the construction of a Hilton Garden Inn near the Northwest Florida Beaches International Airport in Panama City, Florida. The Airport Hotel Loan provides for interest only payments for the first thirty-six months and principal and interest payments thereafter 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. Community Development District (“CDD”) bonds financed the construction of infrastructure improvements at some of the Company’s projects. The principal and interest payments on the bonds are paid by assessments on the properties benefited by the improvements financed by the bonds. The Company has recorded a liability for CDD debt that is associated with platted property, which is the point at which it becomes fixed 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 $15.4 million and $15.8 million as of March 31, 2021 and December 31, 2020, 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 (the “Beckrich Building III Loan”) to finance the construction of an office building in Panama City Beach, Florida. The Beckrich Building III Loan provides for 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 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 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”). 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. In March 2017, a wholly-owned subsidiary of the Company entered into a $1.6 million construction loan to finance the construction of a commercial leasing property located in Panama City Beach, Florida (the “Pier Park Outparcel Construction Loan”). The Pier Park Outparcel Construction Loan provides for monthly principal and interest payments with a final balloon payment at maturity 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”). 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 both March 31, 2021 and December 31, 2020, there was no principal balance and the Company 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”). 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 both March 31, 2021 and 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 January 2021, The Lodge 30A JV entered into a $15.0 million construction loan to finance the construction of a boutique hotel in Seagrove Beach, Florida (the “Lodge 30A JV Hotel Loan”). The Lodge 30A JV Hotel 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 January 2028. The Lodge 30A JV Hotel 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 Lodge 30A JV Hotel Loan, the Company, wholly-owned subsidiaries of the Company and the Company’s JV partner entered into a joint and several payment and performance guarantee in favor of the lender. Upon reaching a certain debt service coverage ratio for a minimum of twenty-four months, the Company’s liability will be reduced to 75.0% for a twelve month period. The debt service coverage ratio will be tested annually thereafter and the Company’s liability will be reduced to 50.0% in year four and 25% in year five. The Company will receive a monthly fee related to the guarantee from its JV partner based on the JV partner’s ownership percentage. As of March 31, 2021, there was no principal balance and the Company had incurred $0.2 million of loan costs related to the Lodge 30A JV Hotel Loan. In March 2021, a wholly-owned subsidiary of the Company entered into a $26.8 million construction loan to finance the construction of apartments in Panama City, Florida (the “Star Avenue Apartments Loan”). The Star Avenue Apartments Loan provides for interest only payments and a principal balloon payment at maturity in September 2024. The Star Avenue Apartments Loan includes an option for an extension of the maturity date by eighteen months, subject to certain conditions, that would provide for principal and interest payments commencing on the original maturity date with a final balloon payment at the extended maturity date. The Star Avenue Apartments 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 Star Avenue Apartments Loan, the Company executed a guarantee in favor of the lender to guarantee completion of the project and the payment and performance of the borrower under the Star Avenue Apartments Loan. As guarantor, the Company’s liability under the Star Avenue Apartments Loan will be reduced to 50% of the principal amount upon satisfaction of final advance conditions and reduced to 25% of the principal amount upon reaching and maintaining a certain debt service coverage ratio. In addition, the guarantee can become full recourse in the case of any fraud or intentional misrepresentation or failure to abide by other certain obligations on the part of such guarantor. As of March 31, 2021, there was no principal balance and the Company had incurred $0.3 million of loan costs related to the Star Avenue Apartments Loan. The Company’s financing agreements are subject to various customary debt covenants and as of both March 31, 2021 and December 31, 2020 the Company was in compliance with the financial debt covenants. The aggregate maturities of debt subsequent to March 31, 2021, for the years ending December 31 are: March 31, 2021 2021 $ 2,107 2022 3,452 2023 3,954 2024 50,325 2025 50,717 Thereafter 61,754 $ 172,309 |
Other Liabilities
Other Liabilities | 3 Months Ended |
Mar. 31, 2021 | |
Other Liabilities | |
Other Liabilities | 11. Other Liabilities Other liabilities consist of the following: March 31, December 31, 2021 2020 Accounts payable $ 26,404 $ 25,376 Finance lease liability 405 316 Operating lease liabilities 888 808 Accrued compensation 2,288 3,337 Other accrued liabilities 8,762 6,892 Deferred revenue 16,718 16,632 Club initiation fees 12,641 10,716 Club membership deposits 3,773 3,764 Advance deposits 4,338 1,344 Accrued interest expense for Senior Notes held by SPE 713 2,850 Total other liabilities $ 76,930 $ 72,035 Accounts payable as of March 31, 2021 and December 31, 2020 includes payables for projects under development and construction. Other accrued liabilities include $1.5 million and $0.1 million of accrued property taxes as of March 31, 2021 and December 31, 2020, respectively, which are generally paid annually in November. Deferred revenue as of both March 31, 2021 and December 31, 2020 includes $11.5 million related to a 2006 agreement pursuant to which the Company agreed to sell land to the Florida Department of Transportation. Revenue is recognized when title to a specific parcel is legally transferred. Club initiation fees are recognized as revenue over the estimated average duration of membership, which is evaluated periodically. The following table presents the changes in club initiation fees related to contracts with customers: Club Initiation Fees Balance as of January 1, 2021 $ 10,716 New club memberships 2,848 Revenue from amounts included in contract liability opening balance (852) Revenue from current period new memberships (71) Balance as of March 31, 2021 $ 12,641 Club Initiation Fees Balance as of January 1, 2020 $ 6,917 New club memberships 320 Revenue from amounts included in contract liability opening balance (579) Revenue from current period new memberships (10) Balance as of March 31, 2020 $ 6,648 Remaining performance obligations represent contracted revenue that has not been recognized, which include club initiation fees. As of March 31, 2021 remaining performance obligations were $12.6 million, of which the Company expects to recognize as revenue $2.3 million in less than 1 year, $5.4 million in 1-3 3-5 Advance deposits consist of deposits received on hotel rooms and related hospitality activities. Advance deposits are recorded as other liabilities in the condensed consolidated balance sheets without regard to whether they are refundable and are recognized as income at the time the service is provided for the related deposit. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Income Taxes | |
Income Taxes | 12. Income Taxes Income tax expense (benefit) attributable to income from operations differed from the amount computed by applying the statutory federal income tax rate of 21% as of March 31, 2021 and 2020 to pre-tax income as a result of the following: Three Months Ended March 31, 2021 2020 Tax at the federal statutory rate $ 892 $ (426) State income taxes (net of federal benefit) 150 (71) Other 10 2 Total income tax expense (benefit) $ 1,052 $ (495) As of March 31, 2021 and December 31, 2020 the Company had income tax payable of $3.5 million and $2.7 million, respectively, included within other liabilities on the condensed consolidated balance sheets. Significant judgment is required in evaluating the Company's uncertain tax positions and determining its provision for income taxes. The Company regularly assesses the likelihood of adverse outcomes resulting from potential examinations to determine the adequacy of its provision for income taxes and applies a “more-likely-than-not” in determining the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The Company has not identified any material unrecognized tax benefits as of either March 31, 2021 or December 31, 2020. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted in response to the COVID-19 pandemic. The CARES Act, among other things, permits net operating loss (“NOL”) carryovers and carrybacks to offset 100% of taxable income for taxable years beginning before 2021. In addition, the CARES Act allows NOLs incurred in 2018, 2019, and 2020 to be carried back to each of the five preceding taxable years to generate a refund of previously paid income taxes. The CARES Act also contains modifications on the limitation of business interest for tax years 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. On March 11, 2021, the American Rescue Plan Act of 2021 was enacted also in response to the COVID-19 pandemic. This legislation contains various provisions that benefit both individuals and their employers, but also expands the definition of “covered employee” as defined by Section 162(m)(1) of the Internal Revenue Code. Based upon current facts and circumstances, the Company does not expect that these provisions would result in a material cash benefit or impact to the effective tax rate. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2021 | |
Accumulated Other Comprehensive Loss | |
Accumulated Other Comprehensive Loss | 13. Accumulated Other Comprehensive Loss Following is a summary of the changes in the balances of accumulated other comprehensive income (loss), which is presented net of tax: Unrealized Gain (Loss) Unrealized on Available-for- (Loss) Gain Sale Securities Cash Flow Hedge Total Accumulated other comprehensive income (loss) at December 31, 2020 $ 16 $ (1,488) $ (1,472) Other comprehensive (loss) income before reclassifications (1) 274 273 Amounts reclassified from accumulated other comprehensive loss (11) — (11) Other comprehensive (loss) income (12) 274 262 Accumulated other comprehensive income (loss) at March 31, 2021 $ 4 $ (1,214) $ (1,210) Following is a summary of the tax effects allocated to other comprehensive income (loss): Three Months Ended March 31, 2021 Before- Tax Benefit or Net-of- Tax Amount (Expense) Tax Amount Unrealized loss on available-for-sale investments $ (2) $ 1 $ (1) Interest rate swap 157 (40) 117 Interest rate swap - unconsolidated affiliate 211 (54) 157 Reclassification adjustment for net gain included in earnings (15) 4 (11) Net unrealized gain 351 (89) 262 Other comprehensive income $ 351 $ (89) $ 262 Three Months Ended March 31, 2020 Before- Tax Net-of- Tax Amount Benefit Tax Amount Unrealized loss on restricted investments $ (10) $ 2 $ (8) Interest rate swap (729) 185 (544) Reclassification adjustment for net gain included in earnings (4) 1 (3) Net unrealized loss (743) 188 (555) Other comprehensive loss $ (743) $ 188 $ (555) |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2021 | |
Stockholders' Equity | |
Stockholders' Equity | 14. Stockholders’ Equity Dividends During the three months ended March 31, 2021, the Company paid a cash dividend of $0.08 per share on the Company’s common stock for a total of $4.7 million. The Company did not pay cash dividends during the three months ended March 31, 2020. Stock Repurchase Program The Company’s Board has approved a stock repurchase program (the “Stock Repurchase Program”) pursuant to which the Company is authorized to repurchase shares of its common stock. The Stock Repurchase Program has no expiration date. During the three months ended March 31, 2021, the Company did not repurchase shares of its common stock outstanding. During the three months ended March 31, 2020, the Company repurchased 411,113 shares of its common stock at an average purchase price of $16.55, per share, for an aggregate purchase price of $6.8 million, pursuant to its Stock Repurchase Program. As of March 31, 2021, the Company had a total authority of $77.4 million available for purchase of shares of its common stock pursuant to its Stock Repurchase Program. The Company may repurchase its common stock in open market purchases from time to time, in privately negotiated transactions or otherwise, pursuant to Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The timing and amount of any additional shares to be repurchased will depend upon a variety of factors. Repurchases may be commenced or suspended at any time or from time to time without prior notice. The Stock Repurchase Program will continue until otherwise modified or terminated by the Company’s Board at any time in its sole discretion. Issuance of Common Stock for Director’s Fees During the three months ended March 31, 2021 and 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. During the three months ended March 31, 2021 the Company did not have expense related to restricted stock awards to the Company’s directors. During the three months ended March 31, 2020, the Company recorded expense of less than $0.1 million, related to restricted stock awards to the Company’s directors. |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2021 | |
Revenue Recognition | |
Revenue Recognition | 15. Revenue Recognition Revenue consists primarily of real estate sales, hospitality operations, leasing operations and timber sales. Taxes collected from customers and remitted to governmental authorities (e.g., sales tax) are excluded from revenue, costs and expenses. The following represents revenue disaggregated by segment, good or service and timing: Three Months Ended March 31, 2021 Residential Hospitality Commercial Other Total Revenue by Major Good/Service: Real estate revenue $ 20,539 $ — $ 35 $ 479 $ 21,053 Hospitality revenue 81 12,986 — — 13,067 Leasing revenue 40 8 5,546 — 5,594 Timber revenue — — 1,591 — 1,591 Total revenue $ 20,660 $ 12,994 $ 7,172 $ 479 $ 41,305 Timing of Revenue Recognition: Recognized at a point in time $ 20,620 $ 9,141 $ 1,626 $ 479 $ 31,866 Recognized over time — 3,845 — — 3,845 Over lease term 40 8 5,546 — 5,594 Total revenue $ 20,660 $ 12,994 $ 7,172 $ 479 $ 41,305 Three Months Ended March 31, 2020 Residential Hospitality Commercial Other Total Revenue by Major Good/Service: Real estate revenue $ 2,954 $ — $ 2,765 $ 89 $ 5,808 Hospitality revenue 62 6,548 — — 6,610 Leasing revenue 22 3 4,275 — 4,300 Timber revenue — — 1,856 — 1,856 Total revenue $ 3,038 $ 6,551 $ 8,896 $ 89 $ 18,574 Timing of Revenue Recognition: Recognized at a point in time $ 3,016 $ 3,967 $ 4,621 $ 89 $ 11,693 Recognized over time — 2,581 — — 2,581 Over lease term 22 3 4,275 — 4,300 Total revenue $ 3,038 $ 6,551 $ 8,896 $ 89 $ 18,574 |
Other Income, Net
Other Income, Net | 3 Months Ended |
Mar. 31, 2021 | |
Other Expense, Net | |
Other Income, Net | 16. Other Expense, Net Other expense, net consists of the following: Three Months Ended March 31, 2021 2020 Investment income, net Interest and dividend income $ 12 $ 1,043 Accretion income 12 17 Net realized gain (loss) on the sale of investments 17 (48) Unrealized loss on investments, net (1,049) (4,761) Interest income from investments in SPEs 2,043 2,046 Interest earned on notes receivable and other interest 160 94 Total investment income (loss), net 1,195 (1,609) Interest expense Interest expense and amortization of discount and issuance costs for Senior Notes issued by SPE (2,205) (2,202) Other interest expense (1,466) (1,143) Total interest expense (3,671) (3,345) Gain on contribution to equity method investment 120 4,277 Other income (expense), net Accretion income from retained interest investments 361 344 Gain on insurance recovery 866 — Loss from hurricane damage (7) (55) Miscellaneous income (expense), net 74 (34) Other income, net 1,294 255 Total other expense, net $ (1,062) $ (422) Investment Income, Net Interest and dividend income includes interest income accrued or received on the Company’s investments. Accretion income includes the amortization of the premium or accretion of discount related to the Company’s available-for-sale securities, which is amortized based on an effective interest rate method over the term of the available-for-sale securities. Net realized gain (loss) on the sale of investments include the gains or losses recognized on the sale of available-for-sale and equity securities prior to maturity. 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 the three months ended March 31, 2021 and 2020 the Company capitalized $0.4 million and $0.1 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 condensed consolidated balance sheets. Gain on Contribution to Equity Method Investment Gain on contribution to equity method investment for the three months ended March 31, 2021 includes a gain of $0.1 million on additional infrastructure improvements contributed to the Company’s unconsolidated Latitude Margaritaville Watersound JV. The three months ended March 31, 2020 includes a gain of $4.3 million on land and mitigation credits contributed to the Company’s unconsolidated Sea Sound Apartments 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 11.4%. During the three months ended March 31, 2021, the Company had a gain on insurance recovery of $0.9 million and incurred less than $0.1 million of loss from hurricane damage related to Hurricane Michael. During the three months ended March 31, 2020, the Company did not have any gain on insurance recovery, but incurred $0.1 million of loss from hurricane damage related to Hurricane Michael. See Note 7. Hurricane Michael |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2021 | |
Segment Information | |
Segment Information | 17. Segment Information The Company currently conducts primarily all of its business in the following three reportable segments: (1) residential, (2) hospitality and (3) commercial. 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 (loss) before equity in loss from unconsolidated affiliates, income taxes and non-controlling interest, cash flows and other measures for purposes of making decisions about allocating resources to each segment and assessing each segment’s performance, which the Company believes represents current performance measures. The accounting policies of the segments are set forth in Note 2 to the Company’s consolidated financial statements contained in Item 15 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Total revenue represents sales to unaffiliated customers, as reported in the Company’s condensed consolidated statements of operations. All significant intercompany transactions have been eliminated in consolidation. The caption entitled “Other” consists of mitigation credit and title fee revenue and cost of revenue and corporate operating expenses, corporate depreciation and amortization and corporate other income and expense items. Information by business segment is as follows: Three Months Ended March 31, 2021 2020 Operating revenue: Residential $ 20,660 $ 3,038 Hospitality 12,994 6,551 Commercial 7,172 8,896 Other 479 89 Consolidated operating revenue $ 41,305 $ 18,574 Income (loss) before equity in loss from unconsolidated affiliates and income taxes: Residential $ 8,595 $ 404 Hospitality 284 (2,258) Commercial (a) 17 7,954 Other (4,419) (7,847) Consolidated income (loss) before equity in loss from unconsolidated affiliates and income taxes $ 4,477 $ (1,747) (a) The three months ended March 31, 2020 includes a gain of $3.9 million on land contributed to the Sea Sound Apartments JV. See Note 4. Joint Ventures for additional information. March 31, December 31, 2021 2020 Total assets: Residential $ 177,309 $ 172,610 Hospitality 164,366 146,724 Commercial 341,405 332,649 Other 370,313 385,341 Total assets $ 1,053,393 $ 1,037,324 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies | |
Commitments and Contingencies | 18. Commitments and Contingencies The Company establishes an accrued liability when it is both probable that a material loss has been incurred and the amount of the loss can be reasonably estimated. The Company will evaluate the range of reasonably estimated losses and record an accrued liability based on what it believes to be the minimum amount in the range, unless it believes an amount within the range is a better estimate than any other amount. In such cases, there may be an exposure to loss in excess of the amounts accrued. The Company evaluates quarterly whether further developments could affect the amount of the accrued liability previously established or would make a loss contingency both probable and reasonably estimable. The Company also provides disclosure when it believes it is reasonably possible that a material loss will be incurred or when it believes it is reasonably possible that the amount of a loss will exceed the recorded liability. The Company reviews loss contingencies at least quarterly to determine whether the likelihood of loss has changed and to assess whether a reasonable estimate of the loss or range of loss can be made. This estimated range of possible losses is based upon currently available information and is subject to significant judgment and a variety of assumptions, as well as known and unknown uncertainties. The matters underlying the estimated range will change from time to time, and actual results may vary significantly from the current estimate. The Company is subject to a variety of litigation, claims, other disputes and governmental proceedings that arise from time to time in the ordinary course of its business, including litigation related to its prior homebuilding and development activities. The Company cannot make assurances that it will be successful in defending these matters. Based on current knowledge, the Company does not believe that loss contingencies arising from pending litigation, claims, other disputes and governmental proceedings, including those described herein, will have a material adverse effect on the consolidated financial position or liquidity of the Company. However, in light of the inherent uncertainties involved in these matters, an adverse outcome in one or more of these matters could be material to the Company’s results of operations or cash flows for any particular reporting period. The Company is subject to costs arising out of environmental laws and regulations, which include obligations to remove or limit the effects on the environment of the disposal or release of certain wastes or substances at various sites, including sites which have been previously sold. It is the Company’s policy to accrue and charge against earnings environmental cleanup costs when it is probable that a liability has been incurred and a range of loss can be reasonably estimated. As assessments and cleanups proceed, these accruals are reviewed and adjusted, if necessary, as additional information becomes available. The Company is in the process of assessing certain properties in regard to the effects, if any, on the environment from the disposal or release of wastes or substances. Management is unable to quantify future rehabilitation costs above present accruals at this time or provide a reasonably estimated range of loss. Other litigation, claims 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 as of both March 31, 2021 and December 31, 2020. 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 the time. As additional information becomes available, management reassesses potential liabilities related to pending claims and litigation and may revise its previous estimates, which could materially affect the Company’s results of operations for any particular reporting period. The Company has retained certain self-insurance risks with respect to losses for third party liability and property damage, including its timber assets. In June 2020, the Company, as lender, entered into a $10.0 million secured revolving promissory note with the unconsolidated Latitude Margaritaville Watersound JV, as borrower. As of March 31, 2021 and December 31, 2020, $4.8 million and $2.7 million, respectively, was outstanding on the The to finance the development of the pod-level, non-spine infrastructure, which will be repaid by the JV as each home is sold by the JV, with the aggregate unpaid principal and all accrued and unpaid interest due at maturity in June 2025. The Joint Ventures Other Assets As of March 31, 2021 and December 31, 2020, 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 as of each period, as well as standby letters of credit in the amount of $4.6 million and $6.6 million, respectively, which may potentially result in liability to the Company if certain obligations of the Company are not met. As of March 31, 2021, the Company had a total of $167.4 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 provides for monthly principal and interest payments with a final balloon payment at maturity 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 is 50.0% and will be reduced to 25.0% of the outstanding principal balance upon reaching and maintaining certain debt service coverage. The guarantee contains customary provisions providing for full recourse upon the occurrence of certain events. 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 was effective January 14, 2021 and matures on January 14, 2026 and fixed the variable rate on the related debt, initially at $14.4 million to a rate of 5.21%. As of March 31, 2021 and December 31, 2020, $14.3 million and $14.4 million, respectively, was outstanding on the Pier Park TPS JV Loan. In November 2019, the Company’s unconsolidated Busy Bee JV, entered into a $5.4 million construction loan (the “Busy Bee JV Construction Loan”) and a $1.2 million equipment loan (the “Busy Bee JV Equipment Loan”). The Busy Bee JV Construction Loan and the Busy Bee JV Equipment Loan bear interest at LIBOR plus 1.5%. The Busy Bee JV Construction Loan provides for monthly principal and interest payments with a final balloon payment at maturity in November 2035. The Busy Bee JV Equipment Loan provides for monthly principal and interest payments through maturity in November 2027. The loans are secured by the real and personal property, assignment of rents and leases and a security interest in the construction contract and management agreement. In connection with the Busy Bee JV Construction Loan and the Busy Bee JV Equipment Loan, 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 Busy Bee JV Construction Loan and the Busy Bee JV Equipment Loan. The Busy Bee JV Construction Loan 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 Busy Bee JV Equipment Loan 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 provides for monthly interest payments with a final balloon payment at maturity in November 2023. The Latitude Margaritaville Watersound JV Loan includes annual maturity extension rights for a total of three additional years, 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 March 31, 2021 and December 31, 2020, $2.7 million and $0.6 million, respectively, 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 March 31, 2021 and December 31, 2020. As of both March 31, 2021 and 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 condensed consolidated balance sheets. |
Subsequent Event
Subsequent Event | 3 Months Ended |
Mar. 31, 2021 | |
Subsequent Event | |
Subsequent Event | 19. Subsequent Event On April 28, 2021, the Company’s Board of Directors declared a cash dividend of $0.08 per share on the Company’s common stock, payable on June 10, 2021 to shareholders of record at the close of business on May 12, 2021. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Significant Accounting Policies | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The accompanying unaudited interim condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for reporting on Form 10-Q. Accordingly, certain information and footnotes required by United States generally accepted accounting principles (“GAAP”) for complete financial statements are not included herein. The unaudited interim condensed consolidated financial statements include the accounts of the Company and all of its majority-owned and controlled subsidiaries and variable interest entities where the Company deems itself the primary beneficiary. Investments in joint ventures (“JV”) and limited partnerships in which the Company is not the primary beneficiary are accounted for by the equity method. All significant intercompany transactions and balances have been eliminated in consolidation. The December 31, 2020 condensed consolidated balance sheet amounts have been derived from the Company’s December 31, 2020 audited consolidated financial statements. Certain prior period amounts in the accompanying condensed consolidated financial statements have been reclassified to conform to the current year presentation. These reclassifications had no effect on the Company’s previously reported total assets and liabilities, stockholders’ equity or net income (loss). Operating results for the three months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2021. 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. Joint Ventures The unaudited interim condensed consolidated financial statements reflect all normal recurring adjustments that, in the opinion of management, are necessary for fair presentation of the information contained herein. The unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. The Company adheres to the same accounting policies in preparation of its unaudited interim condensed consolidated financial statements as the Company’s December 31, 2020 annual financial statements, except for recently adopted accounting pronouncements detailed below. As required under GAAP, interim accounting for certain expenses, including income taxes, are based on full year assumptions. For interim financial reporting purposes, income taxes are recorded based upon estimated annual income tax rates. |
Concentration of Risks and Uncertainties | Concentration of Risks and Uncertainties The Company’s real estate investments are concentrated in Northwest Florida. Uncertain economic conditions could have an adverse impact on the Company’s real estate values. On March 11, 2020, the World Health Organization characterized the outbreak of the novel coronavirus (“COVID-19”), as a global pandemic and recommended containment and mitigation measures. The economic conditions in the United States have been negatively impacted by the continued threat by 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. 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 March 31, 2021, these balances exceeded the amount of F.D.I.C. insurance provided on such deposits. In addition, as of March 31, 2021 the company had $16.0 million invested in short-term U.S. Treasury Bills classified as cash equivalents, $17.0 million invested in U.S. Treasury Money Market Funds, $94.0 million invested in U.S. Treasury Bills classified as investments – debt securities, and $1.6 million invested in two 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 months ended March 31, 2021 and 2020 the Company did not have any potential dilutive instruments, therefore, basic and diluted weighted average shares outstanding were equal. |
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements | Recently Adopted Accounting Pronouncements Income Taxes In December 2019, the FASB issued ASU 2019-12, Income Taxes - Simplifying the Accounting for Income Taxes Investments – Equity Securities, Investments-Equity Method and Joint Ventures and Derivatives and Hedging In January 2020, the FASB issued ASU 2020-01, Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 (a consensus of the Emerging Issues Task Force ), which clarifies the interaction between the accounting standard on recognition and measurement of financial instruments in Topic 321 , Investments—Equity Securities and Topic 323, Investments—Equity Method and Joint Ventures . . . Codification Improvements In October 2020, the FASB issued ASU 2020-10, Codification Improvements have an impact on the Company’s financial condition, results of operations and cash flows and did not have a material impact on the disclosures to the financial statements. Recently Issued Accounting Pronouncements Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting that provides temporary In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848) which clarifies the original guidance that certain optional expedients and exceptions in contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. through December 31, 2022, as reference rate activities occur. There is no current impact to the Company from this guidance and the Company is evaluating the impact that the adoption of this guidance will have on its financial condition, results of operations and cash flows. |
Investment in Real Estate (Tabl
Investment in Real Estate (Table) | 3 Months Ended |
Mar. 31, 2021 | |
Investment in Real Estate | |
Schedule of real estate by property type and segment | March 31, December 31, 2021 2020 Development property: Residential $ 115,099 $ 116,911 Hospitality 66,430 51,113 Commercial 98,352 123,389 Other 3,259 2,691 Total development property 283,140 294,104 Operating property: Residential 13,253 13,254 Hospitality 105,046 103,687 Commercial 246,054 216,439 Other 129 129 Total operating property 364,482 333,509 Less: Accumulated depreciation 78,421 75,960 Total operating property, net 286,061 257,549 Investment in real estate, net $ 569,201 $ 551,653 |
Joint Ventures (Tables)
Joint Ventures (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Investments | |
Schedule of financial information of unconsolidated joint venture | March 31, December 31, 2021 2020 Investment in unconsolidated joint ventures Latitude Margaritaville Watersound JV $ 26,714 $ 24,288 Sea Sound Apartments JV 10,346 10,348 Pier Park TPS JV 2,314 2,149 Busy Bee JV 1,402 1,180 Total investment in unconsolidated joint ventures $ 40,776 $ 37,965 Outstanding debt of unconsolidated JVs Latitude Margaritaville Watersound JV (a) $ 7,599 $ 3,297 Sea Sound Apartments JV 15,648 8,789 Pier Park TPS JV 14,340 14,388 Busy Bee JV 6,539 6,614 Total outstanding debt of unconsolidated JVs (b) $ 44,126 $ 33,088 (a) See Note 9. Other Assets for additional information on the $10.0 million secured revolving promissory note Company entered into with the unconsolidated Latitude Margaritaville Watersound JV. (b) See Note 18. Commitments and Contingencies for additional information. Three Months Ended March 31, 2021 2020 Equity in (loss) income from unconsolidated affiliates Latitude Margaritaville Watersound JV $ (642) $ (74) Sea Sound Apartments JV (2) — Pier Park TPS JV (46) (3) Busy Bee JV 222 (6) Total equity in loss from unconsolidated affiliates $ (468) $ (83) |
Latitude Margaritaville Watersound JV | |
Investments | |
Schedule of financial information of unconsolidated joint venture | March 31, December 31, 2021 2020 BALANCE SHEETS: Investment in real estate (a) $ 24,466 $ 18,255 Cash and cash equivalents 3,116 1,603 Other assets 156 136 Total assets $ 27,738 $ 19,994 Debt, net $ 7,185 $ 2,844 Other liabilities 862 1,794 Equity 19,691 15,356 Total liabilities and equity $ 27,738 $ 19,994 (a) As of March 31, 2021 and 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 $2.4 million and $1.8 million, respectively. Three Months Ended March 31, 2021 2020 STATEMENTS OF OPERATIONS: Total expenses $ 1,239 $ 149 Net loss $ (1,239) $ (149) |
Sea Sound Apartments JV | |
Investments | |
Schedule of financial information of unconsolidated joint venture | March 31, December 31, 2021 2020 BALANCE SHEET: Investment in real estate $ 38,339 $ 29,085 Cash and cash equivalents 14 15 Other assets 20 — Total assets $ 38,373 $ 29,100 Debt, net $ 15,286 $ 8,378 Other liabilities 5,807 3,439 Equity 17,280 17,283 Total liabilities and equity $ 38,373 $ 29,100 Three Months Ended March 31, 2021 2020 STATEMENTS OF OPERATIONS: Total expenses $ 3 $ — Net loss $ (3) $ — |
Pier Park TPS JV | |
Investments | |
Schedule of financial information of unconsolidated joint venture | March 31, December 31, 2021 2020 BALANCE SHEETS: Property and equipment, net $ 17,595 $ 17,946 Cash and cash equivalents 2,080 1,705 Other assets 207 483 Total assets $ 19,882 $ 20,134 Debt, net $ 14,045 $ 14,090 Other liabilities 1,453 1,745 Equity 4,384 4,299 Total liabilities and equity $ 19,882 $ 20,134 Three Months Ended March 31, 2021 2020 STATEMENTS OF OPERATIONS: Total revenue $ 937 $ — Expenses: Cost of revenue 435 — Other operating expenses 78 3 Depreciation and amortization 358 — Total expenses 871 3 Operating income (loss) 66 (3) Interest expense (158) (3) Net loss $ (92) $ (6) |
Busy Bee JV (SJBB, LLC) | |
Investments | |
Schedule of financial information of unconsolidated joint venture | March 31, December 31, 2021 2020 BALANCE SHEETS: Property and equipment, net $ 8,385 $ 8,466 Cash and cash equivalents 284 227 Other assets 941 717 Total assets $ 9,610 $ 9,410 Debt, net $ 6,463 $ 6,532 Other liabilities 385 506 Equity 2,762 2,372 Total liabilities and equity $ 9,610 $ 9,410 Three Months Ended March 31, 2021 2020 STATEMENTS OF OPERATIONS: Total revenue $ 2,792 $ — Expenses: Cost of revenue 2,247 — Other operating expenses 462 6 Depreciation and amortization 115 — Total expenses 2,824 6 Operating loss (32) (6) Other (expense) income: Interest expense (53) (5) Other income, net 474 — Total other income (expense) 421 (5) Net income (loss) $ 389 $ (11) |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Investments | |
Schedule of Investments | March 31, 2021 Gross Unrealized Gross Unrealized Amortized Cost Gains (Losses) Fair Value Investments - debt securities: U.S. Treasury Bills $ 93,969 $ 5 $ (1) $ 93,973 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 |
Schedule of Unrealized Loss Position and Related Fair Value of Investments | March 31, 2021 December 31, 2020 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: U.S. Treasury Bills $ 9,999 $ 1 $ — $ — $ — $ — $ — $ — |
Schedule of Contractual Maturities of Investments | March 31, 2021 Amortized Cost Fair Value Due in one year or less $ 93,969 $ 93,973 |
Financial Instruments and Fai_2
Financial Instruments and Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Financial Instruments and Fair Value Measurements | |
Schedule of Financial Instruments Measured at Fair Value on Recurring Basis | March 31, 2021 Total Fair Level 1 Level 2 Level 3 Value Cash equivalents: Money market funds $ 17,049 $ — $ — $ 17,049 U.S. Treasury Bills 16,000 — — 16,000 33,049 — — 33,049 Investments - debt securities: U.S. Treasury Bills 93,974 — — 93,974 93,974 — — 93,974 Investments - equity securities: Preferred stock — 1,589 — 1,589 — 1,589 — 1,589 $ 127,023 $ 1,589 $ — $ 128,612 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 |
Schedule of Liabilities Measured at Fair Value on Recurring Basis | March 31, 2021 Location in Total Fair Balance Sheet Level 1 Level 2 Level 3 Value Derivative Liabilities: Interest rate swap Other liabilities $ — $ 1,015 $ — $ 1,015 Interest rate swap - unconsolidated affiliate Investment in unconsolidated joint ventures — 610 — 610 $ — $ 1,625 $ — $ 1,625 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 |
Schedule of Carrying Amount and Fair Value Measured on Nonrecurring Basis of Financial Instruments | March 31, 2021 December 31, 2020 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 $ 5,389 $ 5,832 1 $ 5,759 $ 6,363 1 Liabilities Debt Fixed-rate debt $ 117,668 $ 118,219 2 $ 114,125 $ 116,509 2 Variable-rate debt 54,641 54,641 2 47,293 47,293 2 Total debt $ 172,309 $ 172,860 $ 161,418 $ 163,802 Senior Notes held by SPE $ 177,357 $ 205,171 3 $ 177,289 $ 216,363 3 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Leases | |
Schedule of components of leasing revenue | Three Months Ended March 31, 2021 2020 Leasing revenue Lease payments $ 4,466 $ 3,382 Variable lease payments 1,128 918 Total leasing revenue $ 5,594 $ 4,300 |
Schedule of minimum future base rental revenue | 2021 $ 13,000 2022 11,836 2023 9,294 2024 7,769 2025 5,246 Thereafter 14,678 $ 61,823 |
Schedule of lease cost | Three Months Ended March 31, 2021 2020 Lease cost Finance lease cost: Amortization of right-of-use assets $ 27 $ 12 Interest on lease liability 5 3 Operating lease cost 77 65 Short-term lease cost 193 78 Total lease cost $ 302 $ 158 Other information Weighted-average remaining lease term - finance lease (in years) 4.0 3.9 Weighted-average remaining lease term - operating leases (in years) 3.4 2.9 Weighted-average discount rate - finance lease 4.5 % 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 March 31, 2021, for the years ending December 31 are: 2021 $ 89 2022 120 2023 120 2024 73 2025 37 Total 439 Less imputed interest (34) Total finance lease liability $ 405 |
Schedule of aggregate payments of operating lease liabilities | The aggregate payments of operating lease liabilities subsequent to March 31, 2021, for the years ending December 31 are: 2021 $ 221 2022 245 2023 204 2024 103 2025 51 Thereafter 281 Total 1,105 Less imputed interest (217) Total operating lease liabilities $ 888 |
Other Assets (Tables)
Other Assets (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Other Assets | |
Schedule of Other Assets | March 31, December 31, 2021 2020 Restricted investments $ — $ 1,171 Accounts receivable, net 10,578 10,791 Homesite sales receivable 6,456 5,675 Notes receivable, net 12,077 10,877 Inventory 2,335 2,026 Prepaid expenses 6,555 7,135 Straight-line rent 2,921 3,174 Operating lease right-of-use assets 888 808 Other assets 6,478 5,743 Retained interest investments 13,092 12,905 Accrued interest receivable for Senior Notes held by SPE 935 2,938 Total other assets $ 62,315 $ 63,243 |
Schedule of Lot Sales Receivable | Increases Due To Decreases Due to Balance Revenue Recognized Amounts Balance January 1, 2021 for Homesites Sold Received/Transferred March 31, 2021 Homesite sales receivable $ 5,675 $ 1,768 $ (987) $ 6,456 Increases Due To Decreases Due to Balance Revenue Recognized Amounts Balance January 1, 2020 for Homesites Sold Received/Transferred March 31, 2020 Homesite sales receivable $ 5,211 $ — $ (664) $ 4,547 |
Schedule of Notes Receivable, Net | March 31, December 31, 2021 2020 Various interest bearing homebuilder notes, secured by the real estate sold — bearing interest at a rate of 5.5%, due June 2021 through March 2023 $ 6,540 $ 7,544 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 4,843 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 554 556 Non-interest bearing note with a tenant for tenant improvements, due October 2025 82 — Various mortgage notes, secured by certain real estate, bearing interest at rates of 4.9% to 6.5%, due December 2022 through November 2023 58 63 Total notes receivable, net $ 12,077 $ 10,877 |
Debt, Net (Tables)
Debt, Net (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Debt, Net | |
Schedule of Debt | March 31, 2021 December 31, 2020 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% $ 44,325 $ 297 $ 44,028 $ 44,568 $ 314 $ 44,254 PPC JV Loan, insured by HUD, due June 2060, bearing interest at 4.0% 35,990 1,072 34,918 36,084 1,079 35,005 Watersound Origins Crossings JV Loan, due May 2024, bearing interest at 5.0% 31,061 325 30,736 27,179 351 26,828 Watercrest JV Loan, due June 2047, bearing interest at LIBOR plus 2.2% (effective rate of 2.3% at March 31, 2021) 18,931 347 18,584 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 March 31, 2021) 17,355 191 17,164 15,921 198 15,723 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 March 31, 2021) 7,184 158 7,026 3,548 168 3,380 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% 6,292 — 6,292 6,294 — 6,294 Beckrich Building III Loan, due August 2029, bearing interest at LIBOR plus 1.7% (effective rate of 1.8% at March 31, 2021) 5,363 57 5,306 5,421 59 5,362 Beach Homes Loan, due May 2029, bearing interest at LIBOR plus 1.7% (effective rate of 1.8% at March 31, 2021) 1,532 17 1,515 1,545 17 1,528 Self-Storage Facility Loan, due November 2025, bearing interest at LIBOR plus 2.5%, with a floor rate of 3.0% (effective rate of 3.0% at March 31, 2021) 1,526 83 1,443 — — — Pier Park Outparcel Construction Loan, due March 2027, bearing interest at LIBOR plus 1.7% (effective rate of 1.8% at March 31, 2021) 1,436 12 1,424 1,458 12 1,446 WaterColor Crossings Construction Loan, due February 2029, bearing interest at LIBOR plus 1.7% (effective rate of 1.8% at March 31, 2021) 1,314 20 1,294 1,334 21 1,313 Total debt $ 172,309 $ 2,579 $ 169,730 $ 161,418 $ 2,503 $ 158,915 |
Schedule of Aggregate Maturities of Debt | The aggregate maturities of debt subsequent to March 31, 2021, for the years ending December 31 are: March 31, 2021 2021 $ 2,107 2022 3,452 2023 3,954 2024 50,325 2025 50,717 Thereafter 61,754 $ 172,309 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Other Liabilities | |
Schedule of Other Liabilities | March 31, December 31, 2021 2020 Accounts payable $ 26,404 $ 25,376 Finance lease liability 405 316 Operating lease liabilities 888 808 Accrued compensation 2,288 3,337 Other accrued liabilities 8,762 6,892 Deferred revenue 16,718 16,632 Club initiation fees 12,641 10,716 Club membership deposits 3,773 3,764 Advance deposits 4,338 1,344 Accrued interest expense for Senior Notes held by SPE 713 2,850 Total other liabilities $ 76,930 $ 72,035 |
Schedule of changes in club initiation fees related to contracts with customers | Club Initiation Fees Balance as of January 1, 2021 $ 10,716 New club memberships 2,848 Revenue from amounts included in contract liability opening balance (852) Revenue from current period new memberships (71) Balance as of March 31, 2021 $ 12,641 Club Initiation Fees Balance as of January 1, 2020 $ 6,917 New club memberships 320 Revenue from amounts included in contract liability opening balance (579) Revenue from current period new memberships (10) Balance as of March 31, 2020 $ 6,648 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Income Taxes | |
Schedule of effective income tax rate reconciliation | Three Months Ended March 31, 2021 2020 Tax at the federal statutory rate $ 892 $ (426) State income taxes (net of federal benefit) 150 (71) Other 10 2 Total income tax expense (benefit) $ 1,052 $ (495) |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Accumulated Other Comprehensive Loss | |
Summary of Changes in Accumulated Other Comprehensive Loss | Unrealized Gain (Loss) Unrealized on Available-for- (Loss) Gain Sale Securities Cash Flow Hedge Total Accumulated other comprehensive income (loss) at December 31, 2020 $ 16 $ (1,488) $ (1,472) Other comprehensive (loss) income before reclassifications (1) 274 273 Amounts reclassified from accumulated other comprehensive loss (11) — (11) Other comprehensive (loss) income (12) 274 262 Accumulated other comprehensive income (loss) at March 31, 2021 $ 4 $ (1,214) $ (1,210) |
Summary of Tax Effects Allocated to Other Comprehensive Income | Three Months Ended March 31, 2021 Before- Tax Benefit or Net-of- Tax Amount (Expense) Tax Amount Unrealized loss on available-for-sale investments $ (2) $ 1 $ (1) Interest rate swap 157 (40) 117 Interest rate swap - unconsolidated affiliate 211 (54) 157 Reclassification adjustment for net gain included in earnings (15) 4 (11) Net unrealized gain 351 (89) 262 Other comprehensive income $ 351 $ (89) $ 262 Three Months Ended March 31, 2020 Before- Tax Net-of- Tax Amount Benefit Tax Amount Unrealized loss on restricted investments $ (10) $ 2 $ (8) Interest rate swap (729) 185 (544) Reclassification adjustment for net gain included in earnings (4) 1 (3) Net unrealized loss (743) 188 (555) Other comprehensive loss $ (743) $ 188 $ (555) |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Revenue Recognition | |
Schedule of revenue disaggregated by segment, good or service and timing | Three Months Ended March 31, 2021 Residential Hospitality Commercial Other Total Revenue by Major Good/Service: Real estate revenue $ 20,539 $ — $ 35 $ 479 $ 21,053 Hospitality revenue 81 12,986 — — 13,067 Leasing revenue 40 8 5,546 — 5,594 Timber revenue — — 1,591 — 1,591 Total revenue $ 20,660 $ 12,994 $ 7,172 $ 479 $ 41,305 Timing of Revenue Recognition: Recognized at a point in time $ 20,620 $ 9,141 $ 1,626 $ 479 $ 31,866 Recognized over time — 3,845 — — 3,845 Over lease term 40 8 5,546 — 5,594 Total revenue $ 20,660 $ 12,994 $ 7,172 $ 479 $ 41,305 Three Months Ended March 31, 2020 Residential Hospitality Commercial Other Total Revenue by Major Good/Service: Real estate revenue $ 2,954 $ — $ 2,765 $ 89 $ 5,808 Hospitality revenue 62 6,548 — — 6,610 Leasing revenue 22 3 4,275 — 4,300 Timber revenue — — 1,856 — 1,856 Total revenue $ 3,038 $ 6,551 $ 8,896 $ 89 $ 18,574 Timing of Revenue Recognition: Recognized at a point in time $ 3,016 $ 3,967 $ 4,621 $ 89 $ 11,693 Recognized over time — 2,581 — — 2,581 Over lease term 22 3 4,275 — 4,300 Total revenue $ 3,038 $ 6,551 $ 8,896 $ 89 $ 18,574 |
Other Income, Net - (Tables)
Other Income, Net - (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Other Expense, Net | |
Schedule of Other (Expense) Income, Net | Three Months Ended March 31, 2021 2020 Investment income, net Interest and dividend income $ 12 $ 1,043 Accretion income 12 17 Net realized gain (loss) on the sale of investments 17 (48) Unrealized loss on investments, net (1,049) (4,761) Interest income from investments in SPEs 2,043 2,046 Interest earned on notes receivable and other interest 160 94 Total investment income (loss), net 1,195 (1,609) Interest expense Interest expense and amortization of discount and issuance costs for Senior Notes issued by SPE (2,205) (2,202) Other interest expense (1,466) (1,143) Total interest expense (3,671) (3,345) Gain on contribution to equity method investment 120 4,277 Other income (expense), net Accretion income from retained interest investments 361 344 Gain on insurance recovery 866 — Loss from hurricane damage (7) (55) Miscellaneous income (expense), net 74 (34) Other income, net 1,294 255 Total other expense, net $ (1,062) $ (422) |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Information | |
Schedule of Information by Business Segment | Three Months Ended March 31, 2021 2020 Operating revenue: Residential $ 20,660 $ 3,038 Hospitality 12,994 6,551 Commercial 7,172 8,896 Other 479 89 Consolidated operating revenue $ 41,305 $ 18,574 Income (loss) before equity in loss from unconsolidated affiliates and income taxes: Residential $ 8,595 $ 404 Hospitality 284 (2,258) Commercial (a) 17 7,954 Other (4,419) (7,847) Consolidated income (loss) before equity in loss from unconsolidated affiliates and income taxes $ 4,477 $ (1,747) (a) The three months ended March 31, 2020 includes a gain of $3.9 million on land contributed to the Sea Sound Apartments JV. See Note 4. Joint Ventures for additional information. March 31, December 31, 2021 2020 Total assets: Residential $ 177,309 $ 172,610 Hospitality 164,366 146,724 Commercial 341,405 332,649 Other 370,313 385,341 Total assets $ 1,053,393 $ 1,037,324 |
Nature of Operations - Real Est
Nature of Operations - Real Estate Assets (Details) | 3 Months Ended |
Mar. 31, 2021segmentitem | |
Real estate | |
Number of reportable segments | segment | 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% |
Maximum | |
Real estate | |
Miles real estate is located from Gulf of Mexico | item | 15 |
Significant Accounting Polici_3
Significant Accounting Policies - Concentrations (Details) $ in Thousands | Mar. 31, 2021USD ($)issuer | Dec. 31, 2020USD ($) | Mar. 31, 2020USD ($) |
Concentration risk | |||
Cash and cash equivalents | $ 52,313 | $ 106,794 | $ 106,427 |
Investments - debt securities | 93,973 | 48,051 | |
Investments - equity securities | 1,589 | 2,623 | |
Preferred stock | |||
Concentration risk | |||
Investments - equity securities | 1,600 | $ 2,600 | |
Credit concentration risk | Assets | U.S. Treasury Bills | |||
Concentration risk | |||
Cash and cash equivalents | 16,000 | ||
Investments - debt securities | 94,000 | ||
Credit concentration risk | Assets | Money Market Funds | |||
Concentration risk | |||
Cash and cash equivalents | 17,000 | ||
Credit concentration risk | Assets | Preferred stock | Non-investment grade | |||
Concentration risk | |||
Investments - equity securities | $ 1,600 | ||
Number of issuers | issuer | 2 |
Significant Accounting Polici_4
Significant Accounting Policies - Recently Issued Accounting Pronouncements (Details) | Jan. 01, 2021 |
ASU 2019-12 | |
New accounting pronouncements or change in accounting principle | |
Change in Accounting Principle, Accounting Standards Update, Adopted | true |
ASU 2020-01 | |
New accounting pronouncements or change in accounting principle | |
Change in Accounting Principle, Accounting Standards Update, Adopted | true |
ASU 2020-10 | |
New accounting pronouncements or change in accounting principle | |
Change in Accounting Principle, Accounting Standards Update, Adopted | true |
Investment in Real Estate - Rea
Investment in Real Estate - Real Estate by Property Type and Segment (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Real estate properties | ||
Investment in real estate, net | $ 569,201 | $ 551,653 |
Development property | ||
Real estate properties | ||
Investment in real estate, net | 283,140 | 294,104 |
Development property | Other | ||
Real estate properties | ||
Investment in real estate, net | 3,259 | 2,691 |
Development property | Residential | Operating Segments | ||
Real estate properties | ||
Investment in real estate, net | 115,099 | 116,911 |
Development property | Hospitality | Operating Segments | ||
Real estate properties | ||
Investment in real estate, net | 66,430 | 51,113 |
Development property | Commercial | Operating Segments | ||
Real estate properties | ||
Investment in real estate, net | 98,352 | 123,389 |
Operating property | ||
Real estate properties | ||
Operating property | 364,482 | 333,509 |
Less: Accumulated depreciation | 78,421 | 75,960 |
Investment in real estate, net | 286,061 | 257,549 |
Operating property | Other | ||
Real estate properties | ||
Operating property | 129 | 129 |
Operating property | Residential | Operating Segments | ||
Real estate properties | ||
Operating property | 13,253 | 13,254 |
Operating property | Hospitality | Operating Segments | ||
Real estate properties | ||
Operating property | 105,046 | 103,687 |
Operating property | Commercial | Operating Segments | ||
Real estate properties | ||
Operating property | $ 246,054 | $ 216,439 |
Joint Ventures - General (Detai
Joint Ventures - General (Details) - USD ($) $ in Millions | Mar. 31, 2021 | 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) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2020item | Mar. 31, 2021itemroom | Dec. 31, 2020item | Dec. 31, 2020 | Mar. 31, 2020item | |
Lodge 30A JV | |||||
Variable interest entity | |||||
Variable interest entity, ownership percentage | 52.80% | 52.80% | |||
Lodge 30A JV | Hotel | |||||
Variable interest entity | |||||
Number of units to be developed | room | 85 | ||||
Pier Park Resort Hotel JV | |||||
Variable interest entity | |||||
Variable interest entity, ownership percentage | 70.00% | 70.00% | |||
Pier Park Resort Hotel JV | Hotel | |||||
Variable interest entity | |||||
Number of units to be developed, under development, or developed and constructed | 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 in period | 120 | ||||
Watersound Closings JV | |||||
Variable interest entity | |||||
Variable interest entity, ownership percentage | 58.00% | 58.00% | |||
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 in period | 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 | 163 | ||||
Number of units to be developed, under development, or developed and constructed | 217 | ||||
Pier Park Crossings JV | |||||
Variable interest entity | |||||
Variable interest entity, ownership percentage | 75.00% | 75.00% | |||
Pier Park Crossings JV | Apartment | |||||
Variable interest entity | |||||
Number of completed units | 240 | ||||
Pier Park North JV | |||||
Variable interest entity | |||||
Variable interest entity, ownership percentage | 60.00% | 60.00% |
Joint Ventures - Investment in
Joint Ventures - Investment in Unconsolidated JVs (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Investments | ||
Investment in unconsolidated joint ventures | $ 40,776 | $ 37,965 |
Latitude Margaritaville Watersound JV | ||
Investments | ||
Investment in unconsolidated joint ventures | 26,714 | 24,288 |
Sea Sound Apartments JV | ||
Investments | ||
Investment in unconsolidated joint ventures | 10,346 | 10,348 |
Pier Park TPS JV | ||
Investments | ||
Investment in unconsolidated joint ventures | 2,314 | 2,149 |
Busy Bee JV (SJBB, LLC) | ||
Investments | ||
Investment in unconsolidated joint ventures | $ 1,402 | $ 1,180 |
Joint Ventures - Unconsolidated
Joint Ventures - Unconsolidated JV Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Investments | |||
Outstanding debt | $ 172,309 | $ 161,418 | |
Unconsolidated joint ventures | |||
Investments | |||
Outstanding debt | 44,126 | 33,088 | |
Latitude Margaritaville Watersound JV | |||
Investments | |||
Outstanding debt | 7,599 | 3,297 | |
Sea Sound Apartments JV | |||
Investments | |||
Outstanding debt | 15,648 | 8,789 | |
Pier Park TPS JV | |||
Investments | |||
Outstanding debt | 14,340 | 14,388 | |
Busy Bee JV (SJBB, LLC) | |||
Investments | |||
Outstanding debt | 6,539 | $ 6,614 | |
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 | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Investments | ||
Equity in loss from unconsolidated affiliates | $ (468) | $ (83) |
Latitude Margaritaville Watersound JV | ||
Investments | ||
Equity in loss from unconsolidated affiliates | (642) | (74) |
Sea Sound Apartments JV | ||
Investments | ||
Equity in loss from unconsolidated affiliates | (2) | |
Pier Park TPS JV | ||
Investments | ||
Equity in loss from unconsolidated affiliates | (46) | (3) |
Busy Bee JV (SJBB, LLC) | ||
Investments | ||
Equity in loss from unconsolidated affiliates | $ 222 | $ (6) |
Joint Ventures - Unconsolidat_2
Joint Ventures - Unconsolidated JV - Latitude Margaritaville Watersound JV (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Apr. 30, 2021home | Mar. 31, 2021USD ($)sitehome | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Summarized financial information | |||||
Investment in real estate | $ 569,201 | $ 551,653 | |||
Cash and cash equivalents | 52,313 | $ 106,427 | 106,794 | ||
Other assets | 62,315 | 63,243 | |||
Total assets | 1,053,393 | 1,037,324 | |||
Debt, net | 169,730 | 158,915 | |||
Other liabilities | 76,930 | 72,035 | |||
Equity | 568,104 | 520,910 | 568,170 | $ 529,670 | |
Total liabilities and equity | 1,053,393 | 1,037,324 | |||
Total expenses | 35,766 | 19,899 | |||
Net income (loss) | 2,957 | (1,335) | |||
Latitude Margaritaville Watersound JV | |||||
Investments | |||||
Contractual value of land and improvements to be contributed | 35,000 | ||||
Cash contributed | 9,200 | ||||
Net present value of land contribution | 16,600 | ||||
Cash contributed by JV partner | $ 9,200 | ||||
Imputed interest rate (as a percent) | 5.75% | ||||
Amount of infrastructure improvements completed | $ 2,400 | $ 1,800 | |||
Variable interest entity, ownership percentage | 50.00% | 50.00% | |||
Average amount of land contribution returned per home | $ 10 | ||||
Summarized financial information | |||||
Historical cost basis of land contributed | 1,300 | $ 1,300 | |||
Latitude Margaritaville Watersound JV | |||||
Summarized financial information | |||||
Investment in real estate | 24,466 | 18,255 | |||
Cash and cash equivalents | 3,116 | 1,603 | |||
Other assets | 156 | 136 | |||
Total assets | 27,738 | 19,994 | |||
Debt, net | 7,185 | 2,844 | |||
Other liabilities | 862 | 1,794 | |||
Equity | 19,691 | 15,356 | |||
Total liabilities and equity | 27,738 | $ 19,994 | |||
Total expenses | 1,239 | 149 | |||
Net income (loss) | $ (1,239) | $ (149) | |||
Latitude Margaritaville Watersound JV | Residential homes | |||||
Investments | |||||
Number of units to be developed, under development, or developed and constructed | home | 3,500 | ||||
Latitude Margaritaville Watersound JV | Residential homes | Subsequent Event. | |||||
Investments | |||||
Number of units completed in period | home | 13 | ||||
Latitude Margaritaville Watersound JV | Homesites | |||||
Investments | |||||
Number of units under construction | site | 616 |
Joint Ventures - Unconsolidat_3
Joint Ventures - Unconsolidated JV - Sea Sound Apartments JV (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Jan. 31, 2020USD ($) | Mar. 31, 2021USD ($)item | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Investments | |||||
Net income | $ 2,957 | $ (1,335) | |||
Outstanding debt | 172,309 | $ 161,418 | |||
Summarized financial information | |||||
Investment in real estate | 569,201 | 551,653 | |||
Cash and cash equivalents | 52,313 | 106,427 | 106,794 | ||
Other assets | 62,315 | 63,243 | |||
Total assets | 1,053,393 | 1,037,324 | |||
Debt, net | 169,730 | 158,915 | |||
Other liabilities | 76,930 | 72,035 | |||
Equity | 568,104 | 520,910 | 568,170 | $ 529,670 | |
Total liabilities and equity | 1,053,393 | 1,037,324 | |||
Total expenses | 35,766 | 19,899 | |||
Net income (loss) | $ 2,957 | $ (1,335) | |||
Sea Sound Apartments JV | |||||
Investments | |||||
Value of land contributed | $ 5,100 | ||||
Mitigation bank credits contributed | 400 | ||||
Cash contributed | 4,900 | ||||
Cash contributed by JV partner | $ 6,900 | ||||
Ownership percentage | 60.00% | 60.00% | |||
Unconsolidated joint ventures | |||||
Investments | |||||
Outstanding debt | $ 44,126 | $ 33,088 | |||
Sea Sound Apartments JV | |||||
Investments | |||||
Net income | (3) | ||||
Outstanding debt | 15,648 | 8,789 | |||
Summarized financial information | |||||
Investment in real estate | 38,339 | 29,085 | |||
Cash and cash equivalents | 14 | 15 | |||
Other assets | 20 | ||||
Total assets | 38,373 | 29,100 | |||
Debt, net | 15,286 | 8,378 | |||
Other liabilities | 5,807 | 3,439 | |||
Equity | 17,280 | 17,283 | |||
Total liabilities and equity | 38,373 | 29,100 | |||
Total expenses | 3 | ||||
Net income (loss) | (3) | ||||
Sea Sound Apartments JV | Sea Sound Apartments JV Loan | |||||
Investments | |||||
Loan amount | $ 40,300 | ||||
Outstanding debt | $ 15,600 | $ 8,800 | |||
Sea Sound Apartments JV | LIBOR | Sea Sound Apartments JV Loan | |||||
Investments | |||||
Basis spread on variable rate (as a percent) | 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 | 3 Months Ended | ||||
Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) | May 31, 2020room | Dec. 31, 2019USD ($) | |
Summarized financial information | |||||
Property and equipment, net | $ 27,456 | $ 20,846 | |||
Cash and cash equivalents | 52,313 | $ 106,427 | 106,794 | ||
Other assets | 62,315 | 63,243 | |||
Total assets | 1,053,393 | 1,037,324 | |||
Debt, net | 169,730 | 158,915 | |||
Other liabilities | 76,930 | 72,035 | |||
Equity | 568,104 | 520,910 | 568,170 | $ 529,670 | |
Total liabilities and equity | 1,053,393 | $ 1,037,324 | |||
Total revenue | 41,305 | 18,574 | |||
Other operating expenses | 7,069 | 6,916 | |||
Depreciation and amortization | 3,853 | 3,073 | |||
Total expenses | 35,766 | 19,899 | |||
Operating income (loss) | 5,539 | (1,325) | |||
Interest expense | (3,671) | (3,345) | |||
Net income (loss) | $ 2,957 | (1,335) | |||
Pier Park TPS JV | |||||
Investments | |||||
Ownership percentage | 50.00% | 50.00% | |||
Pier Park TPS JV | |||||
Summarized financial information | |||||
Property and equipment, net | $ 17,595 | $ 17,946 | |||
Cash and cash equivalents | 2,080 | 1,705 | |||
Other assets | 207 | 483 | |||
Total assets | 19,882 | 20,134 | |||
Debt, net | 14,045 | 14,090 | |||
Other liabilities | 1,453 | 1,745 | |||
Equity | 4,384 | 4,299 | |||
Total liabilities and equity | 19,882 | $ 20,134 | |||
Total revenue | 937 | ||||
Cost of revenue | 435 | ||||
Other operating expenses | 78 | 3 | |||
Depreciation and amortization | 358 | ||||
Total expenses | 871 | 3 | |||
Operating income (loss) | 66 | (3) | |||
Interest expense | (158) | (3) | |||
Net income (loss) | $ (92) | $ (6) | |||
Pier Park TPS JV | Hotel | |||||
Investments | |||||
Number of completed units | room | 124 |
Joint Ventures - Unconsolidat_5
Joint Ventures - Unconsolidated JV - Busy Bee JV (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Investments | ||||
Notes receivable, net | $ 12,077 | $ 10,877 | ||
Summarized financial information | ||||
Property and equipment, net | 27,456 | 20,846 | ||
Cash and cash equivalents | 52,313 | $ 106,427 | 106,794 | |
Other assets | 62,315 | 63,243 | ||
Total assets | 1,053,393 | 1,037,324 | ||
Debt, net | 169,730 | 158,915 | ||
Other liabilities | 76,930 | 72,035 | ||
Equity | 568,104 | 520,910 | 568,170 | $ 529,670 |
Total liabilities and equity | 1,053,393 | $ 1,037,324 | ||
Total revenue | 41,305 | 18,574 | ||
Other operating expenses | 7,069 | 6,916 | ||
Depreciation and amortization | 3,853 | 3,073 | ||
Total expenses | 35,766 | 19,899 | ||
Operating income (loss) | 5,539 | (1,325) | ||
Interest expense | (3,671) | (3,345) | ||
Other (expense) income, net | 1,294 | 255 | ||
Total other expense, net | (1,062) | (422) | ||
Net income (loss) | $ 2,957 | (1,335) | ||
Busy Bee JV (SJBB, LLC) | ||||
Investments | ||||
Ownership percentage | 50.00% | 50.00% | ||
Busy Bee JV (SJBB, LLC) | ||||
Summarized financial information | ||||
Property and equipment, net | $ 8,385 | $ 8,466 | ||
Cash and cash equivalents | 284 | 227 | ||
Other assets | 941 | 717 | ||
Total assets | 9,610 | 9,410 | ||
Debt, net | 6,463 | 6,532 | ||
Other liabilities | 385 | 506 | ||
Equity | 2,762 | 2,372 | ||
Total liabilities and equity | 9,610 | $ 9,410 | ||
Total revenue | 2,792 | |||
Cost of revenue | 2,247 | |||
Other operating expenses | 462 | 6 | ||
Depreciation and amortization | 115 | |||
Total expenses | 2,824 | 6 | ||
Operating income (loss) | (32) | (6) | ||
Interest expense | (53) | (5) | ||
Other (expense) income, net | 474 | |||
Total other expense, net | 421 | (5) | ||
Net income (loss) | $ 389 | $ (11) |
Investments - Schedule of Inves
Investments - Schedule of Investments (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Debt securities and restricted investments | ||
Amortized Cost | $ 49,206 | |
Gross Unrealized Gains | 16 | |
Fair Value | 49,222 | |
Unrestricted available-for-sale, Debt securities | ||
Debt securities and restricted investments | ||
Amortized Cost | 48,046 | |
Gross Unrealized Gains | 5 | |
Fair Value | 48,051 | |
Unrestricted available-for-sale, Debt securities | U.S. Treasury Bills | ||
Debt securities and restricted investments | ||
Amortized Cost | $ 93,969 | 47,986 |
Gross Unrealized Gains | 5 | 5 |
Gross Unrealized (Losses) | (1) | |
Fair Value | $ 93,973 | 47,991 |
Unrestricted available-for-sale, Debt securities | Corporate debt securities | ||
Debt securities and restricted investments | ||
Amortized Cost | 60 | |
Fair Value | 60 | |
Restricted | ||
Debt securities and restricted investments | ||
Amortized Cost | 1,160 | |
Gross Unrealized Gains | 11 | |
Fair Value | 1,171 | |
Restricted | Short-term bond | ||
Debt securities and restricted investments | ||
Amortized Cost | 1,160 | |
Gross Unrealized Gains | 11 | |
Fair Value | $ 1,171 |
Investments - Gains and Proceed
Investments - Gains and Proceeds (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Investments | ||
Proceeds from sale of available-for-sale debt securities | $ 1,200 | $ 1,200 |
Maturities of investments - debt securities | 39,000 | |
Purchases of available-for-sale securities | 85,000 | |
Maximum | ||
Investments | ||
Net realized gain (loss) on sale of investments | $ 100 | 100 |
Purchases of available-for-sale securities | $ 49,900 |
Investments - Unrealized Loss P
Investments - Unrealized Loss Position (Details) - Unrestricted available-for-sale, Debt securities - U.S. Treasury Bills $ in Thousands | Mar. 31, 2021USD ($) |
Investments | |
Less Than 12 Months, Fair Value | $ 9,999 |
Less Than 12 Months, Unrealized Losses | $ 1 |
Investments - Contractual Matur
Investments - Contractual Maturities of Investments (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Amortized Cost | ||
Amortized Cost | $ 49,206 | |
Fair Value | ||
Fair Value | 49,222 | |
Unrestricted available-for-sale, Debt securities | ||
Amortized Cost | ||
Amortized Cost, Due in one year or less | $ 93,969 | |
Amortized Cost | 48,046 | |
Fair Value | ||
Fair Value, Due in one year or less | $ 93,973 | |
Fair Value | 48,051 | |
Restricted | ||
Amortized Cost | ||
Amortized Cost | 1,160 | |
Fair Value | ||
Fair Value | $ 1,171 |
Investments - Equity Securities
Investments - Equity Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Equity Securities | |||
Investments - equity securities | $ 1,589 | $ 2,623 | |
Unrealized loss on investments, net | (1,049) | $ (4,761) | |
Preferred stock | |||
Equity Securities | |||
Investments - equity securities | $ 1,600 | $ 2,600 |
Investments - Investment Manage
Investments - Investment Management Agreement (Details) | Mar. 31, 2021 |
Investor | Clients of FCM, including Mr. Berkowitz | |
Investments | |
Common stock ownership percentage | 43.72% |
Financial Instruments and Fai_3
Financial Instruments and Fair Value Measurements - Measurements on Recurring Basis (Details) - Recurring basis - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Financial instruments and fair value measurements | ||
Cash equivalents | $ 33,049 | $ 89,964 |
Total | 128,612 | 141,809 |
Level 1 | ||
Financial instruments and fair value measurements | ||
Cash equivalents | 33,049 | 89,964 |
Total | 127,023 | 139,126 |
Level 2 | ||
Financial instruments and fair value measurements | ||
Total | 1,589 | 2,683 |
Unrestricted available-for-sale, Debt securities | ||
Financial instruments and fair value measurements | ||
Investments | 93,974 | 48,051 |
Unrestricted available-for-sale, Debt securities | Level 1 | ||
Financial instruments and fair value measurements | ||
Investments | 93,974 | 47,991 |
Unrestricted available-for-sale, Debt securities | Level 2 | ||
Financial instruments and fair value measurements | ||
Investments | 60 | |
Equity securities | ||
Financial instruments and fair value measurements | ||
Investments | 1,589 | 2,623 |
Equity securities | Level 2 | ||
Financial instruments and fair value measurements | ||
Investments | 1,589 | 2,623 |
Restricted | ||
Financial instruments and fair value measurements | ||
Investments | 1,171 | |
Restricted | Level 1 | ||
Financial instruments and fair value measurements | ||
Investments | 1,171 | |
Money Market Funds | ||
Financial instruments and fair value measurements | ||
Cash equivalents | 17,049 | 10,973 |
Money Market Funds | Level 1 | ||
Financial instruments and fair value measurements | ||
Cash equivalents | 17,049 | 10,973 |
U.S. Treasury Bills | ||
Financial instruments and fair value measurements | ||
Cash equivalents | 16,000 | 78,991 |
U.S. Treasury Bills | Level 1 | ||
Financial instruments and fair value measurements | ||
Cash equivalents | 16,000 | 78,991 |
U.S. Treasury Bills | Unrestricted available-for-sale, Debt securities | ||
Financial instruments and fair value measurements | ||
Investments | 93,974 | 47,991 |
U.S. Treasury Bills | Unrestricted available-for-sale, Debt securities | Level 1 | ||
Financial instruments and fair value measurements | ||
Investments | 93,974 | 47,991 |
Corporate debt securities | Unrestricted available-for-sale, Debt securities | ||
Financial instruments and fair value measurements | ||
Investments | 60 | |
Corporate debt securities | Unrestricted available-for-sale, Debt securities | Level 2 | ||
Financial instruments and fair value measurements | ||
Investments | 60 | |
Preferred stock | Equity securities | ||
Financial instruments and fair value measurements | ||
Investments | 1,589 | 2,623 |
Preferred stock | Equity securities | Level 2 | ||
Financial instruments and fair value measurements | ||
Investments | $ 1,589 | 2,623 |
Short-term bond | Restricted | ||
Financial instruments and fair value measurements | ||
Investments | 1,171 | |
Short-term bond | Restricted | Level 1 | ||
Financial instruments and fair value measurements | ||
Investments | $ 1,171 |
Financial Instruments and Fai_4
Financial Instruments and Fair Value Measurements - Expected Maturity (Details) - Restricted - Short-term bond - Y | Mar. 31, 2021 | Dec. 31, 2020 |
Financial instruments and fair value measurements | ||
Debt Securities, Available-for-sale, Measurement Input [Extensible List] | us-gaap:MeasurementInputExpectedTermMember | us-gaap:MeasurementInputExpectedTermMember |
Minimum | ||
Financial instruments and fair value measurements | ||
Measurement input (in years) | 0 | 0 |
Maximum | ||
Financial instruments and fair value measurements | ||
Measurement input (in years) | 3 | 3 |
Financial Instruments and Fai_5
Financial Instruments and Fair Value Measurements - Liabilities Measured at FV (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2019 | Jan. 31, 2019 |
Interest rate swap | Watercrest JV | ||||
Financial instruments and fair value measurements | ||||
Notional amount | $ 20,000 | |||
Recurring basis | ||||
Financial instruments and fair value measurements | ||||
Liabilities | $ 1,625 | $ 1,993 | ||
Recurring basis | Interest rate swap | Other liabilities. | ||||
Financial instruments and fair value measurements | ||||
Derivative liabilities | 1,015 | 1,172 | ||
Recurring basis | Interest rate swap | Investment in unconsolidated joint ventures | ||||
Financial instruments and fair value measurements | ||||
Derivative liabilities | 610 | 821 | ||
Recurring basis | Level 2 | ||||
Financial instruments and fair value measurements | ||||
Liabilities | 1,625 | 1,993 | ||
Recurring basis | Level 2 | Interest rate swap | Pier Park TPS JV | ||||
Financial instruments and fair value measurements | ||||
Derivative liabilities | 600 | 800 | ||
Recurring basis | Level 2 | Interest rate swap | Other liabilities. | ||||
Financial instruments and fair value measurements | ||||
Derivative liabilities | 1,015 | 1,172 | ||
Recurring basis | Level 2 | Interest rate swap | Investment in unconsolidated joint ventures | ||||
Financial instruments and fair value measurements | ||||
Derivative liabilities | $ 610 | $ 821 | ||
Pier Park TPS JV | Interest rate swap | ||||
Financial instruments and fair value measurements | ||||
Notional amount | $ 14,400 |
Financial Instruments and Fai_6
Financial Instruments and Fair Value Measurements - Investment in Unconsolidated JVs and Long-lived assets (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Financial Instruments and Fair Value Measurements | ||
Impairment loss on investment in unconsolidated joint ventures | $ 0 | $ 0 |
Financial Instruments and Fai_7
Financial Instruments and Fair Value Measurements - Carrying Amount and Fair Value (Details) - Nonrecurring - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Carrying Value | ||
Financial instruments and fair value measurements | ||
Debt | $ 172,309 | $ 161,418 |
Fair Value | ||
Financial instruments and fair value measurements | ||
Debt | 172,860 | 163,802 |
Level 1 | Carrying Value | U.S. Treasury Bills | ||
Financial instruments and fair value measurements | ||
Investments held by SPEs | 5,389 | 5,759 |
Level 1 | Fair Value | U.S. Treasury Bills | ||
Financial instruments and fair value measurements | ||
Investments held by SPEs | 5,832 | 6,363 |
Level 2 | Carrying Value | Fixed-rate debt | ||
Financial instruments and fair value measurements | ||
Debt | 117,668 | 114,125 |
Level 2 | Carrying Value | Variable rate debt | ||
Financial instruments and fair value measurements | ||
Debt | 54,641 | 47,293 |
Level 2 | Fair Value | Fixed-rate debt | ||
Financial instruments and fair value measurements | ||
Debt | 118,219 | 116,509 |
Level 2 | Fair Value | Variable rate debt | ||
Financial instruments and fair value measurements | ||
Debt | 54,641 | 47,293 |
Level 3 | Carrying Value | ||
Financial instruments and fair value measurements | ||
Senior Notes held by SPE | 177,357 | 177,289 |
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 | 205,171 | 216,363 |
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 | Mar. 31, 2021 | Dec. 31, 2020 | |
Financial instruments and fair value measurements | |||
Investments held by special purpose entities | $ 205,770 | $ 206,149 | |
Senior Notes held by special purpose entity | 177,357 | 177,289 | |
Variable Interest Entities | |||
Financial instruments and fair value measurements | |||
Investments held by special purpose entities | 205,770 | 206,149 | |
Senior Notes held by special purpose entity | 177,357 | $ 177,289 | |
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 | $ 5,400 | ||
Panama City Timber Finance Company, LLC | Cash | |||
Financial instruments and fair value measurements | |||
Investments held by special purpose entities | 400 | ||
Northwest Florida Timber Finance, LLC | |||
Financial instruments and fair value measurements | |||
Loan amount | $ 180,000 | ||
Debt interest rate (as a percent) | 4.80% | ||
Issue price of senior secured notes (as a percent) | 98.50% | ||
Senior Notes held by special purpose entity | 177,400 | ||
Unamortized discount and debt issuance costs | $ 2,600 |
Hurricane Michael (Details)
Hurricane Michael (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Loss contingency | ||
Insurance recovery | $ 866 | |
Loss from hurricane damage | 7 | $ 55 |
Hurricane Michael. | ||
Loss contingency | ||
Proceeds from business interruption insurance | 0 | 700 |
Insurance recovery | 900 | 0 |
Loss from hurricane damage | $ 100 | |
Hurricane Michael. | Maximum | ||
Loss contingency | ||
Loss from hurricane damage | $ 100 |
Leases - Components of Lease Re
Leases - Components of Lease Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Leasing revenue | ||
Lease payments | $ 4,466 | $ 3,382 |
Variable lease payments | 1,128 | 918 |
Total leasing revenue | $ 5,594 | $ 4,300 |
Leases - Minimum Future Base Re
Leases - Minimum Future Base Rental Revenue (Details) $ in Thousands | Mar. 31, 2021USD ($) |
Minimum future base rental revenue: | |
2021 | $ 13,000 |
2022 | 11,836 |
2023 | 9,294 |
2024 | 7,769 |
2025 | 5,246 |
Thereafter | 14,678 |
Total | $ 61,823 |
Leases - Lease Cost (Details)
Leases - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Lease cost | ||
Finance lease cost: Amortization of right-of-use assets | $ 27 | $ 12 |
Finance lease cost: Interest on lease liability | 5 | 3 |
Operating lease cost | 77 | 65 |
Short-term lease cost | 193 | 78 |
Total lease cost | $ 302 | $ 158 |
Leases - Lease Cost - Other Inf
Leases - Lease Cost - Other Information (Details) | Mar. 31, 2021 | Mar. 31, 2020 |
Leases | ||
Weighted-average remaining lease term - finance lease (in years) | 4 years | 3 years 10 months 24 days |
Weighted-average remaining lease term - operating leases (in years) | 3 years 4 months 24 days | 2 years 10 months 24 days |
Weighted-average discount rate - finance lease (as a percent) | 4.50% | 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 | Mar. 31, 2021 | Dec. 31, 2020 |
Aggregate payments of finance lease liability: | ||
2021 | $ 89 | |
2022 | 120 | |
2023 | 120 | |
2024 | 73 | |
2025 | 37 | |
Total | 439 | |
Less imputed interest | (34) | |
Total finance lease liability | $ 405 | $ 316 |
Leases - Aggregate Payments o_2
Leases - Aggregate Payments of Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Aggregate payments of operating lease liabilities: | ||
2021 | $ 221 | |
2022 | 245 | |
2023 | 204 | |
2024 | 103 | |
2025 | 51 | |
Thereafter | 281 | |
Total | 1,105 | |
Less imputed interest | (217) | |
Total operating lease liabilities | $ 888 | $ 808 |
Other Assets - Schedule of Othe
Other Assets - Schedule of Other Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Other Assets | ||||
Restricted investments | $ 1,171 | |||
Accounts receivable, net | $ 10,578 | 10,791 | ||
Homesite sales receivable | 6,456 | 5,675 | $ 4,547 | $ 5,211 |
Notes receivable, net | 12,077 | 10,877 | ||
Inventory | 2,335 | 2,026 | ||
Prepaid expenses | 6,555 | 7,135 | ||
Straight-line rent | 2,921 | 3,174 | ||
Operating lease, right-of use assets | 888 | 808 | ||
Other assets | 6,478 | 5,743 | ||
Retained interest investments | 13,092 | 12,905 | ||
Accrued interest receivable for Senior Notes held by SPE | 935 | 2,938 | ||
Total other assets | $ 62,315 | $ 63,243 |
Other Assets - Restricted Inves
Other Assets - Restricted Investments (Details) - Restricted - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Investments | ||
Expense for fair value of assets, less expenses, allocated to participants | $ 1.2 | |
Maximum | ||
Investments | ||
Gain (loss) on assets | $ 0.1 | $ 0.1 |
Other Assets - Accounts Receiva
Other Assets - Accounts Receivable, Net (Details) - USD ($) $ in Millions | 15 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Accounts Receivable, Net | ||
Allowance for credit losses | $ 0.2 | $ 0.2 |
Allowance for lease related receivables | 0.1 | $ 0.1 |
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 | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Changes in lot sales receivable | ||
Homesite Sales Receivable, Beginning Balance | $ 5,675 | $ 5,211 |
Increases Due To Revenue Recognized for Lots Sold | 1,768 | |
Decreases Due to Amounts Received/Transferred | (987) | (664) |
Homesite Sales Receivable, Ending Balance | $ 6,456 | $ 4,547 |
Other Assets - Notes Receivable
Other Assets - Notes Receivable, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | |
Receivables | |||
Notes receivable, net | $ 12,077 | $ 10,877 | |
Accrued interest receivable | 935 | 2,938 | |
Latitude Margaritaville Watersound JV | |||
Receivables | |||
Notes receivable, net | 4,800 | 2,700 | |
Amount as lender of secured revolving promissory note | 10,000 | $ 10,000 | |
Maximum | |||
Receivables | |||
Allowance for credit losses, Notes receivable | 100 | 100 | |
Notes Receivable | |||
Receivables | |||
Accrued interest receivable | 300 | 200 | |
Various interest bearing homebuilder notes, secured by the real estate sold - bearing interest at a rate of 5.5%, due June 2021 through March 2023 | |||
Receivables | |||
Notes receivable, net | $ 6,540 | $ 7,544 | |
Interest rate, note (as a percent) | 5.50% | 5.50% | |
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 | $ 4,843 | $ 2,714 | |
Interest rate, note (as a percent) | 5.00% | 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 | $ 554 | $ 556 | |
Interest rate, note (as a percent) | 8.00% | 8.00% | |
Non-interest bearing note with a tenant for tenant improvements, due October 2025 | |||
Receivables | |||
Notes receivable, net | $ 82 | ||
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 | $ 58 | $ 63 | |
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, mortgage (as a percent) | 4.90% | 4.90% | |
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, mortgage (as a percent) | 6.50% | 6.50% |
Other Assets - Retained Interes
Other Assets - Retained Interest Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Investments | ||
Retained interest investments | $ 13,092 | $ 12,905 |
Retained interest investments | ||
Investments | ||
Expected amount to receive upon maturity of note after payment of note and any other liabilities | $ 16,500 | |
Promissory notes maturity period | 15 years | |
Retained interest investments | $ 13,100 | $ 12,900 |
Minimum | Retained interest investments | ||
Investments | ||
Notes maturity year | 2022 | |
Maximum | Retained interest investments | ||
Investments | ||
Notes maturity year | 2024 |
Debt, Net - Schedule of Debt (D
Debt, Net - Schedule of Debt (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Debt instruments | ||
Outstanding debt | $ 172,309 | $ 161,418 |
Unamortized Discount and Debt Issuance Costs | 2,579 | 2,503 |
Debt, Net | 169,730 | 158,915 |
PPN JV Loan, due November 2025, bearing interest at 4.1% | ||
Debt instruments | ||
Outstanding debt | 44,325 | 44,568 |
Unamortized Discount and Debt Issuance Costs | 297 | 314 |
Debt, Net | $ 44,028 | $ 44,254 |
Debt interest rate (as a percent) | 4.10% | 4.10% |
PPC JV Loan, due June 2060, bearing interest at 4.0% | ||
Debt instruments | ||
Outstanding debt | $ 35,990 | $ 36,084 |
Unamortized Discount and Debt Issuance Costs | 1,072 | 1,079 |
Debt, Net | $ 34,918 | $ 35,005 |
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 | $ 31,061 | $ 27,179 |
Unamortized Discount and Debt Issuance Costs | 325 | 351 |
Debt, Net | $ 30,736 | $ 26,828 |
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 | $ 18,931 | $ 18,066 |
Unamortized Discount and Debt Issuance Costs | 347 | 284 |
Debt, Net | $ 18,584 | $ 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 (as a percent) | 2.20% | 2.20% |
PPC II JV Loan, due October 2024, bearing interest at LIBOR plus 2.3% | ||
Debt instruments | ||
Outstanding debt | $ 17,355 | $ 15,921 |
Unamortized Discount and Debt Issuance Costs | 191 | 198 |
Debt, Net | $ 17,164 | $ 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 (as a percent) | 2.30% | 2.30% |
Airport Hotel Loan, due March 2025, bearing interest at LIBOR plus 2.0%, with a floor rate of 3.0% | ||
Debt instruments | ||
Outstanding debt | $ 7,184 | $ 3,548 |
Unamortized Discount and Debt Issuance Costs | 158 | 168 |
Debt, Net | $ 7,026 | $ 3,380 |
Floor rate (as a percent) | 3.00% | 3.00% |
Effective interest rate (as a percent) | 3.00% | |
Airport Hotel Loan, due March 2025, bearing interest at LIBOR plus 2.0%, with a floor rate of 3.0% | LIBOR | ||
Debt instruments | ||
Basis spread on variable rate (as a percent) | 2.00% | 2.00% |
Community Development District debt, secured by certain real estate or other collateral, due May 2023 through May 2039, bearing interest at 3.6% to 6.0% | ||
Debt instruments | ||
Outstanding debt | $ 6,292 | $ 6,294 |
Debt, Net | $ 6,292 | $ 6,294 |
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 | $ 5,363 | $ 5,421 |
Unamortized Discount and Debt Issuance Costs | 57 | 59 |
Debt, Net | $ 5,306 | $ 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 (as a percent) | 1.70% | 1.70% |
Beach Homes Loan, due May 2029, bearing interest at LIBOR plus 1.7%. | ||
Debt instruments | ||
Outstanding debt | $ 1,532 | $ 1,545 |
Unamortized Discount and Debt Issuance Costs | 17 | 17 |
Debt, Net | $ 1,515 | $ 1,528 |
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 (as a percent) | 1.70% | 1.70% |
Self-Storage Facility Loan, due November 2025, bearing interest at LIBOR plus 2.5%, with a floor rate of 3.0% | ||
Debt instruments | ||
Outstanding debt | $ 1,526 | |
Unamortized Discount and Debt Issuance Costs | 83 | |
Debt, Net | $ 1,443 | |
Floor rate (as a percent) | 3.00% | 3.00% |
Effective interest rate (as a percent) | 3.00% | |
Self-Storage Facility Loan, due November 2025, bearing interest at LIBOR plus 2.5%, with a floor rate of 3.0% | LIBOR | ||
Debt instruments | ||
Basis spread on variable rate (as a percent) | 2.50% | 2.50% |
Pier Park Outparcel Construction Loan, due March 2027, bearing interest at LIBOR plus 1.7% | ||
Debt instruments | ||
Outstanding debt | $ 1,436 | $ 1,458 |
Unamortized Discount and Debt Issuance Costs | 12 | 12 |
Debt, Net | $ 1,424 | $ 1,446 |
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 (as a percent) | 1.70% | 1.70% |
WaterColor Crossings Construction Loan, due February 2029, bearing interest at LIBOR plus 1.7% | ||
Debt instruments | ||
Outstanding debt | $ 1,314 | $ 1,334 |
Unamortized Discount and Debt Issuance Costs | 20 | 21 |
Debt, Net | $ 1,294 | $ 1,313 |
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 (as a percent) | 1.70% | 1.70% |
Debt, Net - Debt Agreements (De
Debt, Net - Debt Agreements (Details) $ in Thousands | 1 Months Ended | 120 Months Ended | |||||||||||||
Mar. 31, 2021USD ($) | Jan. 31, 2021USD ($) | Nov. 30, 2020USD ($) | Apr. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Oct. 31, 2019USD ($) | Jun. 30, 2019USD ($) | May 31, 2019USD ($) | Jun. 30, 2030 | Dec. 31, 2020USD ($) | Aug. 31, 2019USD ($) | May 31, 2018USD ($)item | Feb. 28, 2018USD ($) | Mar. 31, 2017USD ($) | Oct. 31, 2015USD ($) | |
Debt instruments | |||||||||||||||
Outstanding debt | $ 172,309 | $ 161,418 | |||||||||||||
Total Community Development District debt | 15,400 | 15,800 | |||||||||||||
PPN JV Loan, due November 2025, bearing interest at 4.1% | |||||||||||||||
Debt instruments | |||||||||||||||
Loan amount | $ 48,200 | ||||||||||||||
Outstanding debt | 44,325 | 44,568 | |||||||||||||
PPC JV Loan, due June 2060, bearing interest at 4.0% | |||||||||||||||
Debt instruments | |||||||||||||||
Loan amount | $ 36,600 | ||||||||||||||
Outstanding debt | 35,990 | 36,084 | |||||||||||||
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 | 31,061 | 27,179 | |||||||||||||
Debt instrument, period subject to interest payments only | 30 months | ||||||||||||||
Watercrest JV Loan, due June 2047, bearing interest at LIBOR plus 2.2% | |||||||||||||||
Debt instruments | |||||||||||||||
Loan amount | $ 22,500 | ||||||||||||||
Outstanding debt | 18,931 | 18,066 | |||||||||||||
Debt instrument, period subject to interest payments only | 36 months | ||||||||||||||
Fixed interest rate (as a percent) | 4.37% | ||||||||||||||
Watercrest JV Loan, due June 2047, bearing interest at LIBOR plus 2.2% | Interest rate swap | |||||||||||||||
Debt instruments | |||||||||||||||
Notional amount | $ 20,000 | ||||||||||||||
PPC II JV Loan, due October 2024, bearing interest at LIBOR plus 2.3% | |||||||||||||||
Debt instruments | |||||||||||||||
Loan amount | $ 17,500 | ||||||||||||||
Outstanding debt | 17,355 | 15,921 | |||||||||||||
Debt instrument, period subject to interest payments only | 24 months | ||||||||||||||
Company's liability as guarantor, upon satisfaction of final advance conditions (as a percent) | 50.00% | ||||||||||||||
Company's liability as guarantor, upon reaching and maintaining a certain debt service coverage ratio (as a percent) | 25.00% | ||||||||||||||
Airport Hotel Loan, due March 2025, bearing interest at LIBOR plus 2.0%, with a floor rate of 3.0% | |||||||||||||||
Debt instruments | |||||||||||||||
Loan amount | $ 15,300 | ||||||||||||||
Outstanding debt | 7,184 | 3,548 | |||||||||||||
Debt instrument, period subject to interest payments only | 36 months | ||||||||||||||
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 | 6,292 | 6,294 | |||||||||||||
Beckrich Building III Loan, due August 2029, bearing interest at LIBOR plus 1.7% | |||||||||||||||
Debt instruments | |||||||||||||||
Loan amount | $ 5,500 | ||||||||||||||
Outstanding debt | 5,363 | 5,421 | |||||||||||||
Beach Homes Loan, due May 2029, bearing interest at LIBOR plus 1.7%. | |||||||||||||||
Debt instruments | |||||||||||||||
Loan amount | $ 1,700 | ||||||||||||||
Outstanding debt | 1,532 | 1,545 | |||||||||||||
Number of homes financed | item | 2 | ||||||||||||||
Self-Storage Facility Loan, due November 2025, bearing interest at LIBOR plus 2.5%, with a floor rate of 3.0% | |||||||||||||||
Debt instruments | |||||||||||||||
Loan amount | $ 5,800 | ||||||||||||||
Outstanding debt | 1,526 | ||||||||||||||
Debt instrument, period subject to interest payments only | 48 months | ||||||||||||||
Self-Storage Facility Loan, due November 2025, bearing interest at LIBOR plus 2.5%, with a floor rate of 3.0% | Maximum | |||||||||||||||
Debt instruments | |||||||||||||||
Amount of liability as guarantor | $ 2,900 | ||||||||||||||
Pier Park Outparcel Construction Loan, due March 2027, bearing interest at LIBOR plus 1.7% | |||||||||||||||
Debt instruments | |||||||||||||||
Loan amount | $ 1,600 | ||||||||||||||
Outstanding debt | 1,436 | 1,458 | |||||||||||||
WaterColor Crossings Construction Loan, due February 2029, bearing interest at LIBOR plus 1.7% | |||||||||||||||
Debt instruments | |||||||||||||||
Loan amount | $ 1,900 | ||||||||||||||
Outstanding debt | 1,314 | 1,334 | |||||||||||||
Pier Park Resort Hotel JV Loan | |||||||||||||||
Debt instruments | |||||||||||||||
Loan amount | $ 52,500 | ||||||||||||||
Outstanding debt | 0 | 0 | |||||||||||||
Debt instrument, period subject to interest payments only | 36 months | ||||||||||||||
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 | 0 | |||||||||||||
Debt instrument, period subject to interest payments only | 24 months | ||||||||||||||
Loan costs | 200 | $ 200 | |||||||||||||
Lodge 30A JV Hotel Loan | |||||||||||||||
Debt instruments | |||||||||||||||
Loan amount | $ 15,000 | ||||||||||||||
Outstanding debt | 0 | ||||||||||||||
Debt instrument, period subject to interest payments only | 24 months | ||||||||||||||
Debt service coverage period | 24 months | ||||||||||||||
Loan costs | 200 | ||||||||||||||
Company's liability as guarantor, third year (as a percent) | 75.00% | ||||||||||||||
Company's liability as guarantor, fourth year (as a percent) | 50.00% | ||||||||||||||
Company's liability as guarantor, fifth year (as a percent) | 25.00% | ||||||||||||||
Star Avenue Apartments Loan | |||||||||||||||
Debt instruments | |||||||||||||||
Loan amount | 26,800 | ||||||||||||||
Outstanding debt | 0 | ||||||||||||||
Loan costs | $ 300 | ||||||||||||||
Loan extension period | 18 months | ||||||||||||||
Company's liability as guarantor, upon satisfaction of final advance conditions (as a percent) | 50.00% | ||||||||||||||
Company's liability as guarantor, upon reaching and maintaining a certain debt service coverage ratio (as a percent) | 25.00% |
Debt, Net - Maturities of Debt
Debt, Net - Maturities of Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Debt, Net | ||
2021 | $ 2,107 | |
2022 | 3,452 | |
2023 | 3,954 | |
2024 | 50,325 | |
2025 | 50,717 | |
Thereafter | 61,754 | |
Long term debt | $ 172,309 | $ 161,418 |
Other Liabilities - Schedule of
Other Liabilities - Schedule of Other Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Other Liabilities | ||
Accounts payable | $ 26,404 | $ 25,376 |
Finance lease liability | 405 | 316 |
Operating lease liabilities | 888 | 808 |
Accrued compensation | 2,288 | 3,337 |
Other accrued liabilities | 8,762 | 6,892 |
Deferred revenue | 16,718 | 16,632 |
Club initiation fees | 12,641 | 10,716 |
Club membership deposits | 3,773 | 3,764 |
Advance deposits | 4,338 | 1,344 |
Accrued interest expense for Senior Notes held by SPE | 713 | 2,850 |
Total other liabilities | $ 76,930 | $ 72,035 |
Other Liabilities - Additional
Other Liabilities - Additional Information (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Other Liabilities | ||
Accrued property taxes | $ 1,500 | $ 100 |
Deferred revenue | 16,718 | 16,632 |
Florida Department of Transportation | ||
Other Liabilities | ||
Deferred revenue | $ 11,500 | $ 11,500 |
Other Liabilities - Changes in
Other Liabilities - Changes in Contract Liabilities (Details) - Club Membership - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Change in contract with customer liability | ||
Balance at beginning of period | $ 10,716 | $ 6,917 |
New club memberships | 2,848 | 320 |
Revenue from amounts included in contract liability opening balance | (852) | (579) |
Revenue from current period new memberships | (71) | (10) |
Balance at end of period | $ 12,641 | $ 6,648 |
Other Liabilities - Performance
Other Liabilities - Performance Obligations (Details) $ in Millions | Mar. 31, 2021USD ($) |
Performance obligations | |
Remaining performance obligations | $ 12.6 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | |
Performance obligations | |
Remaining performance obligations | $ 2.3 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 | |
Performance obligations | |
Remaining performance obligations | $ 5.4 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 2 years |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 | |
Performance obligations | |
Remaining performance obligations | $ 3.8 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 2 years |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01 | |
Performance obligations | |
Remaining performance obligations | $ 1.1 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period |
Income Taxes - Expense (Benefit
Income Taxes - Expense (Benefit) Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Taxes | ||
Statutory federal income tax rate (as a percent) | 21.00% | 21.00% |
Tax at the statutory federal rate | $ 892 | $ (426) |
State income taxes (net of federal benefit) | 150 | (71) |
Other permanent items | 10 | 2 |
Total income tax expense (benefit) | $ 1,052 | $ (495) |
Income Taxes - Tax Credit Carry
Income Taxes - Tax Credit Carryforward (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Income Taxes | ||
Income tax payable | $ 3.5 | $ 2.7 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Summary of Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Summary of changes in accumulated other comprehensive loss | ||
Beginning Balance | $ 568,170 | $ 529,670 |
Amounts reclassified from accumulated other comprehensive loss | (11) | (3) |
Total other comprehensive income (loss), net of tax | 262 | (555) |
Ending Balance | 568,104 | 520,910 |
Accumulated Other Comprehensive Loss. | ||
Summary of changes in accumulated other comprehensive loss | ||
Beginning Balance | (1,472) | (335) |
Other comprehensive (loss) income before reclassifications | 273 | |
Amounts reclassified from accumulated other comprehensive loss | (11) | |
Total other comprehensive income (loss), net of tax | 262 | (555) |
Ending Balance | (1,210) | $ (890) |
Unrealized (loss) and gain on available for sale securities | ||
Summary of changes in accumulated other comprehensive loss | ||
Beginning Balance | 16 | |
Other comprehensive (loss) income before reclassifications | (1) | |
Amounts reclassified from accumulated other comprehensive loss | (11) | |
Total other comprehensive income (loss), net of tax | (12) | |
Ending Balance | 4 | |
Unrealized loss Cash flow hedge, Interest rate swap | ||
Summary of changes in accumulated other comprehensive loss | ||
Beginning Balance | (1,488) | |
Other comprehensive (loss) income before reclassifications | 274 | |
Total other comprehensive income (loss), net of tax | 274 | |
Ending Balance | $ (1,214) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss - Summary of the Tax Effects Allocated to Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Accumulated Other Comprehensive Loss | ||
Reclassification adjustment for net gain included in earnings before-tax amount | $ (15) | $ (4) |
Reclassification adjustment for net gain included in earnings, Tax (expense) or benefit | 4 | 1 |
Reclassification adjustment for net gain included in earnings net-of-tax amount | (11) | (3) |
Total before income taxes | 351 | (743) |
Other comprehensive loss, Tax (expense) or benefit | (89) | 188 |
Total other comprehensive income (loss), net of tax | 262 | (555) |
Accumulated Other Comprehensive Loss. | ||
Accumulated Other Comprehensive Loss | ||
Unrealized loss on investments, Net-of-tax amount | 273 | |
Reclassification adjustment for net gain included in earnings net-of-tax amount | (11) | |
Total other comprehensive income (loss), net of tax | 262 | (555) |
Unrealized (loss) and gain on available for sale securities | ||
Accumulated Other Comprehensive Loss | ||
Unrealized loss on investments, Net-of-tax amount | (1) | |
Reclassification adjustment for net gain included in earnings net-of-tax amount | (11) | |
Total other comprehensive income (loss), net of tax | (12) | |
Unrealized loss Cash flow hedge, Interest rate swap | ||
Accumulated Other Comprehensive Loss | ||
Unrealized loss on investments, Net-of-tax amount | 274 | |
Total other comprehensive income (loss), net of tax | 274 | |
Unrealized loss Cash flow hedge, Interest rate swap | Interest rate swap | ||
Accumulated Other Comprehensive Loss | ||
Unrealized loss on investments, Before-tax amount | 157 | (729) |
Unrealized loss on investments, Tax (expense) or benefit | (40) | 185 |
Unrealized loss on investments, Net-of-tax amount | 117 | (544) |
Unrealized loss Cash flow hedge, Interest rate swap | Interest rate swap, unconsolidated affiliates | ||
Accumulated Other Comprehensive Loss | ||
Unrealized loss on investments, Before-tax amount | 211 | |
Unrealized loss on investments, Tax (expense) or benefit | (54) | |
Unrealized loss on investments, Net-of-tax amount | 157 | |
Unrestricted available-for-sale, Debt securities | Unrealized (loss) and gain on available for sale securities | ||
Accumulated Other Comprehensive Loss | ||
Unrealized loss on investments, Before-tax amount | (2) | |
Unrealized loss on investments, Tax (expense) or benefit | 1 | |
Unrealized loss on investments, Net-of-tax amount | $ (1) | |
Restricted | Unrealized (loss) and gain on available for sale securities | ||
Accumulated Other Comprehensive Loss | ||
Unrealized loss on investments, Before-tax amount | (10) | |
Unrealized loss on investments, Tax (expense) or benefit | 2 | |
Unrealized loss on investments, Net-of-tax amount | $ (8) |
Stockholders' Equity - Dividend
Stockholders' Equity - Dividends (Details) $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($)$ / shares | |
Stockholders' Equity | |
Dividends paid (in dollars per share) | $ / shares | $ 0.08 |
Amount of dividends paid | $ | $ 4,711 |
Stockholders' Equity - Stock Re
Stockholders' Equity - Stock Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Stockholders' Equity | ||
Average purchase price per share for share repurchase (in dollars per share) | $ 16.55 | |
Aggregate cost | $ 6,807 | |
Remaining authorized repurchase amount | $ 77,400 | |
Common Stock | ||
Stockholders' Equity | ||
Shares repurchased during the period (in shares) | 0 | 411,113 |
Stockholders' Equity - Issuance
Stockholders' Equity - Issuance of Common Stock (Details) - Directors | Jul. 01, 2019directorshares | Mar. 31, 2021USD ($)shares | Mar. 31, 2020USD ($) | May 20, 2019USD ($) |
Share-based compensation | ||||
Number of restricted stock awards granted | shares | 0 | |||
Restricted Stock | ||||
Share-based compensation | ||||
Fair value of equity grant award approved for each director | $ 50,000 | |||
Number of restricted stock awards granted | shares | 5,708 | |||
Number of directors granted restricted stock awards | director | 2 | |||
Number of directors who elected to receive cash in lieu of the stock | director | 2 | |||
Stock compensation expense before tax benefit | $ 0 | |||
Restricted Stock | Maximum | ||||
Share-based compensation | ||||
Stock compensation expense before tax benefit | $ 100,000 |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation of revenue | ||
Leasing revenue | $ 5,594 | $ 4,300 |
Total revenue | 41,305 | 18,574 |
Recognized at a point in time | ||
Disaggregation of revenue | ||
Revenue | 31,866 | 11,693 |
Recognized over time | ||
Disaggregation of revenue | ||
Revenue | 3,845 | 2,581 |
Real estate | ||
Disaggregation of revenue | ||
Revenue | 21,053 | 5,808 |
Hospitality | ||
Disaggregation of revenue | ||
Revenue | 13,067 | 6,610 |
Timber | ||
Disaggregation of revenue | ||
Revenue | 1,591 | 1,856 |
Operating Segments | Residential | ||
Disaggregation of revenue | ||
Leasing revenue | 40 | 22 |
Total revenue | 20,660 | 3,038 |
Operating Segments | Residential | Recognized at a point in time | ||
Disaggregation of revenue | ||
Revenue | 20,620 | 3,016 |
Operating Segments | Residential | Real estate | ||
Disaggregation of revenue | ||
Revenue | 20,539 | 2,954 |
Operating Segments | Residential | Hospitality | ||
Disaggregation of revenue | ||
Revenue | 81 | 62 |
Operating Segments | Hospitality | ||
Disaggregation of revenue | ||
Leasing revenue | 8 | 3 |
Total revenue | 12,994 | 6,551 |
Operating Segments | Hospitality | Recognized at a point in time | ||
Disaggregation of revenue | ||
Revenue | 9,141 | 3,967 |
Operating Segments | Hospitality | Recognized over time | ||
Disaggregation of revenue | ||
Revenue | 3,845 | 2,581 |
Operating Segments | Hospitality | Hospitality | ||
Disaggregation of revenue | ||
Revenue | 12,986 | 6,548 |
Operating Segments | Commercial | ||
Disaggregation of revenue | ||
Leasing revenue | 5,546 | 4,275 |
Total revenue | 7,172 | 8,896 |
Operating Segments | Commercial | Recognized at a point in time | ||
Disaggregation of revenue | ||
Revenue | 1,626 | 4,621 |
Operating Segments | Commercial | Real estate | ||
Disaggregation of revenue | ||
Revenue | 35 | 2,765 |
Operating Segments | Commercial | Timber | ||
Disaggregation of revenue | ||
Revenue | 1,591 | 1,856 |
Other | ||
Disaggregation of revenue | ||
Total revenue | 479 | 89 |
Other | Recognized at a point in time | ||
Disaggregation of revenue | ||
Revenue | 479 | 89 |
Other | Real estate | ||
Disaggregation of revenue | ||
Revenue | $ 479 | $ 89 |
Other Expense, Net - Components
Other Expense, Net - Components (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Investment income, net | ||
Interest and dividend income | $ 12 | $ 1,043 |
Accretion income | 12 | 17 |
Net realized gain (loss) on the sale of investments | 17 | (48) |
Unrealized loss on investments, net | (1,049) | (4,761) |
Interest income from investments in SPEs | 2,043 | 2,046 |
Interest earned on notes receivable and other interest | 160 | 94 |
Total investment income (loss), net | 1,195 | (1,609) |
Interest expense | ||
Interest expense and amortization of discount and issuance costs for Senior Notes issued by SPE | (2,205) | (2,202) |
Other interest expense | (1,466) | (1,143) |
Total interest expense | (3,671) | (3,345) |
Gain on land contribution and mitigation credits | 120 | 4,277 |
Gain on contribution to equity method investment | 120 | 4,277 |
Other income (expense), net | ||
Accretion income from retained interest investments | 361 | 344 |
Gain on insurance recovery | 866 | |
Loss from hurricane damage | (7) | (55) |
Miscellaneous income (expense), net | 74 | (34) |
Other income, net | 1,294 | 255 |
Total other expense, net | $ (1,062) | $ (422) |
Other Expense, Net - Interest E
Other Expense, Net - Interest Expense (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Other Income, Net | ||
Capitalized interest cost | $ 0.4 | $ 0.1 |
Senior Notes held by special purpose entity | ||
Other Income, Net | ||
Effective interest rate (as a percent) | 4.90% |
Other Expense, Net - Gain on Co
Other Expense, Net - Gain on Contribution and Other Income, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Other Income, Net | ||
Gain on land contribution and mitigation credits | $ 120 | $ 4,277 |
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 additional infrastructure improvements contributed | 100 | |
Net present value of land contribution | $ 16,600 | |
Imputed interest rate (as a percent) | 5.75% |
Other Expense, Net - Other Inco
Other Expense, Net - Other Income, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Other Income, Net | ||
Gain on insurance recovery | $ 866 | |
Loss from hurricane damage | $ (7) | $ (55) |
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) | 11.40% | |
Hurricane Michael. | ||
Other Income, Net | ||
Gain on insurance recovery | $ 900 | 0 |
Loss from hurricane damage | $ (100) | |
Hurricane Michael. | Maximum | ||
Other Income, Net | ||
Loss from hurricane damage | $ (100) |
Segment Information - Reportabl
Segment Information - Reportable Segments (Details) | 3 Months Ended |
Mar. 31, 2021segment | |
Segment Information | |
Number of reportable segments | 3 |
Segment Information - Informati
Segment Information - Information by Business Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Segments | |||
Total revenue | $ 41,305 | $ 18,574 | |
Consolidated income (loss) before equity in loss from unconsolidated affiliates and income taxes | 4,477 | (1,747) | |
Total assets | 1,053,393 | $ 1,037,324 | |
Commercial | Sea Sound Apartments JV | |||
Segments | |||
Gain on land contribution | 3,900 | ||
Operating Segments | Residential | |||
Segments | |||
Total revenue | 20,660 | 3,038 | |
Consolidated income (loss) before equity in loss from unconsolidated affiliates and income taxes | 8,595 | 404 | |
Total assets | 177,309 | 172,610 | |
Operating Segments | Hospitality | |||
Segments | |||
Total revenue | 12,994 | 6,551 | |
Consolidated income (loss) before equity in loss from unconsolidated affiliates and income taxes | 284 | (2,258) | |
Total assets | 164,366 | 146,724 | |
Operating Segments | Commercial | |||
Segments | |||
Total revenue | 7,172 | 8,896 | |
Consolidated income (loss) before equity in loss from unconsolidated affiliates and income taxes | 17 | 7,954 | |
Total assets | 341,405 | 332,649 | |
Other | |||
Segments | |||
Total revenue | 479 | 89 | |
Consolidated income (loss) before equity in loss from unconsolidated affiliates and income taxes | (4,419) | $ (7,847) | |
Total assets | $ 370,313 | $ 385,341 |
Commitments and Contingencies -
Commitments and Contingencies - (Details) - USD ($) $ in Thousands | 1 Months Ended | ||||||
Nov. 30, 2020 | Nov. 30, 2019 | Jan. 31, 2019 | Nov. 12, 2035 | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | |
Obligations | |||||||
Accrued liabilities for other litigation, claims, other disputes and governmental proceedings | $ 700 | $ 700 | |||||
Amount of letters of credit outstanding | 4,600 | 6,600 | |||||
Purchase obligations, total | 167,400 | ||||||
Notes receivable, net | 12,077 | 10,877 | |||||
Principal balance | 172,309 | 161,418 | |||||
Allowance for credit losses within other liabilities | 100 | 100 | |||||
Pier Park TPS JV Loan | |||||||
Obligations | |||||||
Guarantor liability, Scenario 1 (as a percent) | 50.00% | ||||||
Guarantor liability, Scenario 2 (as a percent) | 25.00% | ||||||
Busy Bee JV Construction and Equipment Loans | |||||||
Obligations | |||||||
Guarantor liability upon substantial completion (as a percent) | 50.00% | ||||||
Period of financial reporting and financial covenant obligations upon completion at specified rate | 12 months | ||||||
Latitude Margaritaville Watersound JV | |||||||
Obligations | |||||||
Amount as lender of secured revolving promissory note | 10,000 | $ 10,000 | |||||
Amount committed to fund | $ 10,000 | ||||||
Notes receivable, net | 4,800 | 2,700 | |||||
Surety bonds | |||||||
Obligations | |||||||
Commitment obligations | 24,200 | 24,200 | |||||
Unconsolidated joint ventures | |||||||
Obligations | |||||||
Principal balance | 44,126 | 33,088 | |||||
Pier Park TPS JV | |||||||
Obligations | |||||||
Principal balance | $ 14,340 | 14,388 | |||||
Pier Park TPS JV | Pier Park TPS JV Loan | |||||||
Obligations | |||||||
Loan amount | $ 14,400 | ||||||
Debt interest rate (as a percent) | 5.21% | ||||||
Principal balance | $ 14,300 | 14,400 | |||||
Pier Park TPS JV | Pier Park TPS JV Loan | LIBOR | |||||||
Obligations | |||||||
Basis spread on variable rate (as a percent) | 2.50% | ||||||
Pier Park TPS JV | Interest rate swap | |||||||
Obligations | |||||||
Notional amount | 14,400 | ||||||
Busy Bee JV (SJBB, LLC) | |||||||
Obligations | |||||||
Principal balance | 6,539 | 6,614 | |||||
Busy Bee JV (SJBB, LLC) | Busy Bee JV Construction and Equipment Loans | LIBOR | |||||||
Obligations | |||||||
Basis spread on variable rate (as a percent) | 1.50% | ||||||
Busy Bee JV (SJBB, LLC) | Busy Bee JV Construction Loan, due November 2035 | |||||||
Obligations | |||||||
Loan amount | $ 5,400 | ||||||
Principal balance | 5,400 | ||||||
Busy Bee JV (SJBB, LLC) | Busy Bee JV Equipment Loan, due November 2027 | |||||||
Obligations | |||||||
Loan amount | $ 1,200 | ||||||
Principal balance | 1,200 | ||||||
Busy Bee JV (SJBB, LLC) | Busy Bee JV Equipment Loan, due November 2027 | LIBOR | |||||||
Obligations | |||||||
Basis spread on variable rate (as a percent) | 1.50% | ||||||
Busy Bee JV (SJBB, LLC) | Interest rate swap | Forecast | |||||||
Obligations | |||||||
Notional amount | $ 2,800 | ||||||
Busy Bee JV (SJBB, LLC) | Interest rate swap | Busy Bee JV Construction Loan, due November 2035 | |||||||
Obligations | |||||||
Notional amount | $ 5,400 | ||||||
Fixed interest rate (as a percent) | 2.68% | ||||||
Busy Bee JV (SJBB, LLC) | Interest rate swap | Busy Bee JV Equipment Loan, due November 2027 | |||||||
Obligations | |||||||
Notional amount | $ 1,200 | ||||||
Fixed interest rate (as a percent) | 2.08% | ||||||
Latitude Margaritaville Watersound JV | |||||||
Obligations | |||||||
Principal balance | 7,599 | 3,297 | |||||
Latitude Margaritaville Watersound JV | Latitude Margaritaville Watersound JV Loan, due November 2023 | |||||||
Obligations | |||||||
Loan amount | $ 25,000 | ||||||
Principal balance | $ 2,700 | $ 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 (as a percent) | 2.50% |
Subsequent Event (Details)
Subsequent Event (Details) | Apr. 28, 2021$ / shares |
Subsequent Event. | |
Subsequent Event | |
Dividends declared (in dollars per share) | $ 0.08 |