Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | Apr. 27, 2020 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2020 | |
Entity Registrant Name | ST JOE CO | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 58,898,950 | |
Entity Central Index Key | 0000745308 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
ASSETS | ||
Investment in real estate, net | $ 468,896 | $ 430,776 |
Investment in unconsolidated joint ventures | 11,077 | 5,084 |
Cash and cash equivalents | 106,427 | 185,716 |
Investments - debt securities (primarily U.S. Treasury Bills) | 49,997 | 53 |
Investments - equity securities | 2,432 | 9,746 |
Other assets | 48,393 | 52,069 |
Property and equipment, net of accumulated depreciation of $63,648 and $63,223 at March 31, 2020 and December 31, 2019, respectively | 19,404 | 19,018 |
Investments held by special purpose entities | 206,396 | 206,771 |
Total assets | 913,022 | 909,233 |
Liabilities: | ||
Debt, net | 98,337 | 92,529 |
Other liabilities | 63,160 | 57,200 |
Deferred tax liabilities, net | 53,525 | 52,808 |
Senior Notes held by special purpose entity | 177,090 | 177,026 |
Total liabilities | 392,112 | 379,563 |
Commitments and contingencies (Note 18) | ||
Equity: | ||
Common stock, no par value; 180,000,000 shares authorized; 59,414,583 issued at March 31, 2020 and December 31, 2019; and 59,003,470 and 59,414,583 outstanding at March 31, 2020 and December 31, 2019, respectively | 305,658 | 305,631 |
Retained earnings | 212,602 | 214,225 |
Accumulated other comprehensive loss | (890) | (335) |
Treasury stock at cost, 411,113 shares held at March 31, 2020 | (6,807) | |
Total stockholders' equity | 510,563 | 519,521 |
Non-controlling interest | 10,347 | 10,149 |
Total equity | 520,910 | 529,670 |
Total liabilities and equity | $ 913,022 | $ 909,233 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
CONDENSED CONSOLIDATED BALANCE SHEETS | ||
Property and equipment, Accumulated depreciation | $ 63,648 | $ 63,223 |
Common stock, par value | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 180,000,000 | 180,000,000 |
Common stock, issued (in shares) | 59,414,583 | 59,414,583 |
Common stock, outstanding (in shares) | 59,003,470 | 59,414,583 |
Treasury stock (in shares) | 411,113 |
CONDENSED CONSOLIDATED BALANC_3
CONDENSED CONSOLIDATED BALANCE SHEETS - VIEs - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
ASSETS | ||
Investment in real estate | $ 468,896 | $ 430,776 |
Cash and cash equivalents | 106,427 | 185,716 |
Other assets | 48,393 | 52,069 |
Investments held by special purpose entities | 206,396 | 206,771 |
Total assets | 913,022 | 909,233 |
LIABILITIES | ||
Debt, net | 98,337 | 92,529 |
Other liabilities | 63,160 | 57,200 |
Senior Notes held by special purpose entity | 177,090 | 177,026 |
Total liabilities | 392,112 | 379,563 |
Variable Interest Entities | ||
ASSETS | ||
Investment in real estate | 110,211 | 96,001 |
Cash and cash equivalents | 3,572 | 3,483 |
Other assets | 10,503 | 12,766 |
Investments held by special purpose entities | 206,396 | 206,771 |
Total assets | 330,682 | 319,021 |
LIABILITIES | ||
Debt, net | 87,139 | 81,071 |
Other liabilities | 11,895 | 3,471 |
Senior Notes held by special purpose entity | 177,090 | 177,026 |
Total liabilities | $ 276,124 | $ 261,568 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenue: | ||
Leasing revenue | $ 4,300 | $ 3,506 |
Total revenue | 18,574 | 16,023 |
Expenses: | ||
Cost of leasing revenue | 612 | 1,066 |
Other operating and corporate expenses | 6,916 | 5,968 |
Depreciation, depletion and amortization | 3,073 | 2,111 |
Total expenses | 19,899 | 18,184 |
Operating loss | (1,325) | (2,161) |
Other income (expense): | ||
Investment (loss) income, net | (1,609) | 6,046 |
Interest expense | (3,345) | (2,942) |
Other income, net | 4,532 | 1,698 |
Total other (expense) income, net | (422) | 4,802 |
(Loss) income before equity in loss from unconsolidated affiliates and income taxes | (1,747) | 2,641 |
Equity in loss from unconsolidated affiliates | (83) | |
Consolidated (loss) income before equity in loss from unconsolidated affiliates and income taxes | (1,747) | 2,641 |
Income tax benefit (expense) | 495 | (661) |
Net (loss) income | (1,335) | 1,980 |
Net (income) loss attributable to non-controlling interest | (198) | 17 |
Net (loss) income attributable to the Company | $ (1,533) | $ 1,997 |
Basic and Diluted | ||
Weighted average shares outstanding (in shares) | 59,375,618 | 60,321,028 |
Net (loss) income per share attributable to the Company | $ (0.03) | $ 0.03 |
Real estate | ||
Revenue: | ||
Revenue | $ 5,808 | $ 4,591 |
Expenses: | ||
Cost of revenue | 1,799 | 1,833 |
Hospitality | ||
Revenue: | ||
Revenue | 6,610 | 7,431 |
Expenses: | ||
Cost of revenue | 7,320 | 7,065 |
Timber | ||
Revenue: | ||
Revenue | 1,856 | 495 |
Expenses: | ||
Cost of revenue | $ 179 | $ 141 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Net (loss) income: | $ (1,335) | $ 1,980 |
Other comprehensive (loss) income: | ||
Interest rate swap | (729) | |
Reclassification of net realized (gain) loss included in earnings | (4) | 2 |
Total before income taxes | (743) | 812 |
Income tax benefit (expense) | 188 | (206) |
Total other comprehensive (loss) income, net of tax | (555) | 606 |
Total comprehensive (loss) income, net of tax | (1,890) | 2,586 |
Unrestricted available-for-sale, Debt securities | ||
Other comprehensive (loss) income: | ||
Net unrealized gain (loss) on investments | 799 | |
Restricted | ||
Other comprehensive (loss) income: | ||
Net unrealized gain (loss) on investments | $ (10) | $ 11 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock | Retained Earnings | Accumulated Other Comprehensive (Loss) Income | Treasury Stock | Non-controlling Interest | Total |
Beginning Balance (in shares) at Dec. 31, 2018 | 60,672,034 | |||||
Beginning Balance at Dec. 31, 2018 | $ 331,395 | $ 187,450 | $ (674) | $ 14,940 | $ 533,111 | |
Increase (Decrease) in Stockholders' Equity | ||||||
Capital contribution from non-controlling interest | 1,683 | 1,683 | ||||
Stock based compensation expense | $ 13 | 13 | ||||
Repurchase of common shares | $ (7,073) | (7,073) | ||||
Repurchase of common shares (in shares) | (471,500) | |||||
Other comprehensive income (loss) | 606 | 606 | ||||
Net (loss) income | 1,997 | (17) | 1,980 | |||
Ending Balance at Mar. 31, 2019 | $ 331,408 | 189,447 | (68) | (7,073) | 16,606 | 530,320 |
Ending Balance (in shares) at Mar. 31, 2019 | 60,200,534 | |||||
Increase (Decrease) in Stockholders' Equity | ||||||
Adoption of ASU, net of tax | (90) | $ (90) | ||||
Beginning Balance (in shares) at Dec. 31, 2019 | 59,414,583 | 59,414,583 | ||||
Beginning Balance at Dec. 31, 2019 | $ 305,631 | 214,225 | (335) | 10,149 | $ 529,670 | |
Increase (Decrease) in Stockholders' Equity | ||||||
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 (loss) | (555) | (555) | ||||
Net (loss) 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 | 59,003,470 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash flows from operating activities: | ||
Net (loss) income | $ (1,335) | $ 1,980 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, depletion and amortization | 3,073 | 2,111 |
Stock based compensation | 27 | 13 |
Loss on sale of investments | 48 | 2 |
Unrealized loss (gain) on investments, net | 4,761 | (2,049) |
Equity in loss from unconsolidated affiliates | 83 | |
Deferred income tax expense (benefit) | 935 | |
Cost of real estate sold | 1,593 | 1,613 |
Expenditures for and acquisition of real estate to be sold | (6,323) | (7,085) |
Accretion income and other | (268) | (361) |
Gain on land contribution to equity method investment | (4,277) | (1,472) |
Changes in operating assets and liabilities: | ||
Other assets | 4,390 | 4,645 |
Other liabilities | 1,408 | (1,284) |
Income taxes receivable | (998) | 661 |
Net cash provided by (used in) operating activities | 3,117 | (1,226) |
Cash flows from investing activities: | ||
Expenditures for operating property | (32,974) | (8,834) |
Expenditures for property and equipment | (1,476) | (1,182) |
Proceeds from insurance claims | 5,798 | |
Purchases of investments - debt securities | (49,927) | |
Purchases of investments - equity securities | (5) | |
Purchases of restricted investments | (12) | (23) |
Sales of investments - equity securities | 2,502 | |
Sales of restricted investments | 1,208 | 1,138 |
Maturities of assets held by special purpose entities | 415 | 414 |
Net cash used in investing activities | (80,264) | (2,694) |
Cash flows from financing activities: | ||
Capital contribution to unconsolidated affiliate | (600) | (254) |
Repurchase of common shares | (6,807) | (7,073) |
Borrowings on debt | 6,545 | 7,279 |
Principal payments for debt | (272) | (236) |
Principal payments under finance lease obligation | (11) | (4) |
Debt issuance costs | (193) | (21) |
Net cash used in financing activities | (1,338) | (309) |
Net decrease in cash, cash equivalents and restricted cash | (78,485) | (4,229) |
Cash, cash equivalents and restricted cash at beginning of the period | 188,677 | 198,073 |
Cash, cash equivalents and restricted cash at end of the period | $ 110,192 | $ 193,844 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash, cash equivalents and restricted cash: | ||
Cash and cash equivalents | $ 106,427 | $ 190,821 |
Restricted cash included in other assets | 3,765 | 3,023 |
Total cash, cash equivalents and restricted cash shown in the statement of cash flows | 110,192 | 193,844 |
Cash paid during the period for: | ||
Interest, net of amounts capitalized | 5,110 | 4,948 |
Non-cash financing and investment activities: | ||
Non-cash contribution to equity method investment | (5,476) | (1,730) |
Increase in capital contribution from non-controlling interest | 1,683 | |
(Decrease) increase in Community Development District debt | (225) | 1,371 |
(Decrease) increase in expenditures for operating properties and property and equipment financed through accounts payable | $ (1,556) | $ 336 |
Nature of Operations
Nature of Operations | 3 Months Ended |
Mar. 31, 2020 | |
Nature of Operations | |
Nature of Operations | 1. Nature of Operations The St. Joe Company together with its consolidated subsidiaries (“St. Joe” or the “Company”) is a Florida real estate development, asset management and operating company with real estate assets and operations in Northwest Florida. Approximately 90% of the Company’s real estate land holdings are located within fifteen miles of the Gulf of Mexico. The Company conducts primarily all of its business in the following three reportable operating segments: 1) residential, 2) hospitality and 3) commercial. Prior to the first quarter of 2020, commercial leasing and sales, as well as forestry were treated as individual operating segments. Commencing in the first quarter of 2020, due to organizational changes, the Company’s previously titled “commercial leasing and sales” and “forestry” segments are now reported as one segment and retitled to “commercial.” This change is consistent with the Company’s belief that the decision making and management of the assets in these segments are being made as one group. All prior year segment information has been reclassified to conform to the 2020 presentation. Also commencing in the first quarter of 2020, the Company’s previously titled “residential real estate” segment was retitled to “residential.” The changes had no effect on the condensed consolidated balance sheets, statements of operations, statements of comprehensive (loss) income or statements of cash flows for the periods presented. See Note 17. Segment Information. |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
Significant Accounting Policies | |
Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying unaudited interim condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for reporting on Form 10‑Q. Accordingly, certain information and footnotes required by United States generally accepted accounting principles (“GAAP”) for complete financial statements are not included herein. The unaudited interim condensed consolidated financial statements include the accounts of the Company and all of its majority-owned and controlled subsidiaries and variable interest entities where the Company deems itself the primary beneficiary. Investments in joint ventures (“JV”) and limited partnerships in which the Company is not the primary beneficiary are accounted for by the equity method. All significant intercompany transactions and balances have been eliminated in consolidation. The December 31, 2019 condensed consolidated balance sheet amounts have been derived from the Company’s December 31, 2019 audited consolidated financial statements. Certain prior period amounts in the accompanying condensed consolidated financial statements have been reclassified to conform to the current year presentation. These reclassifications had no effect on the Company’s previously reported total assets and liabilities, stockholders’ equity or net (loss) income. Operating results for the three months ended March 31, 2020 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2020. A variable interest entity (“VIE”) is an entity in which a controlling financial interest may be achieved through arrangements that do not involve voting interests. A VIE is required to be consolidated by its primary beneficiary, which is the entity that possesses the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and has the obligation to absorb losses or the right to receive benefits from the VIE that are significant to the entity. The Company consolidates VIEs when it is the primary beneficiary of the VIE, including real estate JVs determined to be VIEs. See Note 4. Real Estate Joint Ventures . The unaudited interim condensed consolidated financial statements reflect all normal recurring adjustments that, in the opinion of management, are necessary for fair presentation of the information contained herein. The unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10‑K for the year ended December 31, 2019. The Company adheres to the same accounting policies in preparation of its unaudited interim condensed consolidated financial statements as the Company’s December 31, 2019 annual financial statements, except for recently adopted accounting pronouncements detailed below. As required under GAAP, interim accounting for certain expenses, including income taxes, are based on full year assumptions. For interim financial reporting purposes, income taxes are recorded based upon estimated annual income tax rates. Concentration of Risks and Uncertainties The Company’s real estate investments are concentrated in Northwest Florida. Uncertain economic conditions could have an adverse impact on the Company’s real estate values. On March 11, 2020, the World Health Organization characterized the outbreak of the novel coronavirus (“COVID-19”), as a global pandemic and recommended containment and mitigation measures. The overall economic conditions in the United States have been negatively impacted by the emerging threat posed by COVID-19. The Company’s hospitality operations have already been, and may continue to be, disrupted by the impacts of the COVID-19 pandemic and the governmental response 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 business, results of operations, cash flows and financial condition. See Part II. Item 1A. Risk Factors . Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash, cash equivalents, investments, other receivables, investments held by special purpose entity or entities (“SPE”) and investments in retained interests. The Company deposits and invests cash with local and regional financial institutions, and as of March 31, 2020, these balances exceeded the amount of F.D.I.C. insurance provided on such deposits. In addition, as of March 31, 2020 the company had $49.9 million invested in U.S. Treasury Bills and $2.4 million invested in three issuers of preferred stock that are non-investment grade, as well as investments of $37.5 million in short term commercial paper from s even issuers. Earnings Per Share Basic and diluted earnings per share are calculated by dividing net (loss) income attributable to the Company by the weighted average number of common shares outstanding for the period. For the three months ended March 31, 2020 and March 31, 2019, basic and diluted average shares outstanding were the same. There were no outstanding common stock equivalents as of March 31, 2020 or March 31, 2019. Non-vested restricted stock is included in outstanding shares at the time of grant. Recently Adopted Accounting Pronouncements Financial Instruments - Credit Losses In June 2016, the FASB issued ASU 2016‑13, Financial Instruments – Credit Losses (Topic 326) (“ASU 2016-13”), that requires a financial asset measured at amortized cost to be presented at the net amount expected to be collected and requires that credit losses from available-for-sale debt securities be presented as an allowance for credit loss. The allowance for credit losses should reflect management’s current estimate of credit losses that are expected to occur over the remaining life of a financial asset. In November 2018, the FASB issued ASU 2018-19, which clarifies that impairment of receivables from operating leases should be accounted for using lease guidance. In April 2019, the FASB issued ASU 2019-04, which clarifies and improves ASU 2016-13. In May 2019, the FASB issued ASU 2019-05, which provides an option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis. The Company adopted the new guidance, including amendments, as of January 1, 2020, and has elected to implement Topic 326 retrospectively using the cumulative-effect adjustment transition method as of the date of adoption. As a result, prior periods have not been restated. The Company elected the practical expedient to not measure an allowance for credit losses for accrued interest receivables and will write off uncollectible balances in a timely manner, which is 90 days from when it is determined uncollectible. As of the date of adoption, a cumulative-effect adjustment was recorded to beginning retained earnings. The impact of adopting this guidance resulted in an adjustment to decrease retained earnings by $0.1 million, net of the related tax effects, a decrease in accounts receivable, net and notes receivable, net for allowance for credit losses of $0.1 million and an increase to other liabilities related to allowance for credit losses for unconsolidated JV debt guaranteed by the Company of less than $0.1 million. There were no adjustments related to operating lease receivables for which the Company is the lessor. The adoption of this guidance did not materially impact results of operations or cash flows. Codification Improvements to Financial Instruments In March 2020, the FASB issued ASU 2020-03 , Codification Improvements to Financial Instruments , which makes narrow-scope improvements to various aspects of financial instruments guidance. The standard is effective immediately for certain amendments and for fiscal years beginning after December 15, 2019. The implementation of this guidance did not have a material impact on the Company’s financial condition, results of operations and cash flows. Recently Issued Accounting Pronouncements Income Taxes In December 2019, the FASB issued ASU 2019-12, which simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendment also improves consistent application of and simplifies GAAP for other areas of Topic 740 by clarifying and amending existing guidance. This new guidance will be effective for annual and interim periods beginning after December 15, 2020, with early adoption permitted. The Company does not expect the adoption of this guidance to have a material impact on its financial condition, results of operations and cash flows. Investments – Equity Securities, Investments-Equity Method and Joint Ventures and Derivatives and Hedging In January 2020, the FASB issued ASU 2020-01, Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 (a consensus of the Emerging Issues Task Force ) which clarifies the interaction between the accounting standard on recognition and measurement of financial instruments in Topic 321, Investments—Equity Securities and Topic 323, Investments—Equity Method and Joint Ventures . The new guidance will be effective for annual and interim periods beginning after December 15, 2020, with early adoption permitted. The Company is currently evaluating the impact that the adoption of this guidance will have on its financial condition, results of operations and cash flows. Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting that provides temporary optional guidance to ease the potential burden in accounting for or recognizing the effects of reference rate reform on financial reporting. The new guidance provides expedients and exceptions for applying GAAP to contract modifications and hedging relationships affected by reference rate reform if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference LIBOR or another reference rate that is expected to be discontinued due to reference rate reform. This new guidance is effective prospectively beginning on March 12, 2020 through December 31, 2022. The Company is currently evaluating the impact that the adoption of this guidance will have on its financial condition, results of operations and cash flows. |
Investment in Real Estate
Investment in Real Estate | 3 Months Ended |
Mar. 31, 2020 | |
Investment in Real Estate | |
Investment in Real Estate | 3. Investment in Real Estate Real estate by property type and segment includes the following: March 31, December 31, 2020 2019 Development property: Residential $ 123,767 $ 115,384 Hospitality 21,297 12,229 Commercial 109,054 103,326 Corporate 2,635 2,631 Total development property 256,753 233,570 Operating property: Residential 11,988 11,985 Hospitality 95,070 94,838 Commercial 175,205 164,589 Other 50 50 Total operating property 282,313 271,462 Less: Accumulated depreciation 70,170 74,256 Total operating property, net 212,143 197,206 Investment in real estate, net $ 468,896 $ 430,776 Development property consists of land the Company is developing or intends to develop for sale or future operations and includes direct costs associated with the land, development and construction costs and indirect costs. Residential includes residential communities such as Watersound Origins, SouthWood, WindMark Beach, as well as other communities. Hospitality development property consists of land, construction costs, development costs and improvements primarily related to the Camp Creek Lifestyle Village amenity center, a new hotel in the Pier Park area and a new hotel near the Northwest Florida Beaches International Airport, as well as other properties. Commercial development property primarily consists of land, construction costs and development costs for commercial, multi-family, assisted living and industrial uses, including the Watercrest JV, Watersound Origins Crossings JV, Pier Park Crossings Phase II JV, Beckrich Office Park, land holdings near the Northwest Florida Beaches International Airport and Port of Port St. Joe as well as other properties. Development property in the hospitality and commercial segments will be reclassified as operating property as it is placed into service. Operating property includes property that the Company uses for operations and activities. Residential operating property consists primarily of residential utility assets and certain rental properties. The hospitality operating property includes the WaterColor Inn, WaterSound Inn, golf courses, a beach club, marinas and certain vacation rental properties. Commercial operating property includes property developed or purchased by the Company and used for retail, multi-family and commercial rental purposes, including property in the Pier Park North JV, VentureCrossings, Pier Park Crossings JV and Beckrich Office Park as well as other properties. Commercial operating property also includes the Company’s timberlands. Operating property may be sold in the future as part of the Company’s principal real estate business. |
Real Estate Joint Ventures
Real Estate Joint Ventures | 3 Months Ended |
Mar. 31, 2020 | |
Real Estate Joint Ventures | |
Real Estate Joint Ventures | 4. Real Estate Joint Ventures The Company enters into real estate JVs, from time to time, for the purpose of developing real estate and other business activities in which the Company may or may not have a controlling financial interest. GAAP requires consolidation of VIEs in which an enterprise has a controlling financial interest and is the primary beneficiary. A controlling financial interest will have both of the following characteristics: (a) the power to direct the VIE activities that most significantly impact economic performance and (b) the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. The Company examines specific criteria and uses judgment when determining whether the Company is the primary beneficiary and must consolidate a VIE. The Company continues to assess whether it is the primary beneficiary on an ongoing basis. Investments in JVs and limited partnerships in which the Company is not the primary beneficiary are accounted for by the equity method. The timing of cash flows for additional required capital contributions related to the Company’s JVs varies by agreement. Some of the Company’s consolidated and unconsolidated JVs have entered into financing agreements, where the Company or its JV partners have provided guarantees. See Note 10. Debt, Net and Note 18. Commitments and Contingencies for additional information. Consolidated Joint Ventures Pier Park Crossings Phase II JV Pier Park Crossings Phase II JV was created in October 2019, when the Company entered into a JV agreement to develop, manage and lease apartments in Panama City Beach, Florida. The JV parties are working together to develop and construct a 120 unit apartment community. The community is located on land in the Pier Park area that was contributed to the JV by the Company. As of March 31, 2020 and December 31, 2019, the Company owned a 75.0% interest in the consolidated JV. The Company’s partner is responsible for the day-to-day activities of the JV. However, the Company has significant involvement in the design of the development and approves all major decisions, including project development, annual budgets and financing. The Company determined Pier Park Crossings Phase II JV is a VIE and that the Company is the VIE’s primary beneficiary as of March 31, 2020 and December 31, 2019. Reliant Title JV Reliant Title JV was created in October 2019, when the Company entered into a JV agreement to own, operate and manage a real estate title insurance agency business. As of March 31, 2020 and December 31, 2019, the Company owned a 66.0% interest in the consolidated JV. A wholly owned subsidiary of the Company is the managing member of Reliant Title JV and is responsible for the day-to-day activities of the JV. As the manager of the JV, as well as the majority member, the Company has the power to direct all of the activities of the JV that most significantly impact economic performance. The Company determined Reliant Title JV is a VIE and that the Company is the VIE’s primary beneficiary as of March 31, 2020 and December 31, 2019. Watercrest JV Watercrest JV was created in May 2019, when the Company entered into a JV agreement to develop and operate a new assisted living and memory care community in Santa Rosa Beach, Florida. The JV parties are working together to develop and construct a 107 unit community. The community will be located on land that was contributed to the JV by the Company. As of March 31, 2020 and December 31, 2019, the Company owned an 87.0% interest in the consolidated JV. The Company’s partner is responsible for the day-to-day activities of the JV. However, the Company has significant involvement in the design of the development and approves all major decisions, including project development, annual budgets and financing. The Company determined Watercrest JV is a VIE and that the Company is the VIE’s primary beneficiary as of March 31, 2020 and December 31, 2019. Watersound Origins Crossings JV Watersound Origins Crossings JV was created in January 2019, when the Company entered into a JV agreement to develop, manage and lease apartments in Watersound, Florida. The JV parties are working together to develop and construct a 217 unit apartment community. The community will be located on land near the entrance to the Watersound Origins community, which was contributed to the JV by the Company. As of March 31, 2020 and December 31, 2019 the Company owned a 75.0% interest in the consolidated JV. The Company’s partner is responsible for the day-to-day activities of the JV. However, the Company has significant involvement in the design of the development and approves all major decisions, including project development, annual budgets and financing. The Company determined Watersound Origins Crossings JV is a VIE and that the Company is the VIE’s primary beneficiary as of March 31, 2020 and December 31, 2019. Pier Park Crossings JV In April 2017, the Company entered into a JV agreement to develop, manage and lease apartments in Panama City Beach, Florida. Construction of the 240 unit apartment community was completed in the first quarter of 2020. The community is located on land in the Pier Park area that was contributed to the JV by the Company. As of March 31, 2020 and December 31, 2019, the Company owned a 75.0% interest in the consolidated JV. The Company’s partner is responsible for the day-to-day activities of the JV. However, the Company has significant involvement in the design of the development and approves all major decisions, including project development, annual budgets and financing. The Company determined Pier Park Crossings JV is a VIE and that the Company is the VIE’s primary beneficiary as of March 31, 2020 and December 31, 2019. Pier Park North JV During 2012, the Company entered into a JV agreement with a partner to develop a retail center at Pier Park North. As of March 31, 2020 and December 31, 2019, the Company owned a 60.0% interest in the consolidated JV. The Company’s partner is responsible for the day-to-day activities of the JV. However, the Company has significant involvement in the design of the development and approves all major decisions, including project development, annual budgets and financing. The Company determined the Pier Park North JV is a VIE and that the Company is the VIE’s primary beneficiary as of March 31, 2020 and December 31, 2019. Unconsolidated Joint Ventures Investment in unconsolidated joint ventures includes the Company’s investment accounted for using the equity method. The following table presents detail of the Company’s investment in unconsolidated joint ventures and total outstanding debt of unconsolidated JVs: March 31, December 31, 2020 2019 Investment in unconsolidated joint ventures Latitude Margaritaville Watersound JV $ 1,317 $ 791 Pier Park TPS JV 3,080 3,083 Sea Sound Apartments JV (a) 5,476 — Busy Bee JV 1,204 1,210 Total investment in unconsolidated joint ventures $ 11,077 $ 5,084 Outstanding debt of unconsolidated JVs Pier Park TPS JV $ 11,068 $ 6,791 Busy Bee JV 4,486 1,451 Total outstanding debt of unconsolidated JVs (b) $ 15,554 $ 8,242 a) JV was formed in January 2020. b) See Note 18. Commitments and Contingencies for additional information. The following table presents detail of the Company’s equity in loss from unconsolidated affiliates: Three Months Ended March 31, 2020 Equity in loss from unconsolidated affiliates Latitude Margaritaville Watersound JV $ 74 Pier Park TPS JV 3 Busy Bee JV 6 Total equity in loss from unconsolidated affiliates $ 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 and the sales center is currently under construction. The community will be located on land that will be contributed to the JV by the Company. The first phase is estimated to include approximately 3,500 residential homes which will be developed in smaller increments of discrete neighborhoods. As of March 31, 2020 and December 31, 2019, the Company owned a 50.0% voting interest in the JV. Each JV member initially contributed and will continue to contribute an equal amount of cash t owards the development and construction of the main spine infrastructure and amenities. The Company’s unimproved land contribution will be returned at an average of $10,000 as each home is sold by the JV. Per the JV agreement, the Company will provide interest-bearing financing in the form of a promissory note to the Latitude Margaritaville Watersound JV to finance the development of the pod-level, non-spine infrastructure, which will be repaid by the JV as each home is sold by the JV. The day-to-day activities of the JV will be managed through a board of managers, with each JV partner having equal voting rights. The Company has determined that Latitude Margaritaville Watersound JV is a VIE, but that the Company is not the primary beneficiary since it does not have the power to direct the activities that most significantly impact the economic performance of the JV. The Company’s investment in the Latitude Margaritaville Watersound JV is accounted for using the equity method . Summarized financial information for Latitude Margaritaville Watersound JV is as follows: March 31, December 31, 2020 2019 BALANCE SHEETS: Investment in real estate $ 2,106 $ 1,116 Cash and cash equivalents 568 525 Other assets 25 — Total assets $ 2,699 $ 1,641 Other liabilities $ 66 $ 58 Equity 2,633 1,583 Total liabilities and equity $ 2,699 $ 1,641 Three Months Ended March 31, 2020 STATEMENT OF OPERATIONS: Total expenses $ 149 Net loss $ 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 apartments in Panama City Beach, Florida. The JV parties are working together to develop and construct a 300 unit apartment community. The community will be located near the Breakfast Point residential community on land that was contributed to the JV by the Company in January 2020, with a fair value of $5.1 million. In addition, during the three months ended March 31, 2020, the Company contributed mitigation bank credits of $0.4 million. During the three months ended March 31, 2020, the JV partner contributed $3.6 million of cash. The project is currently under development with no income or loss impacting the condensed consolidated statements of operations for the three months ended March 31, 2020. As of March 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, maturing in January 2024 (the “Sea Sound Apartments JV Loan”). The Sea Sound Apartments JV Loan is secured by the real property, all assets of the borrower, assignment of leases and rents and the security interest in the rents and personal property. The Company’s JV partner is the sole guarantor of the Sea Sound Apartments JV Loan and will receive a fee related to the guarantee from the Company based on its ownership percentage. As of March 31, 2020, there was no principal balance outstanding and the JV incurred $0.6 million of loan costs related to the Sea Sound Apartments JV Loan. Summarized financial information for Sea Sound Apartments JV is as follows: March 31, 2020 BALANCE SHEET: Investment in real estate $ 9,443 Cash and cash equivalents 53 Other assets 559 Total assets $ 10,055 Other liabilities $ 892 Equity 9,163 Total liabilities and equity $ 10,055 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 will be located on land in the Pier Park area that the Company contributed to the JV on January 14, 2019, with a fair value of $1.7 million. In addition, during the three months ended March 31, 2019 , the Company contributed cash of $0.2 million and mitigation bank credits of $0.1 million. As of March 31, 2020 and December 31, 2019, the Company owned a 50.0% interest in the JV. The Company’s partner is responsible for the day-to-day activities of the JV. The Company has determined that Pier Park TPS JV is a VIE, but that the Company is not the primary beneficiary since it does not have the power to direct the activities that most significantly impact the economic performance of the JV. The Company’s investment in Pier Park TPS JV is accounted for using the equity method. See Note 18. Commitments and Contingencies for additional information related to debt guaranteed by the Company. Summarized financial information for Pier Park TPS JV is as follows: March 31, December 31, 2020 2019 BALANCE SHEETS: Investment in real estate $ 17,703 $ 14,775 Cash and cash equivalents 67 51 Other assets 9 12 Total assets $ 17,779 $ 14,838 Debt, net $ 10,761 $ 6,480 Other liabilities 871 2,193 Equity 6,147 6,165 Total liabilities and equity $ 17,779 $ 14,838 Three Months Ended March 31, 2020 2019 STATEMENT OF OPERATIONS: Total expenses $ 6 $ — Net loss $ 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 fuel station and convenience store will be located on land that the Company contributed to the JV on July 5, 2019. The investment in the unconsolidated JV of $1.2 million as of March 31, 2020 and December 31, 2019 includes $1.4 million for the fair value of land contributed by the Company, which was offset by a $0.2 million note receivable from the JV partner. As of March 31, 2020 and December 31, 2019, the Company owned a 50.0% interest in the JV. The Company’s partner is responsible for the day-to-day activities of the JV. The Company has determined that Busy Bee JV is a VIE, but that the Company is not the primary beneficiary since it does not have the power to direct the activities that most significantly impact the economic performance of the JV. The Company’s investment in the Busy Bee JV is accounted for using the equity method. See Note 18. Commitments and Contingencies for additional information related to debt guaranteed by the Company. Summarized financial information for Busy Bee JV is as follows: March 31, December 31, 2020 2019 BALANCE SHEETS: Investment in real estate $ 6,852 $ 3,886 Cash and cash equivalents 27 36 Other assets 14 28 Total assets $ 6,893 $ 3,950 Debt, net $ 4,390 $ 1,349 Other liabilities 94 181 Equity 2,409 2,420 Total liabilities and equity $ 6,893 $ 3,950 Three Months Ended March 31, 2020 STATEMENT OF OPERATIONS: Total expenses $ 11 Net loss $ 11 |
Investments
Investments | 3 Months Ended |
Mar. 31, 2020 | |
Investments | |
Investments | 5. Investments Available-For-Sale Investments Investments classified as available-for-sale securities were as follows: March 31, 2020 Gross Unrealized Gross Unrealized Amortized Cost Gains (Losses) Fair Value Investments - debt securities: U.S. Treasury Bills $ 49,944 $ 18 $ (14) $ 49,948 Corporate debt securities 178 — (129) 49 50,122 18 (143) 49,997 Restricted investments: Short-term bond 1,165 — (7) 1,158 1,165 — (7) 1,158 $ 51,287 $ 18 $ (150) $ 51,155 December 31, 2019 Gross Unrealized Gross Unrealized Amortized Cost Gains (Losses) Fair Value Investments - debt securities: Corporate debt securities $ 178 $ — $ (125) $ 53 178 — (125) 53 Restricted investments: Short-term bond 2,239 11 — 2,250 Money market fund 114 — — 114 2,353 11 — 2,364 $ 2,531 $ 11 $ (125) $ 2,417 During the three months ended 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 $49.9 million. During the three months ended March 31, 2019 net realized losses from the sale of available-for-sale securities were less than $0.1 million, proceeds from the sale of available-for-sale securities were $ 1.1 million and purchases of available-for sale securities were less than $0.1 million. The following table provides the available-for-sale investments unrealized loss position and related fair values: March 31, 2020 Less Than 12 Months 12 Months or Greater Unrealized Unrealized Fair Value Losses Fair Value Losses Investments - debt securities: U.S. Treasury Bills $ 42,949 $ 14 $ — $ — Corporate debt securities — — 49 129 Restricted investments: Short-term bond — — 1,158 7 $ 42,949 $ 14 $ 1,207 $ 136 December 31, 2019 Less Than 12 Months 12 Months or Greater Unrealized Unrealized Fair Value Losses Fair Value Losses Investments - debt securities: Corporate debt securities $ — $ — $ 53 $ 125 As of March 31, 2020, the Company had unrealized losses of $0.2 million related to U.S. Treasury Bills, corporate debt securities and restricted investments. The Company had unrealized losses of $0.1 million as of December 31, 2019 related to corporate debt securities. As of March 31, 2020, the Company determined unrealized losses related to U.S. Treasury Bills, corporate debt securities and restricted investments 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, 2020 and December 31, 2019, the Company did not intend to sell the investments with a material unrealized loss and it is more likely than not that the Company will not be required to sell any of these securities prior to their anticipated recovery. The amortized cost and estimated fair value of investments - debt securities and restricted investments classified as available-for-sale, by contractual maturity are shown in the following table. Actual maturities may differ from contractual maturities since certain borrowers have the right to call or prepay obligations. March 31, 2020 Amortized Cost Fair Value Due in one year or less $ 50,122 $ 49,997 Restricted investments 1,165 1,158 $ 51,287 $ 51,155 Investments - Equity Securities As of March 31, 2020 and December 31, 2019 investments - equity securities included $2.4 million and $9.7 million, respectively, of preferred stock investments recorded at fair value. During the three months ended March 31, 2020 the Company had an unrealized loss on investments – equity securities of $4.8 million, compared to an unrealized gain on investments – equity securities of $2.0 million during the three months ended March 31, 2019. These amounts were included within investment (loss) 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 (“Fairholme”), which wholly owns Fairholme Capital Management, L.L.C. (“FCM”, an investment advisor registered with the SEC). Mr. Berkowitz is the Chief Investment Officer of FCM, which has provided investment advisory services to the Company since April 2013. FCM does not receive any compensation for services as the Company’s investment advisor. As of March 31, 2020, clients of FCM, including Mr. Berkowitz, beneficially owned approximately 44.94% of the Company’s common stock. FCM and its client, The Fairholme Fund, a series of the Fairholme Funds, Inc., may be deemed affiliates of the Company. Pursuant to the terms of an Investment Management Agreement, as amended, with the Company (the “Investment Management Agreement”), FCM agreed to supervise and direct the investments of investment accounts established by the Company in accordance with the investment guidelines and restrictions approved by the Company. The investment guidelines are set forth in the Investment Management Agreement and require that, as of the date of any investment: (i) no more than 15% of the investment account may be invested in securities of any one issuer (excluding the U.S. Government), (ii) any investment in any one issuer (excluding the U.S. Government) that exceeds 10% of the investment account, but not 15%, requires approval by a second member of Company’s Board, (iii) 25% of the investment account must be held in cash or cash equivalents, (iv) the investment account is permitted to be invested in common equity securities; however, common stock investments shall be limited to exchange-traded common equities, shall not exceed 5% ownership of a single issuer and, cumulatively, the common stock held in the Company’s investment portfolio shall not exceed $100.0 million market value, and (v) the aggregate market value of investments in common stock, preferred stock or other equity investments cannot exceed 25% of the market value of the Company’s investment portfolio at the time of purchase. |
Financial Instruments and Fair
Financial Instruments and Fair Value Measurements | 3 Months Ended |
Mar. 31, 2020 | |
Financial Instruments and Fair Value Measurements | |
Financial Instruments and Fair Value Measurements | 6. Financial Instruments and Fair Value Measurements Fair Value Measurements The financial instruments measured at fair value on a recurring basis are as follows: March 31, 2020 Total Fair Level 1 Level 2 Level 3 Value Cash equivalents: Money market funds $ 55,404 $ — $ — $ 55,404 Commercial paper 37,468 — — 37,468 92,872 — — 92,872 Investments - debt securities: U.S. Treasury Bills 49,948 — — 49,948 Corporate debt securities — 49 — 49 49,948 49 — 49,997 Investments - equity securities: Preferred stock — 2,432 — 2,432 — 2,432 — 2,432 Restricted investments: Short-term bond 1,158 — — 1,158 1,158 — — 1,158 $ 143,978 $ 2,481 $ — $ 146,459 December 31, 2019 Total Fair Level 1 Level 2 Level 3 Value Cash equivalents: Money market funds $ 21,043 $ — $ — $ 21,043 Commercial paper 138,220 — — 138,220 U.S. Treasury Bills 6,990 — — 6,990 166,253 — — 166,253 Investments - debt securities: Corporate debt securities — 53 — 53 — 53 — 53 Investments - equity securities: Preferred stock — 9,746 — 9,746 — 9,746 — 9,746 Restricted investments: Short-term bond 2,250 — — 2,250 Money market fund 114 — — 114 2,364 — — 2,364 $ 168,617 $ 9,799 $ — $ 178,416 Money market funds, commercial paper, U.S. Treasury Bills and short-term bonds are measured based on quoted market prices in an active market and categorized within Level 1 of the fair value hierarchy. Money market funds, commercial paper and short term U.S. Treasury Bills with a maturity date of 90 days or less from the date of purchase are classified as cash equivalents in the Company’s condensed consolidated balance sheets. The Company’s corporate debt securities and preferred stock investments are not traded on a nationally recognized exchange, but are traded in the U.S. over-the-counter market where there is less trading activity and the investments are measured primarily using pricing data from external pricing services that report prices observed for recently executed market transactions. For these reasons, the Company has determined that corporate debt securities and preferred stock investments are categorized as Level 2 financial instruments since their fair values were determined from market inputs in an inactive market. Restricted investments are included within other assets on the condensed consolidated balance sheets and include certain of the surplus assets that were transferred from the Company’s Pension Plan to a suspense account in the Company’s 401(k) Plan in December 2014. The Company has retained the risks and rewards of ownership of these assets; therefore, the assets held in the suspense account are included in the Company’s condensed consolidated financial statements until they are allocated to participants. As of March 31, 2020 and December 31, 2019, the assets held in the suspense account were invested in Vanguard Money Market Funds, which invest in short-term, high quality securities or short-term U.S. government securities and seek to provide current income and preserve shareholders’ principal investment and a Vanguard Short-Term Bond Fund, which invests in money market instruments and short-term high quality bonds, including asset-backed, government, and investment grade corporate securities with an expected maturity of 0‑3 years. The Vanguard Money Market Funds and Vanguard Short-Term Bond Fund are measured based on quoted market prices in an active market and categorized within Level 1 of the fair value hierarchy. The Company’s Retirement Plan Investment Committee is responsible for investing decisions and allocation decisions of the suspense account. Refer to Note 9. Other Assets . Liabilities measured at fair value on a recurring basis are as follows: March 31, 2020 Location in Total Fair Balance Sheet Level 1 Level 2 Level 3 Value Derivative Liabilities: Interest rate swap Other liabilities $ — $ 1,064 $ — $ 1,064 $ — $ 1,064 $ — $ 1,064 December 31, 2019 Location in Total Fair Balance Sheet Level 1 Level 2 Level 3 Value Derivative Liabilities: Interest rate swap Other liabilities $ — $ 336 $ — $ 336 $ — $ 336 $ — $ 336 In June 2019 the Watercrest JV entered into an interest rate swap agreement designated as a cash flow hedge to manage the interest rate risk associated with variable rate debt. The interest rate swap is effective June 1, 2021 and matures on June 1, 2024 and fixed the variable rate debt on the notional amount of related debt of $20.0 million. As of March 31, 2020 and December 31, 2019, the interest rate swap was recorded at its estimated fair value, based on level 2 measurements, of $1.1 million and $0.3 million, respectively, and is included within other liabilities on the condensed consolidated balance sheet. The gain or loss on the derivative instrument is reported as a component of other comprehensive (loss) income and reclassified into earnings in the period during which the hedged transaction affects earnings. The Company did not reclassify any amounts out of other comprehensive (loss) income into interest expense during the three months ended March 31, 2020. See Note 10. Debt for additional information. Investment in Unconsolidated Joint Ventures The Company evaluates its investment in unconsolidated JVs for impairment during each reporting period. A series of operating losses of an investee or other factors may indicate that a decrease in the value of the Company’s investment in the unconsolidated JV has occurred. 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, 2020 and 2019. See Note 4. Real Estate Joint Ventures for additional information. 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, 2020 December 31, 2019 Carrying Estimated Carrying Estimated value Fair value Level value Fair value Level Assets Investments held by SPEs: Time deposit $ 200,000 $ 200,000 3 $ 200,000 $ 200,000 3 U.S. Treasury Bills and cash $ 6,396 $ 6,695 1 $ 6,771 $ 6,712 1 Liabilities Debt Fixed-rate debt $ 93,925 $ 92,147 2 $ 89,969 $ 92,276 2 Variable-rate debt 6,631 6,631 2 4,538 4,538 2 Total debt $ 100,556 $ 98,778 $ 94,507 $ 96,814 Senior Notes held by SPE $ 177,090 $ 220,540 3 $ 177,026 $ 204,347 3 Investments and Senior Notes Held by Special Purpose Entities In connection with a real estate sale in 2014, the Company received consideration including a $200.0 million fifteen-year installment note (the “Timber Note”) issued by Panama City Timber Finance Company, LLC. The Company contributed the Timber Note and assigned its rights as a beneficiary under a letter of credit to Northwest Florida Timber Finance, LLC. Northwest Florida Timber Finance, LLC monetized the Timber Note by issuing $180.0 million aggregate principal amount of its 4.8% Senior Secured Notes due in 2029 (the “Senior Notes”) at an issue price of 98.5% of face value to third party investors. The investments held by Panama City Timber Finance Company, LLC as of March 31, 2020, consist of a $200.0 million time deposit that, subsequent to April 2, 2014, pays interest at 4.0% and matures in March 2029, U.S. Treasuries of $6.0 million and cash of $0.4 million. The Senior Notes held by Northwest Florida Timber Finance, LLC as of March 31, 2020 consist of $177.1 million, net of the $2.9 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, 2020 | |
Hurricane Michael | |
Hurricane Michael | 7. Hurricane Michael On October 10, 2018, Hurricane Michael made landfall in the Florida Panhandle, which resulted in widespread damage to the area. The majority of the Company’s properties incurred minimal or no damage; however the Company’s Bay Point Marina in Bay County and Port St. Joe Marina in Gulf County, as well as certain timber, commercial and multi-family leasing assets were impacted. The marinas suffered significant damage requiring long-term restoration and will remain closed during the reconstruction of significant portions of these assets, which is currently underway. The Company maintains property and business interruption insurance, subject to certain deductibles, and is continuing to assess claims under such policies; however, the timing and amount of insurance proceeds are uncertain and may not be sufficient to cover all losses. Timing differences are likely to exist between the impairment losses, capital expenditures made to repair or restore properties and recognition and receipt of insurance proceeds reflected in the Company’s financial statements. During the three months ended March 31, 2020, $0.7 million of business interruption insurance proceeds were received related to the Pier Park Crossings JV, included within cost of leasing revenue on the condensed consolidated statements of operations. During the three months ended March 31, 2019, no insurance proceeds were received related to business interruption insurance. Costs incurred due to business interruption, primarily at the marinas, are continuing to be evaluated. The Company does not expect revenue at these locations until the properties have been rebuilt, but will incur costs for employee retention and property maintenance. During the three months ended March 31, 2020, the Company did not recognize any gain on insurance recovery. During the three months ended March 31, 2019, the Company recognized a $0.3 million gain on insurance recovery, included in other income, net on the condensed consolidated statements of operations. During the three months ended March 31, 2020 and 2019, the Company incurred loss from hurricane damage of $0.1 million and $0.3 million, respectively, for additional hurricane expense items such as repairs, clean-up costs, landscape repairs, demolition costs, professional fees, damaged inventory and temporary housing for employees included in other income, net on the condensed consolidated statements of operations. The Company expects that its results of operations related to the marinas assets will be impacted in the near term. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2020 | |
Leases | |
Leases | 8. Leases Leasing revenue consists of rental revenue from multi-family, retail, office and commercial property, cell towers and other assets, which is recognized as earned, using the straight-line method over the life of each lease. The Company’s leases have remaining lease terms up to the year 2036, some of which include options to terminate or extend. The components of leasing revenue are as follows: Three Months Ended March 31, 2020 2019 Leasing revenue Lease payments $ 3,382 $ 2,680 Variable lease payments 918 826 Total leasing revenue $ 4,300 $ 3,506 Minimum future base rental revenue on non-cancelable leases subsequent to March 31, 2020, for the years ending December 31 are: 2020 $ 10,863 2021 10,878 2022 9,745 2023 7,705 2024 6,505 Thereafter 17,762 $ 63,458 As of March 31, 2020, the Company leased certain office equipment under a finance lease and had operating leases for property and equipment used in corporate, hospitality and commercial operations with remaining lease terms up to the year 2049. Certain leases include options to purchase, terminate or renew for one or more years, which are included in the lease term used to establish right-of-use assets and lease liabilities when it is reasonably certain that the option will be exercised. Finance lease right-of-use assets are included within property, plant and equipment and operating lease right-of-use assets are included within other assets on the condensed consolidated balance sheets, which represent the Company’s right to use an underlying asset during a lease term for leases in excess of one year. Corresponding finance lease liability and operating lease liabilities are included within other liabilities on the condensed consolidated balance sheets and are related to the Company’s obligation to make lease payments for leases in excess of one year. The Company uses its incremental borrowing rate to determine the present value of the lease payments since the rate implicit in each lease is not readily determinable. The components of lease expense are as follows: Three Months Ended March 31, 2020 2019 Lease cost Finance lease cost: Amortization of right-of-use assets $ 12 $ 4 Interest on lease liability 3 1 Operating lease cost 65 52 Short-term lease cost 78 64 Total lease cost $ 158 $ 121 Other information Weighted-average remaining lease term - finance lease (in years) 3.9 4.9 Weighted-average remaining lease term - operating leases (in years) 2.9 1.9 Weighted-average discount rate - finance lease 5.0 % 5.0 % Weighted-average discount rate - operating leases 5.0 % 5.0 % The aggregate payments of finance lease liability subsequent to March 31, 2020, for the years ending December 31 are: 2020 $ 41 2021 54 2022 54 2023 54 2024 10 Total 213 Less imputed interest (20) Total finance lease liability $ 193 The aggregate payments of operating lease liabilities subsequent to March 31, 2020, for the years ending December 31 are: 2020 $ 200 2021 201 2022 123 2023 83 2024 14 Thereafter 293 Total 914 Less imputed interest (204) Total operating lease liabilities $ 710 |
Other Assets
Other Assets | 3 Months Ended |
Mar. 31, 2020 | |
Other Assets | |
Other Assets | 9. Other Assets Other assets consist of the following: March 31, December 31, 2020 2019 Restricted investments $ 1,158 $ 2,364 Accounts receivable, net 5,004 6,957 Homesite sales receivable 4,547 5,211 Notes receivable, net 3,239 3,252 Income tax receivable 3,841 2,843 Prepaid expenses 6,869 6,592 Straight-line rent 3,112 3,292 Operating lease right-of-use assets 710 691 Other assets 6,630 5,715 Retained interest investments 12,348 12,214 Accrued interest receivable for Senior Notes held by SPE 935 2,938 Total other assets $ 48,393 $ 52,069 Restricted Investments The Company’s restricted investments are related to the Company’s deferred compensation plan . As part of the Pension Plan termination in 2014, the Company directed the Pension Plan to transfer the Pension Plan’s surplus assets into a suspense account in the Company’s 401(k) plan. The Company has retained the risks and rewards of ownership of these assets; therefore, the assets held in the suspense account are included in the Company’s condensed consolidated balance sheets until they are allocated to current or future 401(k) plan participants within the next year . During the three months ended March 31, 2020 and 2019, the Company recorded an expense of $1.2 million and $1.1 million, respectively, for the fair value of the assets, less expenses that were allocated to participants. Any gain or loss on these assets is reflected in the Company’s condensed consolidated statements of operations and was less than a $0.1 million gain for the three months ended March 31, 2020 and less than a $0.1 million loss for the three months ended March 31, 2019. Refer to Note 6. 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. As of March 31, 2020 , accounts receivable were presented net of allowance for credit losses of $0.2 million and net of allowance for lease related receivables of $0.1 million. As of December 31, 2019, allowance for doubtful accounts receivable was $0.3 million. During the three months ended March 31, 2020, allowance for credit losses related to accounts receivable, net increased less than $0.1 million. Homesite Sales Receivable Homesite sales receivable from contracts with customers include estimated homesite residuals and certain estimated fees that are recognized as revenue at the time of sale to homebuilders, subject to constraints. Any change in circumstances from the estimated amounts will be updated at each reporting period. The receivable will be collected as the homebuilders build the homes and sell to retail consumers, which can occur over multiple years. The following table presents the changes in homesite sales receivable: Increases Due To Decreases Due to Balance Revenue Recognized Amounts Balance January 1, 2020 for Homesites Sold Received/Transferred March 31, 2020 Homesite sales receivable $ 5,211 $ — $ (664) $ 4,547 Increases Due To Decreases Due to Balance Revenue Recognized Amounts Balance January 1, 2019 for Homesites Sold Received/Transferred March 31, 2019 Homesite sales receivable $ 2,977 $ 138 $ (424) $ 2,691 Notes Receivable, Net Notes receivable, net consists of the following: March 31, December 31, 2020 2019 Interest bearing homebuilder note, secured by the real estate sold — 5.5% interest rate, due June 2021 $ 1,514 $ 1,514 Interest bearing homebuilder note, secured by the real estate sold — 5.5% interest rate, due December 2021 872 872 Interest bearing note with a JV partner, secured by the partner's membership interest in the JV - 8.0% interest rate, due May 2039 359 363 Interest bearing note with a JV partner, secured by the partner's membership interest in the JV - 8.0% interest rate, due July 2039 202 206 Interest bearing homebuilder note, secured by the real estate sold — 6.3% interest rate, due March 2020 128 128 Interest bearing homebuilder note, secured by the real estate sold — 5.5% interest rate, due June 2020 84 84 Various mortgage notes, secured by certain real estate, bearing interest at various rates 80 85 Total notes receivable, net $ 3,239 $ 3,252 The Company may allow homebuilders to pay for homesites during the home construction period in the form of homebuilder notes. The Company evaluates the carrying value of the notes receivable and the need for an allowance for credit losses at each reporting date. As of March 31, 2020 , notes receivable were presented net of allowance for credit losses of less than $0.1 million. As of December 31, 2019, there was no allowance for doubtful notes receivable. As of both March 31, 2020 and December 31, 2019, accrued interest receivable related to notes receivable was $0.1 million, and is included within other assets on the condensed consolidated balance sheets. 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, 2020 and December 31, 2019. The Company’s continuing involvement with the SPEs is the receipt of the net interest payments and the remaining principal of approximately $16.5 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 $12.3 million and $12.2 million as of March 31, 2020 and December 31, 2019, respectively, recorded in other assets on the Company’s condensed consolidated balance sheets. |
Debt, Net
Debt, Net | 3 Months Ended |
Mar. 31, 2020 | |
Debt | |
Debt | 10. Debt, Net Debt consists of the following: March 31, 2020 December 31, 2019 Unamortized Unamortized Discount and Discount and Debt Issuance Debt Issuance Principal Costs Net Principal Costs Net PPN JV Loan, due November 2025, bearing interest at 4.1% $ 45,281 $ 363 $ 44,918 $ 45,514 $ 380 $ 45,134 PPC JV Loan, insured by HUD, due June 2060, bearing interest at 4.0% 35,690 1,081 34,609 34,610 1,087 33,523 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% 6,752 — 6,752 6,977 — 6,977 Watersound Origins Crossings JV Loan, due May 2024, bearing interest at 5.0% 6,202 428 5,774 2,868 454 2,414 Watercrest JV Loan, due June 2047, bearing interest at LIBOR plus 2.2% (effective rate of 3.2% at March 31, 2020 2,130 292 1,838 — — — Beach Homes Loan, due May 2029, bearing interest at LIBOR plus 1.7% (effective rate of 2.7% at March 31, 2020) 1,584 19 1,565 1,594 20 1,574 Pier Park Outparcel Construction Loan, due March 2027, bearing interest at LIBOR plus 1.7% (effective rate of 2.7% at March 31, 2020) 1,520 14 1,506 1,535 14 1,521 WaterColor Crossings Construction Loan, due February 2029, bearing interest at LIBOR plus 1.7% (effective rate of 2.7% at March 31, 2020) 1,397 22 1,375 1,409 23 1,386 Total debt $ 100,556 $ 2,219 $ 98,337 $ 94,507 $ 1,978 $ 92,529 In October 2015, the Pier Park North JV entered into a $48.2 million loan (the “PPN JV Loan”), secured by a first lien on, and security interest in, a majority of the Pier Park North JV’s property. The PPN JV Loan provides for principal and interest payments with a final balloon payment at maturity. In connection with the PPN JV Loan, the Company entered into a limited guarantee in favor of the lender, based on its percentage ownership of the JV. In addition, the guarantee can become full recourse in the case of any fraud or intentional misrepresentation by the Pier Park North JV; any voluntary transfer or encumbrance of the property in violation of the due-on-sale clause in the security instrument; upon commencement of voluntary bankruptcy or insolvency proceedings and upon breach of covenants in the security instrument. In May 2018, the Pier Park Crossings JV entered into a $36.6 million loan, insured by the U.S. Department of Housing and Urban Development (“HUD”), to finance the construction of apartments in Panama City Beach, Florida (the “PPC JV Loan”). The PPC JV Loan provides for interest only payments during the first twenty-four months and monthly principal and interest payments thereafter through maturity in June 2060. The PPC JV Loan may not be prepaid prior to July 1, 2020. From July 1, 2020 through June 30, 2030, a prepayment premium is due to the lender of 1.0% - 10.0% of any prepaid principal. The PPC JV Loan is secured by the Pier Park Crossings JV’s real property and the assignment of rents and leases. Community Development District (“CDD”) bonds financed the construction of infrastructure improvements at some of the Company’s projects. The principal and interest payments on the bonds are paid by assessments on the properties benefited by the improvements financed by the bonds. The Company has recorded a liability for CDD debt that is associated with platted property, which is the point at which it becomes fixed or determinable. Additionally, the Company has recorded a liability for the portion of the CDD debt that is associated with unplatted property if it is probable and reasonably estimable that the Company will ultimately be responsible for repayment. The Company’s total CDD debt assigned to property it owns was $17.7 million as of both March 31, 2020 and December 31, 2019, respectively. The Company pays interest on this total outstanding CDD debt. In March 2017, a wholly owned subsidiary of the Company entered into a $1.6 million construction loan to finance the construction of a commercial leasing property located in Panama City Beach, Florida (the “Pier Park Outparcel Construction Loan”). The Pier Park Outparcel Construction Loan provides for monthly principal and interest payments with a final balloon payment at maturity. The Pier Park Outparcel Construction Loan is secured by the real property, assignment of rents and the security interest in the rents and personal property. In February 2018, a wholly owned subsidiary of the Company entered into a $1.9 million construction loan to finance the construction of a commercial leasing property located in Santa Rosa Beach, Florida (the “WaterColor Crossings Construction Loan”). The WaterColor Crossings Construction Loan provides for monthly principal and interest payments with a final balloon payment at maturity. The WaterColor Crossings Construction Loan is secured by the real property, assignment of rents and the security interest in the rents and personal property. In connection with the WaterColor Crossings Construction Loan, the Company executed a guarantee in favor of the lender to guarantee the payment and performance of the borrower under the WaterColor Crossings Construction Loan. In May 2018, a wholly owned subsidiary of the Company entered into a $1.7 million construction loan to finance the construction of two beach homes located in Panama City Beach, Florida (the “Beach Homes Loan”). The Beach Homes Loan provides for monthly principal and interest payments with a final balloon payment at maturity. The Beach Homes Loan is secured by the real property, assignment of rents and the security interest in the rents and personal property. In connection with the Beach Homes Loan, the Company executed a guarantee in favor of the lender to guarantee the payment and performance of the borrower under the Beach Homes Loan. In May 2019, the Watersound Origins Crossings JV entered into a $37.9 million loan (the “Watersound Origins Crossings JV Loan”) to finance the construction of apartments in Watersound, Florida. The Watersound Origins Crossings JV Loan provides for interest only payments for the first thirty months and principal and interest payments thereafter through maturity in May 2024. The Watersound Origins Crossings JV Loan is secured by the real property, assignment of rents and the security interest in the rents and personal property. In connection with the Watersound Origins Crossings JV Loan, the Company executed a guarantee in favor of the lender to guarantee the payment and performance of the borrower under the Watersound Origins Crossings JV Loan. The Company is the sole guarantor and receives a monthly fee related to the guarantee from its JV partner based on the JV partner’s ownership percentage. In June 2019, the Watercrest JV entered into a $22.5 million loan (the “Watercrest JV Loan”) to finance the construction of an assisted living facility in Santa Rosa Beach, Florida. The Watercrest JV Loan provides for interest only payments for the first thirty-six months and principal and interest payments thereafter through maturity in June 2047. The Watercrest JV Loan is secured by the real property, assignment of rents, leases and deposits and the security interest in the rents and personal property. In connection with the Watercrest JV Loan, the Company executed a guarantee in favor of the lender to guarantee the payment and performance of the borrower under the Watercrest JV Loan. The Company is the sole guarantor and will receive a quarterly fee related to the guarantee from its JV partner based on the JV partner’s ownership percentage. The Watercrest JV entered into an interest rate swap to hedge cash flows tied to changes in the underlying floating interest rate tied to LIBOR. The interest rate swap is effective June 1, 2021 and matures on June 1, 2024 and fixed the variable rate debt on the notional amount of related debt of $20.0 million to a rate of 4.37%. In August 2019, a wholly owned subsidiary of the Company entered into a $5.5 million loan (the “Beckrich Building III Loan”) to finance the construction of an office building in Panama City Beach, Florida. The Beckrich Building III Loan provides for interest only payments for the first twelve months and principal and interest payments thereafter through maturity in August 2029. The Beckrich Building III Loan is secured by the real property, assignment of leases, rents and profits and the security interest in the rents and personal property. In connection with the Beckrich Building III Loan, the Company executed a guarantee in favor of the lender to guarantee the payment and performance of the borrower under the Beckrich Building III Loan. As of both March 31, 2020 and December 31, 2019, there was no principal balance and the Company incurred $0.1 million of loan costs related to the Beckrich Building III Loan. In October 2019, the Pier Park Crossings Phase II JV entered into a $17.5 million loan (the “PPC II JV Loan”) to finance the construction of apartments in Panama City Beach, Florida. The PPC II JV Loan provides for interest only payments for the first twenty-four months and principal and interest payments thereafter through maturity in October 2024. The PPC II JV Loan is secured by the real property, assignment of rents and leases and the security interest in the rents, leases and personal property. In connection with the PPC II JV Loan, the Company executed a guarantee in favor of the lender to guarantee the payment and performance of the borrower under the PPC II JV Loan. The Company is the sole guarantor and will receive a monthly fee related to the guarantee from its JV partner based on the JV partner’s ownership percentage. As of both March 31, 2020 and December 31, 2019, there was no principal balance and the Company incurred $0.3 million of loan costs related to the PPC II JV Loan. In March 2020, a wholly owned subsidiary of the Company entered into a $15.3 million loan (the “Airport Hotel Loan”) to finance the construction of a Hilton Garden Inn near the Northwest Florida Beaches International Airport in Panama City, Florida. The Airport Hotel Loan provides for interest only payments for the first thirty-six months and principal and interest payments thereafter through maturity in March 2025. The Airport Hotel Loan is secured by the real property, assignment of leases, rents and profits and the security interest in the rents and personal property. In connection with the Airport Hotel Loan, the Company executed a guarantee in favor of the lender to guarantee the payment and performance of the borrower under the Airport Hotel Loan. As of March 31, 2020, there was no principal balance and the Company incurred $0.2 million of loan costs related to the Airport Hotel Loan. The Company’s financing agreements are subject to various customary debt covenants and as of both March 31, 2020 and December 31, 2019 the Company was in compliance with the financial debt covenants. The aggregate maturities of debt subsequent to March 31, 2020, for the years ending December 31 are: March 31, 2020 2020 $ 1,681 2021 2,261 2022 2,404 2023 2,468 2024 8,392 Thereafter 83,350 $ 100,556 |
Other Liabilities
Other Liabilities | 3 Months Ended |
Mar. 31, 2020 | |
Other Liabilities | |
Other Liabilities | 11. Other Liabilities Other liabilities consist of the following: March 31, December 31, 2020 2019 Accounts payable $ 23,603 $ 16,207 Finance lease liability 193 204 Operating lease liabilities 710 691 Accrued compensation 1,859 3,151 Other accrued liabilities 4,616 3,277 Deferred revenue 18,934 18,972 Club initiation fees 6,648 6,917 Club membership deposits 3,985 3,985 Advance deposits 1,899 946 Accrued interest expense for Senior Notes held by SPE 713 2,850 Total other liabilities $ 63,160 $ 57,200 Accounts payable as of March 31, 2020 and December 31, 2019 includes payables for new projects under development and construction. Other accrued liabilities include $1.2 million and $0.1 million of accrued property taxes as of March 31, 2020 and December 31, 2019, respectively, which are generally paid annually in November. Deferred revenue as of March 31, 2020 and December 31, 2019 includes $12.5 million related to a 2006 agreement pursuant to which the Company agreed to sell land to the Florida Department of Transportation. Revenue is recognized when title to a specific parcel is legally transferred. Club initiation fees are recognized as revenue over the estimated average duration of membership, which is evaluated periodically. The following table presents the changes in club initiation fees related to contracts with customers: Balance Increases Due To Decreases Due to Balance January 1, 2020 Cash Received Revenue Recognized March 31, 2020 Contract liabilities Club initiation fees $ 6,917 $ 327 $ (596) $ 6,648 Balance Increases Due To Decreases Due to Balance January 1, 2019 Cash Received Revenue Recognized March 31, 2019 Contract liabilities Club initiation fees $ 5,676 $ 753 $ (453) $ 5,976 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, 2020 | |
Income Taxes | |
Income Taxes | 12. Income Taxes Income tax (benefit) expense attributable to (loss) income from operations differed from the amount computed by applying the statutory federal income tax rate of 21% as of March 31, 2020 and 2019 to pre-tax income as a result of the following: Three Months Ended March 31, 2020 2019 Tax at the federal statutory rate $ (426) $ 555 State income taxes (net of federal benefit) (71) 116 Other 2 (10) Total income tax (benefit) expense $ (495) $ 661 As of December 31, 2019 the Company had a federal alternative minimum tax (“AMT”) credit receivable of $2.8 million. During the three months ended March 31, 2020 the Company received a refund of $0.4 million, reducing the federal AMT credit receivable to $2.4 million. Significant judgment is required in evaluating the Company's uncertain tax positions and determining its provision for income taxes. The Company regularly assesses the likelihood of adverse outcomes resulting from potential examinations to determine the adequacy of its provision for income taxes and applies a “more-likely-than-not” in determining the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return . The Company has not identified any material unrecognized tax benefits as of either March 31, 2020 or December 31, 2019. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted in response to the COVID-19 pandemic. The CARES Act, among other things, permits net operating loss (“NOL”) carryovers and carrybacks to offset 100% of taxable income for taxable years beginning before 2021. In addition, the CARES Act allows NOLs incurred in 2018, 2019, and 2020 to be carried back to each of the five preceding taxable years to generate a refund of previously paid income taxes. The CARES Act also contains modifications on the limitation of business interest for tax years beginning in 2019 and 2020. The modifications to Section 163(j) increase the allowable business interest deduction from 30% of adjusted taxable income to 50% of adjusted taxable income. Based upon current facts and circumstances, the Company does not expect that these provisions would result in a material cash benefit. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2020 | |
Accumulated Other Comprehensive Loss | |
Accumulated Other Comprehensive Loss | 13. Accumulated Other Comprehensive Loss Following is a summary of the changes in the balances of accumulated other comprehensive loss, which is presented net of tax: Unrealized Loss Unrealized Loss on Available-for- Cash Flow Sale Securities Hedge Total Accumulated other comprehensive loss at December 31, 2019 $ (84) $ (251) $ (335) Other comprehensive loss before reclassifications (8) (544) (552) Amounts reclassified from accumulated other comprehensive loss (3) — (3) Other comprehensive loss (11) (544) (555) Accumulated other comprehensive loss at March 31, 2020 $ (95) $ (795) $ (890) Following is a summary of the tax effects allocated to other comprehensive (loss) income: 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) Three Months Ended March 31, 2019 Before- Tax Net-of- Tax Amount Expense Tax Amount Unrealized gain on available-for-sale investments $ 799 $ (203) $ 596 Unrealized gain on restricted investments 11 (3) 8 Reclassification adjustment for net loss included in earnings 2 — 2 Net unrealized gain 812 (206) 606 Other comprehensive income $ 812 $ (206) $ 606 |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2020 | |
Stockholders’ Equity | |
Stockholders' Equity | 14. Stockholders’ Equity Stock Repurchase Program The Company’s Board has approved a stock repurchase program (the “Stock Repurchase Program”) pursuant to which the Company is authorized to repurchase shares of its common stock. The Stock Repurchase Program has no expiration date. During the three months ended March 31, 2020 and 2019, the Company repurchased 411,113 and 471,500 shares, respectively, of its common stock at an average purchase price of $16.55 and $15.00, per share, respectively, for an aggregate purchase price of $6.8 million and $7.1 million, respectively, pursuant to its Stock Repurchase Program. As of March 31, 2020, the Company had a total authority of $79.4 million available for purchase of shares of its common stock pursuant to its Stock Repurchase Program. The Company may repurchase its common stock in open market purchases from time to time, in privately negotiated transactions or otherwise, pursuant to Rule 10b‑18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The timing and amount of any additional shares to be repurchased will depend upon a variety of factors, including market and business conditions and is subject to the Company maintaining $100.0 million in cash, cash equivalents and/or investments . Repurchases may be commenced or suspended at any time or from time to time without prior notice. The Stock Repurchase Program will continue until otherwise modified or terminated by the Company’s Board at any time in its sole discretion. Issuance of Common Stock for Director’s Fees On May 20, 2019, the Company’s Board approved granting to each non-employee director an equity grant with an aggregate fair market value of $50,000 or, at the director’s election, its cash equivalent. On July 1, 2019, 5,708 shares of restricted stock were granted to two of the Company’s directors pursuant to the Board’s May 20, 2019 approval and the Company’s 2015 Performance and Equity Incentive Plan (the “2015 Plan”). This restricted stock will vest on the date of the Company’s 2020 Annual Meeting of Shareholders. Two non-employee directors elected to receive cash in lieu of the stock, which was paid in July 2019. On May 23, 2018, the Company’s Board approved granting to each non-employee director an equity grant with an aggregate fair market value of $50,000 or, at the director’s election, its cash equivalent. On July 2, 2018, 2,778 shares of restricted stock were granted to one of the Company’s directors pursuant to the Board’s May 23, 2018 approval and the Company’s 2015 Plan. This restricted stock vested on May 20, 2019, the date of the Company’s 2019 Annual Meeting of Shareholders. Three non-employee directors elected to receive cash in lieu of the stock. For each of the three months ended March 31, 2020 and 2019, the Company recorded expense of less than $0.1 million, related to restricted stock awards to the Company’s directors. |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2020 | |
Revenue Recognition | |
Revenue Recognition | 15. Revenue Recognition Revenue consists primarily of real estate sales, hospitality operations, leasing operations, and timber sales. Taxes collected from customers and remitted to governmental authorities (e.g., sales tax) are excluded from revenue, costs and expenses. The following represents revenue disaggregated by segment, good or service and timing: Three Months Ended 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 $ 5,906 $ 4,621 $ 89 $ 13,632 Recognized over time — 642 — — 642 Over lease term 22 3 4,275 — 4,300 Total revenue $ 3,038 $ 6,551 $ 8,896 $ 89 $ 18,574 Three Months Ended March 31, 2019 Residential Hospitality Commercial Other Total Revenue by Major Good/Service: Real estate revenue $ 3,362 $ — $ 1,111 $ 118 $ 4,591 Hospitality revenue 152 7,279 — — 7,431 Leasing revenue 11 25 3,470 — 3,506 Timber revenue — — 495 — 495 Total revenue $ 3,525 $ 7,304 $ 5,076 $ 118 $ 16,023 Timing of Revenue Recognition: Recognized at a point in time $ 3,514 $ 6,768 $ 1,606 $ 118 $ 12,006 Recognized over time — 511 — — 511 Over lease term 11 25 3,470 — 3,506 Total revenue $ 3,525 $ 7,304 $ 5,076 $ 118 $ 16,023 |
Other (Expense) Income
Other (Expense) Income | 3 Months Ended |
Mar. 31, 2020 | |
Other (Expense) Income | |
Other Income (Expense) | 16. Other (Expense) Income, Net Other (expense) income, net consists of the following: Three Months Ended March 31, 2020 2019 Investment income (loss), net Interest and dividend income $ 1,043 $ 1,813 Accretion income 17 61 Net realized loss on the sale of investments (48) (2) Unrealized (loss) gain on investments, net (4,761) 2,049 Interest income from investments in SPEs 2,046 2,049 Interest accrued on notes receivable and other interest 94 76 Total investment (loss) income, net (1,609) 6,046 Interest expense Interest expense and amortization of discount and issuance costs for Senior Notes issued by SPE (2,202) (2,199) Other interest expense (1,143) (743) Total interest expense (3,345) (2,942) Other income (expense), net Gain on land contribution to equity method investment 4,277 1,472 Accretion income from retained interest investments 344 320 Gain on insurance recovery — 279 Loss from hurricane damage (55) (322) Miscellaneous expense, net (34) (51) Other income, net 4,532 1,698 Total other (expense) income, net $ (422) $ 4,802 Investment (Loss) Income, Net Interest and dividend income includes interest income accrued or received on the Company’s U. S. Treasury Bills, corporate debt securities, commercial paper and money market funds, and dividend income received from the Company’s investments in preferred stock. Accretion income includes the amortization of the premium or accretion of discount related to the Company’s available-for-sale securities, which is amortized based on an effective interest rate method over the term of the available-for- sale securities. Net realized loss on the sale of investments include the gains or losses recognized on the sale of available-for-sale and equity securities prior to maturity. Unrealized (loss) gain on investments, net includes unrealized gains or losses on investments - equity securities. Interest income from investments in SPEs primarily includes interest earned on the investments held by Panama City Timber Finance Company, LLC, which is used to pay the interest expense for Senior Notes held by Northwest Florida Timber Finance, LLC. Interest Expense Interest expense includes interest incurred related to the Company’s CDD debt, Senior Notes issued by Northwest Florida Timber Finance, LLC, project financing and finance leases. Borrowing costs, including the discount and issuance costs for the Senior Notes issued by Northwest Florida Timber Finance, LLC, are amortized based on the effective interest method at an effective rate of 4.9%. During the three months ended March 31, 2020 and 2019 the Company capitalized $0.1 million and $0.2 million, respectively, in interest related to projects under development. These amounts are included within investment in real estate, net on the Company’s condensed consolidated balance sheets. Other Income, Net Other income, net primarily includes gain on land contributions, income from the Company’s retained interest investments, gain on insurance recovery, loss from hurricane damage and other income and expense items. The three months ended March 31, 2020 include a gain of $4.3 million on land and mitigation credits contributed to the Company’s unconsolidated Sea Sound Apartments JV. The three months ended March 31, 2019, include a gain of $1.5 million on land contributed to the Company’s unconsolidated Pier Park TPS JV. See Note 4. Real Estate Joint Ventures for additional information. The Company records the accretion of investment income from its retained interest investment over the life of the retained interest using the effective yield method with rates ranging from 3.7% to 11.3%. During the three months ended March 31, 2020, the Company did not have any gain on insurance recovery and incurred $0.1 million of loss from hurricane damage related to Hurricane Michael. During the three months ended March 31, 2019, the Company had a $0.3 million gain on insurance recovery and incurred $0.3 million of loss from hurricane damage related to Hurricane Michael See Note 7. Hurricane Michael for additional information. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2020 | |
Segment Information | |
Segment Information | 17. Segment Information The Company currently conducts primarily all of its business in the following three operating segments: (1) residential, (2) hospitality and (3) commercial. Prior to the first quarter of 2020, commercial leasing and sales, as well as forestry were treated as individual operating segments. Commencing in the first quarter of 2020, due to organizational changes, the Company’s previously titled “commercial leasing and sales” and “forestry” segments are now reported as one segment and retitled to “commercial.” This change is consistent with the Company’s belief that the decision making and management of the assets in these segments are being made as one group. All prior year segment information has been reclassified to conform to the 2020 presentation. Also commencing in the first quarter of 2020, the Company’s previously titled “residential real estate” segment was retitled to “residential.” The changes had no effect on the condensed consolidated balance sheets, statements of operations, statements of comprehensive (loss) income or statements of cash flows for the periods presented. 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 (loss) income before equity in loss from unconsolidated affiliates, income taxes and non-controlling interest, cash flows and other measures for purposes of making decisions about allocating resources to each segment and assessing each segment’s performance, which the Company believes represents current performance measures. The accounting policies of the segments are set forth in Note 2 to the Company’s consolidated financial statements contained in Item 15 of the Company’s Annual Report on Form 10‑K for the year ended December 31, 2019. Total revenue represents sales to unaffiliated customers, as reported in the Company’s condensed consolidated statements of operations. All significant intercompany transactions have been eliminated in consolidation. The caption entitled “Other” consists of mitigation credit revenue, title fee revenue and corporate operating and general and administrative expenses, net of investment income. Information by business segment is as follows: Three Months Ended March 31, 2020 2019 Operating revenue: Residential $ 3,038 $ 3,525 Hospitality 6,551 7,304 Commercial 8,896 5,076 Other 89 118 Consolidated operating revenue $ 18,574 $ 16,023 Income (loss) before equity in loss from unconsolidated affiliates and income taxes: Residential $ 404 $ 270 Hospitality (2,258) (822) Commercial 7,954 3,070 Other (7,847) 123 Consolidated (loss) income before equity in loss from unconsolidated affiliates and income taxes $ (1,747) $ 2,641 March 31, December 31, 2020 2019 Total assets: Residential $ 144,086 $ 139,349 Hospitality 97,695 89,570 Commercial 277,631 253,936 Other 393,610 426,378 Total assets $ 913,022 $ 909,233 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies | |
Commitments and Contingencies | 18. Commitments and Contingencies The Company establishes an accrued liability when it is both probable that a material loss has been incurred and the amount of the loss can be reasonably estimated. The Company will evaluate the range of reasonably estimated losses and record an accrued liability based on what it believes to be the minimum amount in the range, unless it believes an amount within the range is a better estimate than any other amount. In such cases, there may be an exposure to loss in excess of the amounts accrued. The Company evaluates quarterly whether further developments could affect the amount of the accrued liability previously established or would make a loss contingency both probable and reasonably estimable. The Company also provides disclosure when it believes it is reasonably possible that a material loss will be incurred or when it believes it is reasonably possible that the amount of a loss will exceed the recorded liability. The Company reviews loss contingencies at least quarterly to determine whether the likelihood of loss has changed and to assess whether a reasonable estimate of the loss or range of loss can be made. This estimated range of possible losses is based upon currently available information and is subject to significant judgment and a variety of assumptions, as well as known and unknown uncertainties. The matters underlying the estimated range will change from time to time, and actual results may vary significantly from the current estimate. The Company is subject to a variety of litigation, claims, other disputes and governmental proceedings that arise from time to time in the ordinary course of its business, including litigation related to its prior homebuilding and development activities. The Company cannot make assurances that it will be successful in defending these matters. Based on current knowledge, the Company does not believe that loss contingencies arising from pending litigation, claims, other disputes and governmental proceedings, including those described herein, will have a material adverse effect on the consolidated financial position or liquidity of the Company. However, in light of the inherent uncertainties involved in these matters, an adverse outcome in one or more of these matters could be material to the Company’s results of operations or cash flows for any particular reporting period. The Company is subject to costs arising out of environmental laws and regulations, which include obligations to remove or limit the effects on the environment of the disposal or release of certain wastes or substances at various sites, including sites which have been previously sold. It is the Company’s policy to accrue and charge against earnings environmental cleanup costs when it is probable that a liability has been incurred and a range of loss can be reasonably estimated. As assessments and cleanups proceed, these accruals are reviewed and adjusted, if necessary, as additional information becomes available. The Company is in the process of assessing certain properties in regard to the effects, if any, on the environment from the disposal or release of wastes or substances. Management is unable to quantify future rehabilitation costs above present accruals at this time or provide a reasonably estimated range of loss. Other litigation, claims, disputes and governmental proceedings, including environmental matters, are pending against the Company. Accrued aggregate liabilities related to the matters described above and other litigation matters were $0.8 million and $1.5 million as of March 31, 2020 and December 31, 2019, respectively. Significant judgment is required in both the determination of probability and the determination as to whether the amount of an exposure is reasonably estimable. Due to uncertainties related to these matters, accruals are based only on the information available at the time. As additional information becomes available, management reassesses potential liabilities related to pending claims and litigation and may revise its previous estimates, which could materially affect the Company’s results of operations for any particular reporting period. The Company has retained certain self-insurance risks with respect to losses for third party liability and property damage, including its timber assets. As of March 31, 2020 and December 31, 2019, the Company was required to provide surety bonds that guarantee completion of certain infrastructure in certain development projects and mitigation banks of $17.2 million and $10.7 million, respectively, as well as a standby letter of credit in the amount of $1.9 million as of March 31, 2020, which may potentially result in liability to the Company if certain obligations of the Company are not met. As of March 31, 2020, the Company had a total of $106.0 million in construction and development related contractual obligations, of which a significant portion will be funded through committed financing arrangements. In January 2019, the Company’s unconsolidated Pier Park TPS JV, entered into a $14.4 million loan, maturing in January 2026 (the “Pier Park TPS JV Loan”). The Pier Park TPS JV Loan is secured by the real property, assignment of rents and the security interest in the rents and personal property. In connection with the Pier Park TPS JV Loan, as guarantor the Company, a wholly owned subsidiary of the Company and the Company’s JV partner entered into a joint and several guarantee in favor of the lender, to guarantee the payment and performance of the borrower. As guarantor the Company’s liability under the Pier Park TPS JV Loan will be automatically reduced to 50.0%, or a further 25.0% of the outstanding principal balance upon reaching and maintaining certain debt service coverage. In addition, the guarantee can become full recourse in the case of the failure of guarantor to abide by or perform any of the covenants or warranties to be performed on the part of such guarantor; any sale, conveyance or transfer of the property; upon the filing or commencement of voluntary bankruptcy or insolvency proceedings; the entry of monetary judgement or assessment or the filing of any tax lien against either the borrower or guarantor; and the dissolution of the borrower or guarantor. As of March 31, 2020 and December 31, 2019, $11.1 million and $6.8 million, respectively, was outstanding on the Pier Park TPS JV Loan. In November 2019, the Company’s unconsolidated Busy Bee JV, entered into a $5.4 million construction loan maturing in November 2035 (the “Busy Bee JV Construction Loan”) and a $1.2 million equipment loan maturing in November 2027 (the “Busy Bee JV Equipment Loan”). The loans are secured by the real and personal property, assignment of rents and leases and a security interest in the construction contract and management agreement. In connection with the Busy Bee JV Construction Loan and the Busy Bee JV Equipment Loan, as guarantor the Company, a wholly owned subsidiary of the Company and the Company’s JV partner entered into a joint and several guarantee in favor of the lender, to guarantee the payment and performance of the borrower through substantial completion. As guarantor, the Company’s liability under the loans upon substantial completion will be reduced to 50.0% for a twelve month period. Subsequent to that time, the Company’s guarantee will be released upon request. Upon release of the Company’s guarantee, the JV partner will be the sole guarantor and will receive a fee related to the guarantee from the Company based on the Company’s ownership percentage. As of March 31, 2020 and December 31, 2019, $4.5 million and $1.4 million, respectively, was outstanding on the Busy Bee JV Construction Loan. As of both March 31, 2020 and December 31, 2019, less than $0.1 million was outstanding on the Busy Bee JV Equipment Loan. The Company has assessed the need to record a liability for the guarantees related to the Company’s unconsolidated JVs and did not record an obligation as of both March 31, 2020 and December 31, 2019. As of March 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. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Significant Accounting Policies | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The accompanying unaudited interim condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for reporting on Form 10‑Q. Accordingly, certain information and footnotes required by United States generally accepted accounting principles (“GAAP”) for complete financial statements are not included herein. The unaudited interim condensed consolidated financial statements include the accounts of the Company and all of its majority-owned and controlled subsidiaries and variable interest entities where the Company deems itself the primary beneficiary. Investments in joint ventures (“JV”) and limited partnerships in which the Company is not the primary beneficiary are accounted for by the equity method. All significant intercompany transactions and balances have been eliminated in consolidation. The December 31, 2019 condensed consolidated balance sheet amounts have been derived from the Company’s December 31, 2019 audited consolidated financial statements. Certain prior period amounts in the accompanying condensed consolidated financial statements have been reclassified to conform to the current year presentation. These reclassifications had no effect on the Company’s previously reported total assets and liabilities, stockholders’ equity or net (loss) income. Operating results for the three months ended March 31, 2020 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2020. A variable interest entity (“VIE”) is an entity in which a controlling financial interest may be achieved through arrangements that do not involve voting interests. A VIE is required to be consolidated by its primary beneficiary, which is the entity that possesses the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and has the obligation to absorb losses or the right to receive benefits from the VIE that are significant to the entity. The Company consolidates VIEs when it is the primary beneficiary of the VIE, including real estate JVs determined to be VIEs. See Note 4. Real Estate Joint Ventures . The unaudited interim condensed consolidated financial statements reflect all normal recurring adjustments that, in the opinion of management, are necessary for fair presentation of the information contained herein. The unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10‑K for the year ended December 31, 2019. The Company adheres to the same accounting policies in preparation of its unaudited interim condensed consolidated financial statements as the Company’s December 31, 2019 annual financial statements, except for recently adopted accounting pronouncements detailed below. As required under GAAP, interim accounting for certain expenses, including income taxes, are based on full year assumptions. For interim financial reporting purposes, income taxes are recorded based upon estimated annual income tax rates. |
Concentration of Risks and Uncertainties | Concentration of Risks and Uncertainties The Company’s real estate investments are concentrated in Northwest Florida. Uncertain economic conditions could have an adverse impact on the Company’s real estate values. On March 11, 2020, the World Health Organization characterized the outbreak of the novel coronavirus (“COVID-19”), as a global pandemic and recommended containment and mitigation measures. The overall economic conditions in the United States have been negatively impacted by the emerging threat posed by COVID-19. The Company’s hospitality operations have already been, and may continue to be, disrupted by the impacts of the COVID-19 pandemic and the governmental response 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 business, results of operations, cash flows and financial condition. See Part II. Item 1A. Risk Factors . Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash, cash equivalents, investments, other receivables, investments held by special purpose entity or entities (“SPE”) and investments in retained interests. The Company deposits and invests cash with local and regional financial institutions, and as of March 31, 2020, these balances exceeded the amount of F.D.I.C. insurance provided on such deposits. In addition, as of March 31, 2020 the company had $49.9 million invested in U.S. Treasury Bills and $2.4 million invested in three issuers of preferred stock that are non-investment grade, as well as investments of $37.5 million in short term commercial paper from s even issuers. |
Earnings Per Share | Earnings Per Share Basic and diluted earnings per share are calculated by dividing net (loss) income attributable to the Company by the weighted average number of common shares outstanding for the period. For the three months ended March 31, 2020 and March 31, 2019, basic and diluted average shares outstanding were the same. There were no outstanding common stock equivalents as of March 31, 2020 or March 31, 2019. Non-vested restricted stock is included in outstanding shares at the time of grant. |
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements | Recently Adopted Accounting Pronouncements Financial Instruments - Credit Losses In June 2016, the FASB issued ASU 2016‑13, Financial Instruments – Credit Losses (Topic 326) (“ASU 2016-13”), that requires a financial asset measured at amortized cost to be presented at the net amount expected to be collected and requires that credit losses from available-for-sale debt securities be presented as an allowance for credit loss. The allowance for credit losses should reflect management’s current estimate of credit losses that are expected to occur over the remaining life of a financial asset. In November 2018, the FASB issued ASU 2018-19, which clarifies that impairment of receivables from operating leases should be accounted for using lease guidance. In April 2019, the FASB issued ASU 2019-04, which clarifies and improves ASU 2016-13. In May 2019, the FASB issued ASU 2019-05, which provides an option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis. The Company adopted the new guidance, including amendments, as of January 1, 2020, and has elected to implement Topic 326 retrospectively using the cumulative-effect adjustment transition method as of the date of adoption. As a result, prior periods have not been restated. The Company elected the practical expedient to not measure an allowance for credit losses for accrued interest receivables and will write off uncollectible balances in a timely manner, which is 90 days from when it is determined uncollectible. As of the date of adoption, a cumulative-effect adjustment was recorded to beginning retained earnings. The impact of adopting this guidance resulted in an adjustment to decrease retained earnings by $0.1 million, net of the related tax effects, a decrease in accounts receivable, net and notes receivable, net for allowance for credit losses of $0.1 million and an increase to other liabilities related to allowance for credit losses for unconsolidated JV debt guaranteed by the Company of less than $0.1 million. There were no adjustments related to operating lease receivables for which the Company is the lessor. The adoption of this guidance did not materially impact results of operations or cash flows. Codification Improvements to Financial Instruments In March 2020, the FASB issued ASU 2020-03 , Codification Improvements to Financial Instruments , which makes narrow-scope improvements to various aspects of financial instruments guidance. The standard is effective immediately for certain amendments and for fiscal years beginning after December 15, 2019. The implementation of this guidance did not have a material impact on the Company’s financial condition, results of operations and cash flows. Recently Issued Accounting Pronouncements Income Taxes In December 2019, the FASB issued ASU 2019-12, which simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendment also improves consistent application of and simplifies GAAP for other areas of Topic 740 by clarifying and amending existing guidance. This new guidance will be effective for annual and interim periods beginning after December 15, 2020, with early adoption permitted. The Company does not expect the adoption of this guidance to have a material impact on its financial condition, results of operations and cash flows. Investments – Equity Securities, Investments-Equity Method and Joint Ventures and Derivatives and Hedging In January 2020, the FASB issued ASU 2020-01, Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 (a consensus of the Emerging Issues Task Force ) which clarifies the interaction between the accounting standard on recognition and measurement of financial instruments in Topic 321, Investments—Equity Securities and Topic 323, Investments—Equity Method and Joint Ventures . The new guidance will be effective for annual and interim periods beginning after December 15, 2020, with early adoption permitted. The Company is currently evaluating the impact that the adoption of this guidance will have on its financial condition, results of operations and cash flows. Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting that provides temporary optional guidance to ease the potential burden in accounting for or recognizing the effects of reference rate reform on financial reporting. The new guidance provides expedients and exceptions for applying GAAP to contract modifications and hedging relationships affected by reference rate reform if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference LIBOR or another reference rate that is expected to be discontinued due to reference rate reform. This new guidance is effective prospectively beginning on March 12, 2020 through December 31, 2022. The Company is currently evaluating the impact that the adoption of this guidance will have on its financial condition, results of operations and cash flows. |
Investment in Real Estate (Tabl
Investment in Real Estate (Table) | 3 Months Ended |
Mar. 31, 2020 | |
Investment in Real Estate | |
Schedule of real estate by property type and segment | March 31, December 31, 2020 2019 Development property: Residential $ 123,767 $ 115,384 Hospitality 21,297 12,229 Commercial 109,054 103,326 Corporate 2,635 2,631 Total development property 256,753 233,570 Operating property: Residential 11,988 11,985 Hospitality 95,070 94,838 Commercial 175,205 164,589 Other 50 50 Total operating property 282,313 271,462 Less: Accumulated depreciation 70,170 74,256 Total operating property, net 212,143 197,206 Investment in real estate, net $ 468,896 $ 430,776 |
Real Estate Joint Ventures (Tab
Real Estate Joint Ventures (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Investments | |
Schedule of financial information of unconsolidated joint venture | March 31, December 31, 2020 2019 Investment in unconsolidated joint ventures Latitude Margaritaville Watersound JV $ 1,317 $ 791 Pier Park TPS JV 3,080 3,083 Sea Sound Apartments JV (a) 5,476 — Busy Bee JV 1,204 1,210 Total investment in unconsolidated joint ventures $ 11,077 $ 5,084 Outstanding debt of unconsolidated JVs Pier Park TPS JV $ 11,068 $ 6,791 Busy Bee JV 4,486 1,451 Total outstanding debt of unconsolidated JVs (b) $ 15,554 $ 8,242 a) JV was formed in January 2020. b) See Note 18. Commitments and Contingencies for additional information. The following table presents detail of the Company’s equity in loss from unconsolidated affiliates: Three Months Ended March 31, 2020 Equity in loss from unconsolidated affiliates Latitude Margaritaville Watersound JV $ 74 Pier Park TPS JV 3 Busy Bee JV 6 Total equity in loss from unconsolidated affiliates $ 83 |
Latitude Margaritaville Watersound JV | |
Investments | |
Schedule of financial information of unconsolidated joint venture | March 31, December 31, 2020 2019 BALANCE SHEETS: Investment in real estate $ 2,106 $ 1,116 Cash and cash equivalents 568 525 Other assets 25 — Total assets $ 2,699 $ 1,641 Other liabilities $ 66 $ 58 Equity 2,633 1,583 Total liabilities and equity $ 2,699 $ 1,641 Three Months Ended March 31, 2020 STATEMENT OF OPERATIONS: Total expenses $ 149 Net loss $ 149 |
Sea Sound Apartments JV | |
Investments | |
Schedule of financial information of unconsolidated joint venture | March 31, 2020 BALANCE SHEET: Investment in real estate $ 9,443 Cash and cash equivalents 53 Other assets 559 Total assets $ 10,055 Other liabilities $ 892 Equity 9,163 Total liabilities and equity $ 10,055 |
Pier Park TPS JV | |
Investments | |
Schedule of financial information of unconsolidated joint venture | March 31, December 31, 2020 2019 BALANCE SHEETS: Investment in real estate $ 17,703 $ 14,775 Cash and cash equivalents 67 51 Other assets 9 12 Total assets $ 17,779 $ 14,838 Debt, net $ 10,761 $ 6,480 Other liabilities 871 2,193 Equity 6,147 6,165 Total liabilities and equity $ 17,779 $ 14,838 Three Months Ended March 31, 2020 2019 STATEMENT OF OPERATIONS: Total expenses $ 6 $ — Net loss $ 6 $ — |
Busy Bee JV (SJBB, LLC) | |
Investments | |
Schedule of financial information of unconsolidated joint venture | March 31, December 31, 2020 2019 BALANCE SHEETS: Investment in real estate $ 6,852 $ 3,886 Cash and cash equivalents 27 36 Other assets 14 28 Total assets $ 6,893 $ 3,950 Debt, net $ 4,390 $ 1,349 Other liabilities 94 181 Equity 2,409 2,420 Total liabilities and equity $ 6,893 $ 3,950 Three Months Ended March 31, 2020 STATEMENT OF OPERATIONS: Total expenses $ 11 Net loss $ 11 |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Investments | |
Schedule of Investments | March 31, 2020 Gross Unrealized Gross Unrealized Amortized Cost Gains (Losses) Fair Value Investments - debt securities: U.S. Treasury Bills $ 49,944 $ 18 $ (14) $ 49,948 Corporate debt securities 178 — (129) 49 50,122 18 (143) 49,997 Restricted investments: Short-term bond 1,165 — (7) 1,158 1,165 — (7) 1,158 $ 51,287 $ 18 $ (150) $ 51,155 December 31, 2019 Gross Unrealized Gross Unrealized Amortized Cost Gains (Losses) Fair Value Investments - debt securities: Corporate debt securities $ 178 $ — $ (125) $ 53 178 — (125) 53 Restricted investments: Short-term bond 2,239 11 — 2,250 Money market fund 114 — — 114 2,353 11 — 2,364 $ 2,531 $ 11 $ (125) $ 2,417 |
Schedule of Unrealized Loss Position and Related Fair Value of Investments | March 31, 2020 Less Than 12 Months 12 Months or Greater Unrealized Unrealized Fair Value Losses Fair Value Losses Investments - debt securities: U.S. Treasury Bills $ 42,949 $ 14 $ — $ — Corporate debt securities — — 49 129 Restricted investments: Short-term bond — — 1,158 7 $ 42,949 $ 14 $ 1,207 $ 136 December 31, 2019 Less Than 12 Months 12 Months or Greater Unrealized Unrealized Fair Value Losses Fair Value Losses Investments - debt securities: Corporate debt securities $ — $ — $ 53 $ 125 |
Schedule of Contractual Maturities of Investments | March 31, 2020 Amortized Cost Fair Value Due in one year or less $ 50,122 $ 49,997 Restricted investments 1,165 1,158 $ 51,287 $ 51,155 |
Financial Instruments and Fai_2
Financial Instruments and Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Financial Instruments and Fair Value Measurements | |
Schedule of Financial Instruments Measured at Fair Value on Recurring Basis | March 31, 2020 Total Fair Level 1 Level 2 Level 3 Value Cash equivalents: Money market funds $ 55,404 $ — $ — $ 55,404 Commercial paper 37,468 — — 37,468 92,872 — — 92,872 Investments - debt securities: U.S. Treasury Bills 49,948 — — 49,948 Corporate debt securities — 49 — 49 49,948 49 — 49,997 Investments - equity securities: Preferred stock — 2,432 — 2,432 — 2,432 — 2,432 Restricted investments: Short-term bond 1,158 — — 1,158 1,158 — — 1,158 $ 143,978 $ 2,481 $ — $ 146,459 December 31, 2019 Total Fair Level 1 Level 2 Level 3 Value Cash equivalents: Money market funds $ 21,043 $ — $ — $ 21,043 Commercial paper 138,220 — — 138,220 U.S. Treasury Bills 6,990 — — 6,990 166,253 — — 166,253 Investments - debt securities: Corporate debt securities — 53 — 53 — 53 — 53 Investments - equity securities: Preferred stock — 9,746 — 9,746 — 9,746 — 9,746 Restricted investments: Short-term bond 2,250 — — 2,250 Money market fund 114 — — 114 2,364 — — 2,364 $ 168,617 $ 9,799 $ — $ 178,416 |
Schedule of Liabilities Measured at Fair Value on Recurring Basis | March 31, 2020 Location in Total Fair Balance Sheet Level 1 Level 2 Level 3 Value Derivative Liabilities: Interest rate swap Other liabilities $ — $ 1,064 $ — $ 1,064 $ — $ 1,064 $ — $ 1,064 December 31, 2019 Location in Total Fair Balance Sheet Level 1 Level 2 Level 3 Value Derivative Liabilities: Interest rate swap Other liabilities $ — $ 336 $ — $ 336 $ — $ 336 $ — $ 336 |
Schedule of Carrying Amount and Fair Value Measured on Nonrecurring Basis of Financial Instruments | March 31, 2020 December 31, 2019 Carrying Estimated Carrying Estimated value Fair value Level value Fair value Level Assets Investments held by SPEs: Time deposit $ 200,000 $ 200,000 3 $ 200,000 $ 200,000 3 U.S. Treasury Bills and cash $ 6,396 $ 6,695 1 $ 6,771 $ 6,712 1 Liabilities Debt Fixed-rate debt $ 93,925 $ 92,147 2 $ 89,969 $ 92,276 2 Variable-rate debt 6,631 6,631 2 4,538 4,538 2 Total debt $ 100,556 $ 98,778 $ 94,507 $ 96,814 Senior Notes held by SPE $ 177,090 $ 220,540 3 $ 177,026 $ 204,347 3 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Leases | |
Schedule of components of leasing revenue | Three Months Ended March 31, 2020 2019 Leasing revenue Lease payments $ 3,382 $ 2,680 Variable lease payments 918 826 Total leasing revenue $ 4,300 $ 3,506 |
Schedule of minimum future base rental revenue | 2020 $ 10,863 2021 10,878 2022 9,745 2023 7,705 2024 6,505 Thereafter 17,762 $ 63,458 |
Schedule of lease cost | Three Months Ended March 31, 2020 2019 Lease cost Finance lease cost: Amortization of right-of-use assets $ 12 $ 4 Interest on lease liability 3 1 Operating lease cost 65 52 Short-term lease cost 78 64 Total lease cost $ 158 $ 121 Other information Weighted-average remaining lease term - finance lease (in years) 3.9 4.9 Weighted-average remaining lease term - operating leases (in years) 2.9 1.9 Weighted-average discount rate - finance lease 5.0 % 5.0 % Weighted-average discount rate - operating leases 5.0 % 5.0 % |
Schedule of aggregate payments of finance lease liability | The aggregate payments of finance lease liability subsequent to March 31, 2020, for the years ending December 31 are: 2020 $ 41 2021 54 2022 54 2023 54 2024 10 Total 213 Less imputed interest (20) Total finance lease liability $ 193 |
Schedule of aggregate payments of operating lease liabilities | The aggregate payments of operating lease liabilities subsequent to March 31, 2020, for the years ending December 31 are: 2020 $ 200 2021 201 2022 123 2023 83 2024 14 Thereafter 293 Total 914 Less imputed interest (204) Total operating lease liabilities $ 710 |
Other Assets (Tables)
Other Assets (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Other Assets | |
Schedule of Other Assets | March 31, December 31, 2020 2019 Restricted investments $ 1,158 $ 2,364 Accounts receivable, net 5,004 6,957 Homesite sales receivable 4,547 5,211 Notes receivable, net 3,239 3,252 Income tax receivable 3,841 2,843 Prepaid expenses 6,869 6,592 Straight-line rent 3,112 3,292 Operating lease right-of-use assets 710 691 Other assets 6,630 5,715 Retained interest investments 12,348 12,214 Accrued interest receivable for Senior Notes held by SPE 935 2,938 Total other assets $ 48,393 $ 52,069 |
Schedule of Lot Sales Receivable | Increases Due To Decreases Due to Balance Revenue Recognized Amounts Balance January 1, 2020 for Homesites Sold Received/Transferred March 31, 2020 Homesite sales receivable $ 5,211 $ — $ (664) $ 4,547 Increases Due To Decreases Due to Balance Revenue Recognized Amounts Balance January 1, 2019 for Homesites Sold Received/Transferred March 31, 2019 Homesite sales receivable $ 2,977 $ 138 $ (424) $ 2,691 |
Schedule of Notes Receivable, Net | March 31, December 31, 2020 2019 Interest bearing homebuilder note, secured by the real estate sold — 5.5% interest rate, due June 2021 $ 1,514 $ 1,514 Interest bearing homebuilder note, secured by the real estate sold — 5.5% interest rate, due December 2021 872 872 Interest bearing note with a JV partner, secured by the partner's membership interest in the JV - 8.0% interest rate, due May 2039 359 363 Interest bearing note with a JV partner, secured by the partner's membership interest in the JV - 8.0% interest rate, due July 2039 202 206 Interest bearing homebuilder note, secured by the real estate sold — 6.3% interest rate, due March 2020 128 128 Interest bearing homebuilder note, secured by the real estate sold — 5.5% interest rate, due June 2020 84 84 Various mortgage notes, secured by certain real estate, bearing interest at various rates 80 85 Total notes receivable, net $ 3,239 $ 3,252 |
Debt, Net (Tables)
Debt, Net (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Debt | |
Schedule of Debt | March 31, 2020 December 31, 2019 Unamortized Unamortized Discount and Discount and Debt Issuance Debt Issuance Principal Costs Net Principal Costs Net PPN JV Loan, due November 2025, bearing interest at 4.1% $ 45,281 $ 363 $ 44,918 $ 45,514 $ 380 $ 45,134 PPC JV Loan, insured by HUD, due June 2060, bearing interest at 4.0% 35,690 1,081 34,609 34,610 1,087 33,523 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% 6,752 — 6,752 6,977 — 6,977 Watersound Origins Crossings JV Loan, due May 2024, bearing interest at 5.0% 6,202 428 5,774 2,868 454 2,414 Watercrest JV Loan, due June 2047, bearing interest at LIBOR plus 2.2% (effective rate of 3.2% at March 31, 2020 2,130 292 1,838 — — — Beach Homes Loan, due May 2029, bearing interest at LIBOR plus 1.7% (effective rate of 2.7% at March 31, 2020) 1,584 19 1,565 1,594 20 1,574 Pier Park Outparcel Construction Loan, due March 2027, bearing interest at LIBOR plus 1.7% (effective rate of 2.7% at March 31, 2020) 1,520 14 1,506 1,535 14 1,521 WaterColor Crossings Construction Loan, due February 2029, bearing interest at LIBOR plus 1.7% (effective rate of 2.7% at March 31, 2020) 1,397 22 1,375 1,409 23 1,386 Total debt $ 100,556 $ 2,219 $ 98,337 $ 94,507 $ 1,978 $ 92,529 |
Schedule of Aggregate Maturities of Debt | The aggregate maturities of debt subsequent to March 31, 2020, for the years ending December 31 are: March 31, 2020 2020 $ 1,681 2021 2,261 2022 2,404 2023 2,468 2024 8,392 Thereafter 83,350 $ 100,556 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Other Liabilities | |
Schedule of Other Liabilities | March 31, December 31, 2020 2019 Accounts payable $ 23,603 $ 16,207 Finance lease liability 193 204 Operating lease liabilities 710 691 Accrued compensation 1,859 3,151 Other accrued liabilities 4,616 3,277 Deferred revenue 18,934 18,972 Club initiation fees 6,648 6,917 Club membership deposits 3,985 3,985 Advance deposits 1,899 946 Accrued interest expense for Senior Notes held by SPE 713 2,850 Total other liabilities $ 63,160 $ 57,200 |
Schedule of changes in club initiation fees related to contracts with customers | Balance Increases Due To Decreases Due to Balance January 1, 2020 Cash Received Revenue Recognized March 31, 2020 Contract liabilities Club initiation fees $ 6,917 $ 327 $ (596) $ 6,648 Balance Increases Due To Decreases Due to Balance January 1, 2019 Cash Received Revenue Recognized March 31, 2019 Contract liabilities Club initiation fees $ 5,676 $ 753 $ (453) $ 5,976 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Income Taxes | |
Schedule of effective income tax rate reconciliation | Three Months Ended March 31, 2020 2019 Tax at the federal statutory rate $ (426) $ 555 State income taxes (net of federal benefit) (71) 116 Other 2 (10) Total income tax (benefit) expense $ (495) $ 661 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Accumulated Other Comprehensive Loss | |
Summary of Changes in Accumulated Other Comprehensive Loss | Unrealized Loss Unrealized Loss on Available-for- Cash Flow Sale Securities Hedge Total Accumulated other comprehensive loss at December 31, 2019 $ (84) $ (251) $ (335) Other comprehensive loss before reclassifications (8) (544) (552) Amounts reclassified from accumulated other comprehensive loss (3) — (3) Other comprehensive loss (11) (544) (555) Accumulated other comprehensive loss at March 31, 2020 $ (95) $ (795) $ (890) |
Summary of Tax Effects Allocated to Other Comprehensive Income | 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) Three Months Ended March 31, 2019 Before- Tax Net-of- Tax Amount Expense Tax Amount Unrealized gain on available-for-sale investments $ 799 $ (203) $ 596 Unrealized gain on restricted investments 11 (3) 8 Reclassification adjustment for net loss included in earnings 2 — 2 Net unrealized gain 812 (206) 606 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Revenue Recognition | |
Schedule of revenue disaggregated by segment, good or service and timing | 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 $ 5,906 $ 4,621 $ 89 $ 13,632 Recognized over time — 642 — — 642 Over lease term 22 3 4,275 — 4,300 Total revenue $ 3,038 $ 6,551 $ 8,896 $ 89 $ 18,574 Three Months Ended March 31, 2019 Residential Hospitality Commercial Other Total Revenue by Major Good/Service: Real estate revenue $ 3,362 $ — $ 1,111 $ 118 $ 4,591 Hospitality revenue 152 7,279 — — 7,431 Leasing revenue 11 25 3,470 — 3,506 Timber revenue — — 495 — 495 Total revenue $ 3,525 $ 7,304 $ 5,076 $ 118 $ 16,023 Timing of Revenue Recognition: Recognized at a point in time $ 3,514 $ 6,768 $ 1,606 $ 118 $ 12,006 Recognized over time — 511 — — 511 Over lease term 11 25 3,470 — 3,506 Total revenue $ 3,525 $ 7,304 $ 5,076 $ 118 $ 16,023 |
Other (Expense) Income - (Table
Other (Expense) Income - (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Other (Expense) Income | |
Schedule of Other (Expense) Income | Three Months Ended March 31, 2020 2019 Investment income (loss), net Interest and dividend income $ 1,043 $ 1,813 Accretion income 17 61 Net realized loss on the sale of investments (48) (2) Unrealized (loss) gain on investments, net (4,761) 2,049 Interest income from investments in SPEs 2,046 2,049 Interest accrued on notes receivable and other interest 94 76 Total investment (loss) income, net (1,609) 6,046 Interest expense Interest expense and amortization of discount and issuance costs for Senior Notes issued by SPE (2,202) (2,199) Other interest expense (1,143) (743) Total interest expense (3,345) (2,942) Other income (expense), net Gain on land contribution to equity method investment 4,277 1,472 Accretion income from retained interest investments 344 320 Gain on insurance recovery — 279 Loss from hurricane damage (55) (322) Miscellaneous expense, net (34) (51) Other income, net 4,532 1,698 Total other (expense) income, net $ (422) $ 4,802 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Segment Information | |
Schedule of Information by Business Segment | Three Months Ended March 31, 2020 2019 Operating revenue: Residential $ 3,038 $ 3,525 Hospitality 6,551 7,304 Commercial 8,896 5,076 Other 89 118 Consolidated operating revenue $ 18,574 $ 16,023 Income (loss) before equity in loss from unconsolidated affiliates and income taxes: Residential $ 404 $ 270 Hospitality (2,258) (822) Commercial 7,954 3,070 Other (7,847) 123 Consolidated (loss) income before equity in loss from unconsolidated affiliates and income taxes $ (1,747) $ 2,641 March 31, December 31, 2020 2019 Total assets: Residential $ 144,086 $ 139,349 Hospitality 97,695 89,570 Commercial 277,631 253,936 Other 393,610 426,378 Total assets $ 913,022 $ 909,233 |
Nature of Operations - Real Est
Nature of Operations - Real Estate Assets (Details) | 3 Months Ended |
Mar. 31, 2020segment | |
Nature of Operations | |
Percentage of real estate land holdings located within fifteen miles of Gulf of Mexico | 90.00% |
Number of reportable operating segments | 3 |
Significant Accounting Polici_3
Significant Accounting Policies - Concentrations (Details) $ in Thousands | Mar. 31, 2020USD ($)issuer | Dec. 31, 2019USD ($) | Mar. 31, 2019USD ($) |
Concentration risk | |||
Investments - debt securities (primarily U.S. Treasury Bills) | $ 49,997 | $ 53 | |
Investments - equity securities | 2,432 | 9,746 | |
Cash and cash equivalents | 106,427 | 185,716 | $ 190,821 |
Preferred stock | |||
Concentration risk | |||
Investments - equity securities | 2,400 | $ 9,700 | |
Credit concentration risk | Assets | U.S. Treasury Bills | |||
Concentration risk | |||
Investments - debt securities (primarily U.S. Treasury Bills) | 49,900 | ||
Credit concentration risk | Assets | Preferred stock | Non-investment grade | |||
Concentration risk | |||
Investments - equity securities | $ 2,400 | ||
Number of issuers | issuer | 3 | ||
Credit concentration risk | Assets | Commercial paper | |||
Concentration risk | |||
Cash and cash equivalents | $ 37,500 | ||
Number of issuers | issuer | 7 |
Significant Accounting Polici_4
Significant Accounting Policies - EPS (Details) - shares | Mar. 31, 2020 | Mar. 31, 2019 |
Significant Accounting Policies | ||
Common stock equivalents (in shares) | 0 | 0 |
Significant Accounting Polici_5
Significant Accounting Policies - Recently Issued Accounting Pronouncements (Details) - USD ($) $ in Thousands | Jan. 01, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
New accounting pronouncements or change in accounting principle | |||
Retained earnings | $ 212,602 | $ 214,225 | |
Allowance for credit losses within other liabilities | $ 100 | ||
ASU 2016-13 | |||
New accounting pronouncements or change in accounting principle | |||
Change in Accounting Principle, Accounting Standards Update, Adopted | true | ||
New Accounting Pronouncement or Change in Accounting Principle, Prior Period Not Restated | true | ||
Write off threshold | 90 days | ||
ASU 2016-13 | Adjustment | |||
New accounting pronouncements or change in accounting principle | |||
Retained earnings | (100) | ||
Accounts receivable, net and notes receivable, net | (100) | ||
Allowance for credit losses, Accounts receivable and notes receivable | 100 | ||
Operating lease receivables | 0 | ||
ASU 2016-13 | Adjustment | Maximum | |||
New accounting pronouncements or change in accounting principle | |||
Allowance for credit losses within other liabilities | $ 100 |
Investment in Real Estate - Rea
Investment in Real Estate - Real Estate by Property Type and Segment (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Real estate properties | ||
Investment in real estate, net | $ 468,896 | $ 430,776 |
Development property | ||
Real estate properties | ||
Investment in real estate, net | 256,753 | 233,570 |
Development property | Corporate | ||
Real estate properties | ||
Investment in real estate, net | 2,635 | 2,631 |
Development property | Residential | Operating Segments | ||
Real estate properties | ||
Investment in real estate, net | 123,767 | 115,384 |
Development property | Hospitality | Operating Segments | ||
Real estate properties | ||
Investment in real estate, net | 21,297 | 12,229 |
Development property | Commercial | Operating Segments | ||
Real estate properties | ||
Investment in real estate, net | 109,054 | 103,326 |
Operating property | ||
Real estate properties | ||
Investment in real estate | 282,313 | 271,462 |
Less: Accumulated depreciation | 70,170 | 74,256 |
Investment in real estate, net | 212,143 | 197,206 |
Operating property | Other | ||
Real estate properties | ||
Investment in real estate | 50 | 50 |
Operating property | Residential | Operating Segments | ||
Real estate properties | ||
Investment in real estate | 11,988 | 11,985 |
Operating property | Hospitality | Operating Segments | ||
Real estate properties | ||
Investment in real estate | 95,070 | 94,838 |
Operating property | Commercial | Operating Segments | ||
Real estate properties | ||
Investment in real estate | $ 175,205 | $ 164,589 |
Real Estate Joint Ventures - Co
Real Estate Joint Ventures - Consolidated Joint Ventures (Details) - item | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | Apr. 30, 2017 | |
Pier Park Crossings Phase II JV | |||
Variable interest entity | |||
Number of units to be developed and constructed | 120 | ||
Variable interest entity, ownership percentage | 75.00% | 75.00% | |
Reliant Title JV | |||
Variable interest entity | |||
Variable interest entity, ownership percentage | 66.00% | 66.00% | |
Watercrest JV | |||
Variable interest entity | |||
Number of units to be developed and constructed | 107 | ||
Variable interest entity, ownership percentage | 87.00% | 87.00% | |
Watersound Origins Crossings JV | |||
Variable interest entity | |||
Number of units to be developed and constructed | 217 | ||
Variable interest entity, ownership percentage | 75.00% | 75.00% | |
Pier Park Crossings JV | |||
Variable interest entity | |||
Number of units to be developed and constructed | 240 | ||
Variable interest entity, ownership percentage | 75.00% | 75.00% | |
Pier Park North JV | |||
Variable interest entity | |||
Variable interest entity, ownership percentage | 60.00% | 60.00% |
Real Estate Joint Ventures - In
Real Estate Joint Ventures - Investment in unconsolidated JVs (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Investments | ||
Investment in unconsolidated joint ventures | $ 11,077 | $ 5,084 |
Latitude Margaritaville Watersound JV | ||
Investments | ||
Investment in unconsolidated joint ventures | 1,317 | 791 |
Pier Park TPS JV | ||
Investments | ||
Investment in unconsolidated joint ventures | 3,080 | 3,083 |
Sea Sound Apartments JV | ||
Investments | ||
Investment in unconsolidated joint ventures | 5,476 | |
Busy Bee JV (SJBB, LLC) | ||
Investments | ||
Investment in unconsolidated joint ventures | $ 1,204 | $ 1,210 |
Real Estate Joint Ventures - Un
Real Estate Joint Ventures - Unconsolidated JV debt (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Investments | ||
Outstanding debt | $ 100,556 | $ 94,507 |
Unconsolidated joint ventures | ||
Investments | ||
Outstanding debt | 15,554 | 8,242 |
Pier Park TPS JV | ||
Investments | ||
Outstanding debt | 11,068 | 6,791 |
Busy Bee JV (SJBB, LLC) | ||
Investments | ||
Outstanding debt | $ 4,486 | $ 1,451 |
Real Estate Joint Ventures - Eq
Real Estate Joint Ventures - Equity in loss of unconsolidated JV debt (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Investments | |
Equity in loss from unconsolidated affiliates | $ 83 |
Latitude Margaritaville Watersound JV | |
Investments | |
Equity in loss from unconsolidated affiliates | 74 |
Pier Park TPS JV | |
Investments | |
Equity in loss from unconsolidated affiliates | 3 |
Busy Bee JV (SJBB, LLC) | |
Investments | |
Equity in loss from unconsolidated affiliates | $ 6 |
Real Estate Joint Ventures - Su
Real Estate Joint Ventures - Summarized financial information by unconsolidated JV (Details) $ in Thousands | Jul. 05, 2019USD ($) | Jan. 14, 2019USD ($) | Mar. 31, 2020USD ($)item | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) | Jan. 31, 2020USD ($) | Jun. 30, 2019home | Apr. 30, 2018item |
Investments | ||||||||
Notes receivable, net | $ 3,239 | $ 3,252 | ||||||
Outstanding debt | 100,556 | 94,507 | ||||||
Unconsolidated joint ventures | ||||||||
Investments | ||||||||
Outstanding debt | 15,554 | $ 8,242 | ||||||
Sea Sound Apartments JV | ||||||||
Investments | ||||||||
Cash contributed | 3,600 | |||||||
Sea Sound Apartments JV | Sea Sound Apartments JV Loan | ||||||||
Investments | ||||||||
Loan amount | $ 40,300 | |||||||
Outstanding debt | 0 | |||||||
Loan costs | $ 600 | |||||||
Latitude Margaritaville Watersound JV | ||||||||
Investments | ||||||||
Number of units to be developed and constructed | home | 3,500 | |||||||
Variable interest entity, ownership percentage | 50.00% | 50.00% | ||||||
Average amount of land contribution returned upon each home sale | $ 10 | |||||||
Summarized financial information - Balance Sheets: | ||||||||
Investment in real estate | 2,106 | $ 1,116 | ||||||
Cash and cash equivalents | 568 | 525 | ||||||
Other assets | 25 | |||||||
Total assets | 2,699 | 1,641 | ||||||
Other liabilities | 66 | 58 | ||||||
Equity | 2,633 | 1,583 | ||||||
Total liabilities and equity | 2,699 | $ 1,641 | ||||||
Summarized financial information - Statement of Operations: | ||||||||
Total expenses | 149 | |||||||
Net loss | $ 149 | |||||||
Sea Sound Apartments JV | ||||||||
Investments | ||||||||
Number of units to be developed and constructed | item | 300 | |||||||
Value of land contributed | $ 5,100 | |||||||
Mitigation bank credits contributed | $ 400 | |||||||
Variable interest entity, ownership percentage | 60.00% | |||||||
Summarized financial information - Balance Sheets: | ||||||||
Investment in real estate | $ 9,443 | |||||||
Cash and cash equivalents | 53 | |||||||
Other assets | 559 | |||||||
Total assets | 10,055 | |||||||
Other liabilities | 892 | |||||||
Equity | 9,163 | |||||||
Total liabilities and equity | 10,055 | |||||||
Summarized financial information - Statement of Operations: | ||||||||
Net loss | $ 0 | |||||||
Pier Park TPS JV | ||||||||
Investments | ||||||||
Number of units to be developed and constructed | item | 124 | |||||||
Value of land contributed | $ 1,700 | |||||||
Cash contributed | $ 200 | |||||||
Mitigation bank credits contributed | $ 100 | |||||||
Ownership percentage | 50.00% | 50.00% | ||||||
Summarized financial information - Balance Sheets: | ||||||||
Investment in real estate | $ 17,703 | $ 14,775 | ||||||
Cash and cash equivalents | 67 | 51 | ||||||
Other assets | 9 | 12 | ||||||
Total assets | 17,779 | 14,838 | ||||||
Debt, net | 10,761 | 6,480 | ||||||
Other liabilities | 871 | 2,193 | ||||||
Equity | 6,147 | 6,165 | ||||||
Total liabilities and equity | 17,779 | 14,838 | ||||||
Summarized financial information - Statement of Operations: | ||||||||
Total expenses | 6 | |||||||
Net loss | 6 | |||||||
Busy Bee JV (SJBB, LLC) | ||||||||
Investments | ||||||||
Value of land contributed | $ 1,400 | |||||||
Investment in unconsolidated joint venture | 1,200 | $ 1,200 | ||||||
Notes receivable, net | $ 200 | |||||||
Ownership percentage | 50.00% | 50.00% | ||||||
Summarized financial information - Balance Sheets: | ||||||||
Investment in real estate | $ 6,852 | $ 3,886 | ||||||
Cash and cash equivalents | 27 | 36 | ||||||
Other assets | 14 | 28 | ||||||
Total assets | 6,893 | 3,950 | ||||||
Debt, net | 4,390 | 1,349 | ||||||
Other liabilities | 94 | 181 | ||||||
Equity | 2,409 | 2,420 | ||||||
Total liabilities and equity | 6,893 | $ 3,950 | ||||||
Summarized financial information - Statement of Operations: | ||||||||
Total expenses | 11 | |||||||
Net loss | $ 11 |
Investments - Schedule of inves
Investments - Schedule of investments (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Debt securities and restricted investments | ||
Amortized Cost | $ 51,287 | $ 2,531 |
Gross Unrealized Gains | 18 | 11 |
Gross Unrealized (Losses) | (150) | (125) |
Fair Value | 51,155 | 2,417 |
Unrestricted available-for-sale, Debt securities | ||
Debt securities and restricted investments | ||
Amortized Cost | 50,122 | 178 |
Gross Unrealized Gains | 18 | |
Gross Unrealized (Losses) | (143) | (125) |
Fair Value | 49,997 | 53 |
Unrestricted available-for-sale, Debt securities | U.S. Treasury Bills | ||
Debt securities and restricted investments | ||
Amortized Cost | 49,944 | |
Gross Unrealized Gains | 18 | |
Gross Unrealized (Losses) | (14) | |
Fair Value | 49,948 | |
Unrestricted available-for-sale, Debt securities | Corporate debt securities | ||
Debt securities and restricted investments | ||
Amortized Cost | 178 | 178 |
Gross Unrealized (Losses) | (129) | (125) |
Fair Value | 49 | 53 |
Restricted | ||
Debt securities and restricted investments | ||
Amortized Cost | 1,165 | 2,353 |
Gross Unrealized Gains | 11 | |
Gross Unrealized (Losses) | (7) | |
Fair Value | 1,158 | 2,364 |
Restricted | Short-term bond | ||
Debt securities and restricted investments | ||
Amortized Cost | 1,165 | 2,239 |
Gross Unrealized Gains | 11 | |
Gross Unrealized (Losses) | (7) | |
Fair Value | $ 1,158 | 2,250 |
Restricted | Money market fund | ||
Debt securities and restricted investments | ||
Amortized Cost | 114 | |
Fair Value | $ 114 |
Investments - Gains and proceed
Investments - Gains and proceeds (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Investments | ||
Proceeds from sale of available-for-sale debt securities | $ 1.2 | $ 1.1 |
Purchases of available-for-sale securities | 49.9 | |
Maximum | ||
Investments | ||
Realized loss (gain) on sale of investments | $ 0.1 | 0.1 |
Purchases of available-for-sale securities | $ 0.1 |
Investments - Unrealized Loss P
Investments - Unrealized Loss Position (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Investments | ||
Less Than 12 Months, Fair Value | $ 42,949 | |
Less Than 12 Months, Unrealized Losses | 14 | |
12 Months or Greater, Fair Value | 1,207 | |
12 Months or Greater, Unrealized Losses | 136 | |
Unrestricted available-for-sale, Debt securities | U.S. Treasury Bills | ||
Investments | ||
Less Than 12 Months, Fair Value | 42,949 | |
Less Than 12 Months, Unrealized Losses | 14 | |
Unrestricted available-for-sale, Debt securities | Corporate debt securities | ||
Investments | ||
12 Months or Greater, Fair Value | 49 | $ 53 |
12 Months or Greater, Unrealized Losses | 129 | $ 125 |
Restricted | Short-term bond | ||
Investments | ||
12 Months or Greater, Fair Value | 1,158 | |
12 Months or Greater, Unrealized Losses | $ 7 |
Investments - Unrealized Losses
Investments - Unrealized Losses (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Investments | ||
Unrealized losses, debt securities | $ 150 | $ 125 |
Investments - Contractual Matur
Investments - Contractual Maturities of Investments (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Amortized Cost | ||
Amortized Cost | $ 51,287 | $ 2,531 |
Fair Value | ||
Fair Value | 51,155 | 2,417 |
Unrestricted available-for-sale, Debt securities | ||
Amortized Cost | ||
Amortized Cost, Due in one year or less | 50,122 | |
Amortized Cost | 50,122 | 178 |
Fair Value | ||
Fair Value, Due in one year or less | 49,997 | |
Fair Value | 49,997 | 53 |
Restricted | ||
Amortized Cost | ||
Amortized Cost | 1,165 | 2,353 |
Fair Value | ||
Fair Value | $ 1,158 | $ 2,364 |
Investments - Equity Securities
Investments - Equity Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Equity Securities | |||
Investments - equity securities | $ 2,432 | $ 9,746 | |
Unrealized (loss) gain on investments, net | (4,761) | $ 2,049 | |
Preferred stock | |||
Equity Securities | |||
Investments - equity securities | $ 2,400 | $ 9,700 |
Investments - Investment Manage
Investments - Investment Management Agreement (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Minimum | Securities of any one issuer (excluding the U.S. Government) | |
Investments | |
Investments, portfolio allocations requiring additional consent | 10.00% |
Minimum | Cash investment grade cash equivalents or U . S . treasury securities | |
Investments | |
Investments, target portfolio allocations percent | 25.00% |
Maximum | Securities of any one issuer (excluding the U.S. Government) | |
Investments | |
Investments, target portfolio allocations percent | 15.00% |
Investments, portfolio allocations requiring additional consent | 15.00% |
Maximum | Single issuer of exchange-traded common equities | |
Investments | |
Investments, target portfolio allocations percent | 5.00% |
Maximum | Common Stock | |
Investments | |
Investments, target portfolio allocations, amount | $ 100 |
Maximum | Common, preferred or other equity investments | |
Investments | |
Investments, target portfolio allocations percent | 25.00% |
Investor | Clients of FCM, including Mr. Berkowitz | |
Investments | |
Common stock ownership percentage | 44.94% |
Financial Instruments and Fai_3
Financial Instruments and Fair Value Measurements - Measurements on Recurring Basis (Details) - Recurring basis - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Financial instruments and fair value measurements | ||
Cash equivalents | $ 92,872 | $ 166,253 |
Total | 146,459 | 178,416 |
Level 1 | ||
Financial instruments and fair value measurements | ||
Cash equivalents | 92,872 | 166,253 |
Total | 143,978 | 168,617 |
Level 2 | ||
Financial instruments and fair value measurements | ||
Total | 2,481 | 9,799 |
Unrestricted available-for-sale, Debt securities | ||
Financial instruments and fair value measurements | ||
Investments | 49,997 | 53 |
Unrestricted available-for-sale, Debt securities | Level 1 | ||
Financial instruments and fair value measurements | ||
Investments | 49,948 | |
Unrestricted available-for-sale, Debt securities | Level 2 | ||
Financial instruments and fair value measurements | ||
Investments | 49 | 53 |
Equity securities | ||
Financial instruments and fair value measurements | ||
Investments | 2,432 | 9,746 |
Equity securities | Level 2 | ||
Financial instruments and fair value measurements | ||
Investments | 2,432 | 9,746 |
Restricted | ||
Financial instruments and fair value measurements | ||
Investments | 1,158 | 2,364 |
Restricted | Level 1 | ||
Financial instruments and fair value measurements | ||
Investments | 1,158 | 2,364 |
Money market fund | ||
Financial instruments and fair value measurements | ||
Cash equivalents | 55,404 | 21,043 |
Money market fund | Level 1 | ||
Financial instruments and fair value measurements | ||
Cash equivalents | 55,404 | 21,043 |
Money market fund | Restricted | ||
Financial instruments and fair value measurements | ||
Investments | 114 | |
Money market fund | Restricted | Level 1 | ||
Financial instruments and fair value measurements | ||
Investments | 114 | |
Commercial paper | ||
Financial instruments and fair value measurements | ||
Cash equivalents | 37,468 | 138,220 |
Commercial paper | Level 1 | ||
Financial instruments and fair value measurements | ||
Cash equivalents | 37,468 | 138,220 |
U.S. Treasury Bills | ||
Financial instruments and fair value measurements | ||
Cash equivalents | 6,990 | |
U.S. Treasury Bills | Level 1 | ||
Financial instruments and fair value measurements | ||
Cash equivalents | 6,990 | |
U.S. Treasury Bills | Unrestricted available-for-sale, Debt securities | ||
Financial instruments and fair value measurements | ||
Investments | 49,948 | |
U.S. Treasury Bills | Unrestricted available-for-sale, Debt securities | Level 1 | ||
Financial instruments and fair value measurements | ||
Investments | 49,948 | |
Corporate debt securities | Unrestricted available-for-sale, Debt securities | ||
Financial instruments and fair value measurements | ||
Investments | 49 | 53 |
Corporate debt securities | Unrestricted available-for-sale, Debt securities | Level 2 | ||
Financial instruments and fair value measurements | ||
Investments | 49 | 53 |
Preferred stock | Equity securities | ||
Financial instruments and fair value measurements | ||
Investments | 2,432 | 9,746 |
Preferred stock | Equity securities | Level 2 | ||
Financial instruments and fair value measurements | ||
Investments | 2,432 | 9,746 |
Short-term bond | Restricted | ||
Financial instruments and fair value measurements | ||
Investments | 1,158 | 2,250 |
Short-term bond | Restricted | Level 1 | ||
Financial instruments and fair value measurements | ||
Investments | $ 1,158 | $ 2,250 |
Financial Instruments and Fai_4
Financial Instruments and Fair Value Measurements - Expected Maturity (Details) - Restricted - Short-term bond - Y | Mar. 31, 2020 | Dec. 31, 2019 |
Minimum | ||
Financial instruments and fair value measurements | ||
Measurement input (in years) | 0 | 0 |
Maximum | ||
Financial instruments and fair value measurements | ||
Measurement input (in years) | 3 | 3 |
Financial Instruments and Fai_5
Financial Instruments and Fair Value Measurements - Liabilities measured at FV (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2019 |
Interest rate swap | |||
Financial instruments and fair value measurements | |||
Notional amount | $ 20,000 | ||
Level 2 | Interest rate swap | Other liabilities. | |||
Financial instruments and fair value measurements | |||
Derivative liabilities | $ 1,100 | $ 300 | |
Recurring basis | |||
Financial instruments and fair value measurements | |||
Liabilities | 1,064 | 336 | |
Recurring basis | Interest rate swap | Other liabilities. | |||
Financial instruments and fair value measurements | |||
Derivative liabilities | 1,064 | 336 | |
Recurring basis | Level 2 | |||
Financial instruments and fair value measurements | |||
Liabilities | 1,064 | 336 | |
Recurring basis | Level 2 | Interest rate swap | Other liabilities. | |||
Financial instruments and fair value measurements | |||
Derivative liabilities | $ 1,064 | $ 336 |
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, 2020 | Mar. 31, 2019 | |
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, 2020 | Dec. 31, 2019 |
Carrying Value | ||
Financial instruments and fair value measurements | ||
Debt | $ 100,556 | $ 94,507 |
Fair Value | ||
Financial instruments and fair value measurements | ||
Debt | 98,778 | 96,814 |
Level 1 | Carrying Value | U. S Treasury Bills and cash | ||
Financial instruments and fair value measurements | ||
Investments held by SPEs | 6,396 | 6,771 |
Level 1 | Fair Value | U. S Treasury Bills and cash | ||
Financial instruments and fair value measurements | ||
Investments held by SPEs | 6,695 | 6,712 |
Level 2 | Carrying Value | Fixed-rate debt | ||
Financial instruments and fair value measurements | ||
Debt | 93,925 | 89,969 |
Level 2 | Carrying Value | Variable rate debt | ||
Financial instruments and fair value measurements | ||
Debt | 6,631 | 4,538 |
Level 2 | Fair Value | Fixed-rate debt | ||
Financial instruments and fair value measurements | ||
Debt | 92,147 | 92,276 |
Level 2 | Fair Value | Variable rate debt | ||
Financial instruments and fair value measurements | ||
Debt | 6,631 | 4,538 |
Level 3 | Carrying Value | ||
Financial instruments and fair value measurements | ||
Senior Notes held by SPE | 177,090 | 177,026 |
Level 3 | Carrying Value | Time deposit | ||
Financial instruments and fair value measurements | ||
Investments held by SPEs | 200,000 | 200,000 |
Level 3 | Fair Value | ||
Financial instruments and fair value measurements | ||
Senior Notes held by SPE | 220,540 | 204,347 |
Level 3 | Fair Value | Time deposit | ||
Financial instruments and fair value measurements | ||
Investments held by SPEs | $ 200,000 | $ 200,000 |
Financial Instruments and Fai_8
Financial Instruments and Fair Value Measurements - Held by Special Purpose Entities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2014 | Mar. 31, 2020 | Dec. 31, 2019 | |
Financial instruments and fair value measurements | |||
Investments held by special purpose entities | $ 206,396 | $ 206,771 | |
Senior Notes held by special purpose entity | 177,090 | $ 177,026 | |
Panama City Timber Finance Company, LLC | 2014 real estate sale | |||
Financial instruments and fair value measurements | |||
Notes received as consideration in sale of real estate | $ 200,000 | ||
Promissory notes maturity period | 15 years | ||
Panama City Timber Finance Company, LLC | Time deposit | |||
Financial instruments and fair value measurements | |||
Investments held by special purpose entities | $ 200,000 | ||
Investment interest rate (as a percent) | 4.00% | ||
Panama City Timber Finance Company, LLC | U.S. Treasury Bills | |||
Financial instruments and fair value measurements | |||
Investments held by special purpose entities | $ 6,000 | ||
Panama City Timber Finance Company, LLC | Cash | |||
Financial instruments and fair value measurements | |||
Investments held by special purpose entities | 400 | ||
Northwest Florida Timber Finance, LLC | |||
Financial instruments and fair value measurements | |||
Loan amount | $ 180,000 | ||
Debt interest rate (as a percent) | 4.80% | ||
Issue price of senior secured notes (as a percent) | 98.50% | ||
Senior Notes held by special purpose entity | 177,100 | ||
Unamortized discount and debt issuance costs | $ 2,900 |
Hurricane Michael (Details)
Hurricane Michael (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Loss contingency | ||
Insurance proceeds | $ 279 | |
Loss from hurricane damage | $ 55 | 322 |
Proceeds from settlement received | 5,798 | |
Hurricane Michael. | ||
Loss contingency | ||
Proceeds from business interruption insurance | 700 | 0 |
Insurance proceeds | 0 | 300 |
Loss from hurricane damage | $ 100 | $ 300 |
Leases - Components of lease re
Leases - Components of lease revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Leasing revenue | ||
Lease payments | $ 3,382 | $ 2,680 |
Variable lease payments | 918 | 826 |
Total leasing revenue | $ 4,300 | $ 3,506 |
Leases - Minimum future base re
Leases - Minimum future base rental revenue (Details) $ in Thousands | Mar. 31, 2020USD ($) |
Minimum future base rental revenue: | |
Remainder of 2020 | $ 10,863 |
2021 | 10,878 |
2022 | 9,745 |
2023 | 7,705 |
2024 | 6,505 |
Thereafter | 17,762 |
Total | $ 63,458 |
Leases - Lease cost (Details)
Leases - Lease cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Lease cost | ||
Finance lease cost: Amortization of right-of-use assets | $ 12 | $ 4 |
Finance lease cost: Interest on lease liability | 3 | 1 |
Operating lease cost | 65 | 52 |
Short-term lease cost | 78 | 64 |
Total lease cost | $ 158 | $ 121 |
Leases - Lease cost - Other inf
Leases - Lease cost - Other information (Details) | Mar. 31, 2020 | Mar. 31, 2019 |
Leases | ||
Weighted-average remaining lease term - finance lease (in years) | 3 years 10 months 24 days | 4 years 10 months 24 days |
Weighted-average remaining lease term - operating leases (in years) | 2 years 10 months 24 days | 1 year 10 months 24 days |
Weighted-average discount rate - finance lease (as a percent) | 5.00% | 5.00% |
Weighted-average discount rate - operating leases (as a percent) | 5.00% | 5.00% |
Leases - Aggregate payments of
Leases - Aggregate payments of finance lease liability (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Aggregate payments of finance lease liability: | ||
Remainder of 2020 | $ 41 | |
2021 | 54 | |
2022 | 54 | |
2023 | 54 | |
2024 | 10 | |
Total | 213 | |
Less imputed interest | (20) | |
Total finance lease liability | $ 193 | $ 204 |
Leases - Aggregate payments o_2
Leases - Aggregate payments of operating lease liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Aggregate payments of operating lease liabilities: | ||
Remainder of 2020 | $ 200 | |
2021 | 201 | |
2022 | 123 | |
2023 | 83 | |
2024 | 14 | |
Thereafter | 293 | |
Total | 914 | |
Less imputed interest | (204) | |
Total operating lease liabilities | $ 710 | $ 691 |
Other Assets - Schedule of Othe
Other Assets - Schedule of Other Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Other Assets | ||||
Restricted investments | $ 1,158 | $ 2,364 | ||
Accounts receivable, net | 5,004 | 6,957 | ||
Homesite sales receivable | 4,547 | 5,211 | $ 2,691 | $ 2,977 |
Notes receivable, net | 3,239 | 3,252 | ||
Income tax receivable | 3,841 | 2,843 | ||
Prepaid expenses | 6,869 | 6,592 | ||
Straight line rent | 3,112 | 3,292 | ||
Operating lease, right-of use assets | 710 | 691 | ||
Other assets | 6,630 | 5,715 | ||
Retained interest investments | 12,348 | 12,214 | ||
Accrued interest receivable for Senior Notes held by SPE | 935 | 2,938 | ||
Total other assets | $ 48,393 | $ 52,069 |
Other Assets - Restricted Inves
Other Assets - Restricted Investments (Details) - Restricted - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Investments | ||
Expense for fair value of assets, less expenses, allocated to participants | $ 1.2 | $ 1.1 |
Maximum | ||
Investments | ||
Gain (loss) on assets | $ 0.1 | $ 0.1 |
Other Assets - Accounts Receiva
Other Assets - Accounts Receivable, Net (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Accounts Receivable, Net | ||
Allowance for credit losses | $ 0.2 | |
Allowance for lease related receivables | 0.1 | |
Allowance for doubtful accounts | $ 0.3 | |
Maximum | ||
Accounts Receivable, Net | ||
Increase (decrease) in allowance for credit losses related to accounts receivable | $ 0.1 |
Other Assets - Homesite Sales R
Other Assets - Homesite Sales Receivable (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Changes in lot sales receivable | ||
Homesite Sales Receivable, Beginning Balance | $ 5,211 | $ 2,977 |
Increases Due To Revenue Recognized for Lots Sold | 138 | |
Decreases Due to Amounts Received/Transferred | (664) | (424) |
Homesite Sales Receivable, Ending Balance | $ 4,547 | $ 2,691 |
Other Assets - Notes Receivable
Other Assets - Notes Receivable, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Receivables | ||
Notes receivable, net | $ 3,239 | $ 3,252 |
Allowance for credit losses, Notes receivable | 0 | |
Accrued interest receivable | 935 | 2,938 |
Maximum | ||
Receivables | ||
Allowance for credit losses, Notes receivable | 100 | |
Notes Receivable | ||
Receivables | ||
Accrued interest receivable | 100 | |
Interest bearing homebuilder note - 5.5% interest rate, due June 2021 | ||
Receivables | ||
Notes receivable, net | $ 1,514 | $ 1,514 |
Interest rate (as a percent) | 5.50% | 5.50% |
Interest bearing homebuilder note - 5.5% interest rate, due December 2021 | ||
Receivables | ||
Notes receivable, net | $ 872 | $ 872 |
Interest rate (as a percent) | 5.50% | 5.50% |
Interest bearing note with a JV partner, secured by the partner's membership interest in the JV - 8.0% interest rate, due May 2039 | ||
Receivables | ||
Notes receivable, net | $ 359 | $ 363 |
Interest rate, note (as a percent) | 8.00% | 8.00% |
Interest bearing note with a JV partner, secured by the partner's membership interest in the JV - 8.0% interest rate, due July 2039 | ||
Receivables | ||
Notes receivable, net | $ 202 | $ 206 |
Interest rate, note (as a percent) | 8.00% | 8.00% |
Interest bearing homebuilder note - 6.3% interest rate, due March 2020 | ||
Receivables | ||
Notes receivable, net | $ 128 | $ 128 |
Interest rate (as a percent) | 6.30% | 6.30% |
Interest gearing homebuilder note - 5.5% interest rate, due June 2020 | ||
Receivables | ||
Notes receivable, net | $ 84 | $ 84 |
Interest rate (as a percent) | 5.50% | 5.50% |
Various mortgage notes, secured by certain real estate, bearing interest at various rates | ||
Receivables | ||
Notes receivable, net | $ 80 | $ 85 |
Other Assets - Retained Interes
Other Assets - Retained Interest Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Investments | ||
Retained interest investments | $ 12,348 | $ 12,214 |
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 | $ 12,300 | $ 12,200 |
Minimum | Retained interest investments | ||
Investments | ||
Notes maturity year | 2022 | |
Maximum | Retained interest investments | ||
Investments | ||
Notes maturity year | 2024 |
Debt, Net - Schedule of Debt (D
Debt, Net - Schedule of Debt (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Debt instruments | ||
Outstanding debt | $ 100,556 | $ 94,507 |
Unamortized Discount and Debt Issuance Costs | 2,219 | 1,978 |
Debt, Net | 98,337 | 92,529 |
PPN JV Loan, due November 2025, bearing interest at 4.1% | ||
Debt instruments | ||
Outstanding debt | 45,281 | 45,514 |
Unamortized Discount and Debt Issuance Costs | 363 | 380 |
Debt, Net | $ 44,918 | $ 45,134 |
Debt interest rate (as a percent) | 4.10% | 4.10% |
PPC JV Loan, due June 2060, bearing interest at 4.0% | ||
Debt instruments | ||
Outstanding debt | $ 35,690 | $ 34,610 |
Unamortized Discount and Debt Issuance Costs | 1,081 | 1,087 |
Debt, Net | $ 34,609 | $ 33,523 |
Debt interest rate (as a percent) | 4.00% | 4.00% |
Community Development District debt, secured by certain real estate or other collateral, due May 2023 through May 2039, bearing interest at 3.6% to 6.0% | ||
Debt instruments | ||
Outstanding debt | $ 6,752 | $ 6,977 |
Debt, Net | $ 6,752 | $ 6,977 |
Community Development District debt, secured by certain real estate or other collateral, due May 2023 through May 2039, bearing interest at 3.6% to 6.0% | Minimum | ||
Debt instruments | ||
Debt interest rate (as a percent) | 3.60% | 3.60% |
Community Development District debt, secured by certain real estate or other collateral, due May 2023 through May 2039, bearing interest at 3.6% to 6.0% | Maximum | ||
Debt instruments | ||
Debt interest rate (as a percent) | 6.00% | 6.00% |
Watersound Origins Crossings JV Loan, due May 2024, bearing interest at 5.0% | ||
Debt instruments | ||
Outstanding debt | $ 6,202 | $ 2,868 |
Unamortized Discount and Debt Issuance Costs | 428 | 454 |
Debt, Net | $ 5,774 | $ 2,414 |
Debt interest rate (as a percent) | 5.00% | 5.00% |
Watercrest JV Loan, due June 2047, bearing interest at LIBOR plus 2.2% | ||
Debt instruments | ||
Outstanding debt | $ 2,130 | |
Unamortized Discount and Debt Issuance Costs | 292 | |
Debt, Net | $ 1,838 | |
Effective interest rate (as a percent) | 3.20% | |
Watercrest JV Loan, due June 2047, bearing interest at LIBOR plus 2.2% | LIBOR | ||
Debt instruments | ||
Basis spread on variable rate | 2.20% | |
Beach Homes Loan, due May 2029, bearing interest at LIBOR plus 1.7%. | ||
Debt instruments | ||
Outstanding debt | $ 1,584 | $ 1,594 |
Unamortized Discount and Debt Issuance Costs | 19 | 20 |
Debt, Net | $ 1,565 | $ 1,574 |
Effective interest rate (as a percent) | 2.70% | |
Beach Homes Loan, due May 2029, bearing interest at LIBOR plus 1.7%. | LIBOR | ||
Debt instruments | ||
Basis spread on variable rate | 1.70% | 1.70% |
Pier Park Outparcel Construction Loan, due March 2027, bearing interest at LIBOR plus 1.7% | ||
Debt instruments | ||
Outstanding debt | $ 1,520 | $ 1,535 |
Unamortized Discount and Debt Issuance Costs | 14 | 14 |
Debt, Net | $ 1,506 | $ 1,521 |
Effective interest rate (as a percent) | 2.70% | |
Pier Park Outparcel Construction Loan, due March 2027, bearing interest at LIBOR plus 1.7% | LIBOR | ||
Debt instruments | ||
Basis spread on variable rate | 1.70% | 1.70% |
WaterColor Crossings Construction Loan, due February 2029, bearing interest at LIBOR plus 1.7% | ||
Debt instruments | ||
Outstanding debt | $ 1,397 | $ 1,409 |
Unamortized Discount and Debt Issuance Costs | 22 | 23 |
Debt, Net | $ 1,375 | $ 1,386 |
Effective interest rate (as a percent) | 2.70% | |
WaterColor Crossings Construction Loan, due February 2029, bearing interest at LIBOR plus 1.7% | LIBOR | ||
Debt instruments | ||
Basis spread on variable rate | 1.70% | 1.70% |
Debt, Net - Debt Agreements (De
Debt, Net - Debt Agreements (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 120 Months Ended | |||||||||
Oct. 31, 2019USD ($) | Aug. 31, 2019USD ($) | Jun. 30, 2019USD ($) | May 31, 2019USD ($) | May 31, 2018USD ($)item | Mar. 31, 2020USD ($) | Jun. 30, 2030 | Mar. 31, 2030USD ($) | Dec. 31, 2019USD ($) | Feb. 28, 2018USD ($) | Mar. 31, 2017USD ($) | Oct. 31, 2015USD ($) | |
Debt instruments | ||||||||||||
Total Community Development District debt | $ 17,700 | $ 17,700 | ||||||||||
Principal balance | 100,556 | 94,507 | ||||||||||
PPN JV Loan, due November 2025, bearing interest at 4.1% | ||||||||||||
Debt instruments | ||||||||||||
Loan amount | $ 48,200 | |||||||||||
Principal balance | 45,281 | 45,514 | ||||||||||
Pier Park Outparcel Construction Loan, due March 2027, bearing interest at LIBOR plus 1.7% | ||||||||||||
Debt instruments | ||||||||||||
Loan amount | $ 1,600 | |||||||||||
Principal balance | 1,520 | 1,535 | ||||||||||
PPC JV Loan, due June 2060, bearing interest at 4.0% | ||||||||||||
Debt instruments | ||||||||||||
Loan amount | $ 36,600 | |||||||||||
Debt instrument, period subject to interest payments only | 24 months | |||||||||||
Principal balance | 35,690 | 34,610 | ||||||||||
PPC JV Loan, due June 2060, bearing interest at 4.0% | Minimum | Forecast | ||||||||||||
Debt instruments | ||||||||||||
Prepayment premium, as a percent of principal repaid | 1.00% | |||||||||||
PPC JV Loan, due June 2060, bearing interest at 4.0% | Maximum | Forecast | ||||||||||||
Debt instruments | ||||||||||||
Prepayment premium, as a percent of principal repaid | 10.00% | |||||||||||
WaterColor Crossings Construction Loan, due February 2029, bearing interest at LIBOR plus 1.7% | ||||||||||||
Debt instruments | ||||||||||||
Loan amount | $ 1,900 | |||||||||||
Principal balance | 1,397 | 1,409 | ||||||||||
Beach Homes Loan, due May 2029, bearing interest at LIBOR plus 1.7%. | ||||||||||||
Debt instruments | ||||||||||||
Loan amount | $ 1,700 | |||||||||||
Number of homes financed | item | 2 | |||||||||||
Principal balance | 1,584 | 1,594 | ||||||||||
Watersound Origins Crossings JV Loan, due May 2024, bearing interest at 5.0% | ||||||||||||
Debt instruments | ||||||||||||
Loan amount | $ 37,900 | |||||||||||
Debt instrument, period subject to interest payments only | 30 months | |||||||||||
Principal balance | 6,202 | 2,868 | ||||||||||
Watercrest JV Loan, due June 2047, bearing interest at LIBOR plus 2.2% | ||||||||||||
Debt instruments | ||||||||||||
Loan amount | $ 22,500 | |||||||||||
Debt instrument, period subject to interest payments only | 36 months | |||||||||||
Notional amount | $ 20,000 | |||||||||||
Fixed interest rate (as a percent) | 4.37% | |||||||||||
Principal balance | 2,130 | |||||||||||
Beckrich Building 3 Loan | ||||||||||||
Debt instruments | ||||||||||||
Loan amount | $ 5,500 | |||||||||||
Debt instrument, period subject to interest payments only | 12 months | |||||||||||
Principal balance | 0 | 0 | ||||||||||
Loan costs | 100 | |||||||||||
Pier Park Crossings II JV Loan | ||||||||||||
Debt instruments | ||||||||||||
Loan amount | $ 17,500 | |||||||||||
Debt instrument, period subject to interest payments only | 24 months | |||||||||||
Principal balance | 0 | 0 | ||||||||||
Loan costs | $ 300 | $ 300 | ||||||||||
Airport Hotel Loan | ||||||||||||
Debt instruments | ||||||||||||
Loan amount | $ 15,300 | |||||||||||
Debt instrument, period subject to interest payments only | 36 months | |||||||||||
Principal balance | $ 0 | |||||||||||
Loan costs | $ 200 |
Debt, Net - Maturities of Debt
Debt, Net - Maturities of Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Debt | ||
Remainder of 2020 | $ 1,681 | |
2021 | 2,261 | |
2022 | 2,404 | |
2023 | 2,468 | |
2024 | 8,392 | |
Thereafter | 83,350 | |
Long term debt | $ 100,556 | $ 94,507 |
Other Liabilities - Schedule of
Other Liabilities - Schedule of Other Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Other Liabilities | ||||
Accounts payable | $ 23,603 | $ 16,207 | ||
Finance lease liability | 193 | 204 | ||
Operating lease liabilities | 710 | 691 | ||
Accrued compensation | 1,859 | 3,151 | ||
Other accrued liabilities | 4,616 | 3,277 | ||
Deferred revenue | 18,934 | 18,972 | ||
Club initiation fees | 6,648 | 6,917 | $ 5,976 | $ 5,676 |
Club membership deposits | 3,985 | 3,985 | ||
Advance deposits | 1,899 | 946 | ||
Accrued interest expense for Senior Notes held by SPE | 713 | 2,850 | ||
Total other liabilities | $ 63,160 | $ 57,200 |
Other Liabilities - Additional
Other Liabilities - Additional information (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Other Liabilities | ||
Accrued property taxes | $ 1,200 | $ 100 |
Deferred revenue | 18,934 | 18,972 |
Florida Department of Transportation | ||
Other Liabilities | ||
Deferred revenue | $ 12,500 | $ 12,500 |
Other Liabilities - Changes in
Other Liabilities - Changes in contract liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Changes in contract liabilities | ||
Contract liabilities - Club initiation fees (Balance at beginning of period) | $ 6,917 | $ 5,676 |
Increases Due To Cash Received | 327 | 753 |
Decreases Due to Revenue Recognized | (596) | (453) |
Contract liabilities - Club initiation fees (Balance at end of period) | $ 6,648 | $ 5,976 |
Income Taxes - Expense (benefit
Income Taxes - Expense (benefit) reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Taxes | ||
Statutory federal income tax rate (as a percent) | 21.00% | 21.00% |
Tax at the federal statutory rate | $ (426) | $ 555 |
State income taxes (net of federal benefit) | (71) | 116 |
Other | 2 | (10) |
Total income tax (benefit) expense | $ (495) | $ 661 |
Income Taxes - Tax credit carry
Income Taxes - Tax credit carryforward (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Tax credit carryforward | ||
Income tax receivable | $ 3,841 | $ 2,843 |
ATM credit carryforward | Federal | ||
Tax credit carryforward | ||
Income tax receivable | 2,400 | $ 2,800 |
Decrease in alternative minimum tax credit credit carryforward | $ 400 |
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, 2020 | Mar. 31, 2019 | |
Summary of changes in accumulated other comprehensive loss | ||
Beginning Balance | $ 529,670 | $ 533,111 |
Amounts reclassified from accumulated other comprehensive loss | (3) | 2 |
Total other comprehensive (loss) income, net of tax | (555) | 606 |
Ending Balance | 520,910 | 530,320 |
Accumulated Other Comprehensive (Loss) Income | ||
Summary of changes in accumulated other comprehensive loss | ||
Beginning Balance | (335) | (674) |
Other comprehensive loss before reclassifications | (552) | |
Amounts reclassified from accumulated other comprehensive loss | (3) | |
Total other comprehensive (loss) income, net of tax | (555) | 606 |
Ending Balance | (890) | $ (68) |
Unrealized (loss) and gain on available for sale securities | ||
Summary of changes in accumulated other comprehensive loss | ||
Beginning Balance | (84) | |
Other comprehensive loss before reclassifications | (8) | |
Amounts reclassified from accumulated other comprehensive loss | (3) | |
Total other comprehensive (loss) income, net of tax | (11) | |
Ending Balance | (95) | |
Unrealized loss Cash flow hedge, Interest rate swap | ||
Summary of changes in accumulated other comprehensive loss | ||
Beginning Balance | (251) | |
Other comprehensive loss before reclassifications | (544) | |
Total other comprehensive (loss) income, net of tax | (544) | |
Ending Balance | $ (795) |
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, 2020 | Mar. 31, 2019 | |
Accumulated Other Comprehensive Loss | ||
Reclassification adjustment for net gain included in earnings before-tax amount | $ (4) | $ 2 |
Reclassification adjustment for net gain included in earnings, Tax (expense) or benefit | 1 | |
Reclassification adjustment for net gain included in earnings net-of-tax amount | (3) | 2 |
Total before income taxes | (743) | 812 |
Other comprehensive loss, Tax (expense) or benefit | 188 | (206) |
Total other comprehensive (loss) income, net of tax | (555) | 606 |
Accumulated Other Comprehensive (Loss) Income | ||
Accumulated Other Comprehensive Loss | ||
Unrealized gain (loss) on investments, Net-of-tax amount | (552) | |
Reclassification adjustment for net gain included in earnings net-of-tax amount | (3) | |
Total other comprehensive (loss) income, net of tax | (555) | 606 |
Unrealized (loss) and gain on available for sale securities | ||
Accumulated Other Comprehensive Loss | ||
Unrealized gain (loss) on investments, Net-of-tax amount | (8) | |
Reclassification adjustment for net gain included in earnings net-of-tax amount | (3) | |
Total other comprehensive (loss) income, net of tax | (11) | |
Unrealized loss Cash flow hedge, Interest rate swap | ||
Accumulated Other Comprehensive Loss | ||
Unrealized gain (loss) on investments, Before-tax amount | (729) | |
Unrealized gain (loss) on investments, Tax (expense) or benefit | 185 | |
Unrealized gain (loss) on investments, Net-of-tax amount | (544) | |
Total other comprehensive (loss) income, net of tax | (544) | |
Unrestricted available-for-sale, Debt securities | Unrealized (loss) and gain on available for sale securities | ||
Accumulated Other Comprehensive Loss | ||
Unrealized gain (loss) on investments, Before-tax amount | 799 | |
Unrealized gain (loss) on investments, Tax (expense) or benefit | (203) | |
Unrealized gain (loss) on investments, Net-of-tax amount | 596 | |
Restricted | Unrealized (loss) and gain on available for sale securities | ||
Accumulated Other Comprehensive Loss | ||
Unrealized gain (loss) on investments, Before-tax amount | (10) | 11 |
Unrealized gain (loss) on investments, Tax (expense) or benefit | 2 | (3) |
Unrealized gain (loss) on investments, Net-of-tax amount | $ (8) | $ 8 |
Stockholders' Equity - Stock Re
Stockholders' Equity - Stock Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Stockholders’ Equity | ||
Average purchase price per share for share repurchase (in dollars per share) | $ 16.55 | $ 15 |
Aggregate cost | $ 6,807 | $ 7,073 |
Remaining authorized repurchase amount | 79,400 | |
Cash, cash equivalents and/or investments to be maintained | $ 100,000 | |
Common Stock | ||
Stockholders’ Equity | ||
Shares repurchased during the period (in shares) | 411,113 | 471,500 |
Stockholders' Equity - Issuance
Stockholders' Equity - Issuance of Common Stock (Details) - Directors - Restricted Stock | Jul. 01, 2019directorshares | Jul. 02, 2018directorshares | Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | May 20, 2019USD ($) | May 23, 2018USD ($) |
Share-based compensation | ||||||
Fair value of equity grant award approved for each director | $ | $ 50,000 | $ 50,000 | ||||
Number of restricted stock awards granted | shares | 5,708 | 2,778 | ||||
Number of directors granted restricted stock awards | director | 2 | 1 | ||||
Number of directors who elected to receive cash in lieu of the stock | director | 2 | 3 | ||||
Maximum | ||||||
Share-based compensation | ||||||
Stock compensation expense | $ | $ 100,000 | $ 100,000 |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Disaggregation of revenue | ||
Leasing revenue | $ 4,300 | $ 3,506 |
Total revenue | 18,574 | 16,023 |
Recognized at a point in time | ||
Disaggregation of revenue | ||
Revenue | 13,632 | 12,006 |
Recognized over time | ||
Disaggregation of revenue | ||
Revenue | 642 | 511 |
Real estate | ||
Disaggregation of revenue | ||
Revenue | 5,808 | 4,591 |
Hospitality | ||
Disaggregation of revenue | ||
Revenue | 6,610 | 7,431 |
Timber | ||
Disaggregation of revenue | ||
Revenue | 1,856 | 495 |
Operating Segments | Residential | ||
Disaggregation of revenue | ||
Leasing revenue | 22 | 11 |
Total revenue | 3,038 | 3,525 |
Operating Segments | Residential | Recognized at a point in time | ||
Disaggregation of revenue | ||
Revenue | 3,016 | 3,514 |
Operating Segments | Residential | Real estate | ||
Disaggregation of revenue | ||
Revenue | 2,954 | 3,362 |
Operating Segments | Residential | Hospitality | ||
Disaggregation of revenue | ||
Revenue | 62 | 152 |
Operating Segments | Hospitality | ||
Disaggregation of revenue | ||
Leasing revenue | 3 | 25 |
Total revenue | 6,551 | 7,304 |
Operating Segments | Hospitality | Recognized at a point in time | ||
Disaggregation of revenue | ||
Revenue | 5,906 | 6,768 |
Operating Segments | Hospitality | Recognized over time | ||
Disaggregation of revenue | ||
Revenue | 642 | 511 |
Operating Segments | Hospitality | Hospitality | ||
Disaggregation of revenue | ||
Revenue | 6,548 | 7,279 |
Operating Segments | Commercial | ||
Disaggregation of revenue | ||
Leasing revenue | 4,275 | 3,470 |
Total revenue | 8,896 | 5,076 |
Operating Segments | Commercial | Recognized at a point in time | ||
Disaggregation of revenue | ||
Revenue | 4,621 | 1,606 |
Operating Segments | Commercial | Real estate | ||
Disaggregation of revenue | ||
Revenue | 2,765 | 1,111 |
Operating Segments | Commercial | Timber | ||
Disaggregation of revenue | ||
Revenue | 1,856 | 495 |
Other | ||
Disaggregation of revenue | ||
Total revenue | 89 | 118 |
Other | Recognized at a point in time | ||
Disaggregation of revenue | ||
Revenue | 89 | 118 |
Other | Real estate | ||
Disaggregation of revenue | ||
Revenue | $ 89 | $ 118 |
Other (Expense) Income - Compon
Other (Expense) Income - Components (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Investment (loss) income, net | ||
Interest and dividend income | $ 1,043 | $ 1,813 |
Accretion income | 17 | 61 |
Net realized loss on the sale of investments | (48) | (2) |
Unrealized (loss) gain on investments, net | (4,761) | 2,049 |
Interest income from investments in SPEs | 2,046 | 2,049 |
Interest accrued on notes receivable and other interest | 94 | 76 |
Total investment (loss) income, net | (1,609) | 6,046 |
Interest expense | ||
Interest expense and amortization of discount and issuance costs for Senior Notes issued by SPE | (2,202) | (2,199) |
Other interest expense | (1,143) | (743) |
Total interest expense | (3,345) | (2,942) |
Other income (expense), net | ||
Gain on land contribution to equity method investment | 4,277 | 1,472 |
Accretion income from retained interest investments | 344 | 320 |
Gain on insurance recovery | 279 | |
Loss from hurricane damage | 55 | 322 |
Miscellaneous expense, net | (34) | (51) |
Other income, net | 4,532 | 1,698 |
Total other (expense) income, net | $ (422) | $ 4,802 |
Other (Expense) Income - Intere
Other (Expense) Income - Interest Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Other (expense) income | ||
Capitalized interest cost | $ 0.1 | $ 0.2 |
Senior Notes held by special purpose entity | ||
Other (expense) income | ||
Effective interest rate (as a percent) | 4.90% |
Other (Expense) Income - Other
Other (Expense) Income - Other Income, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Other income (expense) | ||
Gain on land contribution to equity method investment | $ 4,277 | $ 1,472 |
Gain on insurance recovery | 279 | |
Loss from hurricane damage | $ 55 | 322 |
Minimum | ||
Other income (expense) | ||
Retained interest, effective interest rate (as a percent) | 3.70% | |
Maximum | ||
Other income (expense) | ||
Retained interest, effective interest rate (as a percent) | 11.30% | |
Hurricane Michael. | ||
Other income (expense) | ||
Gain on insurance recovery | $ 0 | 300 |
Loss from hurricane damage | 100 | 300 |
Pier Park TPS JV | ||
Other income (expense) | ||
Gain on land contribution to equity method investment | $ 1,500 | |
Sea Sound Apartments JV | ||
Other income (expense) | ||
Gain on land contribution to equity method investment | $ 4,300 |
Segment Information - Reportabl
Segment Information - Reportable Segments (Details) | 3 Months Ended |
Mar. 31, 2020segment | |
Segments | |
Number of reportable operating segments | 3 |
Commercial | |
Segments | |
Number of reportable operating segments | 1 |
Segment Information - Informati
Segment Information - Information by Business Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Segments | |||
Revenues | $ 18,574 | $ 16,023 | |
Consolidated (loss) income before equity in loss from unconsolidated affiliates and income taxes | (1,747) | 2,641 | |
Total assets | 913,022 | $ 909,233 | |
Operating Segments | Residential | |||
Segments | |||
Revenues | 3,038 | 3,525 | |
Consolidated (loss) income before equity in loss from unconsolidated affiliates and income taxes | 404 | 270 | |
Total assets | 144,086 | 139,349 | |
Operating Segments | Hospitality | |||
Segments | |||
Revenues | 6,551 | 7,304 | |
Consolidated (loss) income before equity in loss from unconsolidated affiliates and income taxes | (2,258) | (822) | |
Total assets | 97,695 | 89,570 | |
Operating Segments | Commercial | |||
Segments | |||
Revenues | 8,896 | 5,076 | |
Consolidated (loss) income before equity in loss from unconsolidated affiliates and income taxes | 7,954 | 3,070 | |
Total assets | 277,631 | 253,936 | |
Other | |||
Segments | |||
Revenues | 89 | 118 | |
Consolidated (loss) income before equity in loss from unconsolidated affiliates and income taxes | (7,847) | $ 123 | |
Total assets | $ 393,610 | $ 426,378 |
Commitments and Contingencies -
Commitments and Contingencies - (Details) - USD ($) $ in Thousands | 1 Months Ended | |||
Nov. 30, 2019 | Mar. 31, 2020 | Dec. 31, 2019 | Jan. 31, 2019 | |
Obligations | ||||
Accrued liabilities for other litigation, claims, other disputes and governmental proceedings | $ 800 | $ 1,500 | ||
Amount of letters of credit outstanding | 1,900 | |||
Purchase obligations, total | 106,000 | |||
Principal balance | 100,556 | 94,507 | ||
Allowance for credit losses within other liabilities | 100 | |||
Pier Park TPS JV Loan | ||||
Obligations | ||||
Guarantor liability, Scenario 1 (as a percent) | 50.00% | |||
Guarantor liability, Scenario 2 (as a percent) | 25.00% | |||
Busy Bee JV Construction and Equipment Loans | ||||
Obligations | ||||
Guarantor liability upon substantial completion (as a percent) | 50.00% | |||
Period of financial reporting and financial covenant obligations upon completion at specified rate | 12 months | |||
Surety bonds | ||||
Obligations | ||||
Commitment obligations | 17,200 | 10,700 | ||
Pier Park TPS JV | ||||
Obligations | ||||
Principal balance | 11,068 | 6,791 | ||
Pier Park TPS JV | Pier Park TPS JV Loan | ||||
Obligations | ||||
Loan amount | $ 14,400 | |||
Principal balance | 11,100 | 6,800 | ||
Busy Bee JV (SJBB, LLC) | ||||
Obligations | ||||
Principal balance | 4,486 | 1,451 | ||
Busy Bee JV (SJBB, LLC) | Busy Bee JV Construction Loan, due November 2035 | ||||
Obligations | ||||
Loan amount | $ 5,400 | |||
Principal balance | 4,500 | 1,400 | ||
Busy Bee JV (SJBB, LLC) | Busy Bee JV Equipment Loan, due November 2027 | ||||
Obligations | ||||
Loan amount | $ 1,200 | |||
Busy Bee JV (SJBB, LLC) | Busy Bee JV Equipment Loan, due November 2027 | Maximum | ||||
Obligations | ||||
Principal balance | $ 100 | $ 100 |