CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Cash flows from operating activities:
Net income	$ 417,441	$ 4,410
Adjustments to reconcile net income to net cash from operating activities:
Depreciation, depletion and amortization	6,213	6,972
Stock based compensation	210	247
Loss (gain) on sale of investments	833	(93)
Other-than-temporary impairment losses	1,295	0
Equity in loss in from unconsolidated affiliates	32	39
Deferred income tax expense	51,037	(89)
Cost of operating properties sold	73,424	14,552
Expenditures for and acquisition of operating properties	(6,059)	(14,932)
Notes financed by the Company for operating properties sold	(19,600)	(4,845)
Timber Note	(200,000)	0
Deferred revenue	(13,562)	0
Net accretion income and other	(1,530)	(568)
Changes in operating assets and liabilities:
Payments received on notes receivable	2,292	592
Other assets	(4,333)	(258)
Accounts payable and accrued liabilities	4,812	7,680
Income taxes payable	10,392	0
Net cash provided by operating activities	322,897	13,707
Cash flows from investing activities:
Expenditures for Pier Park North joint venture	(20,402)	(8,848)
Purchases of property and equipment	(1,869)	(3,147)
Purchases of investments	(634,754)	(180,361)
Maturities of investments	100,000	25,000
Sales of investments	83,239	7,725
Investment in assets held by special purpose entities	(6,921)	0
Contributions to unconsolidated affiliates	(148)	0
Net cash used in investing activities	(480,855)	(159,631)
Cash flows from financing activities:
Borrowings on construction loan in Pier Park joint venture, net of issuance costs of $0.5 million	22,477	0
Contribution to Pier Park North joint venture from non-controlling interest	0	3,103
Principal payments for long term debt	(571)	(285)
Issuance of Senior Notes by special purpose entity net of discount and issuance costs of $4.2 million for 2014	175,740	0
Reduction in excise tax benefits related to stock based compensation	0	(18)
Taxes paid on behalf of employees related to stock based compensation	0	(25)
Net cash provided by financing activities	197,646	2,775
Net increase (decrease) in cash and cash equivalents	39,688	(143,149)
Cash and cash equivalents at beginning of the period	21,894	165,980
Cash and cash equivalents at end of the period	61,582	22,831
Cash paid during the period for:
Interest expense	5,206	1,773
Income taxes	53,780	20
Non-cash financing and investment activities:
Net (decrease) increase in Community Development District debt	(5,007)	2,469
Decrease in pledged treasury securities related to defeased debt	438	414
Expenditures for investing properties and property and equipment financed through accounts payable	5,289	3,466
Exchange of Timber Note for investments held by special purpose entity	200,000	0
Capital contributions to special purpose entity from non-controlling interest	3,492	0
Settlement of note receivable	$ 0	$ 312