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Concentration of Risks and Uncertainties
9 Months Ended
Sep. 30, 2014
Risks and Uncertainties [Abstract]  
Concentration of Risks and Uncertainties
Concentration of Risks and Uncertainties
The Company’s real estate investments are concentrated in Northwest Florida in a number of specific development projects. Uncertain economic conditions could have an adverse impact on the Company’s real estate values and could cause the Company to sell assets at depressed values in order to pay ongoing expenses.
Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash, cash equivalents, investments, notes receivable, investments held by special purpose entities, investments in retained interests and pledged securities held as collateral for payment of the in-substance defeased debt. The Company deposits and invests cash with a major financial institution in the United States, which balances exceed the amount of F.D.I.C. insurance provided on such deposits. In addition, as of September 30, 2014, the Company had $484.9 million invested in U.S. Treasury securities and $97.4 million invested in one issuer of corporate debt securities that is non-investment grade. As of September 30, 2014 and October 31, 2014, $10.2 million and $23.7 million, respectively, of the Company's preferred stock is non-investment grade and was invested in one issuer who is a financial services firm that is non-investment grade.