The St. Joe Company
(NYSE:JOE)

The St. Joe Company, together with its subsidiaries, operates as a real estate development, asset management, and operating company in Northwest Florida, the United States. It operates through three segments: Residential, Hospitality, and Commercial. The Residential segment plans and develops reside...

Website: http://www.joe.com

Founded: 1936

Full Time Employees: 55

Sector: Real Estate

Industry: Real Estate-Diversified

Real Estate

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At a glance:

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Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-09-30	2008-06-30	2002-12-31	2002-06-30	2002-03-31	2001-12-31

revenue:
real estate revenue	39,699,000	68,203,000	83,831,000	43,828,000	38,319,000	46,479,000	27,979,000	34,533,000	34,188,000	41,712,000	39,947,000	69,345,000	35,004,000	27,027,000	17,330,000	28,027,000	36,774,000	73,014,000	23,500,000	41,063,000	21,053,000	45,789,000	18,476,000	17,555,000	5,808,000	27,854,000	13,490,000	15,553,000	4,591,000	6,122,000	6,200,000	32,159,000	7,702,000	8,334,000	10,707,000	7,150,000	1,525,000	5,409,000	4,163,000
hospitality revenue	44,686,000	46,477,000	60,572,000	68,746,000	39,636,000	42,205,000	55,460,000	62,321,000	39,257,000	35,474,000	47,369,000	45,099,000	24,499,000	22,348,000	29,035,000	29,556,000	16,321,000	17,279,000	22,292,000	22,627,000	13,067,000	12,598,000	17,005,000	11,565,000	6,610,000	9,118,000	14,003,000	15,560,000	7,431,000
leasing revenue	14,659,000	14,211,000	16,673,000	16,508,000	16,242,000	15,650,000	15,572,000	14,752,000	14,342,000	13,584,000	13,084,000	12,378,000	11,790,000	10,981,000	10,049,000	9,345,000	8,822,000	7,969,000	7,146,000	6,371,000	5,594,000	4,650,000	4,963,000	4,907,000	4,300,000	4,363,000	4,037,000	3,674,000	3,506,000	4,448,000	3,138,000	3,094,000	3,047,000	2,726,000	2,856,000	2,662,000	2,393,000	2,492,000	2,685,000
total revenue	99,044,000	128,891,000	161,076,000	129,082,000	94,197,000	104,334,000	99,011,000	111,606,000	87,787,000	86,738,000	101,390,000	128,167,000	72,991,000	61,624,000	57,576,000	68,250,000	64,871,000	99,456,000	53,996,000	72,239,000	41,305,000	63,860,000	42,041,000	36,082,000	18,574,000	42,659,000	32,856,000	35,546,000	16,023,000	16,302,000	23,676,000	50,434,000	19,865,000	21,561,000	33,654,000	30,383,000	13,197,000	18,747,000	27,192,000
yoy	5.15%	23.54%	62.68%	15.66%	7.30%	20.29%	-2.35%	-12.92%	20.27%	40.75%	76.10%	87.79%	12.52%	-38.04%	6.63%	-5.52%	57.05%	55.74%	28.44%	100.21%	122.38%	49.70%	27.96%	1.51%	15.92%	161.68%	38.77%	-29.52%	-19.34%	-24.39%	-29.65%	65.99%	50.53%	15.01%	23.76%
qoq	-23.16%	-19.98%	24.79%	37.03%	-9.72%	5.38%	-11.29%	27.13%	1.21%	-14.45%	-20.89%	75.59%	18.45%	7.03%	-15.64%	5.21%	-34.77%	84.19%	-25.25%	74.89%	-35.32%	51.90%	16.52%	94.26%	-56.46%	29.84%	-7.57%	121.84%	-1.71%	-31.15%	-53.06%	153.88%	-7.87%	-35.93%	10.77%	130.23%	-29.60%	-31.06%
expenses:
cost of real estate revenue	21,555,000	30,156,000	42,508,000	23,804,000	18,839,000	21,960,000	15,687,000	16,644,000	16,033,000	15,462,000	21,059,000	31,263,000	20,182,000	14,685,000	7,229,000	12,800,000	15,295,000	27,636,000	8,471,000	14,052,000	10,544,000	17,382,000	9,368,000	7,245,000	1,799,000	9,567,000	6,036,000	6,846,000	1,833,000	2,611,000	3,709,000	2,954,000	4,169,000	5,020,000	6,405,000	3,614,000	331,000	1,348,000	1,949,000
cost of hospitality revenue	33,832,000	34,214,000	39,653,000	42,251,000	32,404,000	31,647,000	36,522,000	37,874,000	30,343,000	29,778,000	36,159,000	33,321,000	22,927,000	19,280,000	21,959,000	21,411,000	14,868,000	14,845,000	16,536,000	15,437,000	11,495,000	8,705,000	10,973,000	8,240,000	7,320,000	8,121,000	10,191,000	9,002,000	7,065,000
cost of leasing revenue	5,717,000	6,027,000	7,431,000	7,639,000	7,350,000	6,563,000	7,752,000	7,317,000	7,175,000	7,119,000	6,795,000	6,542,000	5,372,000	4,993,000	4,946,000	3,998,000	3,652,000	3,323,000	3,106,000	2,527,000	2,664,000	1,962,000	2,047,000	1,314,000	612,000	1,239,000	1,351,000	1,121,000	1,066,000	2,250,000	784,000	842,000	824,000	891,000	842,000	798,000	669,000	889,000	710,000
corporate and other operating expenses	8,374,000	7,351,000	6,895,000	6,442,000	6,580,000	6,306,000	5,996,000	5,847,000	7,102,000	6,371,000	6,170,000	5,535,000	5,721,000	5,575,000	5,322,000	5,515,000	5,656,000
depreciation, depletion and amortization	11,390,000	11,697,000	11,657,000	11,986,000	12,130,000	12,125,000	11,782,000	11,295,000	11,182,000	11,274,000	10,712,000	9,467,000	7,322,000	6,625,000	5,771,000	5,466,000	5,026,000	5,608,000	4,617,000	4,124,000	3,853,000	3,394,000	3,303,000	3,018,000	3,073,000	3,125,000	2,629,000	2,422,000	2,111,000	2,162,000	2,309,000	2,271,000	2,255,000	2,594,000	2,306,000	2,032,000	1,953,000	2,087,000	2,094,000	2,101,000	2,288,000	2,205,000	2,231,000	2,135,000	2,915,000	2,209,000	2,174,000	1,944,000	2,095,000	2,159,000	2,312,000	2,335,000	2,325,000
total expenses	80,868,000	89,445,000	108,144,000	92,122,000	77,303,000	78,601,000	77,739,000	78,977,000	71,835,000	69,432,000	81,097,000	86,336,000	61,687,000	51,363,000	45,399,000	49,445,000	44,647,000	57,449,000	37,835,000	41,489,000	35,766,000	37,580,000	31,016,000	24,975,000	19,899,000	27,465,000	25,436,000	24,678,000	18,184,000	17,645,000	21,732,000	21,090,000	20,406,000	23,447,000	29,201,000	25,720,000	18,094,000	19,629,000	25,597,000	27,408,000	21,151,000	24,966,000	30,213,000	32,035,000	22,793,000	31,621,000	25,282,000	47,126,000	84,593,000	35,832,000	33,444,000	32,205,000	28,998,000	31,872,000	40,547,000	32,724,000	32,119,000	403,182,000	30,943,000	45,860,000	52,106,000	38,374,000	45,056,000	37,274,000	30,390,000	347,371,651	70,750	115,190,000	41,408,000
operating income	18,176,000	39,446,000	52,932,000	36,960,000	16,894,000	25,733,000	21,272,000	32,629,000	15,952,000	17,306,000	20,293,000	41,831,000	11,304,000	10,261,000	12,177,000	18,805,000	20,224,000	42,007,000	16,161,000	30,750,000	5,539,000	26,280,000	11,025,000	11,107,000	-1,325,000	15,194,000	7,420,000	10,868,000	-2,161,000	-1,343,000	1,944,000	29,344,000	-541,000	-1,886,000	4,453,000	4,663,000	-4,897,000	-882,000	1,595,000	2,143,000	-897,000	-3,863,000	-2,383,000	5,811,000	-5,702,000	-15,945,000	-1,335,000	21,038,000	509,493,000	-1,964,000	3,383,000	1,583,000	-2,225,000	-9,256,000	15,360,000	-2,367,000	-1,601,000	-383,362,000	-4,198,000	-20,576,000	21,330,000	-1,274,000	-17,951,000	-15,239,000	-17,090,000
yoy	7.59%	53.29%	148.83%	13.27%	5.91%	48.69%	4.82%	-22.00%	41.12%	68.66%	66.65%	122.45%	-44.11%	-75.57%	-24.65%	-38.85%	265.12%	59.84%	46.59%	176.85%	-518.04%	72.96%	48.58%	2.20%	-38.69%	-1231.35%	281.69%	-62.96%	299.45%	-28.79%	-56.34%	529.29%	-88.95%	113.83%	179.18%	117.59%	445.93%	-77.17%	-166.93%	-63.12%	-84.27%	-75.77%	78.50%	-72.38%	-101.12%	711.86%	-139.46%	1229.00%	-22998.56%	-78.78%	-77.98%	-166.88%	38.98%	-97.59%	-465.89%	-88.50%	-107.51%	29991.21%	-76.61%	35.02%	-224.81%
qoq	-53.92%	-25.48%	43.21%	118.78%	-34.35%	20.97%	-34.81%	104.54%	-7.82%	-14.72%	-51.49%	270.05%	10.16%	-15.73%	-35.25%	-7.02%	-51.86%	159.93%	-47.44%	455.15%	-78.92%	138.37%	-0.74%	-938.26%	-108.72%	104.77%	-31.73%	-602.92%	60.91%	-169.08%	-93.38%	-5524.03%	-71.31%	-142.35%	-4.50%	-195.22%	455.22%	-155.30%	-25.57%	-338.91%	-76.78%	62.11%	-141.01%	-201.91%	-64.24%	1094.38%	-106.35%	-95.87%	-26041.60%	-158.05%	113.71%	-171.15%	-75.96%	-160.26%	-748.92%	47.85%	-99.58%	9032.02%	-79.60%	-196.47%	-1774.25%	-92.90%	17.80%	-10.83%
operating margin %	18.35%	30.60%	32.86%	28.63%	17.93%	24.66%	21.48%	29.24%	18.17%	19.95%	20.01%	32.64%	15.49%	16.65%	21.15%	27.55%	31.18%	42.24%	29.93%	42.57%	13.41%	41.15%	26.22%	30.78%	-7.13%	35.62%	22.58%	30.57%	-13.49%	-8.24%	8.21%	58.18%	-2.72%	-8.75%	13.23%	15.35%	-37.11%	-4.70%	5.87%	Infinity%	-Infinity%	-Infinity%	-Infinity%	Infinity%	-Infinity%	-Infinity%	-Infinity%	Infinity%	Infinity%	-Infinity%	Infinity%	Infinity%	-Infinity%	-Infinity%	Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%
other income:
investment income	3,270,000	3,411,000	3,117,000	3,202,000	3,428,000	3,211,000	3,445,000	3,406,000	3,441,000	3,529,000	3,649,000	3,183,000	2,921,000	2,331,000	2,735,000	2,496,000	2,300,000	2,441,000	2,331,000	1,287,000	1,195,000	2,132,000	2,405,000	2,055,000	-1,609,000	-238,000	2,371,000	2,535,000	6,046,000	-71,000	2,575,000	5,981,000	3,665,000	4,300,000	6,452,000	14,303,000	10,356,000	7,398,000	4,689,000	2,959,000	2,730,000	2,912,000	9,125,000	5,438,000	5,212,000	5,099,000	3,367,000	3,951,000	274,000	490,000	595,000	306,000	107,000	37,000	375,000	332,000	476,000	322,000	436,000	165,000	207,000	243,000	392,000	452,000	383,000	3,385,840	764	631,000	765,000
interest expense	-7,094,000	-7,161,000	-7,786,000	-7,760,000	-7,775,000	-8,128,000	-8,384,000	-8,519,000	-8,553,000	-8,791,000	-8,411,000	-7,207,000	-6,209,000	-5,432,000	-4,727,000	-4,071,000	-4,153,000	-4,215,000	-4,114,000	-3,854,000	-3,671,000	-3,451,000	-3,379,000	-3,390,000	-3,345,000	-3,227,000	-3,109,000	-3,024,000	-2,942,000	-2,935,000	-2,926,000	-2,954,000	-3,025,000	-3,028,000	-3,038,000	-3,035,000	-3,043,000	-3,040,000	-3,075,000	-3,145,000	-3,035,000	-3,032,000	-2,875,000	-2,645,000	-2,876,000	-2,769,000	-2,950,000	-2,249,000	-639,000	-648,000	-524,000	-269,000	-600,000	-416,000	-916,000	-657,000	-831,000	-862,000	-1,077,000	-985,000	-997,000	-1,211,000	-5,171,000	-1,136,000	-1,094,000	-1,156,668	-65	-139,000	-128,000
equity in income from unconsolidated joint ventures	3,525,000	4,440,000	3,480,000	7,547,000	10,159,000	4,032,000	6,775,000	5,411,000	7,360,000	4,292,000	8,708,000	6,038,000	3,663,000	22,571,000	2,481,000	1,430,000
other expense	-80,000			-226,000	-230,000
total other income	-379,000	-471,000	1,006,000	2,763,000	5,582,000	-1,020,000	1,786,000	196,000	1,799,000	-972,000	5,172,000	3,508,000	1,618,000	30,524,000	1,566,000	2,799,000		-920,000	5,546,000	1,574,000		-283,000	-707,000	14,142,000	-422,000	-4,141,000	1,409,000	2,794,000	4,802,000	-2,641,000	-83,000	3,270,000	917,000	11,467,000	4,331,000	11,860,000	11,364,000	5,493,000	2,049,000	415,000	12,695,000	-105,000	6,385,000	-4,220,000	2,913,000	5,084,000	804,000	2,272,000	411,000	1,802,000	977,000	1,130,000	-243,000	29,000	350,000	2,527,000	1,379,000	-5,000	299,000	303,000	337,000	-168,000	-3,698,000	520,000	-546,000	4,211,722	1,225	902,000	1,150,000
income before income taxes	17,797,000	38,975,000	53,938,000	39,723,000	22,476,000	24,713,000	23,058,000	32,825,000	17,751,000	16,334,000	25,465,000	45,339,000	12,922,000													6,283,000	8,829,000	13,662,000	2,641,000	-3,984,000	1,861,000	32,614,000	376,000	9,581,000	8,784,000	16,523,000	6,467,000	4,500,000	3,644,000	2,558,000	11,798,000
income tax expense	-4,510,000	-9,739,000	-13,735,000	-9,949,000	-5,808,000	-6,593,000	-6,409,000	-8,301,000	-4,649,000	-4,300,000	-6,764,000	-11,503,000	-3,441,000	-9,746,000	-4,163,000	-5,945,000	-4,536,000	-9,802,000	-6,429,000	-7,699,000		-1,963,000	-2,441,000	-5,907,000				-3,434,000				-6,547,000		-2,707,750	-2,643,000	-5,909,000	-2,279,000	-1,977,000	-948,000	-978,000				-1,862,000				-8,690,000	-106,905,000	-39,500	-158,000																						8,344,000	44,169,000
net income	13,287,000	29,236,000	40,203,000	29,774,000	16,668,000	18,120,000	16,649,000	24,524,000	13,102,000	12,034,000	18,701,000	33,836,000	9,481,000	27,624,000	12,061,000	17,089,000	13,453,000	31,990,000	14,777,000	24,024,000	2,957,000	19,814,000	7,782,000	19,219,000	-1,335,000	8,627,000	5,826,000	10,228,000	1,980,000	-433,000	5,344,000	26,067,000	625,000	38,293,000	6,141,000	10,614,000	4,188,000	2,634,000	2,696,000	1,580,000	8,554,000	-2,742,000	2,758,000	-271,000	-1,716,000	-11,159,000	-156,000	14,609,000	402,989,000	556,000	4,190,000	2,698,000	-2,480,000	-8,638,000	15,333,000	173,000	-880,000	-328,618,000	-2,437,000	-13,343,000	14,090,000	-2,724,000	-13,126,000	-8,630,000	-11,424,000	-130,768,436	-14,490	-45,275,000	-11,799,000
yoy	-20.28%	61.35%	141.47%	21.41%	27.22%	50.57%	-10.97%	-27.52%	38.19%	-56.44%	55.05%	98.00%	-29.53%	-13.65%	-18.38%	-28.87%	354.95%	61.45%	89.89%	25.00%	-321.50%	129.67%	33.57%	87.91%	-167.42%	-2092.38%	9.02%	-60.76%	216.80%	-101.13%	-12.98%	145.59%	-85.08%	1353.80%	127.78%	571.77%	-51.04%	-196.06%	-2.25%	-683.03%	-598.48%	-75.43%	-1867.95%	-101.86%	-100.43%	-2107.01%	-103.72%	441.48%	-16349.56%	-106.44%	-72.67%	1459.54%	181.82%	-97.37%	-729.18%	-101.30%	-106.25%	11963.80%	-81.43%	54.61%	-223.34%	-97.92%	90486.61%	-80.94%	-3.18%
qoq	-54.55%	-27.28%	35.03%	78.63%	-8.01%	8.84%	-32.11%	87.18%	8.87%	-35.65%	-44.73%	256.88%	-65.68%	129.04%	-29.42%	27.03%	-57.95%	116.49%	-38.49%	712.45%	-85.08%	154.61%	-59.51%	-1539.63%	-115.47%	48.08%	-43.04%	416.57%	-557.27%	-108.10%	-79.50%	4070.72%	-98.37%	523.56%	-42.14%	153.44%	59.00%	-2.30%	70.63%	-81.53%	-411.96%	-199.42%	-1117.71%	-84.21%	-84.62%	7053.21%	-101.07%	-96.37%	72380.04%	-86.73%	55.30%	-208.79%	-71.29%	-156.34%	8763.01%	-119.66%	-99.73%	13384.53%	-81.74%	-194.70%	-617.25%	-79.25%	52.10%	-24.46%	-91.26%	902373.68%	-99.97%	283.72%
net income margin %	13.42%	22.68%	24.96%	23.07%	17.69%	17.37%	16.82%	21.97%	14.92%	13.87%	18.44%	26.40%	12.99%	44.83%	20.95%	25.04%	20.74%	32.16%	27.37%	33.26%	7.16%	31.03%	18.51%	53.26%	-7.19%	20.22%	17.73%	28.77%	12.36%	-2.66%	22.57%	51.69%	3.15%	177.60%	18.25%	34.93%	31.73%	14.05%	9.91%	Infinity%	Infinity%	-Infinity%	Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	-Infinity%	Infinity%	Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	NaN%	NaN%	NaN%	NaN%	NaN%
net loss attributable to non-controlling interest	647,000	698,000	-1,496,000	-250,000	793,000	800,000	186,000	-6,000	813,000	1,151,000	708,000	891,000	909,000	505,000	286,000	-50,000	-41,000	-53,000	419,000	200,000	239,000	-28,000	-31,000	-20,000	-198,000	61,000	-109,000	145,000	17,000
net income attributable to the company	13,934,000	29,934,000	38,707,000	29,524,000	17,461,000	18,920,000	16,835,000	24,518,000	13,915,000	13,185,000	19,409,000	34,727,000	10,390,000	28,129,000	12,347,000	17,039,000	13,412,000	31,937,000	15,196,000	24,224,000	3,196,000	19,786,000	7,751,000	19,199,000	-1,533,000	8,688,000	5,717,000	10,373,000	1,997,000	-66,000	5,483,000	26,195,000	757,000	38,503,000	5,943,000	10,764,000	4,368,000	2,709,000	2,711,000	1,810,000	8,665,000	-2,541,000	2,772,000	-224,000	-1,738,000	-11,100,000	-50,000	14,609,000	402,995,000	560,000	4,198,000	2,704,000	-2,474,000	-8,632,000	15,340,000	176,000	-874,000	-328,611,000	-2,431,000	-13,336,000	14,099,000	-2,713,000	-13,116,000	-8,622,000	-11,412,000	-129,948,253	-14,430	-44,620,000	-11,697,000
net income per share																		0.55	0.26	0.41	0.05	0.34	0.13	0.33	-0.03	0.15	0.1	0.17	0.03	0.01	0.09	0.41	0.01	0.55	0.08	0.15	0.06	0.03	0.04	0.02	0.12	-0.03	0.03		-0.02	-0.12		0.16	4.37		0.05	0.03	-0.03
basic	0.24	0.52	0.67	0.51	0.3	0.32	0.29	0.42	0.24	0.22	0.33	0.6	0.18	0.48	0.21	0.29	0.23
diluted	0.24	0.51	0.67	0.51	0.3	0.32	0.29	0.42	0.24	0.22	0.33	0.6	0.18	0.48	0.21	0.29	0.23
weighted-average shares outstanding																		58,882,549	58,882,549	58,882,549	58,882,549	59,009,865	58,882,549	58,901,540	59,375,618	59,994,527	60,043,427	60,200,534	60,321,028	62,725,954	61,066,731	63,760,022	65,476,054	70,548,411	70,202,807	71,981,505	73,970,407	74,457,541	74,342,826	74,338,023	74,809,010	87,827,869	92,026,894	92,302,636	92,302,636	92,297,467	92,295,213	92,295,213	92,292,913	92,285,888	92,284,532	92,284,532	92,284,265		92,292,053	92,293,017	92,265,059
basic	57,485,043	57,944,092	57,841,815	58,057,268	58,244,040	58,326,286	58,331,818	58,331,818	58,320,489	58,312,878	58,314,117	58,314,117	58,309,093	58,720,050	58,814,972	58,882,392	58,882,549
diluted	57,507,895	57,959,936	57,859,155	58,062,291	58,257,920	58,346,726	58,354,438	58,346,883	58,341,335	58,324,254	58,334,828	58,317,520	58,309,093	58,721,338	58,814,972	58,887,440	58,886,931
other income		-1,161,000	2,195,000			-134,000	-50,000	-102,000	-463,000	-87,000	1,150,000	1,467,000	713,000	6,902,000	2,128,000	4,285,000	-369,000	586,000	7,329,000	972,000	1,294,000	-18,947,000	267,000	15,477,000	4,532,000	-676,000	2,147,000	3,283,000	1,698,000	365,000	268,000	243,000	277,000	395,000	917,000	592,000
gain on contributions to unconsolidated joint ventures						-1,000			14,000	85,000	76,000	27,000	530,000	737,000	1,430,000	89,000	482,000
timber revenue										1,008,000	990,000	1,345,000	1,698,000	1,268,000	1,162,000	1,322,000	2,954,000	1,194,000	1,058,000	2,178,000	1,591,000	823,000	1,597,000	2,055,000	1,856,000	1,324,000	1,326,000	759,000	495,000	280,000	1,773,000	1,911,000	1,666,000	1,314,000	1,893,000	1,243,000	1,171,000	1,152,000	1,298,000
cost of timber revenue										143,000	202,000	208,000	163,000	205,000	172,000	255,000	150,000	175,000	118,000	243,000	141,000	206,000	212,000	212,000	179,000	140,000	175,000	193,000	141,000	156,000	148,000	193,000	213,000	247,000	167,000	238,000	157,000	195,000	213,000
income before equity in income from unconsolidated joint ventures and income taxes														13,458,000	13,743,000	21,604,000
total other expense																	-1,740,000				-1,062,000
income before equity in loss from unconsolidated joint ventures and income taxes																	18,484,000
equity in loss from unconsolidated joint ventures																	-495,000
other operating and corporate expenses																		4,290,250	4,987,000	5,106,000	7,069,000	5,931,000	5,113,000	4,946,000	6,916,000	5,273,000	5,054,000	5,094,000	5,968,000	4,489,000	5,113,000	5,010,000	5,946,000	5,079,000	4,968,000	4,154,000	6,180,000	5,283,000	5,193,000	5,725,000	6,819,000	8,730,000	9,847,000	7,732,000	7,117,000
gain on contribution to equity method investment																		822,500		3,169,000	120,000
income before equity in loss from unconsolidated affiliates and income taxes																		14,627,250	21,707,000	32,324,000	4,477,000	25,997,000	10,318,000	25,249,000	-1,747,000
equity in loss from unconsolidated affiliates																		-392,500	-501,000	-601,000	-468,000	-365,000	-95,000	-123,000	-83,000

net income per share																		0.55	0.26	0.41	0.05	0.34	0.13	0.33	-0.03	0.15	0.1	0.17	0.03	0.01	0.09	0.41	0.01	0.55	0.08	0.15	0.06	0.03	0.04	0.02	0.12	-0.03	0.03		-0.02	-0.12		0.16	4.37		0.05	0.03	-0.03
basic and diluted
weighted-average shares outstanding																		58,882,549	58,882,549	58,882,549	58,882,549	59,009,865	58,882,549	58,901,540	59,375,618	59,994,527	60,043,427	60,200,534	60,321,028	62,725,954	61,066,731	63,760,022	65,476,054	70,548,411	70,202,807	71,981,505	73,970,407	74,457,541	74,342,826	74,338,023	74,809,010	87,827,869	92,026,894	92,302,636	92,302,636	92,297,467	92,295,213	92,295,213	92,292,913	92,285,888	92,284,532	92,284,532	92,284,265		92,292,053	92,293,017	92,265,059
income tax benefit																					-1,052,000				495,000	-2,349,000	-3,003,000		-661,000	3,551,000	3,483,000		249,000								-3,244,000	1,226,000	-1,244,000		1,073,000	-298,000	386,000										647,000				7,553,000					-11,822.5	-11,906
resorts and leisure revenue																														8,321,000	12,565,000	13,270,000	7,450,000	9,187,000	18,198,000	19,328,000	8,108,000	9,694,000	19,046,000
cost of resorts and leisure revenue																														6,622,000	9,669,000	9,820,000	6,999,000	9,616,000	14,513,000	14,884,000	8,804,000	9,827,000	15,438,000
net income (income) attributable to non-controlling interest																														100,000	139,000										111,000
net income attributable to non-controlling interest																																128,000	132,000			150,000	180,000	75,000	15,000	230,000		201,000	14,000	47,000		59,000	106,000		6,000	4,000	8,000	6,000
claim settlement																																									12,548,000
net (income) loss attributable to non-controlling interest																																		33,000	-198,000										-22,000
other																																					4,051,000	371,750	435,000	601,000	452,000	15,000	135,000	-7,013,000	577,000	2,754,000	387,000	570,000	776,000	1,960,000	906,000	1,093,000	250,000	408,000	891,000	2,852,000	1,734,000	535,000	940,000	1,123,000	1,127,000	800,000	1,081,000	1,204,000	165,000	1,982,550	526	228,000	331,000
revenues:
real estate sales																																								6,744,000	7,081,000	9,367,000	4,880,000	14,019,000	5,437,000	4,392,000	3,910,000	48,868,000	577,746,000	17,180,000	12,823,000	6,980,000	8,056,000	5,002,000	32,082,000	4,983,000	13,946,000	5,527,000	5,677,000	3,482,000	5,212,000	23,387,000	10,866,000	2,836,000	1,834,000	78,704,992	24,271	20,243,000	8,494,000
resorts and leisure revenues																																								19,793,000	8,751,000	8,831,000	18,537,000	19,318,000	7,803,000
leasing revenues																																								2,321,000	2,361,000	2,237,000	2,528,000	2,167,000	2,045,000
timber sales																																								693,000	2,061,000	668,000	1,885,000	2,342,000	1,806,000	1,206,000	1,061,000	1,100,000	8,139,000	8,305,000	7,695,000	9,755,000	9,695,000	10,193,000	9,558,000	9,731,000	9,495,000	7,727,000	8,186,000	8,166,000	62,624,000	7,805,000	6,817,000	7,804,000	6,415,000	26,563,608	7,053	7,167,000	6,172,000
total revenues																																								29,551,000	20,254,000	21,103,000	27,830,000	37,846,000	17,091,000	15,676,000	23,947,000	68,164,000	594,086,000	33,868,000	36,827,000	33,788,000	26,773,000	22,616,000	55,907,000	30,357,000	30,518,000	19,820,000	26,745,000	25,284,000	73,436,000	37,100,000	27,105,000	22,035,000	13,300,000	138,151,548	43,195	40,652,000	21,605,000
cost of real estate sales																																								2,975,000	1,765,000	4,195,000	2,480,000	6,588,000	3,137,000	2,369,000	1,924,000	20,391,000	61,994,000	8,556,000	6,979,000	3,702,000	5,040,000	3,277,000	14,391,000	2,860,000	7,665,000	3,068,000	3,624,000	2,765,000	1,780,000	3,404,000	3,335,000	1,140,000	591,000	60,400,832	22,452	11,607,000	4,109,000
cost of resorts and leisure revenues																																								15,645,000	9,319,000	8,849,000	14,720,000	14,694,000	8,806,000
cost of leasing revenues																																								759,000	750,000	796,000	734,000	628,000	634,000
cost of timber sales																																								203,000	210,000	191,000	201,000	258,000	184,000	176,000	243,000	243,000	3,851,000	4,866,000	4,821,000	5,805,000	6,035,000	5,984,000	5,496,000	6,184,000	6,336,000	5,542,000	5,123,000	5,956,000	6,240,000	5,389,000	5,289,000	5,091,000	4,430,000	19,098,235	5,139	5,187,000	4,439,000
administrative costs associated with special purpose entities																																																3,746,000
income before equity in income from unconsolidated affiliates and income taxes																																										-3,968,000	4,002,000	1,591,000	-2,789,000	-10,861,000	-531,000	23,310,000	509,904,000	-162,000	4,360,000	2,713,000	-2,468,000
equity in income from unconsolidated affiliates																																															-11,000	-11,000	-10,000	151,000	-12,000	-15,000	-12,000
resorts, leisure and leasing revenues																																														10,078,000	18,976,000	18,196,000	8,201,000	8,383,000	16,309,000	17,053,000
cost of resorts, leisure and leasing revenues																																														9,465,000	14,472,000	13,631,000	8,146,000	7,649,000	12,515,000	12,660,000
other operating expenses																																														3,681,000	2,516,000	2,736,000	4,418,000	3,613,000	2,572,000	3,213,000	2,925,000	3,883,000	3,443,000	4,253,000	3,744,000	4,291,000	4,692,000	6,259,000	7,010,000	6,945,000	12,300,000	7,565,000	7,973,000	39,951,908	8,752	12,180,000	11,160,000
corporate expense																																														192,000	3,953,000	4,435,000	4,089,000	3,909,000	4,245,000	4,490,000	4,388,000	3,428,000	3,188,000	4,894,000	4,431,000	-1,572,000	2,832,000	8,278,000	18,247,000	2,891,000	9,821,000	8,109,000	5,357,000	24,280,877	5,902	5,421,000	7,798,000
income per share
basic and diluted
net income per share																		0.55	0.26	0.41	0.05	0.34	0.13	0.33	-0.03	0.15	0.1	0.17	0.03	0.01	0.09	0.41	0.01	0.55	0.08	0.15	0.06	0.03	0.04	0.02	0.12	-0.03	0.03		-0.02	-0.12		0.16	4.37		0.05	0.03	-0.03
resort, leisure and leasing revenues																																																					9,022,000
cost of resort, leisure and leasing revenues																																																					8,285,000
less: net income attributable to noncontrolling interest																																																					-6,000	-4,000	-7,000			-7,000	-6,000	-7,000		-11,000	-10,000	-8,000
loss per share
basic and diluted
resort and club revenues																																																						8,546,750	13,089,000	14,755,000	6,344,000	5,856,000	12,023,000	12,974,000	5,112,000	5,285,000	8,755,000	10,797,000	4,592,000
other revenues																																																						699,750	1,178,000	888,000	733,000	710,000	859,000	662,000	488,000	623,000	667,000	598,000	459,000	3,154,312	11,279	12,835,000	6,574,000
cost of resort and club revenues																																																						7,322,500	10,918,000	11,508,000	6,863,000	6,773,000	10,576,000	10,996,000	6,574,000	6,566,000	8,786,000	9,631,000	6,503,000
cost of other revenues																																																						485,250	693,000	550,000	697,000	696,000	728,000	537,000	493,000	536,000	515,000	621,000	461,000	2,216,193	11,057	11,682,000	8,068,000
depreciation and amortization																																																						1,796,250	2,400,000	2,457,000	2,328,000	2,870,000	3,020,000	3,446,000	6,504,000	3,362,000	3,356,000	3,457,000	3,482,000	15,102,635	4,003	4,307,000	4,055,000
impairment losses																																																										374,846,000		1,697,000	782,000	4,244,000		502,000	53,000	102,650,439	11,063	19,962,000	1,536,000
restructuring charges																																																						22,750	18,000	18,000	55,000	797,000	348,000	5,926,000	4,476,000	899,000	1,654,000	1,158,000	1,540,000	5,366,155	1,834	12,000
income from operations before equity in loss of unconsolidated affiliates and income taxes																																																						3,912,500	15,710,000
equity in loss of unconsolidated affiliates																																																						-10,000	-20,000	-9,000		-42,000	-11,000							-121,919	-66	-45,000
income tax (benefit) expense																																																						245,500	357,000	-22,000		-216,750	-1,473,000	-6,946,000					-6,590,000			-28,406,000	-6,978,000
earnings per share
basic
weighted-average shares outstanding																		58,882,549	58,882,549	58,882,549	58,882,549	59,009,865	58,882,549	58,901,540	59,375,618	59,994,527	60,043,427	60,200,534	60,321,028	62,725,954	61,066,731	63,760,022	65,476,054	70,548,411	70,202,807	71,981,505	73,970,407	74,457,541	74,342,826	74,338,023	74,809,010	87,827,869	92,026,894	92,302,636	92,302,636	92,297,467	92,295,213	92,295,213	92,292,913	92,285,888	92,284,532	92,284,532	92,284,265		92,292,053	92,293,017	92,265,059
diluted	57,507,895	57,959,936	57,859,155	58,062,291	58,257,920	58,346,726	58,354,438	58,346,883	58,341,335	58,324,254	58,334,828	58,317,520	58,309,093	58,721,338	58,814,972	58,887,440	58,886,931
income from operations before equity in (loss) of unconsolidated affiliates and income taxes																																																								160,000
less: net (loss) attributable to noncontrolling interest																																																								-3,000	-6,000				-9,000				-12,000	-204.25	-60	-655,000	-102,000
income from operations before equity in income of unconsolidated affiliates and income taxes																																																									-222,000
equity in (loss)of unconsolidated affiliates																																																									-11,000
income from continuing operations before equity in loss of unconsolidated affiliates and income taxes																																																										-383,367,000	-3,899,000							-205,008,381	-26,330	-73,636,000
loss per share
basic
diluted
income from continuing operations before equity in income of unconsolidated affiliates and income taxes																																																												-20,273,000	21,667,000				-17,636,000				-18,653,000
equity in income of unconsolidated affiliates																																																												-16,000	-24,000				-378,000				30,000
income per share
basic
diluted
income earnings per share
basic
income from continuing operations attributable to the company																																																													0.15	-0.03	-0.14	-0.09	-0.13
income from discontinued operations attributable to the company
diluted
pension settlement charge																																																																		11,169.5		44,678,000
income from continuing operations before equity in (loss) of unconsolidated affiliates and income taxes																																																														-13,501,000	-21,649,000	-14,719,000
equity in (loss) of unconsolidated affiliates																																																														-119,750	-50,000	-51,000
income tax																																																														-5,325,500	-8,573,000	-6,140,000
income from continuing operations																																																														-2,724,000	-13,126,000	-8,630,000	-11,424,000	-123,955,590	-14,490	-45,275,000	-11,645,000				12,049,000	72,203,000
income from discontinued operations, net of tax																																																																		-6,812,846			-154,000
loss per share
basic
(loss) per share
basic
rental revenues																																																																		341	592	407,000	365,000
cost of rental revenues																																																																		236.25	548	154,000	243,000
operating profit																																																																		-209,220,103	-27,555	-74,538,000	-19,803,000
loss on early extinguishment of debt
income from discontinued operations
diluted
gain on disposition of assets																																																																				182,000	182,000
sales																																																																						16,680,000	14,320,000
cost of sales:
direct costs																																																																						13,150,000	10,110,000
selling costs																																																																						2,100,000	800,000
other indirect costs																																																																						900,000	3,100,000
total cost of sales																																																																						16,160,000	14,010,000
gross profit																																																																						520,000	310,000
yoy
qoq																																																																						67.74%
gross margin %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	Infinity%	Infinity%	NaN%	NaN%	NaN%
gross profit margin																																																																						3,000,000	2,000,000
operating revenues																																																																									145,530,000	121,680,000
income from continuing operations before income taxes and minority interest																																																																									20,701,000	116,549,000
minority interest																																																																									308,000	177,000
income from discontinued operations:
earnings per share
basic
diluted
income from discontinued operations
income from discontinued operations:
diluted

Balance Sheets:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2004-09-30	2004-06-30	2003-09-30	2003-06-30	2003-03-31	2002-12-31	2002-06-30	2002-03-31	2001-12-31

assets
investment in real estate	999,813,000	1,004,858,000	1,020,666,000	1,048,852,000	1,047,039,000	1,040,428,000	1,039,391,000	1,035,836,000	1,022,927,000	1,018,618,000	1,011,400,000	1,006,151,000	1,026,286,000	996,261,000	883,796,000	819,618,000	741,455,000	690,113,000	647,874,000	601,589,000	569,201,000	551,653,000	530,673,000	497,658,000	468,896,000	430,776,000	410,176,000	384,056,000	364,715,000	350,994,000	348,896,000	339,457,000	332,628,000	332,624,000	337,509,000	334,699,000	322,097,000	314,620,000	313,008,000	310,242,000	311,738,000	313,599,000	315,537,000	316,853,000	321,122,000	321,812,000	324,064,000	322,923,000	320,116,000	385,009,000	382,779,000	379,755,000	370,935,000	370,647,000				387,202,000	759,603,000	754,805,000	750,473,000	755,392,000	746,791,000	748,195,000	747,341,000	749,500,000	844,911,000	869,750,000	888,057,000	890,583,000	930,420,000	947,644,000	950,669,000	943,540,000	950,726,000	887,632,000	889,300,000	1,213,562,000	1,218,017,000	1,192,867,000	1,036,174,000	977,657,000	1,005,027,000	989,728,000	942,630,000	907,042,000	902,009,000			823,412,000	806,701,000	797,357,000	751,442,000	736,734,000
investment in unconsolidated joint ventures	68,076,000	66,052,000	67,488,000	73,854,000	71,844,000	66,454,000	73,257,000	71,387,000	71,229,000	66,356,000	68,406,000	60,384,000	55,457,000	50,025,000	58,865,000	54,086,000	52,622,000	52,027,000	50,766,000	51,178,000	40,776,000	37,965,000	34,848,000	29,293,000	11,077,000	5,084,000
cash and cash equivalents	136,280,000	129,614,000	126,053,000	88,158,000	94,535,000	88,756,000	82,745,000	86,726,000	89,768,000	86,068,000	91,998,000	60,627,000	57,152,000	37,747,000	18,846,000	21,851,000	33,115,000	70,162,000	27,260,000	33,336,000	52,313,000	106,794,000	102,351,000	106,039,000	106,427,000	185,716,000	165,311,000	195,587,000	190,821,000	195,155,000	200,884,000	215,095,000	202,585,000	192,083,000	166,773,000	247,178,000	216,982,000	241,111,000	165,286,000	183,483,000	201,325,000	212,773,000	157,887,000	337,972,000	289,708,000	34,515,000	61,582,000	50,883,000	237,419,000	21,894,000	22,831,000	54,183,000	168,652,000	165,980,000	172,398,000	169,899,000	165,689,000	162,391,000	188,242,000	199,829,000	216,226,000	183,827,000	196,402,000	138,862,000	152,637,000	163,807,000	156,554,000	116,569,000	109,651,000	115,472,000	106,272,000	44,214,000	308,926,000	24,265,000	11,905,000	20,187,000	32,514,000	36,935,000	21,729,000	43,492,000	202,605,000	220,743,000	22,597,000	43,418,000	94,816,000	95,572,000	70,797,000			66,832,000	73,273,000	105,387,000	41,168,000	40,940,000
other assets	71,533,000	73,782,000	72,171,000	81,793,000	74,666,000	80,318,000	84,487,000	90,287,000	84,854,000	82,243,000	87,027,000	93,547,000	57,660,000	61,729,000	62,190,000	69,882,000	69,875,000	70,235,000	69,897,000	73,001,000	62,315,000	63,243,000	58,471,000	54,977,000	48,393,000	52,069,000	59,953,000	61,497,000	52,541,000	50,283,000	40,602,000	46,433,000	42,701,000	47,133,000	40,500,000	40,528,000	36,473,000	38,410,000	33,343,000	35,867,000	33,540,000	38,644,000	32,647,000	33,951,000	34,400,000	31,990,000	32,135,000	31,384,000	25,353,000	22,612,000	22,084,000	23,370,000	22,475,000	20,403,000	22,632,000	22,816,000	21,676,000	21,981,000	23,101,000	29,349,000	28,559,000	27,458,000	25,138,000	29,531,000	26,696,000	26,290,000	28,754,000	28,684,000	28,073,000	33,422,000	37,184,000	35,463,000	49,324,000	38,023,000	34,055,000	31,626,000	27,123,000	44,668,000	82,309,000	63,080,000	75,924,000	74,824,000	65,054,000	57,288,000	49,635,000	47,727,000	44,607,000	44,221,000	47,247,000	49,248,000	51,064,000	36,329,000	61,338,000	57,786,000
property and equipment	39,642,000	41,314,000	44,749,000	52,608,000	56,188,000	59,107,000	62,205,000	62,374,000	65,075,000	66,049,000	69,133,000	68,953,000	42,414,000	39,638,000	36,981,000	35,445,000	35,974,000	31,145,000	32,291,000	27,117,000	27,456,000	20,846,000	18,750,000	19,500,000	19,404,000	19,018,000	18,749,000	18,950,000	12,749,000	12,031,000	12,335,000	11,670,000	11,695,000	11,776,000	9,282,000	9,541,000	9,067,000	8,992,000	9,166,000	9,414,000	9,733,000	10,145,000	10,267,000	10,094,000	10,505,000	10,203,000	10,483,000	10,946,000	10,908,000	11,410,000	11,655,000	11,884,000	12,121,000	12,149,000
investments held by special purpose entities	202,404,000	202,806,000	202,786,000	203,137,000	203,115,000	203,511,000	203,486,000	203,832,000	203,805,000	204,196,000	204,167,000	204,508,000	204,476,000	204,863,000	204,829,000	205,166,000	205,131,000	205,513,000	205,476,000	205,809,000	205,770,000	206,149,000	206,108,000	206,438,000	206,396,000	206,771,000	206,728,000	207,055,000	207,011,000	207,384,000	207,338,000	207,664,000	207,618,000	207,989,000	207,942,000	208,267,000	208,219,000	208,590,000	208,543,000	208,462,000	208,414,000	208,785,000	208,720,000	209,459,000	209,412,000	209,857,000	209,823,000	210,463,000
total assets	1,517,748,000	1,518,426,000	1,533,913,000	1,548,402,000	1,547,387,000	1,538,574,000	1,545,571,000	1,550,442,000	1,537,658,000	1,523,530,000	1,542,106,000	1,522,101,000	1,466,259,000	1,430,839,000	1,339,540,000	1,319,825,000	1,256,345,000	1,208,151,000	1,136,550,000	1,102,005,000	1,053,393,000	1,037,324,000	1,003,913,000	966,316,000	913,022,000	909,233,000	898,026,000	906,247,000	875,840,000	870,962,000	870,600,000	883,768,000	905,584,000	920,993,000	919,686,000	1,020,346,000	1,007,444,000	1,027,945,000	986,429,000	984,440,000	978,985,000	984,813,000	1,012,456,000	1,319,460,000	1,305,492,000	1,303,135,000	1,318,850,000	1,340,870,000	1,169,084,000	669,472,000	667,072,000	662,524,000	651,321,000									1,051,695,000					1,170,007,000	1,189,468,000																					1,217,714,000	1,191,698,000	1,169,887,000	1,194,401,000	1,275,432,000	1,340,559,000
liabilities and equity
liabilities:
debt	380,417,000	391,159,000	399,006,000	427,251,000	434,824,000	437,754,000	443,342,000	447,386,000	451,990,000	453,640,000	453,116,000	446,639,000	420,689,000	385,860,000	321,085,000	291,471,000	256,763,000	223,034,000	196,099,000	183,086,000	169,730,000	158,915,000	143,375,000	120,522,000	98,337,000	92,529,000	85,581,000	80,244,000	77,792,000	69,374,000	62,326,000	59,166,000	55,453,000	55,630,000	55,738,000	55,498,000	55,525,000	55,040,000	54,233,000	54,206,000	54,646,000	55,194,000	69,726,000	68,277,000	66,487,000	63,804,000	60,678,000	54,253,000	49,415,000	44,217,000	37,832,000	38,206,000	35,752,000	36,062,000	30,378,000	51,703,000	52,776,000	53,458,000	52,427,000	53,146,000	53,938,000	54,651,000	38,323,000	38,898,000	39,177,000	39,508,000	43,292,000	49,094,000	49,213,000	49,560,000	50,796,000	54,180,000	288,668,000	541,181,000	540,622,000	428,526,000	604,664,000	627,056,000	653,488,000	605,340,000	554,446,000	524,266,000	435,037,000	444,806,000	421,110,000	400,267,000	399,598,000	369,005,000	348,711,000	334,085,000	320,915,000	362,657,000	368,945,000	498,015,000
accounts payable and other liabilities	57,645,000	48,297,000	56,137,000	60,741,000	62,052,000	53,969,000	61,691,000	65,332,000	65,429,000	58,573,000	91,199,000
deferred revenue	61,820,000	58,663,000	60,249,000	60,360,000	60,901,000	59,274,000	62,141,000	64,134,000	64,512,000	62,836,000	55,489,000	47,348,000	40,860,000	38,936,000	39,311,000	38,977,000	37,368,000
deferred tax liabilities	64,561,000	65,861,000	68,917,000	71,450,000	71,990,000	72,358,000	70,389,000	72,883,000	72,616,000	71,829,000	70,581,000	90,121,000	78,256,000	82,706,000	81,558,000	77,884,000	79,746,000	77,259,000	72,580,000	65,464,000	61,272,000	60,915,000	60,122,000	57,860,000	53,525,000	52,808,000	52,083,000	48,206,000	44,522,000	44,315,000	47,451,000	49,087,000	48,516,000	48,983,000	70,839,000	69,940,000	70,276,000	68,846,000	39,375,000	37,498,000	37,919,000	36,847,000	37,542,000	36,991,000	35,467,000	34,824,000	39,665,000	40,100,000	11,053,000
senior notes held by special purpose entity	178,908,000	178,821,000	178,735,000	178,650,000	178,567,000	178,484,000	178,402,000	178,321,000	178,241,000	178,162,000	178,085,000	178,008,000	177,932,000	177,857,000	177,783,000	177,710,000	177,637,000	177,566,000	177,495,000	177,426,000	177,357,000	177,289,000	177,222,000	177,156,000	177,090,000	177,026,000	176,962,000	176,899,000	176,837,000	176,775,000	176,715,000	176,655,000	176,595,000	176,537,000	176,479,000	176,422,000	176,366,000	176,310,000	176,255,000	176,201,000	176,147,000	177,445,000	177,418,000	177,392,000	177,366,000	177,341,000	177,317,000	177,301,000
total liabilities	743,351,000	742,801,000	763,044,000	798,452,000	808,334,000	801,839,000	815,965,000	828,056,000	832,788,000	825,040,000	848,470,000	840,391,000	813,876,000	779,730,000	703,075,000	672,385,000	619,313,000	582,051,000	537,932,000	513,490,000	485,289,000	469,154,000	451,493,000	423,666,000	392,112,000	379,563,000	375,476,000	364,107,000	345,520,000	337,851,000	336,498,000	334,228,000	324,388,000	328,409,000	352,932,000	362,480,000	349,882,000	341,146,000	313,268,000	315,624,000	311,858,000	311,366,000	335,294,000	339,622,000	326,734,000	323,434,000	334,499,000	355,694,000	199,338,000	105,947,000	105,744,000	106,298,000	100,687,000	93,187,000	92,720,000	121,621,000	118,556,000	117,399,000	172,803,000	186,421,000	193,164,000	179,258,000	185,651,000	189,868,000	196,955,000	202,855,000	218,635,000	221,962,000	225,141,000	226,877,000	280,587,000	305,782,000	532,245,000	777,349,000	804,551,000	835,080,000	1,075,937,000	1,088,782,000	1,110,061,000	1,102,953,000	1,084,754,000				897,825,000					713,042,000	689,794,000	693,816,000		822,486,000
commitments and contingencies
equity:
common stock	229,833,000	229,506,000	269,592,000	269,283,000	268,978,000	268,668,000	271,730,000	271,403,000	271,079,000	270,848,000	270,621,000	270,395,000	270,169,000	270,028,000	297,129,000	297,021,000	296,915,000	296,873,000	296,873,000	296,873,000	296,873,000	296,873,000	305,676,000	305,676,000	305,658,000	305,631,000	326,449,000	330,209,000	331,408,000	331,395,000	331,381,000	424,736,000	425,223,000	424,694,000	572,087,000	572,059,000	572,059,000	572,040,000	572,002,000	892,443,000	892,387,000	892,387,000	892,387,000	892,387,000	892,237,000	892,237,000	892,237,000	892,187,000	892,027,000	892,027,000	892,027,000	892,037,000	891,793,000	891,798,000	891,907,000	891,926,000	891,438,000	890,314,000	942,681,000	942,568,000	942,638,000	935,603,000	934,553,000	933,254,000	929,381,000	921,613,000	920,391,000	920,047,000	916,687,000	914,456,000	911,659,000	908,852,000	904,736,000	321,505,000	320,015,000	317,421,000	313,714,000	308,060,000	301,947,000	292,667,000	300,626,000				263,044,000						122,709,000			83,154,000
retained earnings	540,911,000	536,190,000	515,493,000	484,891,000	463,488,000	454,193,000	443,449,000	434,790,000	417,280,000	410,371,000	404,191,000	391,787,000	362,897,000	358,344,000	336,049,000	329,593,000	318,448,000	310,925,000	283,699,000	273,214,000	253,701,000	255,216,000	239,552,000	231,801,000	212,602,000	214,225,000	205,537,000	199,820,000	189,447,000	187,450,000	187,516,000	182,033,000	155,838,000	154,324,000	115,821,000	109,878,000	99,114,000	94,746,000	92,037,000	89,325,000	87,516,000	78,851,000	81,392,000	78,621,000	78,844,000	80,582,000	91,682,000	91,733,000	77,124,000										876,830,000	879,261,000	892,597,000	878,498,000	881,211,000	894,327,000	902,950,000	915,981,000	975,253,000	989,683,000	1,034,303,000	1,046,000,000	1,073,921,000	1,093,117,000	1,113,935,000	1,081,883,000	1,080,870,000	1,099,576,000	1,086,158,000	1,078,312,000	1,067,857,000	1,073,749,000	1,074,990,000	1,049,823,000	1,025,898,000	998,795,000	994,172,000	976,819,000	961,249,000	924,568,000	910,980,000	901,139,000	892,622,000	825,677,000	792,740,000	724,832,000
accumulated other comprehensive income	550,000	594,000	758,000	926,000	1,114,000	1,419,000	1,227,000	1,925,000	2,041,000	1,843,000	2,575,000	2,477,000	2,073,000	2,430,000	2,047,000	1,084,000	920,000																	-1,461,000	-1,191,000	-944,000	3,219,000	2,507,000	1,294,000				139,000	648,000																										-42,660,000	-14,252,000	3,586,000	3,440,000	3,275,000	-621,000	-688,000	-860,000	-1,033,000														24,723,000	24,872,000	88,137,000
treasury stock	-5,421,000		-25,130,000	-16,336,000	-5,728,000										-19,972,000	-180,000							-8,803,000	-8,803,000	-6,807,000		-18,794,000	-7,073,000	-7,073,000			-72,463,000	-13,695,000		-135,995,000	-40,444,000	-34,156,000			-320,109,000	-320,109,000	-305,289,000	-305,209,000	-285,000	-285,000	-285,000	-285,000	-285,000	-285,000	-285,000	-285,000	-285,000	-285,000	-260,000	-260,000	-260,000	-260,000		-936,139,000	-936,139,000	-936,077,000	-931,431,000	-931,166,000	-930,919,000	-930,677,000	-930,124,000	-929,708,000	-929,322,000	-929,322,000	-929,167,000	-928,362,000	-926,465,000	-926,465,000	-926,322,000	-926,104,000	-924,490,000	-924,490,000	-924,259,000	-920,326,000	-914,664,000	-866,962,000				-742,156,000						-534,726,000			-377,099,000
total stockholders’ equity	765,873,000	766,290,000	760,713,000	738,764,000	727,852,000	724,280,000	716,406,000	708,118,000	690,400,000	683,062,000	677,387,000	664,659,000	635,139,000	630,802,000	615,253,000	627,518,000	616,283,000	607,409,000	579,692,000	568,866,000	549,364,000	550,617,000	534,912,000	527,144,000	510,563,000	519,521,000	512,702,000	522,886,000	513,714,000	518,171,000	518,595,000	533,693,000	566,534,000	577,557,000	550,722,000	640,549,000	640,236,000	669,293,000	665,333,000	660,974,000	659,054,000	665,263,000	668,709,000	971,371,000	970,244,000	971,209,000	975,800,000	976,520,000	961,089,000	558,354,000	557,936,000	554,186,000	549,618,000	552,025,000	559,680,000	544,435,000	543,989,000	543,561,000	875,579,000	879,836,000	888,781,000	872,124,000	872,920,000	883,455,000	889,266,000	894,912,000	950,986,000	965,682,000	982,199,000	988,629,000	1,042,966,000	1,079,090,000	1,095,646,000	480,341,000	474,160,000	491,819,000	474,522,000	461,080,000	449,478,000	451,752,000	488,998,000				495,411,000						480,093,000			518,073,000
non-controlling interest	8,524,000	9,335,000	10,156,000	11,186,000	11,201,000	12,455,000	13,200,000	14,268,000	14,470,000	15,428,000	16,249,000	17,051,000	17,244,000	20,307,000	21,212,000	19,922,000	20,749,000	18,691,000	18,926,000	19,649,000	18,740,000	17,553,000	17,508,000	15,506,000	10,347,000	10,149,000	9,848,000	19,254,000	16,606,000	14,940,000	15,507,000	15,847,000	14,662,000	15,027,000	16,032,000	17,317,000	17,326,000	17,506,000	7,828,000	7,842,000	8,073,000	8,184,000	8,453,000	8,467,000	8,514,000	8,492,000	8,551,000	8,656,000	8,657,000	5,171,000	3,392,000	2,040,000		309,000
total equity	774,397,000	775,625,000	770,869,000	749,950,000	739,053,000	736,735,000	729,606,000	722,386,000	704,870,000	698,490,000	693,636,000	681,710,000	652,383,000	651,109,000	636,465,000	647,440,000	637,032,000	626,100,000	598,618,000	588,515,000	568,104,000	568,170,000	552,420,000	542,650,000	520,910,000	529,670,000	522,550,000	542,140,000	530,320,000	533,111,000	534,102,000	549,540,000	581,196,000	592,584,000	566,754,000	657,866,000	657,562,000	686,799,000	673,161,000	668,816,000	667,127,000	673,447,000	677,162,000	979,838,000	978,758,000	979,701,000	984,351,000	985,176,000	969,746,000	563,525,000	561,328,000	556,226,000	550,634,000	552,334,000	559,995,000	544,757,000	544,314,000	543,892,000	875,860,000	880,124,000	889,085,000	872,437,000	873,253,000	883,799,000	889,627,000	895,285,000	951,372,000	967,506,000
total liabilities and equity	1,517,748,000	1,518,426,000	1,533,913,000	1,548,402,000	1,547,387,000	1,538,574,000	1,545,571,000	1,550,442,000	1,537,658,000	1,523,530,000	1,542,106,000	1,522,101,000	1,466,259,000	1,430,839,000	1,339,540,000	1,319,825,000	1,256,345,000	1,208,151,000	1,136,550,000	1,102,005,000	1,053,393,000	1,037,324,000	1,003,913,000	966,316,000	913,022,000	909,233,000	898,026,000	906,247,000	875,840,000	870,962,000	870,600,000	883,768,000	905,584,000	920,993,000	919,686,000	1,020,346,000	1,007,444,000	1,027,945,000	986,429,000	984,440,000	978,985,000	984,813,000	1,012,456,000	1,319,460,000	1,305,492,000	1,303,135,000	1,318,850,000	1,340,870,000	1,169,084,000	669,472,000	667,072,000	662,524,000	651,321,000	645,521,000				661,291,000	1,048,663,000	1,066,545,000	1,082,249,000	1,051,695,000	1,058,904,000	1,073,667,000	1,086,582,000	1,098,140,000	1,170,007,000	1,189,468,000
investments - debt securities											9,975,000	27,931,000	22,814,000	40,576,000	74,033,000	113,777,000	118,173,000	88,956,000	102,986,000	109,975,000	93,973,000	48,051,000	50,035,000	49,996,000	49,997,000	53,000	35,000	2,832,000	9,817,000	8,958,000	13,177,000	14,202,000	46,346,000
other liabilities												78,275,000	96,139,000	94,371,000	83,338,000	86,343,000	67,799,000	104,192,000	91,758,000	87,514,000	76,930,000	72,035,000	70,774,000	68,128,000	63,160,000	57,200,000	60,850,000	58,758,000	46,369,000	47,387,000	50,006,000	49,320,000	43,824,000	47,259,000	49,876,000	60,620,000	47,715,000	40,950,000	43,405,000	47,719,000	43,146,000

accumulated other comprehensive loss																		-389,000	-880,000	-1,221,000	-1,210,000	-1,472,000	-1,513,000	-1,530,000	-890,000	-335,000	-490,000	-70,000	-68,000	-674,000	-302,000	-613,000	-832,000							-685,000	-740,000	-686,000			-552,000	-1,325,000	-7,834,000	-7,115,000	-7,777,000	-7,517,000	-7,375,000	-6,938,000	-8,555,000	-8,652,000	-9,738,000	-9,662,000
investments - equity securities																					1,589,000	2,623,000	2,677,000	2,415,000	2,432,000	9,746,000	37,074,000	36,270,000	38,186,000	36,132,000	35,144,000	38,830,000	44,928,000
restricted investments																														3,432,000	3,429,000	3,406,000	3,392,000	4,469,000	4,462,000	4,469,000	4,448,000	5,636,000	5,640,000	5,653,000	5,651,000	7,072,000	7,156,000	7,129,000	7,099,000	7,940,000
income tax receivable																														3,914,000	3,395,000	1,651,000	8,371,000	8,371,000			26,672,000	27,057,000																																	41,387,000	36,052,000
claim settlement receivable																														2,679,000	5,400,000	5,360,000	5,320,000	5,280,000	7,982,000	7,922,000	7,863,000	7,804,000	12,746,000	12,651,000	12,556,000
investments																																		111,268,000	145,236,000	167,742,000	175,623,000	175,725,000	236,656,000	216,270,000	193,537,000	191,240,000	252,025,000	375,517,000	385,380,000	636,878,000	596,014,000	628,542,000	281,790,000	146,972,000	146,051,000	114,519,000
notes receivable																																							2,041,000	2,398,000	2,491,000	2,555,000	2,893,000	3,125,000	22,354,000	24,270,000	25,220,000	25,863,000	6,938,000	7,332,000	7,898,000	4,771,000	5,131,000	3,975,000	4,002,000	4,107,000	4,123,000	4,563,000	4,883,000	4,922,000	5,574,000	5,731,000	11,365,000	10,373,000	10,978,000	11,503,000	25,268,000	35,608,000	46,914,000	50,068,000	52,050,000	133,637,000	130,191,000	56,346,000	88,483,000	112,951,000	26,750,000	26,029,000
pledged treasury securities																																												25,360,000	25,512,000	25,670,000	25,822,000	25,967,000	26,111,000	26,260,000	26,404,000	26,541,000	26,676,000	26,818,000	21,690,000	22,274,000	22,789,000	23,299,000	23,800,000	24,300,000	24,794,000	25,281,000	25,757,000	26,209,000	26,656,000	27,105,000	27,547,000	27,995,000	28,451,000	28,910,000	29,354,000	29,802,000	30,235,000	30,671,000	31,095,000
accounts payable																																										6,159,000	6,469,000	12,149,000	14,826,000	12,554,000	8,311,000	18,223,000	16,352,000	12,083,000	14,761,000	17,469,000	17,590,000		14,325,000	19,514,000	19,835,000		14,871,000	19,634,000	18,308,000		12,377,000	16,309,000	15,355,000							74,320,000	90,482,000	88,555,000	98,717,000	97,909,000	103,520,000	117,131,000	76,381,000	76,144,000	75,309,000	77,131,000	96,913,000	90,119,000	76,916,000	69,735,000	62,674,000	70,818,000	64,891,000	54,026,000	46,409,000	38,787,000	36,882,000	49,290,000
accrued liabilities and deferred credits																																										35,721,000	44,139,000	44,813,000	32,588,000	34,911,000	37,802,000	36,889,000	32,437,000	49,647,000	53,151,000	50,623,000	47,345,000	42,352,000	47,796,000	50,404,000	45,945,000	47,491,000	66,752,000	73,285,000	74,827,000	73,233,000	96,719,000	88,988,000	91,549,000	91,250,000	98,190,000	93,916,000	90,724,000	92,636,000
pledged cash and treasury securities																																											25,324,000
prepaid pension asset																																															33,707,000	33,899,000	34,386,000	35,117,000	35,324,000	35,548,000	33,374,000	33,356,000	34,394,000	34,573,000	35,811,000	35,125,000	33,743,000	37,243,000	39,475,000	40,992,000	39,756,000	39,024,000	43,000,000	42,274,000	42,193,000	43,153,000	43,013,000	41,963,000	83,267,000	112,720,000	110,941,000	109,270,000	104,075,000	102,961,000	101,846,000	100,867,000	97,359,000	96,972,000	95,044,000	94,449,000	95,879,000	94,979,000	94,079,000	95,168,000	94,570,000	93,871,000	93,190,000	92,090,000	90,990,000	91,462,000	89,037,000	86,612,000
deferred tax asset																																																		12,866,000	12,046,000	11,953,000	11,957,000	11,957,000	11,732,000	11,594,000	11,594,000	11,715,000
income taxes payable																																															10,726,000	28,928,000	84,373,000						221,000					67,000
investments held by special purpose entity																																																	203,492,000
assets held for sale																																																	22,571,000																					3,989,000	5,607,000	6,505,000	8,067,000	8,091,000		93,868,000	393,396,000					16,615,000	16,641,000				59,726,000						172,250,000
liabilities associated with assets held for sale																																																	5,708,000																					586,000	255,000	290,000	307,000	328,000		60,384,000	127,074,000
accumulated deficit																																																		-325,871,000	-326,431,000	-330,628,000		-330,861,000	-322,229,000	-337,569,000	-337,747,000
retained deficit																																																					-333,335,000
noncontrolling interest																																																					1,016,000		315,000	322,000	325,000	331,000	281,000	288,000	304,000	313,000	333,000	344,000	361,000	373,000	386,000	1,824,000	2,670,000
income taxes receivable																																																						236,000			187,000	69,000						67,791,000	64,860,000	62,392,000	27,881,000	46,993,000	40,490,000	32,308,000
accounts payable and other																																																						14,773,000				16,450,000				14,977,000				13,781,000	15,578,000	19,148,000	21,932,000	22,594,000	69,573,000
revenues:
real estate sales																																																						56,012,000	32,082,000	4,983,000	13,946,000	19,898,000	5,677,000	3,482,000	5,212,000		10,866,000	2,836,000	1,834,000	78,758,000			8,494,000	194,545,000	13,348,000	46,816,000	101,261,000	307,896,000	56,059,000	89,423,000	82,362,000	638,126,000	149,197,000							189,928,000	177,619,000
resort, leisure and leasing revenues																																																						44,407,000
timber sales																																																						38,977,000	9,558,000	9,731,000	9,495,000	86,703,000	8,186,000	8,166,000	62,624,000		6,817,000	7,804,000	6,415,000	26,584,000			6,172,000	26,638,000	5,884,000	6,445,000	7,624,000	25,821,000	9,496,000	9,458,000	6,969,000	29,937,000	7,212,000							8,086,000	9,201,000
total revenues																																																						139,396,000	55,907,000	30,357,000	30,518,000	145,285,000	26,745,000	25,284,000	73,436,000		27,105,000	22,035,000	13,300,000	138,257,000			21,605,000	263,990,000	32,836,000	67,668,000	116,791,000	377,037,000	79,086,000	113,415,000	96,311,000	748,192,000	178,093,000
expenses:
cost of real estate sales																																																						28,193,000	14,391,000	2,860,000	7,665,000	11,237,000	3,624,000	2,765,000	1,780,000		3,335,000	1,140,000	591,000	60,439,000			4,109,000	53,129,000	8,685,000	20,613,000	18,902,000	145,800,000	17,554,000	66,456,000	26,456,000	407,077,000	95,629,000							128,680,000	114,067,000
cost of resort, leisure and leasing revenues																																																						39,083,000
cost of timber sales																																																						24,000,000	5,496,000	6,184,000	6,336,000	22,861,000	5,123,000	5,956,000	6,240,000		5,289,000	5,091,000	4,430,000	19,113,000			4,439,000	19,842,000	4,938,000	4,948,000	4,894,000	20,752,000	6,768,000	7,240,000	5,949,000	21,899,000	5,254,000							5,149,000	5,731,000
other operating expenses																																																						15,321,000	3,443,000	4,253,000	3,744,000	22,252,000	4,692,000	6,259,000	7,010,000		12,300,000	7,565,000	7,973,000	39,984,000			11,160,000	53,516,000	14,383,000	13,436,000	15,483,000	68,453,000	18,210,000	16,454,000	14,965,000	77,385,000	21,364,000							24,319,000	25,358,000
corporate expense																																																						15,941,000	3,188,000	4,894,000	4,431,000	27,785,000	2,832,000	8,278,000	18,247,000		9,821,000	8,109,000	5,357,000	24,300,000			7,798,000	34,117,000	8,008,000	9,358,000	8,631,000	32,715,000	8,938,000	9,169,000	7,893,000	51,262,000	11,293,000							10,620,000	9,451,000	10,000,000
depreciation, depletion and amortization																																																						10,110,000
impairment losses																																																						2,551,000				377,325,000		1,697,000	782,000			502,000	53,000	102,683,000			1,536,000	60,354,000	1,329,000	976,000	2,257,000	13,609,000	20,417,000			1,500,000									1,994,000
pension charges																																																						2,063,000				5,871,000								46,042,000
restructuring charges																																																							18,000	18,000	55,000	11,547,000	348,000	5,926,000	4,476,000		1,654,000	1,158,000	1,540,000	5,368,000				4,253,000	1,250,000	2,502,000	545,000	8,881,000
total expenses																																																						137,262,000	40,547,000	32,724,000	32,119,000	532,092,000	30,943,000	45,860,000	52,106,000		45,056,000	37,274,000	30,390,000	347,599,000			41,408,000	289,703,000	56,557,000	70,188,000	65,578,000	353,980,000	91,379,000	116,653,000	71,584,000	669,965,000	173,716,000
operating income																																																						2,134,000	15,360,000	-2,367,000	-1,601,000	-386,807,000	-4,198,000	-20,576,000	21,330,000		-17,951,000	-15,239,000	-17,090,000
other income:
investment income																																																						1,219,000	375,000	332,000	476,000	1,130,000	436,000	165,000	207,000		392,000	452,000	383,000	3,388,000			765,000	6,061,000	1,685,000	1,494,000	1,787,000	5,333,000	1,443,000	1,399,000	1,272,000	5,138,000	854,000							288,000	89,000	209,000
interest expense																																																						-2,820,000	-916,000	-657,000	-831,000	-3,921,000	-1,077,000	-985,000	-997,000		-5,171,000	-1,136,000	-1,094,000	-1,157,000			-128,000	-4,483,000	-116,000	-110,000	-4,219,000	-20,029,000	-3,531,000	-6,474,000	-4,700,000	-20,566,000	-5,392,000							-3,487,000	-2,919,000	-3,099,000
other																																																						5,890,000	891,000	2,852,000	1,734,000	3,725,000	940,000	1,123,000	1,127,000		1,081,000	1,204,000	165,000	1,984,000			331,000	-8,395,000	-7,981,000	-1,439,000	666,000	2,048,000	-3,373,000	500,000	4,200,000	-526,000	739,000							687,000	564,000	523,000
total other income																																																						4,289,000	350,000	2,527,000	1,379,000	934,000	299,000	303,000	337,000		-3,698,000	520,000	-546,000	4,215,000			1,150,000		-6,910,000	-29,929,000	-1,766,000	-4,651,000	-5,279,000	3,058,000	772,000	-15,954,000	-3,799,000
income from operations before equity in income from unconsolidated affiliates and income taxes																																																						6,423,000
equity in income from unconsolidated affiliates																																																						-46,000
income tax benefit																																																						387,000			647,000	-55,658,000			7,553,000											-11,781,000			-6,731,000	-139,000
net income																																																						5,990,000	15,333,000	173,000	-880,000	-330,308,000	-2,437,000	-13,343,000	14,090,000		-13,126,000	-8,630,000	-11,424,000	-130,840,000			-11,799,000	-35,883,000	-19,198,000	-20,818,000	32,052,000	39,207,000	-6,807,000	25,318,000	19,683,000	51,020,000	5,984,000
less: net income attributable to non-controlling interest																																																						-22,000
net income attributable to the company																																																						6,012,000	15,340,000	176,000	-874,000	-330,279,000	-2,431,000	-13,336,000	14,099,000		-13,116,000	-8,622,000	-11,412,000	-130,019,000			-11,697,000
income per share
basic and diluted
basic and diluted average shares outstanding																																																						92,258,110,000
investments in real estate																																																							372,789,000	387,533,000	386,495,000
property, plant and equipment																																																							13,078,000	13,582,000	14,506,000	14,946,000	15,291,000	16,097,000	17,148,000	13,014,000	13,695,000	13,682,000	14,414,000	15,269,000	16,899,000	19,126,000	21,008,000	19,786,000	20,175,000	21,641,000	22,658,000	23,693,000	30,589,000	42,489,000	40,597,000	44,593,000	38,308,000	37,699,000	40,176,000	39,814,000	42,784,000	34,456,000	33,562,000	34,800,000	35,482,000			44,040,000	42,907,000	44,500,000	39,765,000	49,826,000
liabilities and stockholders’ equity
stockholders’ equity:
total liabilities and stockholders’ equity																																																							652,715,000	666,378,000	662,870,000																																1,217,714,000	1,191,698,000	1,169,887,000	1,194,401,000	1,275,432,000	1,340,559,000
resort and club revenues																																																							13,089,000	14,755,000	6,344,000	35,965,000	12,023,000	12,974,000	5,112,000		8,755,000	10,797,000	4,592,000	29,730,000
other revenues																																																							1,178,000	888,000	733,000	2,719,000	859,000	662,000	488,000		667,000	598,000	459,000	3,185,000			6,574,000	41,317,000	13,167,000	14,096,000	7,347,000	38,267,000	12,119,000	12,811,000	6,856,000	39,126,000	11,374,000							13,692,000	12,190,000
cost of resort and club revenues																																																							10,918,000	11,508,000	6,863,000	34,919,000	10,576,000	10,996,000	6,574,000		8,786,000	9,631,000	6,503,000	32,308,000
cost of other revenues																																																							693,000	550,000	697,000	2,455,000	728,000	537,000	493,000		515,000	621,000	461,000	2,247,000			8,068,000	46,571,000	13,596,000	13,794,000	9,515,000	39,797,000	11,941,000	11,401,000	8,517,000	41,649,000	12,986,000							11,359,000	9,989,000
depreciation and amortization																																																							2,400,000	2,457,000	2,328,000	15,840,000	3,020,000	3,446,000	6,504,000		3,356,000	3,457,000	3,482,000	15,115,000			4,055,000	17,344,000	4,158,000	4,458,000	4,688,000	19,390,000	5,093,000	4,638,000	4,501,000	38,844,000	9,604,000							8,616,000	8,353,000	7,347,000
income from operations before equity in loss of unconsolidated affiliates and income taxes																																																							15,710,000
equity in loss of unconsolidated affiliates																																																							-20,000	-9,000		-93,000	-11,000							-122,000					-47,000
income tax (benefit) expense																																																							357,000	-22,000			-1,473,000	-6,946,000					-6,590,000	-81,222,000			-6,978,000	-26,984,000	-11,545,000
less: net income attributable to noncontrolling interest																																																							-7,000			-29,000	-6,000	-7,000			-10,000	-8,000		-821,000
earnings per share
basic
weighted-average shares outstanding																																																							92,292,053,000	92,293,017,000	92,265,059,000
diluted
income from operations before equity in (loss) of unconsolidated affiliates and income taxes																																																								160,000
less: net (loss) attributable to noncontrolling interest																																																								-3,000	-6,000				-9,000				-12,000				-102,000
accumulated other comprehensive																																																									-9,442,000	-9,880,000	-7,793,000	-5,854,000	-10,377,000	-10,546,000	-11,678,000	-13,207,000	-12,388,000	-12,558,000	-14,950,000	-14,726,000	-42,139,000
income from operations before equity in income of unconsolidated affiliates and income taxes																																																									-222,000
equity in (loss)of unconsolidated affiliates																																																									-11,000
income tax payable																																																													1,736,000	1,772,000												8,058,000	7,107,000	72,937,000	12,143,000	9,984,000		27,056,000
deferred income taxes																																																											38,753,000	40,289,000	44,355,000	34,625,000	38,232,000	45,673,000	50,874,000	58,316,000	61,575,000	59,804,000	63,272,000	61,501,000	99,607,000	116,822,000	107,289,000	83,535,000	84,091,000	102,283,000	167,218,000	211,115,000	250,227,000	257,890,000	315,912,000	305,038,000	285,933,000	267,615,000	264,374,000	254,427,000	240,440,000	227,233,000	217,727,000	219,178,000	212,017,000	192,060,000	186,360,000	211,914,000
retained (deficit) earnings																																																										-336,873,000
income from continuing operations before equity in loss of unconsolidated affiliates and income taxes																																																										-385,873,000	-3,899,000							-205,127,000
income from continuing operations																																																										-330,308,000					-13,126,000	-8,630,000	-11,424,000	-124,027,000			-11,645,000	-34,895,000	-19,094,000	-20,705,000	31,995,000	11,114,000	-11,952,000	-361,000	19,621,000	40,286,000	-685,000							21,688,000	22,565,000	22,979,000
discontinued operations:
income from discontinued operations, net of tax																																																																		-6,813,000			-154,000	-988,000	-104,000	-113,000	57,000	-1,035,000
gain on sales of discontinued operations, net of tax																																																																		75,000								29,128,000
(loss) per share
income from continuing operations attributable to the company																																																										-3,580			150		-140	-90	-130	-1,350
income from discontinued operations attributable to the company																																																																		-70
loss per share
income from continuing operations before equity in income of unconsolidated affiliates and income taxes																																																												-20,273,000	21,667,000				-17,636,000				-18,653,000
equity in income of unconsolidated affiliates																																																												-16,000	-24,000				-378,000				30,000	-330,000		-122,000	-91,000	-5,331,000	-999,000	51,000	907,000	9,307,000	1,738,000							1,371,000	931,000
income earnings per share
pension settlement charge
income from continuing operations before equity in (loss) of unconsolidated affiliates and income taxes																																																															-21,649,000	-14,719,000
equity in (loss) of unconsolidated affiliates																																																															-50,000	-51,000
income tax																																																															-8,573,000	-6,140,000
operating profit																																																																		-209,342,000			-19,803,000	-25,713,000	-23,721,000	-2,520,000	51,213,000	23,057,000	-12,293,000	-3,238,000	24,727,000	78,227,000	4,377,000
loss on early extinguishment of debt																																																																						-30,554,000	-680,000	-29,874,000
gain on disposition of assets																																																																					182,000	728,000	182,000			7,997,000	182,000	7,633,000
(loss) from discontinued operations, net of tax																																																																		-6,888,000
other intangible assets																																																																				1,590,000	1,683,000	1,777,000	1,899,000	2,022,000	2,193,000	2,317,000	2,481,000	2,645,000	2,808,000	32,669,000	34,776,000	40,739,000	46,385,000	38,038,000	42,052,000	44,739,000
total company stockholders’ equity																																																																					979,529,000
rental revenues																																																																					365,000	1,490,000	437,000	311,000	559,000	5,053,000	1,412,000	1,723,000	124,000	41,003,000	10,310,000							10,547,000	9,760,000
cost of rental revenues																																																																					243,000	577,000	210,000	103,000	663,000	4,583,000	2,810,000	1,456,000	146,000	16,933,000	4,457,000							4,123,000	3,573,000
income from discontinued operations																																																																						-10				380	251,000	2,344,000	62,000	366,000	33,000							-224,000	184,000
goodwill																																																																							18,991,000	18,991,000	18,991,000	18,991,000	18,991,000	26,287,000	26,287,000	35,233,000	36,733,000	36,733,000	36,733,000	36,733,000	51,674,000	51,679,000	51,679,000	51,599,000	51,600,000					52,517,000	52,599,000	143,383,000
minority interest in consolidated subsidiaries																																																																						2,772,000	3,053,000	3,819,000	4,304,000	6,276,000	6,710,000	7,378,000	7,666,000	10,533,000		17,082,000	18,194,000	16,623,000	15,278,000	11,911,000	10,393,000	6,831,000	5,989,000	6,940,000	5,298,000		5,647,000			4,054,000
total other																																																																						-36,643,000
income from continuing operations before equity in income of unconsolidated affiliates, income taxes, and minority interest																																																																						-62,356,000		-32,449,000	49,447,000	18,406,000	-17,572,000	-180,000	25,499,000	62,273,000	578,000							34,571,000	36,240,000
income from continuing operations before minority interest																																																																						-35,702,000	-19,133,000	-20,790,000	31,583,000	12,206,000	-11,840,000	10,000	20,004,000	46,423,000	60,000							22,103,000	22,962,000
minority interest in income																																																																						-807,000	-39,000	-85,000
accrued liabilities																																																																							60,356,000	60,170,000	45,499,000	55,692,000	74,014,000	73,041,000	61,318,000	123,496,000	129,965,000	136,523,000	139,087,000	141,613,000	132,114,000	114,260,000	135,425,000	124,750,000	118,596,000	108,625,000	104,823,000	100,363,000	104,806,000	94,754,000	77,902,000	59,213,000
income from continuing operations before equity in loss of unconsolidated affiliates, income taxes, and minority interest																																																																							-30,631,000
income tax expense																																																																									17,773,000	869,000			6,402,000		2,256,000							13,839,000	14,209,000	13,730,000
minority interest in income of subsidiary																																																																									-412,000
accounts receivable																																																																										8,759,000	13,021,000	13,631,000	17,504,000	25,839,000	44,886,000	60,205,000	58,905,000	79,564,000	139,010,000	112,441,000	89,813,000	81,130,000	43,987,000	97,547,000	109,440,000	59,518,000	48,583,000	27,229,000	27,149,000	27,783,000
minority interest																																																																										1,092,000	112,000	371,000	383,000	6,137,000	745,000							415,000	397,000	-35,000
restructuring charge																																																																											-352,000	-161,000	3,157,000	13,416,000	13,129,000
gain on sales of discontinued operations																																																																											4,894,000	23,335,000		10,368,000	6,636,000
restricted stock deferred compensation																																																																																	-19,656,000	-22,261,000	-16,859,000	-19,232,000	-19,649,000	-21,483,000	-17,245,000	-19,102,000	-1,905,000	-402,000	-512,000	-731,000	-841,000	-951,000
income tax benefit:
current																																																																														127,718,000
deferred																																																																														-102,561,000
total income tax expense																																																																														25,157,000
minority interest in consolidated subsidiary																																																																															14,578,000
income tax expense:
liabilities of assets held for sale																																																																																		401,000	10,056,000				26,545,000
realty revenues																																																																																						23,894,000	23,775,000
cost of realty revenues																																																																																						16,198,000	15,523,000
earnings from discontinued operations																																																																																						60
intangible assets																																																																																					47,415,000	33,460,000	38,209,000
gain on settlement of forward sale contracts
gain on sales of property																																																																																						4,839,000
basic:
diluted:
real estate investments																																																																																								862,911,000	836,955,000
cash & cash equivalents																																																																																								63,486,000	48,962,000
short-term investments																																																																																								634,000	895,000		1,131,000			23,689,000
property, plant & equipment																																																																																								37,176,000	39,696,000
goodwill and other intangibles																																																																																								63,302,000	41,329,000
operating revenues																																																																																								200,753,000
operating expenses																																																																																								144,365,000
impairment loss
income from discontinued operations:
gains on sales of discontinued operations
gain on sale of discontinued operations
contingencies
short term investments																																																																																										1,131,000		375,000	125,000
goodwill and intangible assets																																																																																										55,427,000	55,238,000
minority interest in unconsolidated subsidiaries																																																																																										5,390,000		5,558,000	5,324,000
marketable securities																																																																																														141,086,000
mortgage loans held for sale																																																																																														32,720,000
liabilities related to assets held for sale																																																																																													62,392,000
liabilities and stockholders’ equity - sum																																																																																													737,805,000
liabilities and stockholders’ equity

Cashflow Statements:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2004-09-30	2003-12-31	2003-09-30	2003-06-30	2003-03-31	2002-06-30	2002-03-31

cash flows from operating activities:
net income	13,287,000	29,236,000	40,204,000	29,774,000	16,668,000	18,120,000	16,650,000	24,524,000	13,102,000	12,034,000	18,702,000	33,835,000	9,481,000	27,624,000	12,061,000	17,090,000	13,453,000	31,990,000	14,778,000	24,024,000	2,957,000	19,814,000	7,782,000	19,219,000	-1,335,000	8,627,000	5,827,000	10,227,000	1,980,000	-433,000	5,343,000	26,067,000	625,000	38,293,000	6,141,000	10,614,000	4,188,000	2,634,000	2,698,000	1,578,000	8,554,000	-2,742,000	2,757,000	-270,000	-1,716,000	-11,159,000	-156,000	14,608,000	402,989,000	556,000	4,189,000	2,701,000	-2,480,000	-8,638,000	15,333,000	175,000	-880,000	-328,618,000	-2,437,000	-13,343,000	14,090,000	-2,724,000	-13,126,000	-8,631,000	-11,424,000	-130,768,436	57,002,436	-45,377,000	-11,697,000	-27,921,000	-19,196,000	-20,818,000	32,052,000	1,012,000	-6,806,000	25,318,000	19,683,000	22,349,000	5,981,000	18,984,000	3,706,000	37,225,000	36,107,000	37,914,000	15,412,000	28,087,000	26,304,000	28,614,000	22,979,000	9,931,000	14,391,000	32,977,000	74,370,000
adjustments to reconcile net income to net cash from operating activities:
depreciation, depletion and amortization	11,390,000	11,697,000	11,657,000	11,987,000	12,130,000	12,125,000	11,783,000	11,295,000	11,182,000	11,274,000	10,713,000	9,467,000	7,322,000	6,625,000	5,771,000	5,466,000	5,026,000	5,608,000	4,616,000	4,125,000	3,853,000	3,394,000	3,302,000	3,019,000	3,073,000	3,125,000	2,629,000	2,422,000	2,111,000	2,162,000	2,309,000	2,272,000	2,255,000	2,594,000	2,306,000	2,032,000	1,953,000	2,087,000	2,094,000	2,102,000	2,288,000	2,205,000	2,231,000	2,135,000	2,915,000	2,209,000	2,174,000	1,944,000	2,095,000	2,159,000	2,312,000	2,335,000	2,325,000
stock based compensation	327,000	308,000	309,000	305,000	310,000	327,000	327,000	324,000	231,000	227,000	226,000	226,000	141,000	108,000	108,000	106,000	42,000					0	0	18,000	27,000	27,000	27,000	10,000	13,000	14,000	14,000	3,000	232,000	29,000	28,000	0	19,000	38,000	37,000			0	0			0	50,000			0	0	244,000	3,000
equity in income from unconsolidated joint ventures	-3,525,000	-4,440,000	-3,481,000	-7,546,000	-10,159,000																																																12,000
distribution of earnings from unconsolidated joint ventures	3,603,000	11,292,000	10,836,000	6,392,000	7,074,000
deferred income tax	-1,285,000	-2,999,000	-2,477,000	-476,000	-264,000	428,000	-2,257,000	307,000	719,000																																		1,608,000																-1,540,000				-8,427,000
cost of real estate sold	16,993,000	25,817,000	39,147,000	21,971,000	17,591,000	20,743,000	14,205,000	15,374,000	14,829,000	13,732,000	19,998,000	29,808,000	19,072,000	13,820,000	6,519,000	11,981,000	14,064,000	25,828,000	7,498,000	12,768,000	9,839,000	15,468,000	1,383,000	14,922,000	1,593,000	9,051,000	5,596,000	6,554,000	1,613,000	2,396,000	3,294,000	2,602,000	3,943,000	4,684,000	5,617,000	3,252,000	174,000	1,398,000	1,140,000	2,517,000	1,434,000	3,652,000	2,030,000	6,154,000	2,748,000
expenditures for and acquisition of real estate to be sold	-13,094,000	-14,485,000	-14,849,000	-27,780,000	-27,177,000	-22,665,000	-21,075,000	-18,515,000	-17,180,000	-13,344,000	-16,245,000	-22,650,000	-25,557,000	-27,836,000	-20,909,000	-22,853,000	-25,937,000	-19,030,000	-13,615,000	-2,635,000	-12,038,000	-16,163,000	-6,911,000	-11,072,000	-6,323,000	-14,271,000	-11,208,000	-7,517,000	-7,085,000	-6,239,000	-5,292,000	-5,243,000	-3,045,000	-2,338,000	-1,116,000	-2,838,000	-2,183,000	-2,938,000	-3,661,000	-487,000	-1,249,000	-2,933,000	-1,201,000	-2,031,000	-2,213,000
accretion income and other	-238,000	-331,000	-235,000	-390,000	-574,000	-1,115,000	-251,000	-193,000	-206,000	181,000	-1,072,000	-1,208,000	-414,000	-205,000	-336,000	-474,000	-259,000	-196,000	-207,000	-219,000	-188,000	-213,000	-214,000	-224,000	-268,000	-254,000	-287,000	-319,000	-361,000	-348,000	-533,000	-514,000	-524,000	-585,000	-675,000	-691,000	-1,208,000	-1,248,000	-766,000	-413,000	-365,000	-122,000	-445,000	-555,000	-658,000
amortization of debt issuance costs	235,000	204,000	219,000	220,000	232,000
loss on disposal of property and equipment	5,000	47,000	-2,594,000	12,000	46,000	60,000	6,000	21,000	528,000	14,000	-51,000			0	160,000			0	222,000			108,000									5,000	1,000	7,000
loss on extinguishment of debt	13,000	24,000	311,000	39,000	47,000					0	0	0	133,000	0	-15,000
changes in operating assets and liabilities:
other assets	2,295,000	-2,120,000	7,015,000	-5,910,000	3,832,000	4,316,000	9,150,000	-5,909,000	2,112,000	-411,000	10,427,000	-23,119,000	3,925,000	-438,000	9,181,000	-1,853,000	8,427,000	-303,000	587,000	-7,472,000	816,000	-8,065,000	-2,822,000	-6,494,000	4,390,000	642,000	945,000	-6,461,000	4,645,000	-7,918,000	5,317,000	-1,413,000	1,256,000	-2,199,000	848,000	-2,967,000	651,000	-3,222,000	1,787,000	-1,145,000	1,004,000	-4,533,000	1,962,000	-82,000	-997,000	-677,000	745,000	-3,749,000	-1,329,000	1,144,000	1,228,000	-592,000	-1,876,000	1,817,000	135,000	-999,000	139,000	1,460,000	3,850,000	-582,000	-185,000	-7,781,000	5,848,000	-489,000	-1,153,000	8,391,964	-5,735,964	-1,517,000	7,260,000	5,168,000	-872,000	-3,093,000	9,366,000	9,210,000			-4,329,000		-5,648,000	7,323,000	-6,457,000
deferred revenue	3,186,000	-1,556,000	-1,000	-541,000	1,667,000	-2,374,000	-1,983,000	-408,000	1,866,000	4,841,000	2,413,000	2,496,000	1,399,000	-355,000	334,000	1,572,000	1,133,000																								-160,000	-1,000	0	0	-64,000	0	-130,000	-62,000	-13,370,000
accounts payable and other liabilities	9,049,000	-8,290,000	152,000	3,006,000	7,593,000	-8,382,000	2,167,000	-4,150,000	3,829,000	-20,141,000
net cash from operating activities	42,241,000	44,404,000	86,213,000	31,063,000	29,016,000	29,841,000	27,729,000	22,815,000	27,608,000	11,563,000	39,357,000	33,757,000	19,172,000	17,963,000	1,253,000	9,192,000	19,813,000	46,664,000	17,937,000	37,368,000	9,828,000	14,784,000	10,041,000	9,389,000	3,117,000	15,664,000	2,432,000	13,523,000	-1,226,000	-4,539,000	8,447,000	35,576,000	1,936,000	5,964,000	3,828,000	38,832,000	7,142,000	2,302,000	-1,279,000	7,420,000	4,431,000	-13,173,000	-2,454,000	36,972,000	1,073,000	8,138,000	-17,706,000	-11,533,000	352,136,000	2,626,000	4,697,000	6,686,000	2,324,000	-6,677,000	21,937,000	4,150,000	3,631,000	-24,965,000	-11,596,000	-10,724,000	37,446,000	-13,145,000	58,896,000	-14,943,000	-14,496,000	50,690,336	-3,258,336	7,144,000	-3,841,000	8,669,000	66,324,000	4,892,000	-31,426,000	16,052,000	-105,178,000	-48,102,000	-72,116,000	73,732,000	-78,113,000	-44,490,000	-95,117,000	49,186,000	106,531,000	65,298,000	-28,961,000	81,994,000	12,975,000	116,731,000	38,127,000	-27,675,000	-768,000	37,120,000	-33,066,000
capital expenditures	-1,997,000	-535,000	-1,001,000	-1,354,000	-1,168,000	-2,239,000	-1,796,000	-1,327,000	-2,384,000	-1,730,000	-1,864,000	-929,000	-1,659,000	-3,964,000	-596,000	-1,348,000	-1,440,000	-1,167,000	-1,469,000	-863,000	-803,000	-1,458,000	-987,000	-1,768,000	-1,476,000	-1,149,000	-796,000	-6,227,000	-1,182,000	-923,000	-440,000	-662,000	-590,000	-485,000	-1,249,000	3,576,000	-4,847,000	-486,000	-427,000	-1,639,000	-347,000	-1,017,000	-737,000	-650,000	-900,000	-614,000	-360,000	-413,000	-1,096,000	-447,000	-1,258,000	-1,361,000	-528,000	0	-65,000	-12,000	-189,000	-840,000	-30,000	-1,268,000	-288,000	-165,000	-830,000	-170,000	-117,000	-2,534,571	2,945,571	-378,000	-2,571,000	-987,000	-15,000	-657,000	-619,000	-218,000	328,000	-3,908,000	-1,785,000	-9,173,000	-2,657,000	3,587,000	-5,775,000	-3,364,000	-1,817,000	-11,055,000	-3,673,000	-1,991,000	-1,556,000	-3,193,000	-727,000	825,000	-3,814,000	0	-3,904,000
free cash flows	40,244,000	43,869,000	85,212,000	29,709,000	27,848,000	27,602,000	25,933,000	21,488,000	25,224,000	9,833,000	37,493,000	32,828,000	17,513,000	13,999,000	657,000	7,844,000	18,373,000	45,497,000	16,468,000	36,505,000	9,025,000	13,326,000	9,054,000	7,621,000	1,641,000	14,515,000	1,636,000	7,296,000	-2,408,000	-5,462,000	8,007,000	34,914,000	1,346,000	5,479,000	2,579,000	42,408,000	2,295,000	1,816,000	-1,706,000	5,781,000	4,084,000	-14,190,000	-3,191,000	36,322,000	173,000	7,524,000	-18,066,000	-11,946,000	351,040,000	2,179,000	3,439,000	5,325,000	1,796,000	-6,677,000	21,872,000	4,138,000	3,442,000	-25,805,000	-11,626,000	-11,992,000	37,158,000	-13,310,000	58,066,000	-15,113,000	-14,613,000	48,155,765	-312,765	6,766,000	-6,412,000	7,682,000	66,309,000	4,235,000	-32,045,000	15,834,000	-104,850,000	-52,010,000	-73,901,000	64,559,000	-80,770,000	-40,903,000	-100,892,000	45,822,000	104,714,000	54,243,000	-32,634,000	80,003,000	11,419,000	113,538,000	37,400,000	-26,850,000	-4,582,000	37,120,000	-36,970,000
cash flows from investing activities:
expenditures for operating property	-5,564,000	-3,453,000	-4,551,000	-7,349,000	-4,402,000	-5,771,000	-11,927,000	-12,600,000	-11,890,000	-26,392,000	-27,697,000	-37,322,000	-42,372,000	-95,331,000	-50,131,000	-54,714,000	-51,633,000	-39,984,000	-41,473,000	-43,423,000	-24,319,000	-24,915,000	-28,596,000	-29,600,000	-32,974,000	-21,146,000	-17,106,000	-17,765,000	-8,834,000	-4,720,000	-8,383,000	-5,745,000	-3,914,000	-2,528,000	-10,226,000
expenditures for property and equipment	-1,997,000	-535,000	-1,001,000	-1,354,000	-1,168,000	-2,239,000	-1,796,000	-1,327,000	-2,384,000	-1,730,000	-1,864,000	-929,000	-1,659,000	-3,964,000	-596,000	-1,348,000	-1,440,000	-1,167,000	-1,469,000	-863,000	-803,000	-1,458,000	-987,000	-1,768,000	-1,476,000	-1,149,000	-796,000	-6,227,000	-1,182,000	-923,000	-440,000	-662,000	-590,000	-485,000	-1,249,000	3,576,000	-4,847,000
proceeds from the disposition of assets	7,000	-5,000	4,565,000	8,000	59,000	0	4,000	10,000	74,000	0	59,000	3,000	9,000	32,000	0	7,000	10,000	0	8,000			1,000	0							0	0	0	5,000,000					0	0																			228,000				70,000	8,000	29,000	13,000	2,219,306	-629,306	95,000	536,000					0
capital contributions to unconsolidated joint ventures	-1,792,000	-4,937,000	-773,000	-634,000	-1,479,000	0	-578,000	0	-1,156,000	0	-412,000	0	-1,893,000	0	-2,363,000	0	-142,000
maturities of assets held by special purpose entities	415,000	1,000	372,000	-1,000	416,000	0	384,000	0	414,000	0	372,000	0	415,000	0	372,000	0	413,000	-1,000	372,000	0	416,000	0	372,000	0	415,000	0	373,000	0	414,000	0	371,000	-1,000	415,000	0	372,000	0	415,000		372,000	0	415,000
net cash from investing activities	-8,931,000	-8,929,000	-1,388,000	-9,330,000	-6,574,000	-8,010,000	-13,838,000	-13,842,000	-14,689,000	-17,681,000	-11,324,000	-42,947,000	-27,191,000	-50,654,000	-8,974,000	-48,809,000	-81,339,000	-35,057,000	-32,990,000	-59,445,000	-68,593,000	-23,672,000	-29,210,000	-31,352,000	-80,264,000	-181,000	-14,429,000	-11,994,000	-2,694,000	-7,164,000	-4,752,000	33,574,000	22,407,000	31,808,000	12,577,000	-2,556,000	2,622,000	63,883,000	-16,918,000	-24,913,000	-1,024,000	58,379,000	125,866,000	9,207,000	251,949,000	-37,830,000	21,992,000	-355,964,000	-146,883,000	-11,755,000	-37,399,000	-121,900,000	-332,000	447,000	-73,000			3,782,000	70,000	-5,702,000	-288,000					219,200	1,972,800	-349,000	-1,625,000	-747,000	-15,000	-207,000	-450,000	-1,144,000	40,205,000	290,739,000	-3,105,000	-6,462,000	26,368,000	17,327,000	-7,247,000	1,123,000	40,743,000	-44,662,000	-29,134,000	-56,156,000	37,630,000	-98,384,000	-30,298,000	12,947,000	-733,000	102,681,000	12,931,000
cash flows from financing activities:
capital contributions from non-controlling interest	50,000									690,000	1,000	525,000	214,000	210,000	1,578,000	0	2,035,000
capital distributions to non-controlling interest	-192,000	-39,000	-2,441,000	-166,000	-299,000	-60,000	-523,000	-150,000	-239,000	0	-148,000	0	-2,094,000	-180,000	-432,000	-1,111,000	-710,000
repurchase of common stock, including excise tax	-5,201,000	-15,200,000	-8,812,000
payments for taxes withheld on vested restricted stock awards	-333,000
dividends paid	-9,201,000	-9,228,000	-8,097,000	-8,136,000	-8,157,000	-8,167,000	-8,166,000	-7,013,000	-7,001,000	-6,999,000	-6,998,000	-5,835,000	-5,832,000	-5,831,000	-5,889,000	-5,888,000	-5,889,000	-4,711,000	-4,711,000	-4,711,000	-4,711,000
borrowings on debt		-2,000	40,000,000	0	27,832,000	0	1,004,000	1,000	91,000	3,584,000	8,925,000	27,884,000	81,446,000	65,433,000	30,289,000	53,586,000	35,168,000	29,488,000	13,432,000	15,037,000	11,343,000	15,903,000	23,191,000	23,369,000	6,545,000	7,761,000	5,521,000	3,374,000	7,279,000	7,340,000	3,567,000	5,704,000	33,000
principal payments for debt	-10,902,000	-7,990,000	-68,427,000	-7,657,000	-30,378,000	-6,042,000	-5,172,000	-4,687,000	-2,269,000	-3,375,000	-2,180,000	-1,998,000	-45,938,000	-693,000	-676,000	-18,323,000	-536,000	-791,000	-175,000	-912,000	-449,000	-471,000	-406,000	-791,000	-272,000	-302,000	-265,000	-804,000	-236,000	-259,000	-232,000	-656,000	-215,000	-240,000	-212,000	-612,000	-226,000	-113,000	0	-349,000	-35,000
principal payments for finance leases	-84,000	-55,000	-54,000	-33,000	-33,000	-60,000	-18,000	-42,000	-43,000	-42,000	-42,000	-35,000	-34,000	-32,000	-24,000	-30,000	-35,000
debt issuance costs		0	-267,000	0	-384,000	-2,000	-130,000			-4,000	-38,000	-54,000	-862,000	-19,000	-178,000	-593,000	-1,105,000	-311,000	-156,000	-391,000	-540,000	-311,000	-1,000	-1,286,000	-193,000	-260,000	-76,000	-792,000	-21,000	1,000	-1,000
net cash from financing activities	-25,863,000	-32,514,000	-48,098,000	-26,564,000	-17,104,000	-17,695,000	-13,005,000	-11,907,000	-9,461,000	-6,146,000	-480,000	20,487,000	26,900,000	51,193,000	4,876,000	27,461,000	28,928,000	33,066,000	8,006,000	2,949,000	4,548,000	11,521,000	16,734,000	21,692,000	-1,338,000	4,637,000	-18,171,000	3,352,000	-309,000	5,936,000	-17,931,000	-54,028,000	-13,840,000	-12,462,000	-96,810,000	-6,080,000	-33,893,000	9,640,000	0	-349,000	-14,855,000	9,680,000	-303,497,000	2,085,000	2,171,000	2,625,000	6,413,000	180,961,000	10,272,000	8,192,000	1,350,000	745,000	680,000	-188,000	-19,365,000			-4,668,000	-61,000	29,000	-4,759,000	416,000	-544,000			-2,615,618	229,618			1,278,000	-4,251,000	-269,397,000	316,537,000	-2,548,000	56,691,000	-254,964,000	70,800,000	-52,064,000	29,982,000	-8,733,000	-20,853,000	-68,447,000	50,872,000	-41,457,000	6,697,000	-26,594,000	-25,830,000	-24,430,000	6,695,000	-3,142,000	-4,940,000	-75,582,000	20,363,000
net increase in cash, cash equivalents and restricted cash	7,447,000	2,961,000	36,727,000	-4,831,000	5,338,000	4,136,000	886,000	-2,934,000	3,458,000	-12,264,000	27,553,000	11,297,000	18,881,000													20,120,000	-30,168,000	4,881,000	-4,229,000	-5,767,000	-14,236,000	15,122,000	10,503,000
cash, cash equivalents and restricted cash at beginning of the period	136,511,000		0	0	96,316,000		0	0	90,770,000		0	0	45,303,000		0	0	74,400,000		0	0	110,119,000		0	0	188,677,000		0	0	198,073,000		0	0	192,365,000
cash, cash equivalents and restricted cash at end of the period	143,958,000		36,727,000	-4,831,000	101,654,000		886,000	-2,934,000	94,228,000		27,553,000	11,297,000	64,184,000		-2,845,000	-12,156,000	41,802,000		-7,047,000	-19,128,000	55,902,000		-2,435,000	-271,000	110,192,000		-30,168,000	4,881,000	193,844,000		-14,236,000	15,122,000	202,868,000
gain on contributions to unconsolidated joint ventures						1,000	0	3,000	-14,000	-85,000	-76,000	-27,000	-530,000	-737,000	-1,430,000	-89,000	-482,000
gain on insurance for damage to property and equipment						0	0	0	-178,000					-5,649,000	-875,000	-2,588,000	-723,000	-929,000	-2,540,000	-518,000	-866,000					0
proceeds from insurance claims						0	0	0	178,000					5,649,000	875,000	2,588,000	723,000	929,000	2,540,000	518,000	866,000					-1,307,000	2,582,000
purchases of investments - debt securities										0	-9,867,000	-17,774,000	-9,766,000	0	-2,959,000	-19,698,000	-74,476,000	-29,970,000	-19,995,000	-22,992,000	-84,971,000	0	-1,997,000	-6,988,000	-49,927,000					-6,933,000	-24,000	-18,000	-20,000
maturities of investments - debt securities										10,000,000	28,000,000	13,000,000	28,000,000	-7,000,000	30,000,000	24,000,000	45,000,000	44,000,000	27,000,000	7,000,000	39,000,000	2,000,000	2,000,000			0	0
capital distributions from unconsolidated joint ventures						0	75,000	75,000	75,000	441,000	85,000	75,000	75,000	8,822,000	2,641,000	356,000	206,000
cash, cash equivalents and restricted cash at beginning of the year
cash, cash equivalents and restricted cash at end of the year
repurchase of common stock					-5,685,000
unrealized loss on investments														117,000	-31,000	-35,000	-25,000	-75,000	-63,000	961,000	1,049,000	55,000	-270,000	142,000	4,761,000				-2,049,000				538,000
sales of investments - debt securities														40,921,000				0	0	0	36,000					0				75,000	1,000	32,672,000	31,958,000
sales of investments - equity securities														217,000				0	27,000	289,000	9,000	0	0	0	2,502,000	24,549,000				0	3,723,000
additional ownership interest acquired in pier park north jv
equity in income from unconsolidated joint ventures, net of distributions							-993,000	142,000	-3,212,000		-7,434,000
gain on sale of investments																														12,000	-125,000	8,000	1,078,000	7,000	104,000	-7,739,000	-3,122,000									0
equity in loss from unconsolidated joint ventures, net of distributions													-2,432,000	356,000	-2,343,000	-1,299,000	528,000
sales of restricted investments																		0	0	0	1,173,000	14,000	1,000	2,000	1,208,000	3,000	1,000	17,000	1,138,000														0	0	877,000
payments for interest in unconsolidated joint venture
repurchase of common shares														0	-19,792,000							0	0	-1,996,000	-6,807,000	-2,051,000	-11,721,000	0	-7,073,000	0	-20,906,000	-58,768,000	-13,695,000	-11,427,000	-95,551,000	-6,288,000	-34,156,000	0	0	0	-14,820,000	-80,000
unrealized gain on investments																											1,438,000				88,000
deferred income tax expense											-19,573,000	11,728,000	-4,328,000	1,019,000	3,347,000	-1,918,000	2,042,000	4,513,000	7,000,000	4,196,000	268,000	343,000	2,258,000	4,552,000	935,000										824,000	2,500,000	988,000	28,707,000	270,000	-456,000	1,106,000					-4,910,000	15,000	28,490,000	22,532,000																				1,445,000	-23,364,000	-5,950,000	9,532,000	23,755,000
other liabilities												-2,063,000	10,963,000	3,514,000	-10,289,000	3,910,000	2,534,000	-119,000	-922,000	4,658,000	3,807,000	-1,566,000	5,207,000	-824,000	1,408,000	1,073,000	-3,389,000	7,328,000	-1,284,000	-2,332,000	-1,088,000	5,183,000	-2,999,000	657,000	-10,016,000	9,165,000	4,928,000	-2,796,000	-6,132,000	4,379,000	2,165,000
gain on disposal of property and equipment													-3,000				-10,000
loss on sale of investments																		0	0	0	-17,000	0	0	0	48,000			0	2,000																			432,000	401,000
purchases of restricted investments																						-4,000	-3,000	-5,000	-12,000	-14,000	-20,000	-17,000	-23,000
net decrease in cash, cash equivalents and restricted cash														18,502,000	-2,845,000	-12,156,000	-32,598,000	44,673,000	-7,047,000	-19,128,000	-54,217,000				-78,485,000
gain on contribution to unconsolidated joint ventures
income taxes receivable																						2,302,000	185,000	1,354,000	-998,000	1,670,000	-1,009,000	-251,000	661,000	-519,000	-1,744,000			-8,371,000	0	26,323,000	348,000	-26,730,000	676,000	-865,000	2,137,000																										14,689,427
purchases of investments - equity securities																										-1,189,000				-4,663,000	0	0	-10,442,000
capital contribution to unconsolidated joint ventures
capital distribution from unconsolidated joint ventures
capital contribution from non-controlling interest																										762,000	0			0	0	823,000	64,000	5,000	47,000
capital distribution to non-controlling interest																										-400,000	0			-200,000				-800,000
additional ownership interest in windmark																										0
equity in loss from unconsolidated affiliates, net of distributions
gain on contribution to equity method investment																			0	-3,170,000	-120,000
capital contribution from non-controlling interests																			0	1,443,000	1,745,000	2,609,000
capital distribution to non-controlling interests																			-305,000	-334,000	-319,000	-235,000
capital contribution to unconsolidated affiliates																			0	-7,208,000	-2,500,000	-1,835,000
principal payments under finance lease obligation																			-29,000	-25,000	-21,000	-17,000	-13,000	-14,000	-11,000	-11,000	-11,000
equity in loss from unconsolidated affiliates																				602,000	468,000	365,000	95,000	123,000	83,000
capital distribution from unconsolidated affiliates
other-than-temporary impairment loss																														607,000	1,660,000	0	63,000		403,000	0	366,000
impairment loss on investment in real estate																														0	0
gain on land contribution to equity method investment																						-368,000	1,000	-15,339,000	-4,277,000	0	-845,000
additional ownership interest in windmark jv
capital contribution to unconsolidated affiliate																								-2,729,000	-600,000	-862,000	0	0	-254,000	-946,000
gain on sale of vacation rental management
proceeds from insurance claim - business interruption
(gain) loss on sale of investments																																										-35,000
deferred income tax benefit																																													159,000					-820,000			5,000																						-18,125,000
gain on insurance proceeds for damage to property and equipment
gain on land contribution																													-1,472,000
proceeds from the settlement of insurance claims																													5,798,000
deferred income tax (benefit) expense																														-3,009,000	-1,741,000	496,000	-550,000																								647,000				9,589,000				-6,546,000		19,165,728										-43,724,000	-31,183,000	-7,631,000	-37,514,000	-20,540,000
loss on disposal of real estate and property and equipment
claim settlement receivable																																						4,942,000	-95,000	-103,000	-12,548,000
notes receivable																															940,000	562,000	-943,000	-1,048,000	-740,000	-848,000	40,000	176,000	361,000	92,000	65,000											30,000	-1,156,000	33,000	105,000	16,000	440,000	268,000	-72,000	650,000	524,000	6,774,000	111,000	104,000	524,000	6,621,832	-2,034,832	192,000	1,846,000	1,758,000	81,587,000	-4,220,000	-73,845,000	6,795,000
debt issue costs																																	-27,000		0	0	-20,000
other-than-temporary impairment loss on investments
impairment losses on investment in real estate
purchases of investments																																		-11,936,000	-10,187,000	-44,311,000	-49,510,000	-49,613,000	-91,476,000	-207,423,000	-9,275,000	-102,254,000	-55,220,000			-88,345,000	-85,219,000	-386,419,000	-163,116,000	-76,369,000	-64,951,000
maturities of investments																																						0	0			100,000,000	-415,000	184,999,000	125,416,000	50,319,000	40,000,000	35,000,000	25,000,000
sales of investments																																		30,251,000	33,867,000	53,336,000	57,053,000	114,241,000	74,894,000	-47,000	8,460,000	62,848,000	182,740,000	11,835,000	128,272,000	0	75,000,000	5,618,000	2,621,000
net increase in cash and cash equivalents																																						75,825,000	-18,197,000	-17,842,000	-11,448,000	54,886,000	-180,085,000	48,264,000	255,193,000	-27,067,000	10,699,000	-186,536,000	215,525,000	-937,000	-31,352,000	-114,469,000	2,672,000	-6,418,000	2,499,000	4,210,000	3,298,000	-25,851,000	-11,587,000	-16,397,000	32,399,000	-12,575,000	57,540,000			48,293,918	-1,055,918	6,918,000	-5,821,000	9,200,000	62,058,000	-264,712,000	284,661,000					15,206,000				-18,138,000	198,146,000			-756,000	24,775,000	-6,083,000	14,524,000	-17,870,000	-6,441,000	64,219,000	228,000
cash and cash equivalents at beginning of the year
cash and cash equivalents at end of the year
impairment losses																																						0																				374,846,000	0	1,697,000	782,000	4,244,000	0	502,000	53,000	113,006,439	-21,465,439	19,962,000	1,536,000	55,983,000	1,329,000	976,000	2,257,000	2,784,000	18,221,000	0	2,196,000
borrowings on construction loan																																			436,000	679,000	509,000
net decrease in cash and cash equivalents																																					-24,129,000																												-11,170,000										-8,282,000	-12,327,000	-4,421,000			-35,896,000	-123,217,000				-51,398,000
cash and cash equivalents at beginning of the period																																			0	0	241,111,000		0	0	212,773,000		0	0	34,515,000		0	0	21,894,000		0	0	165,980,000
cash and cash equivalents at end of the period																																			-80,405,000	30,196,000	216,982,000		-18,197,000	-17,842,000	201,325,000		-180,085,000	48,264,000	289,708,000		10,699,000	-186,536,000	237,419,000		-31,352,000	-114,469,000	168,652,000
expenditures for pier park north jv																																					-489,000
pension charges																																																			572,000	331,000	79,000	1,189,000	103,000	1,018,000	-247,000	945,000	3,213,000
gain on disposal of real estate and property and equipment
notes financed by the company for operating properties sold
timber note																																														0	0	0	-200,000,000
pension plan assets reverted to the company
purchases of property and equipment																																						-486,000	-427,000	-1,639,000	-347,000	-1,017,000	-737,000	-650,000	-900,000	-614,000	-360,000	-413,000	-1,096,000	-447,000	-1,258,000	-1,361,000	-528,000
sales of unconsolidated affiliates
investment and maturities of assets held by special purpose entities																																										0
other																																																69,000	-17,000
borrowings on construction/refinanced loan in pier park north jv
proceeds from issuance of senior notes by special purpose entity
expenditures for pier park north joint venture																																							-281,000	-807,000	-277,000	-321,000	-1,289,000	-2,457,000	-1,716,000	-2,190,000	-7,429,000	-2,829,000	-10,144,000	-10,453,000	-3,915,000	-3,399,000	-1,534,000
borrowings on construction/refinanced loan in pier park joint venture
equity in loss (income) from unconsolidated joint ventures
payments received on notes receivable																																													1,980,000	950,000	773,000	739,000	780,000	970,000
accounts payable and accrued liabilities																																										-7,873,000	-6,026,000	10,417,000	152,000	134,000	-2,764,000	3,433,000	4,143,000	-7,776,000	-2,947,000	3,289,000	7,338,000	-3,274,000	-8,108,000	4,011,000	1,836,000	-19,080,000	-9,533,000	7,003,000	1,445,000	-19,651,000	3,152,000	-1,477,000	2,008,000	-8,105,398	2,368,398	595,000	-2,965,000	-14,082,000	-4,512,000	-2,324,000	-8,378,000	-33,278,000	2,113,000	-8,024,000	-60,367,000	27,397,000	-7,870,000	-2,149,000	1,038,000
income taxes																																										-1,028,000																											-140,000		0	489,000	16,509,000
borrowings on construction/refinanced loan in pier park north joint venture
(distribution) contribution to pier park north joint venture from non-controlling interest
other-than-temporary impairment losses
equity in loss in from unconsolidated affiliates																																															11,000	11,000	10,000
notes receivable financed by the company for operating properties sold
payments received on notes receivables																																											232,000
contributions to unconsolidated affiliates																																															0	0	-148,000
borrowings on construction loan in pier park joint venture																																											1,500,000	2,336,000	2,171,000			5,648,000	10,323,000
principal payments for long term debt																																											-73,000				-93,000	-427,000	-51,000
issuance of senior notes by special purpose entity net of discount and issuance costs of 4.3 million for 2014
income taxes (receivable) payable																																												1,090,000	-1,233,000
investment in assets held by special purpose entities																																															0
equity in loss (income) in from unconsolidated joint ventures
cost of operating properties sold																																														2,636,000	1,801,000	19,598,000	52,025,000	7,470,000	6,604,000	3,082,000	4,866,000	2,756,000	14,657,000	2,673,000	7,162,000	2,818,000	3,339,000	3,120,000	1,167,000	3,061,000	1,567,000	1,127,000	566,000	58,662,910	-14,991,910	11,536,000	3,488,000	4,482,000	8,111,000	19,179,000	15,253,000	29,854,000	70,322,000	34,772,000	64,910,000	82,777,000	122,442,000	101,725,000	91,747,000
expenditures for and acquisition of operating properties																																														-1,309,000
notes financed by the company for operating properties
income taxes payable																																														-11,504,000	-18,202,000	-55,477,000	84,071,000										-141,000	-1,752,000	-732,000			-2,931,000	-2,468,000				-8,182,000			-21,894,000	-22,214,000	950,000	-65,830,000	60,794,000	2,159,000	21,776,000	-46,820,000	13,448,000	10,353,000
investments in assets held by special purpose entities
contribution to pier park north joint venture from non-controlling interest																																																		1,783,000	1,360,000
repayments of long term debt																																																		-36,000	0
debt issuance costs for senior notes issued by special purpose entity
net accretion income and other
borrowings on construction loan in pier park joint venture, net of issuance costs of 0.5 million
issuance of senior notes by special purpose entity net of discount and issuance costs of 4.2 million
reduction in excise tax benefits related to stock based compensation
taxes paid on behalf of employees related to stock based compensation																																																		0	0
expenditures for operating properties																																																-1,635,000	-1,870,000	-4,233,000	-3,725,000	-6,137,000	-5,070,000	-6,364,000	-2,792,000	-5,468,000	-8,296,000	-6,858,000	-11,532,000	-5,672,000	-4,234,000	-5,295,000	-3,789,000	-4,251,000	-1,447,000	-15,833,489	6,403,489	-3,485,000	-2,926,000	-4,722,000	2,678,000	-12,742,000	-17,593,000	-25,330,000	-74,300,000	-55,588,000	-72,322,000	-70,002,000	-167,686,000	-172,173,000	-177,121,000
accretion income																																																-494,000	-324,000				-188,000
issuances of notes receivable
equity (income) loss in from unconsolidated joint ventures
loss on disposal of plant and equipment
(gain) loss attributed to casualty loss of real estate
cash receipts from retained interest investments																																																					196,000
distributions to non-controlling interest partner
distributions to unconsolidated affiliates for repayment of debt
proceeds from exercise of stock options
(reduction) excess excise tax benefits related to stock based compensation
gain on sales of investments
equity in income from unconsolidated affiliates																																																			12,000
issuance of notes receivable
proceeds from sales and maturities of investments
(reduction in) excess excise tax benefits on stock options																																																			-10,000
supplemental disclosures of cash flow information:
cash paid during the period for:
interest																																																				859,000	608,000																		9,640,000	-7,464,000	9,661,000
non-cash financing and investment activities:
net increase in community development district debt
decrease in pledged treasury securities related to defeased debt
expenditures of operating properties and property and equipment financed
settlement of note receivable
contribution to pier park north joint venture from noncontrolling interest																																																					713,000
taxes paid on behalf of employees related to stock based compensation and reduction in excise tax benefits on stock options																																																					-33,000
net decrease in community development district debt																																																					168,000
net decrease in pledged treasury securities related to defeased debt																																																					142,000
expenditures of operating properties and property and equipment and financed																																																					472,000
loss on disposition of property and equipment
loss attributed to casualty loss of real estate
stock-based compensation																																																						-98,000	-6,000	511,000	491,000	-157,000	226,000	-89,000	8,472,000	429,000	885,000	2,314,000	1,531,000	7,233,793	-5,661,793	3,237,000	2,431,000	2,745,000	2,392,000	3,424,000	2,991,000	1,927,000	2,052,000	2,873,000	1,985,000	2,003,000	2,434,000	4,739,000	4,591,000
accretion expense
equity in loss of unconsolidated joint ventures																																																						-3,000	19,000			42,000	11,000			3,829,000	50,000			121,919	-14,919
distributions from unconsolidated affiliates																																																														249,000	10,000	-9,000	400,000	534,465	-534,465																	11,248,000	4,093,000
investments in unconsolidated affiliates																																																																					410,000								-271,000	-435,000	-461,000
repayments of other long-term debt																																																						-177,000	-19,350,000						-166,000									0	0	-240,000,000	-130,000,000	-43,234,000	443,000	-53,239,000	-67,551,000	-100,787,000	-806,000	-848,000	-3,782,000	-206,441,000	-21,748,000	-3,212,000	-27,515,000	2,638,000	-939,000	-11,316,000	-663,000	-53,000	-729,000	-258,000	-984,000
distributions to minority interest partner																																																										-131,000	-1,000											-10,000	-728,000	-399,000	-1,560,000
proceeds from exercises of stock options																																																										0	0			0	0	1,458,000	3,625,000	717,533	-107,533			0	663,000			250,000	564,000	684,000	2,840,000	2,077,000	4,762,000	236,000	1,487,000	2,540,000	1,364,000	3,033,000	6,119,000
excess tax benefits from stock-based compensation																																																						-11,000	-15,000				1,000								184,261	15,000	-200,000	52,000	-182,000	167,000	-93,000		-22,000	150,000	829,000			-3,000	-641,000
taxes paid on behalf of employees related to stock-based compensation																																																						0	0	0	-152,000	-104,000	0	-62,000	-4,646,000	-265,000	-247,000	-242,000	-553,000	-956,459	154,459	0	-155,000	-804,000
cash and cash equivalents at beginning of year																																																																																						0	0
cash and cash equivalents at end of year																																																																																						-756,000	24,775,000
cash flows from operating activities
adjustments to reconcile net income to net cash from operating activities
depreciation and amortization																																																							2,400,000	2,457,000	2,328,000	2,869,000	3,020,000	3,446,000	6,504,000	3,362,000	3,356,000	3,457,000	3,482,000	16,099,635	-8,349,635	4,307,000	4,055,000	4,041,000	4,156,000	4,459,000	4,706,000	4,823,000	5,093,000	4,637,000	9,374,000	10,189,000	9,899,000	9,874,000	10,402,000
loss on disposal of plant, property and equipment																																																							6,000
purchases of property, plant and equipment																																																							-65,000	-12,000	-189,000	-840,000	-30,000	-1,268,000	-288,000	-165,000	-830,000	-170,000	-117,000	-2,534,571	2,945,571	-378,000	-2,571,000	-987,000	-15,000	-657,000	-619,000	-218,000	328,000	-3,908,000	-1,785,000	-9,173,000	-2,657,000	3,587,000	-5,775,000	-3,364,000	-1,817,000	-11,055,000	-3,673,000	-1,991,000	-1,556,000	-3,193,000	-727,000	825,000	-3,814,000		-3,904,000
proceeds from disposition of property, plant and equipment																																																								0	8,000
contribution of capital to unconsolidated affiliates																																																											0
cash and cash equivalents at beginning of period																																																							0	0	162,391,000		0	0	183,827,000		0	0	163,807,000		-115,356,528	0	115,472,000		0	0	24,265,000		0	0	36,935,000		0	0	202,605,000		0	0	94,816,000				0	0	73,273,000	0	40,940,000
cash and cash equivalents at end of period																																																							2,499,000	4,210,000	165,689,000		-11,587,000	-16,397,000	216,226,000		57,540,000	-13,775,000	152,637,000		-116,412,446	6,918,000	109,651,000		62,058,000	-264,712,000	308,926,000		-8,282,000	-12,327,000	32,514,000		-21,763,000	-35,896,000	79,388,000		198,146,000	-20,821,000	43,418,000				14,524,000	-17,870,000	66,832,000	64,219,000	41,168,000
equity in (income) loss of unconsolidated joint ventures																																																									11,000				24,000				378,000				-30,000			122,000	91,000
net cash (used in) investing activities																																																									-181,000
excess (reduction in) tax benefits from stock-based compensation																																																													53,000			102,000	-42,000
net cash (used in) financing activities																																																									-152,000
loss on disposition of property, plant and equipment
income taxes payable/
repayments of other long term debt																																																											-61,000
adjustments to reconcile net income to net cash from ( used in) operating activities:
distribution from unconsolidated affiliates
loss on early extinguishment of debt																																																																						0	680,000
maturities and redemptions of investments, held to maturity																																																																						0	0				0
net borrowings from revolving credit agreements																																																																						0
repayment of borrowings under revolving credit agreements																																																																						0	0	0	-167,000,000	-83,000,000
make whole payment in connection with prepayment of senior notes																																																																						0	0
issuance of common stock																																																																						0	-66,000	-465,000	580,333,000
pension settlement																																																																		45,997,322	-44,633,322
distribution to noncontrolling interest
excess tax (benefits) from stock-based compensation
net cash from (used) in investing activities																																																																	296,000
net cash from (used) in financing activities																																																																	3,030,000
distributions of income from unconsolidated affiliates																																																																										0	0	411,000	299,000	4,468,000	2,613,000	4,082,000	1,623,000
write-off of previously capitalized home building costs																																																																														-209,000
gains on dispositions of assets
income taxes receivable / payable																																																																						9,079,000
purchases of investments in real estate																																																																										-426,000	-422,000	-12,266,000	-1,049,000	-1,693,000	-1,276,000	-2,482,000	-1,472,000	-18,699,000	-10,841,000	-47,068,000	-30,214,000	-48,782,000	-3,190,000	-30,498,000	-27,225,000	-18,677,000	-16,979,000	-39,072,000	-10,921,000
contribution of capital to unconsolidated affiliate
proceeds from sale of discontinued operations																																																																														4,839,000	30,762,000
dividends paid to stockholders																																																																										1,000	-11,900,000	-11,900,000	-11,837,000	-11,894,000									-10,734,000			-90,000	-6,089,000	-39,000	-6,463,000
purchases of short-term investments, net of maturities and redemptions																																																																									169,000					0	0
proceeds from revolving credit agreements																																																																									35,000,000	125,000,000				90,000,000
distributions to noncontrolling interest partner
noncontrolling interest in (loss) of subsidiary																																																																					-102,000
net cash (used) provided by financing activities																																																																					-355,000
capitalized interest																																																																							0	49,000	1,533,000
minority interest in income																																																																						-271,000	-39,000			226,000	112,000	371,000	383,000	515,000	745,000	2,733,000	2,144,000
equity in loss (income) of unconsolidated joint ventures																																																																						70,000
restructuring expense																																																																								2,502,000	545,000
proceeds from other long-term debt																																																																														100,000,000	0			206,681,000	151,332,000	139,000	1,211,000	-301,000	1,574,000	13,247,000	6,255,000	46,000	14,474,000	10,674,000	213,023,000
treasury stock purchases																																																																							-1,897,000	0	-143,000	-218,000	-1,614,000	0	-231,000	-3,933,000	-5,935,000	-22,308,000	-25,121,000	-56,299,000	-20,754,000	-30,597,000	-12,329,000	-18,174,000	-19,899,000
restructuring charges
cash paid during the nine month period for:
net borrowings (payments) from revolving credit agreements
minority interest in income of subsidiary																																																																									-412,000
gains on sale of office portfolio																																																																										0
accounts receivable																																																																										3,876,000	470,000	4,105,000	8,110,000	19,033,000	15,590,000	11,546,000	-13,119,000
proceeds from sale of office portfolio																																																																										0
distributions of capital from unconsolidated affiliates																																																																																		0
contribution of capital from minority interest partner
equity in income of unconsolidated affiliates																																																																											999,000
write-off of capitalized home building costs																																																																											0	147,000	558,000
contributions to investments in unconsolidated affiliates																																																																											0
distributions to minority interests																																																																											-780,000	-659,000	-3,250,000	-4,560,000	-3,250,000	-3,909,000	-2,080,000
notes receivable and other assets
net (payments) borrowings from revolving credit agreements
adjustments to reconcile net income to net cash (used in) operating activities:
equity in income of unconsolidated joint ventures																																																																													-1,031,000	-1,987,000	-1,737,000	-2,740,000	-2,843,000
proceeds from revolving credit agreements, net of repayments																																																																													150,000,000			30,000,000	20,000,000			0	50,000,000	0	0						-195,764,000
gains on sale of discontinued operations																																																																														-1,739,000	-10,618,000
repayment of revolving credit agreements																																																																														-125,000,000
investment by minority interest partner																																																																																		0
tax benefit on exercise of stock options
proceeds from dispositions of assets																																																																																				-2,000	10,000	-75,000	57,000	-62,114,000	14,882,000	31,253,000	22,519,000
dividends paid to stockholders and other distributions																																																																																-11,933,000	-11,998,000	-12,049,000	-12,182,000	-10,820,000	-10,789,000
distributions from consolidated affiliates
investments in joint ventures and purchase business acquisitions																																																																																		0	0
distributions from affiliates																																																																																				2,210,000	650,000
investments in joint ventures and purchase business acquisitions, net of cash received																																																																																						-5,279,000	1,237,000	-2,579,000	-17,489,000	-704,000	-2,459,000	-3,232,000	-5,041,000
proceeds from settlement of forward purchase contracts
proceeds received on sale of discontinued assets
maturities and redemptions of short-term investments, net of purchases																																																																																									261,000
proceeds from exercises of stock options and stock purchase plan																																																																																							4,168,000
contribution from minority interest owner
adjustments to reconcile net income to cash flows from operating activities:
net proceeds from sale of discontinued operations
proceeds from settlement of forward sale contracts																																																																																												0	1,525,000
proceeds from (repayments of) revolving credit agreements																																																																																									15,000,000
proceeds from exercise of stock options and stock purchase plan																																																																																									5,733,000	6,552,000	8,538,000	6,247,000	14,018,000
treasury stock purchased																																																																																									-13,315,000	-24,597,000	-21,134,000	-77,206,000	-3,467,000
maturities and redemptions of short-term investments
repayments of revolving credit agreements, net of proceeds
purchases of short-term investments
dividends paid to minority interest
spin off of subsidiary
purchases of property, plant, and equipment
purchases of available-for-sale investments
maturities and redemptions of available-for-sale investments																																																																																												-2,453,000	5,757,000
proceeds from disposition of assets																																																																																												15,499,000	25,515,000
(repayments of) proceeds from revolving credit agreements
adjustments to reconcile net income to net cash provided by operating activities:
purchases of available for sale investments
investments in joint ventures and purchase business acquisitions, net of cash received
maturities and redemptions of available for sale investments
proceeds from revolving credit agreements, net of prepayments
proceeds from exercise of stock options and stock purchase plan
dividends and special distributions paid to stockholders
net increase in cash and cash equivalents

The St. Joe Company(NYSE:JOE)

The St. Joe Company
(NYSE:JOE)