Concentration of Risks and Uncertainties

6 Months Ended

Jun. 30, 2015

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 June 30, 2015, the Company had $259.6 million invested in U.S. Treasury securities, $103.9 million invested in one issuer of corporate debt securities that is non-investment grade and $12.0 million was invested in one issuer of preferred stock that is a financial services firm that is non-investment grade. In addition, as of June 30, 2015, the Company had investments in short term commercial paper from eight issuers of $256.8 million.