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Share Name | Share Symbol | Market | Type |
---|---|---|---|
St Joe Company | NYSE:JOE | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.16 | -0.27% | 58.43 | 58.975 | 58.20 | 58.75 | 52,070 | 17:28:59 |
|
|
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
|
Florida
|
|
59-0432511
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
|
|
||
133 South Watersound Parkway
Watersound, Florida
|
|
32461
|
(Address of principal executive offices)
|
|
(Zip Code)
|
|
Large accelerated filer
|
¨
|
Accelerated filer
|
þ
|
Non-accelerated filer
|
¨
(Do not check if a smaller reporting company)
|
Smaller reporting company
|
¨
|
|
Page No.
|
|
|
|
|
|
September 30,
2016 |
|
December 31,
2015 |
||||
ASSETS
|
|
|
|
||||
Investment in real estate, net
|
$
|
313,008
|
|
|
$
|
313,599
|
|
Cash and cash equivalents
|
165,286
|
|
|
212,773
|
|
||
Investments
|
236,656
|
|
|
191,240
|
|
||
Restricted investments
|
5,640
|
|
|
7,072
|
|
||
Notes receivable, net
|
2,041
|
|
|
2,555
|
|
||
Property and equipment, net of accumulated depreciation of $57.2 million
and $57.1 million at September 30, 2016 and December 31, 2015, respectively
|
9,166
|
|
|
10,145
|
|
||
Claim settlement receivable
|
12,746
|
|
|
—
|
|
||
Other assets
|
33,343
|
|
|
36,573
|
|
||
Investments held by special purpose entities
|
208,543
|
|
|
208,785
|
|
||
Total assets
|
$
|
986,429
|
|
|
$
|
982,742
|
|
LIABILITIES AND EQUITY
|
|
|
|
||||
LIABILITIES:
|
|
|
|
||||
Debt
|
$
|
54,233
|
|
|
$
|
54,474
|
|
Other liabilities
|
43,405
|
|
|
41,880
|
|
||
Deferred tax liabilities
|
39,375
|
|
|
36,847
|
|
||
Senior Notes held by special purpose entity
|
176,255
|
|
|
176,094
|
|
||
Total liabilities
|
313,268
|
|
|
309,295
|
|
||
EQUITY:
|
|
|
|
||||
Common stock, no par value; 180,000,000 shares authorized; 74,342,826 and 92,332,565 issued at September 30, 2016 and December 31, 2015, respectively; and 74,342,826 and 75,329,557 outstanding at September 30, 2016 and December 31, 2015, respectively
|
572,002
|
|
|
892,387
|
|
||
Retained earnings
|
92,037
|
|
|
78,851
|
|
||
Accumulated other comprehensive income (loss)
|
1,294
|
|
|
(686
|
)
|
||
Treasury stock at cost, 0 and 17,003,008 shares held at September 30, 2016 and December 31, 2015, respectively
|
—
|
|
|
(305,289
|
)
|
||
Total stockholders’ equity
|
665,333
|
|
|
665,263
|
|
||
Non-controlling interest
|
7,828
|
|
|
8,184
|
|
||
Total equity
|
673,161
|
|
|
673,447
|
|
||
Total liabilities and equity
|
$
|
986,429
|
|
|
$
|
982,742
|
|
|
September 30,
2016 |
|
December 31,
2015 |
||||
ASSETS
|
|
|
|
||||
Investment in real estate, net
|
$
|
46,146
|
|
|
$
|
46,156
|
|
Cash and cash equivalents
|
4,087
|
|
|
4,067
|
|
||
Other assets
|
9,947
|
|
|
12,853
|
|
||
Investments held by special purpose entities
|
208,543
|
|
|
208,785
|
|
||
Total assets
|
$
|
268,723
|
|
|
$
|
271,861
|
|
LIABILITIES
|
|
|
|
||||
Debt
|
$
|
47,565
|
|
|
$
|
47,480
|
|
Other liabilities
|
2,411
|
|
|
4,416
|
|
||
Senior Notes held by special purpose entity
|
176,255
|
|
|
176,094
|
|
||
Total liabilities
|
$
|
226,231
|
|
|
$
|
227,990
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Revenue:
|
|
|
|
|
|
|
|
||||||||
Real estate revenue
|
$
|
4,163
|
|
|
$
|
4,880
|
|
|
$
|
17,988
|
|
|
$
|
24,337
|
|
Resorts and leisure revenue
|
19,046
|
|
|
18,537
|
|
|
47,590
|
|
|
45,657
|
|
||||
Leasing revenue
|
2,685
|
|
|
2,528
|
|
|
7,366
|
|
|
6,741
|
|
||||
Timber revenue
|
1,298
|
|
|
1,885
|
|
|
4,053
|
|
|
6,033
|
|
||||
Total revenue
|
27,192
|
|
|
27,830
|
|
|
76,997
|
|
|
82,768
|
|
||||
Expenses:
|
|
|
|
|
|
|
|
||||||||
Cost of real estate revenue
|
1,949
|
|
|
2,480
|
|
|
6,688
|
|
|
12,204
|
|
||||
Cost of resorts and leisure revenue
|
15,438
|
|
|
14,720
|
|
|
40,402
|
|
|
38,220
|
|
||||
Cost of leasing revenue
|
710
|
|
|
734
|
|
|
2,219
|
|
|
1,996
|
|
||||
Cost of timber revenue
|
213
|
|
|
201
|
|
|
626
|
|
|
643
|
|
||||
Other operating and corporate expenses
|
5,193
|
|
|
9,847
|
|
|
17,736
|
|
|
24,696
|
|
||||
Depreciation, depletion and amortization
|
2,094
|
|
|
2,231
|
|
|
6,484
|
|
|
7,281
|
|
||||
Total expenses
|
25,597
|
|
|
30,213
|
|
|
74,155
|
|
|
85,040
|
|
||||
Operating income (loss)
|
1,595
|
|
|
(2,383
|
)
|
|
2,842
|
|
|
(2,272
|
)
|
||||
Other income (expense):
|
|
|
|
|
|
|
|
||||||||
Investment income, net
|
4,689
|
|
|
9,125
|
|
|
10,378
|
|
|
19,776
|
|
||||
Interest expense
|
(3,075
|
)
|
|
(2,875
|
)
|
|
(9,255
|
)
|
|
(8,397
|
)
|
||||
Claim settlement
|
—
|
|
|
—
|
|
|
12,548
|
|
|
—
|
|
||||
Other, net
|
435
|
|
|
135
|
|
|
1,487
|
|
|
(6,302
|
)
|
||||
Total other income
|
2,049
|
|
|
6,385
|
|
|
15,158
|
|
|
5,077
|
|
||||
Income before income taxes
|
3,644
|
|
|
4,002
|
|
|
18,000
|
|
|
2,805
|
|
||||
Income tax expense
|
(948
|
)
|
|
(1,244
|
)
|
|
(5,170
|
)
|
|
(2,034
|
)
|
||||
Net income
|
2,696
|
|
|
2,758
|
|
|
12,830
|
|
|
771
|
|
||||
Net loss attributable to non-controlling interest
|
15
|
|
|
14
|
|
|
356
|
|
|
39
|
|
||||
Net income attributable to the Company
|
$
|
2,711
|
|
|
$
|
2,772
|
|
|
$
|
13,186
|
|
|
$
|
810
|
|
|
|
|
|
|
|
|
|
||||||||
NET INCOME PER SHARE
|
|
|
|
|
|
|
|
||||||||
Basic and Diluted
|
|
|
|
|
|
|
|
||||||||
Weighted average shares outstanding
|
74,342,826
|
|
|
92,026,894
|
|
|
74,496,058
|
|
|
92,088,253
|
|
||||
Net income per share attributable to the Company
|
$
|
0.04
|
|
|
$
|
0.03
|
|
|
$
|
0.18
|
|
|
$
|
0.01
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Net income:
|
$
|
2,696
|
|
|
$
|
2,758
|
|
|
$
|
12,830
|
|
|
$
|
771
|
|
Other comprehensive income, net of tax:
|
|
|
|
|
|
|
|
||||||||
Available-for-sale investment items:
|
|
|
|
|
|
|
|
||||||||
Net unrealized gains on available-for-sale investments
|
3,257
|
|
|
3,710
|
|
|
3,259
|
|
|
6,956
|
|
||||
Reclassification of realized gains included in earnings
|
(40
|
)
|
|
(5,276
|
)
|
|
(40
|
)
|
|
(5,276
|
)
|
||||
Total before income taxes
|
3,217
|
|
|
(1,566
|
)
|
|
3,219
|
|
|
1,680
|
|
||||
Income tax (expense) benefit
|
(1,238
|
)
|
|
1,057
|
|
|
(1,239
|
)
|
|
(216
|
)
|
||||
Total other comprehensive income (loss), net of tax
|
1,979
|
|
|
(509
|
)
|
|
1,980
|
|
|
1,464
|
|
||||
Total comprehensive income, net of tax
|
$
|
4,675
|
|
|
$
|
2,249
|
|
|
$
|
14,810
|
|
|
$
|
2,235
|
|
|
Common Stock
|
|
Retained Earnings
|
|
Accumulated
Other
Comprehensive
(Loss) Income
|
|
|
|
|
|
|
|||||||||||||||
|
Outstanding
Shares
|
|
Amount
|
|
Treasury
Stock
|
|
Non-controlling
Interest
|
|
Total
|
|||||||||||||||||
Balance at December 31, 2015
|
75,329,557
|
|
|
$
|
892,387
|
|
|
$
|
78,851
|
|
|
$
|
(686
|
)
|
|
$
|
(305,289
|
)
|
|
$
|
8,184
|
|
|
$
|
673,447
|
|
Issuance of common stock for director’s fees
|
8,919
|
|
|
93
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
93
|
|
||||||
Reduction in excess tax benefits on stock options
|
—
|
|
|
(369
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(369
|
)
|
||||||
Repurchase of common shares
|
(995,650
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(14,820
|
)
|
|
—
|
|
|
(14,820
|
)
|
||||||
Retirement of treasury stock
|
—
|
|
|
(320,109
|
)
|
|
—
|
|
|
—
|
|
|
320,109
|
|
|
—
|
|
|
—
|
|
||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
1,980
|
|
|
—
|
|
|
—
|
|
|
1,980
|
|
||||||
Net income (loss)
|
—
|
|
|
—
|
|
|
13,186
|
|
|
—
|
|
|
—
|
|
|
(356
|
)
|
|
12,830
|
|
||||||
Balance at September 30, 2016
|
74,342,826
|
|
|
$
|
572,002
|
|
|
$
|
92,037
|
|
|
$
|
1,294
|
|
|
$
|
—
|
|
|
$
|
7,828
|
|
|
$
|
673,161
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, |
||||||
|
2016
|
|
2015
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net income
|
$
|
12,830
|
|
|
$
|
771
|
|
Adjustments to reconcile net income to net cash from operating activities:
|
|
|
|
||||
Depreciation, depletion and amortization
|
6,484
|
|
|
7,281
|
|
||
Stock based compensation
|
93
|
|
|
150
|
|
||
Gain on sale of investments
|
(40
|
)
|
|
(5,276
|
)
|
||
Deferred income tax expense
|
920
|
|
|
2,502
|
|
||
Cost of real estate sold
|
5,091
|
|
|
10,932
|
|
||
Expenditures for and acquisition of real estate to be sold
|
(5,397
|
)
|
|
(5,445
|
)
|
||
Accretion income and other
|
(1,544
|
)
|
|
(1,658
|
)
|
||
Impairment losses
|
357
|
|
|
—
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Notes receivable
|
518
|
|
|
21,441
|
|
||
Claim settlement receivable
|
(12,746
|
)
|
|
—
|
|
||
Other assets
|
1,646
|
|
|
883
|
|
||
Other liabilities
|
412
|
|
|
4,479
|
|
||
Income taxes receivable
|
1,948
|
|
|
(469
|
)
|
||
Net cash provided by operating activities
|
10,572
|
|
|
35,591
|
|
||
Cash flows from investing activities:
|
|
|
|
||||
Expenditures for Pier Park North joint venture
|
(1,365
|
)
|
|
(5,462
|
)
|
||
Purchases of property and equipment
|
(2,413
|
)
|
|
(2,287
|
)
|
||
Proceeds from the disposition of assets
|
3
|
|
|
—
|
|
||
Purchases of investments
|
(308,174
|
)
|
|
(239,740
|
)
|
||
Maturities of investments
|
185,000
|
|
|
310,000
|
|
||
Sales of investments
|
83,307
|
|
|
323,724
|
|
||
Maturities of assets held by special purpose entities
|
787
|
|
|
787
|
|
||
Net cash (used in) provided by investing activities
|
(42,855
|
)
|
|
387,022
|
|
||
Cash flows from financing activities:
|
|
|
|
||||
Repurchase of common shares
|
(14,820
|
)
|
|
(304,924
|
)
|
||
Borrowings on construction/refinanced loan in Pier Park joint venture
|
—
|
|
|
6,007
|
|
||
Principal payments for debt
|
(384
|
)
|
|
(324
|
)
|
||
Net cash used in financing activities
|
(15,204
|
)
|
|
(299,241
|
)
|
||
Net (decrease) increase in cash and cash equivalents
|
(47,487
|
)
|
|
123,372
|
|
||
Cash and cash equivalents at beginning of the period
|
212,773
|
|
|
34,515
|
|
||
Cash and cash equivalents at end of the period
|
$
|
165,286
|
|
|
$
|
157,887
|
|
|
|
Nine Months Ended
September 30, |
||||||
|
|
2016
|
|
2015
|
||||
Cash paid during the period for:
|
|
|
|
|
||||
Interest expense
|
|
$
|
10,921
|
|
|
$
|
9,991
|
|
Income taxes
|
|
$
|
2,302
|
|
|
$
|
—
|
|
|
|
|
|
|
||||
Non-cash financing and investing activities:
|
|
|
|
|
||||
Increase in Community Development District debt
|
|
$
|
21
|
|
|
$
|
586
|
|
Decrease in pledged treasury securities related to defeased debt
|
|
$
|
—
|
|
|
$
|
346
|
|
Expenditures for operating properties and property and equipment financed through accounts payable
|
|
$
|
147
|
|
|
$
|
1,394
|
|
|
September 30,
2016 |
|
December 31,
2015 |
||||
Development property:
|
|
|
|
||||
Residential real estate
|
$
|
99,545
|
|
|
$
|
99,413
|
|
Commercial real estate
|
57,248
|
|
|
56,587
|
|
||
Resorts and leisure
|
214
|
|
|
—
|
|
||
Leasing operations
|
1,119
|
|
|
360
|
|
||
Forestry
|
2,509
|
|
|
2,681
|
|
||
Corporate
|
2,389
|
|
|
2,211
|
|
||
Total development property
|
163,024
|
|
|
161,252
|
|
||
|
|
|
|
||||
Operating property:
|
|
|
|
||||
Residential real estate
|
8,091
|
|
|
8,091
|
|
||
Resorts and leisure
|
109,346
|
|
|
109,425
|
|
||
Leasing operations
|
81,307
|
|
|
79,550
|
|
||
Forestry
|
19,517
|
|
|
19,300
|
|
||
Other
|
50
|
|
|
50
|
|
||
Total operating property
|
218,311
|
|
|
216,416
|
|
||
Less: Accumulated depreciation
|
68,327
|
|
|
64,069
|
|
||
Total operating property, net
|
149,984
|
|
|
152,347
|
|
||
Investment in real estate, net
|
$
|
313,008
|
|
|
$
|
313,599
|
|
•
|
a prolonged decrease in the fair value or demand for the Company’s properties;
|
•
|
a change in the expected use or development plans for the Company’s properties;
|
•
|
a material change in strategy that would affect the fair value of the Company’s properties;
|
•
|
continuing operating or cash flow losses for an operating property;
|
•
|
an accumulation of costs in excess of the projected costs for a development property; and
|
•
|
any other adverse change that may affect the fair value of the property.
|
|
Amortized Cost
|
|
Gross Unrealized Gains
|
|
Gross Unrealized Losses
|
|
Fair Value
|
||||||||
Debt securities:
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury securities
|
$
|
99,659
|
|
|
$
|
75
|
|
|
$
|
—
|
|
|
$
|
99,734
|
|
Corporate debt securities
|
111,963
|
|
|
2,349
|
|
|
622
|
|
|
113,690
|
|
||||
Preferred stock
|
22,930
|
|
|
397
|
|
|
95
|
|
|
23,232
|
|
||||
|
234,552
|
|
|
2,821
|
|
|
717
|
|
|
236,656
|
|
||||
Restricted investments:
|
|
|
|
|
|
|
|
||||||||
Money market fund
|
5,640
|
|
|
—
|
|
|
—
|
|
|
5,640
|
|
||||
|
$
|
240,192
|
|
|
$
|
2,821
|
|
|
$
|
717
|
|
|
$
|
242,296
|
|
|
Amortized Cost
|
|
Gross Unrealized Gains
|
|
Gross Unrealized Losses
|
|
Fair Value
|
||||||||
Debt securities:
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury securities
|
$
|
184,819
|
|
|
$
|
—
|
|
|
$
|
79
|
|
|
$
|
184,740
|
|
Corporate debt securities
|
7,273
|
|
|
—
|
|
|
981
|
|
|
6,292
|
|
||||
Preferred stock
|
265
|
|
|
—
|
|
|
57
|
|
|
208
|
|
||||
|
192,357
|
|
|
—
|
|
|
1,117
|
|
|
191,240
|
|
||||
Restricted investments:
|
|
|
|
|
|
|
|
||||||||
Guaranteed income fund
|
7,072
|
|
|
—
|
|
|
—
|
|
|
7,072
|
|
||||
|
$
|
199,429
|
|
|
$
|
—
|
|
|
$
|
1,117
|
|
|
$
|
198,312
|
|
|
As of September 30, 2016
|
|
As of December 31, 2015
|
||||||||||||||||||||||||||||
|
Less Than 12 Months
|
|
12 Months or Greater
|
|
Less Than 12 Months
|
|
12 Months or Greater
|
||||||||||||||||||||||||
|
Fair Value
|
|
Unrealized Losses
|
|
Fair Value
|
|
Unrealized Losses
|
|
Fair Value
|
|
Unrealized Losses
|
|
Fair Value
|
|
Unrealized Losses
|
||||||||||||||||
Debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
U.S. Treasury securities
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
184,740
|
|
|
$
|
79
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Corporate debt securities
|
14,367
|
|
|
232
|
|
|
4,912
|
|
|
390
|
|
|
6,292
|
|
|
981
|
|
|
—
|
|
|
—
|
|
||||||||
Preferred stock
|
169
|
|
|
95
|
|
|
—
|
|
|
—
|
|
|
208
|
|
|
57
|
|
|
—
|
|
|
—
|
|
||||||||
|
$
|
14,536
|
|
|
$
|
327
|
|
|
$
|
4,912
|
|
|
$
|
390
|
|
|
$
|
191,240
|
|
|
$
|
1,117
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Amortized Cost
|
|
Fair Value
|
||||
Due in one year or less
|
$
|
113,393
|
|
|
$
|
113,944
|
|
Due after one year through five years
|
98,130
|
|
|
99,398
|
|
||
Due after ten years through fifteen years
|
99
|
|
|
82
|
|
||
|
211,622
|
|
|
213,424
|
|
||
Preferred stock
|
22,930
|
|
|
23,232
|
|
||
Restricted investments
|
5,640
|
|
|
5,640
|
|
||
|
$
|
240,192
|
|
|
$
|
242,296
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total Fair Value
|
||||||||
Cash equivalents:
|
|
|
|
|
|
|
|
||||||||
Money market funds
|
$
|
9,795
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
9,795
|
|
Commercial paper
|
139,463
|
|
|
—
|
|
|
—
|
|
|
139,463
|
|
||||
Debt securities:
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury securities
|
99,734
|
|
|
—
|
|
|
—
|
|
|
99,734
|
|
||||
Corporate debt securities
|
62,606
|
|
|
51,084
|
|
|
—
|
|
|
113,690
|
|
||||
Preferred stock
|
19,185
|
|
|
4,047
|
|
|
—
|
|
|
23,232
|
|
||||
Restricted investments:
|
|
|
|
|
|
|
|
||||||||
Money market fund
|
5,640
|
|
|
—
|
|
|
—
|
|
|
5,640
|
|
||||
|
$
|
336,423
|
|
|
$
|
55,131
|
|
|
$
|
—
|
|
|
$
|
391,554
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total Fair Value
|
||||||||
Cash equivalents:
|
|
|
|
|
|
|
|
||||||||
Money market funds
|
$
|
18,233
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
18,233
|
|
Commercial paper
|
174,973
|
|
|
—
|
|
|
—
|
|
|
174,973
|
|
||||
Debt securities:
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury securities
|
184,740
|
|
|
—
|
|
|
—
|
|
|
184,740
|
|
||||
Corporate debt securities
|
—
|
|
|
6,292
|
|
|
—
|
|
|
6,292
|
|
||||
Preferred stock
|
—
|
|
|
208
|
|
|
—
|
|
|
208
|
|
||||
Restricted investments:
|
|
|
|
|
|
|
|
|
|||||||
Guaranteed income fund
|
—
|
|
|
7,072
|
|
|
—
|
|
|
7,072
|
|
||||
|
$
|
377,946
|
|
|
$
|
13,572
|
|
|
$
|
—
|
|
|
$
|
391,518
|
|
•
|
The fair value of the Company’s retained interest investments is based on the present value of the expected future cash flows at the effective yield.
|
•
|
The fair value of the Investments held by special purpose entities - 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 special purpose entities - U.S. Treasury securities are measured based on quoted market prices in an active market.
|
•
|
The fair value of the Senior Notes held by special purpose entity is based on the present value of future cash flows at the current market rate.
|
|
September 30, 2016
|
|
December 31, 2015
|
||||||||||||||||
|
Carrying
value
|
|
Fair value
|
|
Level
|
|
Carrying
value
|
|
Fair value
|
|
Level
|
||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Retained interest investments
|
$
|
10,494
|
|
|
$
|
13,386
|
|
|
3
|
|
$
|
10,246
|
|
|
$
|
13,333
|
|
|
3
|
Investments held by special purpose entities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Time deposit
|
$
|
200,000
|
|
|
$
|
200,000
|
|
|
3
|
|
$
|
200,000
|
|
|
$
|
200,000
|
|
|
3
|
U.S. Treasury securities and cash equivalents
|
$
|
8,543
|
|
|
$
|
8,759
|
|
|
1
|
|
$
|
8,785
|
|
|
$
|
9,033
|
|
|
1
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Senior Notes held by special purpose entity
|
$
|
176,255
|
|
|
$
|
215,725
|
|
|
3
|
|
$
|
176,094
|
|
|
$
|
178,035
|
|
|
3
|
|
September 30,
2016 |
|
December 31,
2015 |
||||
Pier Park Community Development District notes, non-interest bearing, due September 2022, net of unamortized discount of $0.1 million, effective rates 5.93% — 6.50%
|
$
|
1,792
|
|
|
$
|
1,985
|
|
Interest bearing homebuilder notes, secured by the real estate sold — 4.0% interest rate, any remaining payments outstanding are due December 2016
|
33
|
|
|
90
|
|
||
Various mortgage notes, secured by certain real estate, bearing interest at various rates
|
216
|
|
|
480
|
|
||
Total notes receivable, net
|
$
|
2,041
|
|
|
$
|
2,555
|
|
|
September 30,
2016 |
|
December 31,
2015 |
||||
Retained interest investments
|
$
|
10,494
|
|
|
$
|
10,246
|
|
Accounts receivable, net
|
4,134
|
|
|
4,382
|
|
||
Prepaid expenses
|
5,823
|
|
|
5,849
|
|
||
Straight line rent
|
3,848
|
|
|
3,732
|
|
||
Income tax receivable
|
327
|
|
|
2,275
|
|
||
Other assets
|
7,782
|
|
|
6,751
|
|
||
Accrued interest receivable for Senior Notes held by special purpose entity
|
935
|
|
|
3,338
|
|
||
Total other assets
|
$
|
33,343
|
|
|
$
|
36,573
|
|
|
September 30,
2016 |
|
December 31,
2015 |
||||
|
|
|
|
||||
Cash and cash equivalents
|
$
|
12,796
|
|
|
$
|
13,760
|
|
Other assets
|
59
|
|
|
58
|
|
||
Total assets
|
$
|
12,855
|
|
|
$
|
13,818
|
|
|
|
|
|
||||
Accounts payable and other liabilities
|
$
|
1,535
|
|
|
$
|
1,978
|
|
Equity
(1)
|
11,320
|
|
|
11,840
|
|
||
Total liabilities and equity
|
$
|
12,855
|
|
|
$
|
13,818
|
|
|
Principal
|
|
Unamortized Discount and Debt Issuance Costs
|
|
Net
|
||||||
Refinanced Loan in the Pier Park North joint venture, due November 2025, bearing interest at 4.1%
|
$
|
48,200
|
|
|
$
|
635
|
|
|
$
|
47,565
|
|
Community Development District debt, secured by certain real estate and standby note purchase agreements, due May 2031 - May 2039, bearing interest at 3.09% to 7.0% at September 30, 2016
|
6,668
|
|
|
—
|
|
|
6,668
|
|
|||
Total debt
|
$
|
54,868
|
|
|
$
|
635
|
|
|
$
|
54,233
|
|
|
Principal
|
|
Unamortized Discount and Debt Issuance Costs
|
|
Net
|
||||||
Refinanced Loan in the Pier Park North joint venture, due November 2025, bearing interest at 4.1%
|
$
|
48,200
|
|
|
$
|
720
|
|
|
$
|
47,480
|
|
Community Development District debt, secured by certain real estate and standby note purchase agreements, due May 2016 - May 2039, bearing interest at 2.8% to 7.0% at December 31, 2015
|
6,994
|
|
|
—
|
|
|
6,994
|
|
|||
Total debt
|
$
|
55,194
|
|
|
$
|
720
|
|
|
$
|
54,474
|
|
|
September 30,
2016 |
||
2016
|
$
|
96
|
|
2017
|
991
|
|
|
2018
|
1,032
|
|
|
2019
|
1,075
|
|
|
2020
|
1,119
|
|
|
Thereafter
|
50,555
|
|
|
|
$
|
54,868
|
|
|
September 30,
2016 |
|
December 31,
2015 |
||||
Accounts payable
|
$
|
2,724
|
|
|
$
|
2,585
|
|
Accrued compensation
|
2,541
|
|
|
3,366
|
|
||
Deferred revenue
|
15,493
|
|
|
15,584
|
|
||
Membership deposits and initiation fees
|
7,305
|
|
|
7,416
|
|
||
Advance deposits
|
3,291
|
|
|
3,574
|
|
||
Other accrued liabilities
|
11,339
|
|
|
6,505
|
|
||
Accrued interest expense for Senior Notes held by special purpose entity
|
712
|
|
|
2,850
|
|
||
Total other liabilities
|
$
|
43,405
|
|
|
$
|
41,880
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Tax expense at the federal statutory rate
|
$
|
1,280
|
|
|
$
|
1,415
|
|
|
$
|
6,424
|
|
|
$
|
996
|
|
State income tax expense (net of federal benefit)
|
128
|
|
|
142
|
|
|
642
|
|
|
100
|
|
||||
Tax effect of timber at the federal statutory rate of 23.8%
|
(121
|
)
|
|
—
|
|
|
(381
|
)
|
|
—
|
|
||||
Decrease in valuation allowance
|
(350
|
)
|
|
(87
|
)
|
|
(713
|
)
|
|
(245
|
)
|
||||
Fees and expenses for the SEC investigation
|
—
|
|
|
(256
|
)
|
|
—
|
|
|
1,092
|
|
||||
Other
|
11
|
|
|
30
|
|
|
(802
|
)
|
|
91
|
|
||||
Total income tax expense
|
$
|
948
|
|
|
$
|
1,244
|
|
|
$
|
5,170
|
|
|
$
|
2,034
|
|
|
Unrealized Gains on Available-for-Sale Securities
|
||
Accumulated other comprehensive loss at December 31, 2015
|
$
|
(686
|
)
|
Other comprehensive income before reclassifications
|
2,005
|
|
|
Amounts reclassified from accumulated other comprehensive income
|
(25
|
)
|
|
Other comprehensive income
|
1,980
|
|
|
Accumulated other comprehensive income at September 30, 2016
|
$
|
1,294
|
|
|
Three Months Ended September 30, 2016
|
||||||||||
|
Before-Tax Amount
|
|
Tax Benefit or (Expense)
|
|
Net-of-Tax Amount
|
||||||
Unrealized gains on debt securities:
|
|
|
|
|
|
||||||
Unrealized gains on available-for-sale investments
|
$
|
3,257
|
|
|
$
|
(1,253
|
)
|
|
$
|
2,004
|
|
Less: reclassification adjustment for gains included in earnings
|
(40
|
)
|
|
15
|
|
|
(25
|
)
|
|||
Net unrealized gains
|
3,217
|
|
|
(1,238
|
)
|
|
1,979
|
|
|||
Other comprehensive income
|
$
|
3,217
|
|
|
$
|
(1,238
|
)
|
|
$
|
1,979
|
|
|
Three Months Ended September 30, 2015
|
||||||||||
|
Before-Tax Amount
|
|
Tax Benefit or (Expense)
|
|
Net-of-Tax Amount
|
||||||
Unrealized gains on debt securities:
|
|
|
|
|
|
||||||
Unrealized gains on available-for-sale investments
|
$
|
3,710
|
|
|
$
|
(1,465
|
)
|
|
$
|
2,245
|
|
Less: reclassification adjustment for gains included in earnings
|
(5,276
|
)
|
|
2,522
|
|
|
(2,754
|
)
|
|||
Net unrealized gains
|
(1,566
|
)
|
|
1,057
|
|
|
(509
|
)
|
|||
Other comprehensive loss
|
$
|
(1,566
|
)
|
|
$
|
1,057
|
|
|
$
|
(509
|
)
|
|
Nine Months Ended September 30, 2016
|
||||||||||
|
Before-Tax Amount
|
|
Tax Benefit or (Expense)
|
|
Net-of-Tax Amount
|
||||||
Unrealized gains on debt securities:
|
|
|
|
|
|
||||||
Unrealized gains on available-for-sale investments
|
$
|
3,259
|
|
|
$
|
(1,254
|
)
|
|
$
|
2,005
|
|
Less: reclassification adjustment for gains included in earnings
|
(40
|
)
|
|
15
|
|
|
(25
|
)
|
|||
Net unrealized gains
|
3,219
|
|
|
(1,239
|
)
|
|
1,980
|
|
|||
Other comprehensive income
|
$
|
3,219
|
|
|
$
|
(1,239
|
)
|
|
$
|
1,980
|
|
|
Nine Months Ended September 30, 2015
|
||||||||||
|
Before-Tax Amount
|
|
Tax Benefit or (Expense)
|
|
Net-of-Tax Amount
|
||||||
Unrealized gains on debt securities:
|
|
|
|
|
|
||||||
Unrealized gains on available-for-sale investments
|
$
|
6,956
|
|
|
$
|
(2,738
|
)
|
|
$
|
4,218
|
|
Less: reclassification adjustment for gains included in earnings
|
(5,276
|
)
|
|
2,522
|
|
|
(2,754
|
)
|
|||
Net unrealized gains
|
1,680
|
|
|
(216
|
)
|
|
1,464
|
|
|||
Other comprehensive income
|
$
|
1,680
|
|
|
$
|
(216
|
)
|
|
$
|
1,464
|
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Investment income, net
|
|
|
|
|
|
|
|
|
||||||||
Net investment income from available-for-sale securities
|
|
|
|
|
|
|
|
|
||||||||
Interest and dividend income
|
|
$
|
1,528
|
|
|
$
|
1,120
|
|
|
$
|
1,969
|
|
|
$
|
5,509
|
|
Accretion income
|
|
960
|
|
|
639
|
|
|
2,002
|
|
|
2,184
|
|
||||
Realized gains on the sale of investments
|
|
40
|
|
|
5,276
|
|
|
40
|
|
|
5,276
|
|
||||
Total net investment income from available-for-sale securities
|
|
2,528
|
|
|
7,035
|
|
|
4,011
|
|
|
12,969
|
|
||||
Interest income from investments in special purpose entities
|
|
2,051
|
|
|
2,050
|
|
|
6,151
|
|
|
6,150
|
|
||||
Interest accrued on notes receivable and other interest
|
|
110
|
|
|
40
|
|
|
216
|
|
|
657
|
|
||||
Total investment income, net
|
|
4,689
|
|
|
9,125
|
|
|
10,378
|
|
|
19,776
|
|
||||
Interest expense
|
|
|
|
|
|
|
|
|
||||||||
Interest expense and amortization of discount and issuance costs for Senior Notes issued by special purpose entity
|
|
(2,259
|
)
|
|
(2,189
|
)
|
|
(6,640
|
)
|
|
(6,566
|
)
|
||||
Interest expense
|
|
(816
|
)
|
|
(686
|
)
|
|
(2,615
|
)
|
|
(1,831
|
)
|
||||
Total interest expense
|
|
(3,075
|
)
|
|
(2,875
|
)
|
|
(9,255
|
)
|
|
(8,397
|
)
|
||||
Claim settlement
|
|
—
|
|
|
—
|
|
|
12,548
|
|
|
—
|
|
||||
Other, net
|
|
|
|
|
|
|
|
|
||||||||
Fees and expenses for the SEC investigation
|
|
—
|
|
|
(438
|
)
|
|
—
|
|
|
(7,869
|
)
|
||||
Accretion income from retained interest investments
|
|
249
|
|
|
237
|
|
|
733
|
|
|
674
|
|
||||
Hunting lease income
|
|
138
|
|
|
135
|
|
|
415
|
|
|
425
|
|
||||
Other income, net
|
|
48
|
|
|
201
|
|
|
339
|
|
|
468
|
|
||||
Other, net
|
|
435
|
|
|
135
|
|
|
1,487
|
|
|
(6,302
|
)
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Total other income
|
|
$
|
2,049
|
|
|
$
|
6,385
|
|
|
$
|
15,158
|
|
|
$
|
5,077
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Operating Revenue
|
|
|
|
|
|
|
|
||||||||
Residential real estate
|
$
|
3,122
|
|
|
$
|
4,861
|
|
|
$
|
15,905
|
|
|
$
|
14,291
|
|
Commercial real estate
|
631
|
|
|
—
|
|
|
631
|
|
|
4,660
|
|
||||
Resorts and leisure
|
19,046
|
|
|
18,537
|
|
|
47,590
|
|
|
45,657
|
|
||||
Leasing operations
|
2,655
|
|
|
2,528
|
|
|
7,336
|
|
|
6,741
|
|
||||
Forestry
|
1,509
|
|
|
1,885
|
|
|
5,233
|
|
|
11,355
|
|
||||
Other
|
229
|
|
|
19
|
|
|
302
|
|
|
64
|
|
||||
Total operating revenue
|
$
|
27,192
|
|
|
$
|
27,830
|
|
|
$
|
76,997
|
|
|
$
|
82,768
|
|
|
|
|
|
|
|
|
|
||||||||
Income (loss) before income taxes:
|
|
|
|
|
|
|
|
||||||||
Residential real estate
|
$
|
237
|
|
|
$
|
(1,622
|
)
|
|
$
|
4,676
|
|
|
$
|
(1,617
|
)
|
Commercial real estate
|
(496
|
)
|
|
(654
|
)
|
|
(1,644
|
)
|
|
(1,265
|
)
|
||||
Resorts and leisure
|
2,420
|
|
|
2,607
|
|
|
3,414
|
|
|
3,142
|
|
||||
Leasing operations
|
454
|
|
|
517
|
|
|
75
|
|
|
1,001
|
|
||||
Forestry
|
1,282
|
|
|
1,759
|
|
|
4,376
|
|
|
10,167
|
|
||||
Other
|
(253
|
)
|
|
1,395
|
|
|
7,103
|
|
|
(8,623
|
)
|
||||
Total income before income taxes
|
$
|
3,644
|
|
|
$
|
4,002
|
|
|
$
|
18,000
|
|
|
$
|
2,805
|
|
|
|
|
|
|
|
|
|
|
September 30,
2016 |
|
December 31, 2015
|
||||
Total Assets:
|
|
|
|
||||
Residential real estate
|
$
|
108,514
|
|
|
$
|
109,791
|
|
Commercial real estate
|
60,484
|
|
|
62,649
|
|
||
Resorts and leisure
|
72,720
|
|
|
75,441
|
|
||
Leasing operations
|
81,188
|
|
|
81,400
|
|
||
Forestry
|
20,213
|
|
|
20,244
|
|
||
Other
|
643,310
|
|
|
633,217
|
|
||
Total assets
|
$
|
986,429
|
|
|
$
|
982,742
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||
Segment Operating Revenue
|
|
|
|
|
|
|
|
||||
Residential real estate
|
11.5
|
%
|
|
17.4
|
%
|
|
20.7
|
%
|
|
17.3
|
%
|
Commercial real estate
|
2.3
|
%
|
|
—
|
%
|
|
0.8
|
%
|
|
5.6
|
%
|
Resorts and leisure
|
70.0
|
%
|
|
66.6
|
%
|
|
61.8
|
%
|
|
55.2
|
%
|
Leasing operations
|
9.8
|
%
|
|
9.1
|
%
|
|
9.5
|
%
|
|
8.1
|
%
|
Forestry
|
5.6
|
%
|
|
6.8
|
%
|
|
6.8
|
%
|
|
13.7
|
%
|
Other
|
0.8
|
%
|
|
0.1
|
%
|
|
0.4
|
%
|
|
0.1
|
%
|
Consolidated operating revenue
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
In millions
|
||||||||||||||
Revenue:
|
|
|
|
|
|
|
|
||||||||
Real estate revenue
|
$
|
4.2
|
|
|
$
|
4.9
|
|
|
$
|
18.0
|
|
|
$
|
24.3
|
|
Resorts and leisure revenue
|
19.0
|
|
|
18.5
|
|
|
47.6
|
|
|
45.7
|
|
||||
Leasing revenue
|
2.7
|
|
|
2.5
|
|
|
7.4
|
|
|
6.8
|
|
||||
Timber revenue
|
1.3
|
|
|
1.9
|
|
|
4.0
|
|
|
6.0
|
|
||||
Total
|
27.2
|
|
|
27.8
|
|
|
77.0
|
|
|
82.8
|
|
||||
Expenses:
|
|
|
|
|
|
|
|
||||||||
Cost of real estate revenue
|
2.0
|
|
|
2.5
|
|
|
6.7
|
|
|
12.3
|
|
||||
Cost of resorts and leisure revenue
|
15.4
|
|
|
14.7
|
|
|
40.4
|
|
|
38.2
|
|
||||
Cost of leasing revenue
|
0.7
|
|
|
0.7
|
|
|
2.2
|
|
|
2.0
|
|
||||
Cost of timber revenue
|
0.2
|
|
|
0.2
|
|
|
0.6
|
|
|
0.6
|
|
||||
Other operating and corporate expenses
|
5.2
|
|
|
9.9
|
|
|
17.7
|
|
|
24.7
|
|
||||
Depreciation, depletion and amortization
|
2.1
|
|
|
2.2
|
|
|
6.5
|
|
|
7.3
|
|
||||
Total expenses
|
25.6
|
|
|
30.2
|
|
|
74.1
|
|
|
85.1
|
|
||||
Operating income (loss)
|
1.6
|
|
|
(2.4
|
)
|
|
2.9
|
|
|
(2.3
|
)
|
||||
Other income (expense):
|
|
|
|
|
|
|
|
||||||||
Investment income, net
|
4.7
|
|
|
9.1
|
|
|
10.4
|
|
|
19.8
|
|
||||
Interest expense
|
(3.1
|
)
|
|
(2.9
|
)
|
|
(9.3
|
)
|
|
(8.4
|
)
|
||||
Claim settlement
|
—
|
|
|
—
|
|
|
12.5
|
|
|
—
|
|
||||
Other, net
|
0.4
|
|
|
0.2
|
|
|
1.5
|
|
|
(6.3
|
)
|
||||
Total other income
|
2.0
|
|
|
6.4
|
|
|
15.1
|
|
|
5.1
|
|
||||
Income before income taxes
|
3.6
|
|
|
4.0
|
|
|
18.0
|
|
|
2.8
|
|
||||
Income tax expense
|
(0.9
|
)
|
|
(1.2
|
)
|
|
(5.2
|
)
|
|
(2.0
|
)
|
||||
Net income
|
$
|
2.7
|
|
|
$
|
2.8
|
|
|
$
|
12.8
|
|
|
$
|
0.8
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||||||||||||
|
2016
|
|
%
(1)
|
|
2015
|
|
%
(1)
|
|
2016
|
|
%
(1)
|
|
2015
|
|
%
(1)
|
||||||||||||
|
Dollars in millions
|
|
Dollars in millions
|
||||||||||||||||||||||||
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Residential real estate revenue
|
$
|
3.1
|
|
|
73.8
|
%
|
|
$
|
4.9
|
|
|
100.0
|
%
|
|
$
|
15.9
|
|
|
88.4
|
%
|
|
$
|
14.3
|
|
|
58.9
|
%
|
Commercial real estate revenue
|
0.6
|
|
|
14.3
|
%
|
|
—
|
|
|
—
|
%
|
|
0.6
|
|
|
3.3
|
%
|
|
4.7
|
|
|
19.3
|
%
|
||||
Rural land and other revenue
|
0.5
|
|
|
11.9
|
%
|
|
—
|
|
|
—
|
%
|
|
1.5
|
|
|
8.3
|
%
|
|
5.3
|
|
|
21.8
|
%
|
||||
Real estate revenue
|
$
|
4.2
|
|
|
100.0
|
%
|
|
$
|
4.9
|
|
|
100.0
|
%
|
|
$
|
18.0
|
|
|
100.0
|
%
|
|
$
|
24.3
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Gross profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Residential real estate revenue
|
$
|
1.8
|
|
|
58.1
|
%
|
|
$
|
2.4
|
|
|
49.0
|
%
|
|
$
|
10.1
|
|
|
63.5
|
%
|
|
$
|
6.8
|
|
|
47.6
|
%
|
Commercial real estate revenue
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
0.5
|
|
|
10.6
|
%
|
||||
Rural land and other revenue
|
0.4
|
|
|
80.0
|
%
|
|
—
|
|
|
—
|
%
|
|
1.2
|
|
|
80.0
|
%
|
|
4.7
|
|
|
88.7
|
%
|
||||
Gross profit
|
$
|
2.2
|
|
|
52.4
|
%
|
|
$
|
2.4
|
|
|
49.0
|
%
|
|
$
|
11.3
|
|
|
62.8
|
%
|
|
$
|
12.0
|
|
|
49.4
|
%
|
(1)
|
Calculated percentage of total real estate revenue and the respective gross margin percentage.
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
Dollars in millions
|
||||||||||||||
Resorts and leisure revenue
|
$
|
19.0
|
|
|
$
|
18.5
|
|
|
$
|
47.6
|
|
|
$
|
45.7
|
|
Gross profit
|
$
|
3.6
|
|
|
$
|
3.8
|
|
|
$
|
7.2
|
|
|
$
|
7.5
|
|
Gross margin
|
18.9
|
%
|
|
20.5
|
%
|
|
15.1
|
%
|
|
16.4
|
%
|
||||
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
Dollars in millions
|
||||||||||||||
Leasing revenue
|
$
|
2.7
|
|
|
$
|
2.5
|
|
|
$
|
7.4
|
|
|
$
|
6.8
|
|
Gross profit
|
$
|
2.0
|
|
|
$
|
1.8
|
|
|
$
|
5.2
|
|
|
$
|
4.8
|
|
Gross margin
|
74.1
|
%
|
|
72.0
|
%
|
|
70.3
|
%
|
|
70.6
|
%
|
||||
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
Dollars in millions
|
||||||||||||||
Timber revenue
|
$
|
1.3
|
|
|
$
|
1.9
|
|
|
$
|
4.0
|
|
|
$
|
6.0
|
|
Gross profit
|
$
|
1.1
|
|
|
$
|
1.7
|
|
|
$
|
3.4
|
|
|
$
|
5.4
|
|
Gross margin
|
84.6
|
%
|
|
89.5
|
%
|
|
85.0
|
%
|
|
90.0
|
%
|
||||
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
In millions
|
||||||||||||||
Employee costs
|
$
|
1.8
|
|
|
$
|
4.5
|
|
|
$
|
5.3
|
|
|
$
|
10.0
|
|
401(k) contribution / pension costs
|
—
|
|
|
—
|
|
|
1.4
|
|
|
1.1
|
|
||||
Non-cash stock compensation costs
|
—
|
|
|
—
|
|
|
0.1
|
|
|
0.2
|
|
||||
Property taxes and insurance
|
1.4
|
|
|
1.4
|
|
|
4.2
|
|
|
4.4
|
|
||||
Professional fees
|
1.2
|
|
|
2.8
|
|
|
3.8
|
|
|
5.6
|
|
||||
Marketing and owner association costs
|
0.3
|
|
|
0.3
|
|
|
1.0
|
|
|
1.0
|
|
||||
Occupancy, repairs and maintenance
|
0.2
|
|
|
0.2
|
|
|
0.5
|
|
|
0.7
|
|
||||
Other
|
0.3
|
|
|
0.7
|
|
|
1.4
|
|
|
1.7
|
|
||||
Total other operating and corporate expense
|
$
|
5.2
|
|
|
$
|
9.9
|
|
|
$
|
17.7
|
|
|
$
|
24.7
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
In millions
|
||||||||||||||
Net investment income from available-for-sale securities
|
|
|
|
|
|
|
|
||||||||
Interest and dividend income
|
$
|
1.5
|
|
|
$
|
1.1
|
|
|
$
|
2.0
|
|
|
$
|
5.5
|
|
Accretion income
|
1.0
|
|
|
0.6
|
|
|
2.0
|
|
|
2.1
|
|
||||
Realized gains on the sale of investments
|
—
|
|
|
5.3
|
|
|
—
|
|
|
5.3
|
|
||||
Total net investment income from available-for-sale securities
|
2.5
|
|
|
7.0
|
|
|
4.0
|
|
|
12.9
|
|
||||
Interest income from investments in special purpose entities
|
2.1
|
|
|
2.1
|
|
|
6.2
|
|
|
6.2
|
|
||||
Interest accrued on notes receivable and other interest
|
0.1
|
|
|
—
|
|
|
0.2
|
|
|
0.7
|
|
||||
Total investment income, net
|
$
|
4.7
|
|
|
$
|
9.1
|
|
|
$
|
10.4
|
|
|
$
|
19.8
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
In millions
|
||||||||||||||
Revenue:
|
|
|
|
|
|
|
|
||||||||
Real estate revenue
|
$
|
2.7
|
|
|
$
|
4.4
|
|
|
$
|
14.4
|
|
|
$
|
13.0
|
|
Other revenue
|
0.4
|
|
|
0.5
|
|
|
1.5
|
|
|
1.3
|
|
||||
Total revenue
|
3.1
|
|
|
4.9
|
|
|
15.9
|
|
|
14.3
|
|
||||
Expenses:
|
|
|
|
|
|
|
|
||||||||
Cost of real estate and other revenue
|
1.3
|
|
|
2.5
|
|
|
5.8
|
|
|
7.5
|
|
||||
Other operating expenses
|
1.3
|
|
|
3.6
|
|
|
4.2
|
|
|
8.0
|
|
||||
Depreciation and amortization
|
—
|
|
|
0.1
|
|
|
0.3
|
|
|
0.4
|
|
||||
Total expenses
|
2.6
|
|
|
6.2
|
|
|
10.3
|
|
|
15.9
|
|
||||
Operating income (loss)
|
0.5
|
|
|
(1.3
|
)
|
|
5.6
|
|
|
(1.6
|
)
|
||||
Other expense
|
(0.3
|
)
|
|
(0.3
|
)
|
|
(0.9
|
)
|
|
—
|
|
||||
Net income (loss) before income taxes
|
$
|
0.2
|
|
|
$
|
(1.6
|
)
|
|
$
|
4.7
|
|
|
$
|
(1.6
|
)
|
|
Three Months Ended September 30, 2016
|
|
Three Months Ended September 30, 2015
|
||||||||||||||||||||||||||||||||
|
Units Sold
|
|
Revenue
|
|
Cost of
Revenue
|
|
Gross
Profit
|
|
Gross
Margin
|
|
Units Sold
|
|
Revenue
|
|
Cost of
Revenue
|
|
Gross
Profit
|
|
Gross
Margin
|
||||||||||||||||
|
(Dollars in millions)
|
||||||||||||||||||||||||||||||||||
Resort homesites
|
2
|
|
|
$
|
1.2
|
|
|
$
|
0.3
|
|
|
$
|
0.9
|
|
|
75.0
|
%
|
|
3
|
|
|
$
|
1.4
|
|
|
$
|
0.4
|
|
|
$
|
1.0
|
|
|
71.4
|
%
|
Primary homesites
|
32
|
|
|
1.5
|
|
|
0.7
|
|
|
0.8
|
|
|
53.3
|
%
|
|
31
|
|
|
3.0
|
|
|
1.7
|
|
|
1.3
|
|
|
43.3
|
%
|
||||||
Total
|
34
|
|
|
$
|
2.7
|
|
|
$
|
1.0
|
|
|
$
|
1.7
|
|
|
63.0
|
%
|
|
34
|
|
|
$
|
4.4
|
|
|
$
|
2.1
|
|
|
$
|
2.3
|
|
|
52.3
|
%
|
|
Nine Months Ended September 30, 2016
|
|
Nine Months Ended September 30, 2015
|
||||||||||||||||||||||||||||||||
|
Units Sold
|
|
Revenue
|
|
Cost of
Revenue
|
|
Gross
Profit
|
|
Gross
Margin
|
|
Units Sold
|
|
Revenue
|
|
Cost of
Revenue
|
|
Gross
Profit
|
|
Gross
Margin
|
||||||||||||||||
|
(Dollars in millions)
|
||||||||||||||||||||||||||||||||||
Resort homesites
|
10
|
|
|
$
|
5.8
|
|
|
$
|
2.2
|
|
|
$
|
3.6
|
|
|
62.1
|
%
|
|
17
|
|
|
$
|
5.9
|
|
|
$
|
2.1
|
|
|
$
|
3.8
|
|
|
64.4
|
%
|
Resort home
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|
1
|
|
|
0.8
|
|
|
0.8
|
|
|
—
|
|
|
—
|
%
|
||||||
Primary homesites
|
69
|
|
|
5.2
|
|
|
2.6
|
|
|
2.6
|
|
|
50.0
|
%
|
|
104
|
|
|
6.3
|
|
|
3.6
|
|
|
2.7
|
|
|
42.9
|
%
|
||||||
Land sale
|
N/A
|
|
|
3.4
|
|
|
0.1
|
|
|
3.3
|
|
|
97.1
|
%
|
|
N/A
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
%
|
||||||
Total
|
79
|
|
|
$
|
14.4
|
|
|
$
|
4.9
|
|
|
$
|
9.5
|
|
|
66.0
|
%
|
|
122
|
|
|
$
|
13.0
|
|
|
$
|
6.5
|
|
|
$
|
6.5
|
|
|
50.0
|
%
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
In millions
|
||||||||||||||
Revenue:
|
|
|
|
|
|
|
|
||||||||
Real estate revenue
|
$
|
0.6
|
|
|
$
|
—
|
|
|
$
|
0.6
|
|
|
$
|
4.7
|
|
Expenses:
|
|
|
|
|
|
|
|
||||||||
Cost of real estate revenue
|
0.6
|
|
|
—
|
|
|
0.6
|
|
|
4.2
|
|
||||
Other operating expenses
|
0.5
|
|
|
0.6
|
|
|
1.6
|
|
|
1.7
|
|
||||
Total expenses
|
1.1
|
|
|
0.6
|
|
|
2.2
|
|
|
5.9
|
|
||||
Operating loss
|
(0.5
|
)
|
|
(0.6
|
)
|
|
(1.6
|
)
|
|
(1.2
|
)
|
||||
Other expense
|
—
|
|
|
(0.1
|
)
|
|
—
|
|
|
(0.1
|
)
|
||||
Net loss before income taxes
|
$
|
(0.5
|
)
|
|
$
|
(0.7
|
)
|
|
$
|
(1.6
|
)
|
|
$
|
(1.3
|
)
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
In millions
|
||||||||||||||
Revenue:
|
|
|
|
|
|
|
|
||||||||
Resorts and leisure revenue
|
$
|
19.0
|
|
|
$
|
18.5
|
|
|
$
|
47.6
|
|
|
$
|
45.7
|
|
Expenses:
|
|
|
|
|
|
|
|
||||||||
Cost of resorts and leisure revenue
|
15.4
|
|
|
14.7
|
|
|
40.4
|
|
|
38.2
|
|
||||
Other operating expenses
|
0.1
|
|
|
0.1
|
|
|
0.5
|
|
|
0.3
|
|
||||
Depreciation
|
1.1
|
|
|
1.1
|
|
|
3.3
|
|
|
4.0
|
|
||||
Total expenses
|
16.6
|
|
|
15.9
|
|
|
44.2
|
|
|
42.5
|
|
||||
Net income before income taxes
|
$
|
2.4
|
|
|
$
|
2.6
|
|
|
$
|
3.4
|
|
|
$
|
3.2
|
|
|
Three Months Ended September 30, 2016
|
|
Three Months Ended September 30, 2015
|
||||||||||||||||||
|
Revenue
|
|
Gross
Profit
|
|
Gross Margin
|
|
Revenue
|
|
Gross
Profit
|
|
Gross Margin
|
||||||||||
|
Dollars in millions
|
||||||||||||||||||||
Resorts, vacation rentals and other management services
|
$
|
14.6
|
|
|
$
|
3.0
|
|
|
20.5
|
%
|
|
$
|
14.1
|
|
|
$
|
3.3
|
|
|
23.4
|
%
|
Clubs
|
3.6
|
|
|
0.4
|
|
|
11.1
|
%
|
|
3.4
|
|
|
0.2
|
|
|
5.9
|
%
|
||||
Marinas
|
0.8
|
|
|
0.2
|
|
|
25.0
|
%
|
|
1.0
|
|
|
0.3
|
|
|
30.0
|
%
|
||||
Total
|
$
|
19.0
|
|
|
$
|
3.6
|
|
|
18.9
|
%
|
|
$
|
18.5
|
|
|
$
|
3.8
|
|
|
20.5
|
%
|
|
Nine Months Ended September 30, 2016
|
|
Nine Months Ended September 30, 2015
|
||||||||||||||||||
|
Revenue
|
|
Gross
Profit
|
|
Gross Margin
|
|
Revenue
|
|
Gross
Profit
|
|
Gross Margin
|
||||||||||
|
Dollars in millions
|
||||||||||||||||||||
Resorts, vacation rentals and other management services
|
$
|
35.3
|
|
|
$
|
5.9
|
|
|
16.7
|
%
|
|
$
|
33.8
|
|
|
$
|
6.1
|
|
|
18.0
|
%
|
Clubs
|
10.2
|
|
|
0.8
|
|
|
7.8
|
%
|
|
9.5
|
|
|
0.8
|
|
|
8.4
|
%
|
||||
Marinas
|
2.1
|
|
|
0.5
|
|
|
23.8
|
%
|
|
2.4
|
|
|
0.6
|
|
|
25.0
|
%
|
||||
Total
|
$
|
47.6
|
|
|
$
|
7.2
|
|
|
15.1
|
%
|
|
$
|
45.7
|
|
|
$
|
7.5
|
|
|
16.4
|
%
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
In millions
|
||||||||||||||
Revenue:
|
|
|
|
|
|
|
|
||||||||
Leasing revenue
|
$
|
2.7
|
|
|
$
|
2.5
|
|
|
$
|
7.4
|
|
|
$
|
6.8
|
|
Expenses:
|
|
|
|
|
|
|
|
||||||||
Cost of leasing revenue
|
0.7
|
|
|
0.7
|
|
|
2.2
|
|
|
2.0
|
|
||||
Other operating expenses
|
0.2
|
|
|
0.2
|
|
|
1.1
|
|
|
0.6
|
|
||||
Depreciation
|
0.8
|
|
|
0.8
|
|
|
2.4
|
|
|
2.3
|
|
||||
Total expenses
|
1.7
|
|
|
1.7
|
|
|
5.7
|
|
|
4.9
|
|
||||
Operating income
|
1.0
|
|
|
0.8
|
|
|
1.7
|
|
|
1.9
|
|
||||
Other expense
|
(0.5
|
)
|
|
(0.3
|
)
|
|
(1.6
|
)
|
|
(0.8
|
)
|
||||
Net income before income taxes
|
$
|
0.5
|
|
|
$
|
0.5
|
|
|
$
|
0.1
|
|
|
$
|
1.1
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
In millions
|
||||||||||||||
Revenue:
|
|
|
|
|
|
|
|
||||||||
Timber revenue
|
$
|
1.3
|
|
|
$
|
1.9
|
|
|
$
|
4.0
|
|
|
$
|
6.0
|
|
Real estate revenue - Other rural land revenue
|
0.2
|
|
|
—
|
|
|
1.2
|
|
|
5.3
|
|
||||
Total revenue
|
1.5
|
|
|
1.9
|
|
|
5.2
|
|
|
11.3
|
|
||||
Expenses:
|
|
|
|
|
|
|
|
||||||||
Cost of timber revenue
|
0.2
|
|
|
0.2
|
|
|
0.6
|
|
|
0.6
|
|
||||
Cost of real estate revenue - other rural land revenue
|
0.1
|
|
|
—
|
|
|
0.3
|
|
|
0.6
|
|
||||
Other operating expenses
|
0.1
|
|
|
0.1
|
|
|
0.4
|
|
|
0.4
|
|
||||
Depreciation and depletion
|
0.1
|
|
|
0.2
|
|
|
0.4
|
|
|
0.5
|
|
||||
Total expenses
|
0.5
|
|
|
0.5
|
|
|
1.7
|
|
|
2.1
|
|
||||
Operating income
|
1.0
|
|
|
1.4
|
|
|
3.5
|
|
|
9.2
|
|
||||
Other income
|
0.3
|
|
|
0.4
|
|
|
0.8
|
|
|
0.9
|
|
||||
Net income before income taxes
|
$
|
1.3
|
|
|
$
|
1.8
|
|
|
$
|
4.3
|
|
|
$
|
10.1
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||||||||||
Pine pulpwood
|
62,000
|
|
|
73.8
|
%
|
|
73,000
|
|
|
67.0
|
%
|
|
166,000
|
|
|
72.5
|
%
|
|
216,000
|
|
|
63.9
|
%
|
Pine sawtimber
|
19,000
|
|
|
22.6
|
%
|
|
28,000
|
|
|
25.7
|
%
|
|
51,000
|
|
|
22.3
|
%
|
|
95,000
|
|
|
28.1
|
%
|
Pine grade logs
|
3,000
|
|
|
3.6
|
%
|
|
8,000
|
|
|
7.3
|
%
|
|
10,000
|
|
|
4.4
|
%
|
|
24,000
|
|
|
7.1
|
%
|
Other
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
2,000
|
|
|
0.8
|
%
|
|
3,000
|
|
|
0.9
|
%
|
Total
|
84,000
|
|
|
100.0
|
%
|
|
109,000
|
|
|
100.0
|
%
|
|
229,000
|
|
|
100.0
|
%
|
|
338,000
|
|
|
100.0
|
%
|
|
Nine Months Ended
September 30, |
||||||
|
2016
|
|
2015
|
||||
|
(In millions)
|
||||||
Net cash provided by operating activities
|
$
|
10.6
|
|
|
$
|
35.6
|
|
Net cash (used in) provided by investing activities
|
(42.9
|
)
|
|
387.0
|
|
||
Net cash used in financing activities
|
(15.2
|
)
|
|
(299.2
|
)
|
||
Net (decrease) increase in cash and cash equivalents
|
(47.5
|
)
|
|
123.4
|
|
||
Cash and cash equivalents at beginning of the period
|
212.8
|
|
|
34.5
|
|
||
Cash and cash equivalents at end of the period
|
$
|
165.3
|
|
|
$
|
157.9
|
|
•
|
our expectations concerning our future business strategy and our intent to seek higher and better uses for our real estate assets;
|
•
|
our beliefs regarding growth in the retirement demographic and the strategic opportunities provided to us by such growing retirement demographic;
|
•
|
our expectations regarding the wide range of residential and commercial uses of our Bay-Walton Sector Plan land holdings, including to serve the active adult retirement market;
|
•
|
our expectations regarding the amount and timing of the impact fees which we will receive in connection with the RiverTown Sale;
|
•
|
our expectation regarding our liquidity or ability to satisfy our working capital needs, expected capital expenditures and principal and interest payments on our long term debt;
|
•
|
our estimates and assumptions regarding the installment notes and the Timber Note;
|
•
|
our expectation regarding the impact of pending litigation, claims, other disputes or governmental proceedings, on our cash flows, financial condition or results of operations; and
|
•
|
any changes in our strategic objectives and our ability to successfully implement such strategic objectives;
|
•
|
any potential negative impact of our longer-term property development strategy, including losses and negative cash flows for an extended period of time if we continue with the self-development of recently granted entitlements;
|
•
|
our ability and the ability of our investment advisor to identify and acquire suitable investments for our investment portfolio that meet our risk and return criteria;
|
•
|
significant decreases in the market value of our investments in securities or any other investments;
|
•
|
our ability to capitalize on strategic opportunities presented by a growing retirement demographic;
|
•
|
our ability to accurately predict market demand for the range of potential residential and commercial uses of our real estate, including our Bay-Walton Sector holdings;
|
•
|
volatility in the consistency and pace of our residential real estate revenue;
|
•
|
any downturns in real estate markets in Florida or across the nation;
|
•
|
our dependence on the real estate industry and the cyclical nature of our real estate operations;
|
•
|
our ability to successfully and timely obtain land use entitlements and construction financing, maintain compliance with state law requirements and address issues that arise in connection with the use and development of our land, including the permits required for mixed-use and active adult communities;
|
•
|
changes in laws, regulations or the regulatory environment affecting the development of real estate;
|
•
|
our ability to effectively deploy and invest our assets, including our available-for-sale securities;
|
•
|
our ability to effectively manage our real estate assets, as well as the ability of our joint venture partner to effectively manage the day-to-day activities of the Pier Park North joint venture;
|
•
|
our ability to successfully estimate the amount and timing of the impact fees we will receive in connection with the RiverTown Sale;
|
•
|
increases in operating costs, including costs related to real estate taxes, owner association fees, construction materials, labor and insurance and our ability to manage our cost structure;
|
•
|
the sufficiency of our current cash position, anticipated cash flows from cash equivalents and short term investments and cash generated from operations to satisfy our anticipated working capital needs, capital expenditures and principal and interest payments;
|
•
|
our ability to anticipate the impact of pending environmental litigation matters or governmental proceedings on our financial condition or results of operations;
|
•
|
the expense, management distraction and possible liability associated with litigation, claims, other disputes or governmental proceedings;
|
•
|
potential liability under environmental or construction laws, or other laws or regulations;
|
•
|
our ability to receive payments of settlement amounts due under our claims settlement receivable;
|
•
|
our ability to successfully estimate the impact of certain accounting and tax matters that arise from the installment notes and the Timber Note; and
|
•
|
the performance of the surplus assets in the Pension Plan may not be what we expected.
|
Exhibit
Number
|
|
Description
|
*10.49c
|
|
Amendment to Investment Management Agreement, dated, November 1, 2016, between Fairholme Trust Company, LLC and The St. Joe Company.
|
*31.1
|
|
Certification by Jorge Gonzalez, President, Chief Executive Officer and Director, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
*31.2
|
|
Certification by Marek Bakun, Chief Financial Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
*32.1
|
|
Certification by Jorge Gonzalez, President, Chief Executive Officer and Director, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
*32.2
|
|
Certification by Marek Bakun, Chief Financial Officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
**101.INS
|
|
XBRL Instance Document.
|
**101.SCH
|
|
XBRL Taxonomy Extension Schema Document.
|
**101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document.
|
**101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document.
|
**101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document.
|
**101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document.
|
*
|
Filed herewith.
|
**
|
Furnished herewith.
|
|
|
THE ST. JOE COMPANY
|
|
|
|
Date:
|
November 3, 2016
|
/s/ Jorge Gonzalez
|
|
|
Jorge Gonzalez
|
|
|
President and Chief Executive Officer
|
|
|
|
|
|
|
Date:
|
November 3, 2016
|
/s/ Marek Bakun
|
|
|
Marek Bakun
|
|
|
Chief Financial Officer
|
|
|
|
1 Year St Joe Chart |
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