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| x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |

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| ¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |

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| Florida                                                       |   | 59-0432511 |
| (State or other jurisdiction ofincorporation or organization) |   | (I.R.S. EmployerIdentification No.) |
|                                                          |
| 133 South WaterSound ParkwayWaterSound, Florida               |   | 32413 |
| (Address of principal executive offices)                      |   | (Zip Code) |

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|                                   |  |  |  |
| Large accelerated filer | þ | Accelerated filer | ¨ |
|                              |   |   |   |
| Non-accelerated filer             | ¨  (Do not check if a smaller reporting company) | Smaller reporting company | ¨ |

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|---------------------------------------------------------------------------------------------------------------|
|                                                                                                               |  |
|                                                                                                          | Page No. |
| PART I                                                                                                        |   |
| Item 1. Financial Statements                                                                                  | 3 |
| Condensed Consolidated Balance Sheets - March 31, 2014 and December 31, 2013                                  | 3 |
| Condensed Consolidated Statements of Operations - Three months ended March 31, 2014 and 2013                  | 5 |
| Condensed Consolidated Statements of Comprehensive Income (Loss) - Three months ended March 31, 2014 and 2013 | 6 |
| Condensed Consolidated Statement of Stockholders' Equity - Three months ended March 31, 2014                  | 7 |
| Condensed Consolidated Statements of Cash Flows - Three months ended March 31, 2014 and 2013                  | 8 |
| Notes to the Condensed Consolidated Financial Statements                                                      | 10 |
| Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations                 | 31 |
| Item 3. Quantitative and Qualitative Disclosures About Market Risk                                            | 50 |
| Item 4. Controls and Procedures                                                                               | 51 |
| PART II                                                                                                       |   |
| Item 1A. Risk Factors                                                                                         | 51 |
| Item 6. Exhibits                                                                                              | 52 |
| Signatures                                                                                                    | 53 |

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|                                                                                                                                                      |
|------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                      |  |  |  |  |  |  |  |
|                                                                                                                                                 | March 31, 2014 |   | December 31, 2013 |
| ASSETS                                                                                                                                               |   |   |   |
| Investment in real estate, net                                                                                                                       | $ | 320,116 |  |   | $ | 385,009 |  |
| Cash and cash equivalents                                                                                                                            | 237,419 |  |   | 21,894 |  |
| Investments                                                                                                                                          | 281,790 |  |   | 146,972 |  |
| Notes receivable, net                                                                                                                                | 6,938 |  |   | 7,332 |  |
| Pledged treasury securities                                                                                                                          | 26,111 |  |   | 26,260 |  |
| Prepaid pension asset                                                                                                                                | 34,386 |  |   | 35,117 |  |
| Property and equipment, net of accumulated depreciation of $60.5 million and $62.2 million at March 31, 2014 and December 31, 2013, respectively     | 10,908 |  |   | 11,410 |  |
| Deferred tax asset                                                                                                                                   | — |  |   | 12,866 |  |
| Other assets                                                                                                                                         | 25,353 |  |   | 22,612 |  |
| Investments held by special purpose entity (Note 4)                                                                                                  | 203,492 |  |   | — |  |
| Assets held for sale                                                                                                                                 | 22,571 |  |   | — |  |
| Total assets                                                                                                                                         | $ | 1,169,084 |  |   | $ | 669,472 |  |
| LIABILITIES AND EQUITY                                                                                                                               |   |   |   |
| LIABILITIES:                                                                                                                                         |   |   |   |
| Debt                                                                                                                                                 | $ | 49,415 |  |   | $ | 44,217 |  |
| Accounts payable                                                                                                                                     | 16,352 |  |   | 12,083 |  |
| Income taxes payable                                                                                                                                 | 84,373 |  |   | 302 |  |
| Accrued liabilities and deferred credits                                                                                                             | 32,437 |  |   | 49,345 |  |
| Deferred tax liabilities                                                                                                                             | 11,053 |  |   | — |  |
| Liabilities associated with assets held for sale                                                                                                     | 5,708 |  |   | — |  |
| Total liabilities                                                                                                                                    | 199,338 |  |   | 105,947 |  |
| EQUITY:                                                                                                                                              |   |   |   |
| Common stock, no par value; 180,000,000 shares authorized; 92,313,182 issued and 92,292,913 outstanding at March 31, 2014 and December 31, 2013 | 892,027 |  |   | 892,027 |  |
| Retained earnings (deficit)                                                                                                                          | 77,124 |  |   | (325,871 | ) |
| Accumulated other comprehensive loss                                                                                                                 | (7,777 | ) |   | (7,517 | ) |
| Treasury stock at cost, 20,269 held at March 31, 2014 and December 31, 2013                                                                     | (285 | ) |   | (285 | ) |
| Total stockholders’ equity                                                                                                                     | 961,089 |  |   | 558,354 |  |
| Non-controlling interest                                                                                                                             | 8,657 |  |   | 5,171 |  |
| Total equity                                                                                                                                         | 969,746 |  |   | 563,525 |  |
| Total liabilities and equity                                                                                                                         | $ | 1,169,084 |  |   | $ | 669,472 |  |

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|                                                     |
|-----------------------------------------------------|
|                                                     |  |  |  |  |  |  |  |
|                                                | March 31, 2014 |   | December 31, 2013 |
| ASSETS                                              |   |   |   |
| Investment in real estate                           | $ | 36,183 |  |   | $ | 28,412 |  |
| Cash and cash equivalents                           | 2,192 |  |   | 2,225 |  |
| Investments held by special purpose entity (Note 4) | 203,492 |  |   | — |  |
| Other assets                                        | 1,095 |  |   | 321 |  |
| Total assets                                        | $ | 242,962 |  |   | $ | 30,958 |  |
| LIABILITIES                                         |   |   |   |
| Long-term debt                                      | $ | 16,768 |  |   | $ | 6,445 |  |
| Accounts payable                                    | 4,267 |  |   | 5,766 |  |
| Accrued liabilities and deferred credits            | 1,167 |  |   | 1,925 |  |
| Total liabilities                                   | $ | 22,202 |  |   | $ | 14,136 |  |

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|                                                                                     |
|-------------------------------------------------------------------------------------|
|                                                                                     |  |  |  |  |  |  |  |
|                                                                                | Three Months Ended March 31, |
|                                                                                | 2014 |  | 2013 |
| Revenues:                                                                           |   |   |   |
| Real estate sales                                                                   | $ | 577,746 |  |   | $ | 8,056 |  |
| Resorts, leisure and leasing revenues                                               | 8,201 |  |   | 9,022 |  |
| Timber sales                                                                        | 8,139 |  |   | 9,695 |  |
| Total revenues                                                                      | 594,086 |  |   | 26,773 |  |
| Expenses:                                                                           |   |   |   |
| Cost of real estate sales                                                           | 61,994 |  |   | 5,040 |  |
| Cost of resorts, leisure and leasing revenues                                       | 8,146 |  |   | 8,285 |  |
| Cost of timber sales                                                                | 3,851 |  |   | 6,035 |  |
| Other operating expenses                                                            | 4,418 |  |   | 2,925 |  |
| Corporate expense                                                                   | 4,089 |  |   | 4,388 |  |
| Depreciation, depletion and amortization                                            | 2,095 |  |   | 2,325 |  |
| Total expenses                                                                      | 84,593 |  |   | 28,998 |  |
| Operating income (loss)                                                             | 509,493 |  |   | (2,225 | ) |
| Other income (expense):                                                             |   |   |   |
| Investment income, net                                                              | 274 |  |   | 107 |  |
| Interest expense                                                                    | (639 | ) |   | (600 | ) |
| Other, net                                                                          | 776 |  |   | 250 |  |
| Total other income (expense)                                                        | 411 |  |   | (243 | ) |
| Income (loss) before equity in loss from unconsolidated affiliates and income taxes | 509,904 |  |   | (2,468 | ) |
| Equity in loss from unconsolidated affiliates                                       | (10 | ) |   | (12 | ) |
| Income tax expense                                                                  | (106,905 | ) |   | — |  |
| Net income (loss)                                                                   | 402,989 |  |  | (2,480 | ) |
| Net loss attributable to non-controlling interest                                   | 6 |  |   | 6 |  |
| Net income (loss) attributable to the Company                                       | $ | 402,995 |  |   | $ | (2,474 | ) |
|                                                                                |   |   |   |
| NET INCOME (LOSS) PER SHARE                                                         |   |   |   |
| Basic and Diluted                                                                   |   |   |   |
| Weighted average shares outstanding                                                 | 92,292,913 |  |   | 92,284,265 |  |
| Net income (loss) per share attributable to the Company                             | $ | 4.37 |  |   | $ | (0.03 | ) |

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|                                                         |
|---------------------------------------------------------|
|                                                         |  |  |  |  |  |  |  |
|                                                    | Three Months Ended March 31, |
|                                                    | 2014 |  | 2013 |
| Net income (loss):                                      | $ | 402,989 |  |   | $ | (2,480 | ) |
| Other comprehensive income (loss):                      |   |   |   |
| Net unrealized losses on available-for-sale investments | (386 | ) |   | — |  |
| Income tax benefit                                      | 149 |  |   | — |  |
| Total                                                   | (237 | ) |   | — |  |
| Defined benefit pension items:                          |   |   |   |
| Net loss arising during the period                      | (409 | ) |   | — |  |
| Settlement included in net periodic cost                | 240 |  |   | — |  |
| Amortization of loss included in net periodic cost      | 132 |  |   | 97 |  |
| Income tax benefit                                      | 14 |  |   | — |  |
| Total                                                   | (23 | ) |   | 97 |  |
| Total other comprehensive income, net of tax            | (260 | ) |   | 97 |  |
| Total comprehensive income (loss), net of tax           | $ | 402,729 |  |   | $ | (2,383 | ) |

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|                                                                                        |
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|                                                                                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                   | Common Stock |   | Retained earnings (deficit) |   | AccumulatedOtherComprehensiveLoss |   |   |   |   |   |   |
|                                                                                   | OutstandingShares |   | Amount |   | TreasuryStock |   | Non-controllingInterest |   | Total |
| Balance at December 31, 2013                                                           | 92,292,913 |  |   | $ | 892,027 |  |   | $ | (325,871 | ) |   | $ | (7,517 | ) |   | $ | (285 | ) |   | $ | 5,171 |  |   | $ | 563,525 |  |
| Net income (loss)                                                                      | — |  |   | — |  |   | 402,995 |  |   | — |  |   | — |  |   | (6 | ) |   | 402,989 |  |
| Other comprehensive income                                                             | — |  |   | — |  |   | — |  |   | (260 | ) |   | — |  |   | — |  |   | (260 | ) |
| Capital contributions to special purpose entity from non-controlling interest (Note 4) | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 3,492 |  |   | 3,492 |  |
| Balance at March 31, 2014                                                              | 92,292,913 |  |   | $ | 892,027 |  |   | $ | 77,124 |  |   | $ | (7,777 | ) |   | $ | (285 | ) |   | $ | 8,657 |  |   | $ | 969,746 |  |
|                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |

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|                                                                                   |
|-----------------------------------------------------------------------------------|
|                                                                                   |  |  |  |  |  |  |  |
|                                                                              | Three Months Ended March 31, |
|                                                                              | 2014 |   | 2013 |
| Cash flows from operating activities:                                             |   |   |   |
| Net income (loss)                                                                 | $ | 402,989 |  |   | $ | (2,480 | ) |
| Adjustments to reconcile net income (loss) to net cash from operating activities: |   |   |   |
| Depreciation, depletion and amortization                                          | 2,095 |  |   | 2,325 |  |
| Loss on sale of investments                                                       | 401 |  |   | — |  |
| Equity in loss in from unconsolidated affiliates                                  | 10 |  |   | 12 |  |
| Deferred income tax expense                                                       | 22,532 |  |   | 5 |  |
| Cost of operating properties sold                                                 | 52,025 |  |   | 4,866 |  |
| Expenditures for operating properties                                             | (1,870 | ) |   | (6,604 | ) |
| Issuances of notes receivable, net                                                | — |  |   | (2,366 | ) |
| Timber Note                                                                       | (200,000 | ) |   | — |  |
| Deferred revenue                                                                  | (13,370 | ) |   | 1,182 |  |
| Accretion income                                                                  | (324 | ) |   | (188 | ) |
| Other, net                                                                        | (17 | ) |   | 82 |  |
| Changes in operating assets and liabilities:                                      |   |   |   |
| Payments received on notes receivable                                             | 780 |  |   | 28 |  |
| Other assets                                                                      | (1,329 | ) |   | (1,876 | ) |
| Accounts payable and accrued liabilities                                          | 4,143 |  |   | 7,338 |  |
| Income taxes payable                                                              | 84,071 |  |   | — |  |
| Net cash provided by operating activities                                         | 352,136 |  |   | 2,324 |  |
| Cash flows from investing activities:                                             |   |   |   |
| Expenditures for Pier Park North joint venture                                    | (10,144 | ) |   | — |  |
| Purchases of property and equipment                                               | (1,096 | ) |   | (528 | ) |
| Purchases of investments                                                          | (163,116 | ) |   | — |  |
| Maturities of investments                                                         | 25,000 |  |   | — |  |
| Sales of investments                                                              | 2,621 |  |   | 196 |  |
| Contributions to unconsolidated affiliates                                        | (148 | ) |   | — |  |
| Net cash used in investing activities                                             | (146,883 | ) |   | (332 | ) |
| Cash flows from financing activities:                                             |   |   |   |
| Contribution to Pier Park North joint venture from non-controlling interest       | — |  |   | 713 |  |
| Borrowings on construction loan in Pier Park joint venture                        | 10,323 |  |   | — |  |
| Principal payments for long term debt                                             | (51 | ) |   | — |  |
| Taxes paid on behalf of employees related to stock based compensation             | — |  |   | (33 | ) |
| Net cash provided by financing activities                                         | 10,272 |  |   | 680 |  |
| Net increase in cash and cash equivalents                                         | 215,525 |  |   | 2,672 |  |
| Cash and cash equivalents at beginning of the period                              | 21,894 |  |   | 165,980 |  |
| Cash and cash equivalents at end of the period                                    | $ | 237,419 |  |   | $ | 168,652 |  |

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|                                                                                                    |
|----------------------------------------------------------------------------------------------------|
|                                                                                                    |  |  |  |  |  |  |  |  |
|                                                                                               |   | Three Months Ended March 31, |
|                                                                                               |   | 2014 |   | 2013 |
| Cash paid (received) during the period for:                                                        |   |   |   |   |
| Interest                                                                                           |   | $ | 650 |  |   | $ | 608 |  |
| Income taxes                                                                                       |   | $ | 474 |  |   | $ | (22 | ) |
| Capitalized interest                                                                               |   | $ | 58 |  |   | $ | — |  |
| Non-cash financing and investment activities:                                                      |   |   |   |   |
| Net increase in Community Development District Debt                                                |   | $ | 467 |  |   | $ | 168 |  |
| Decrease in pledged treasury securities related to defeased debt                                   |   | $ | 149 |  |   | $ | 142 |  |
| Expenditures for operating properties and property and equipment financed through accounts payable |   | $ | 1,929 |  |   | $ | 472 |  |
| Exchange of Timber Note for investments held by special purpose entity (Note 4)                    |   | $ | 200,000 |  |   | $ | — |  |
| Capital contributions to special purpose entity from non-controlling interest (Note 4)             |   | $ | 3,492 |  |   | $ | — |  |

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|                                                                                                        |
|--------------------------------------------------------------------------------------------------------|
|                                                                                                        |  |  |  |  |  |  |  |
|                                                                                                        | March 31, 2014 |   | December 31, 2013 |
| Operating property:                                                                                    |  |  |  |
| Residential real estate                                                                                | $ | 2,054 |  |  | $ | 2,071 |  |
| Resorts, leisure and leasing operations                                                                | 156,506 |  |  | 146,624 |  |
| Forestry                                                                                               | 18,233 |  |  | 58,170 |  |
| Other                                                                                                  | 45 |  |  | 45 |  |
| Total operating property                                                                               | 176,838 |  |  | 206,910 |  |
| Development property:                                                                                  |  |  |  |
| Residential real estate                                                                                | 103,466 |  |  | 130,616 |  |
| Commercial real estate                                                                                 | 58,724 |  |  | 58,659 |  |
| Resorts, leisure and leasing operations                                                                | 27,165 |  |  | 28,737 |  |
| Forestry                                                                                               | 3,278 |  |  | 8,976 |  |
| Corporate                                                                                              | 2,421 |  |  | 2,366 |  |
| Total development property                                                                             | 195,054 |  |  | 229,354 |  |
| Investment in unconsolidated affiliates(1)                                                             | 2,378 |  |  | 2,241 |  |
| Total real estate investments                                                                          | 374,270 |  |  | 438,505 |  |
| Less: Accumulated depreciation                                                                         | 54,154 |  |  | 53,496 |  |
| Investment in real estate, net                                                                         | $ | 320,116 |  |  | $ | 385,009 |  |
|                                                                                                   |   |   |   |
| (1)   Recorded in the Company’s resorts, leisure and leasing operation's segment. |   |   |   |

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|         |                                                                                      |
|---------|--------------------------------------------------------------------------------------|
| • | a prolonged decrease in the fair value or demand for the Company’s properties; |

|         |                                                                                       |
|---------|---------------------------------------------------------------------------------------|
| • | a change in the expected use or development plans for the Company’s properties; |

|         |                                                                          |
|---------|--------------------------------------------------------------------------|
| • | continuing operating or cash flow losses for an operating property; and, |

|         |                                                                                                                                |
|---------|--------------------------------------------------------------------------------------------------------------------------------|
| • | an accumulation of costs in a development property that significantly exceeds its historical basis in property held long-term. |

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|                                          |
|------------------------------------------|
|                                          |  |  |  |
|                                     | March 31, 2014 |
| Investment in real estate, net           | $ | 22,369 |  |
| Other assets                             | 202 |  |
| Total assets held for sale               | 22,571 |  |
|                                     |   |
| Debt (1)                                 | 5,391 |  |
| Accrued liabilities and deferred credits | 317 |  |
| Total liabilities held for sale          | 5,708 |  |
| Net carrying value                       | $ | 16,863 |  |

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|----|
|    |  |  |
| (1 | ) | Only Rivers Edge CDD assessments for platted property have been recorded as a liability.  The Company's total outstanding Rivers Edge CDD assessments at March 31, 2014 were $11.0 million. |

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|                           |
|---------------------------|
|                           |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                      | Amortized Cost |   | Gross Unrealized Gains |   | Gross Unrealized Losses |   | Fair Value |
| Debt securities:          |   |   |   |   |   |   |   |
| U.S. Treasury securities  | $ | 224,826 |  |   | $ | 16 |  |   | $ | — |  |   | $ | 224,842 |  |
| Corporate debt securities | 56,244 |  |   | — |  |   | 2,669 |  |   | 53,575 |  |
| Preferred stock           | 3,270 |  |   | 103 |  |   | — |  |   | 3,373 |  |
|                      | $ | 284,340 |  |   | $ | 119 |  |   | $ | 2,669 |  |   | $ | 281,790 |  |

|                           |
|---------------------------|
|                           |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                      | Amortized Cost |   | Gross Unrealized Gains |   | Gross Unrealized Losses |   | Fair Value |
| Debt securities:          |   |   |   |   |   |   |   |
| U.S. Treasury securities  | $ | 124,861 |  |   | $ | 88 |  |   | $ | — |  |   | $ | 124,949 |  |
| Corporate debt securities | 24,236 |  |   | — |  |   | 2,213 |  |   | 22,023 |  |
|                      | $ | 149,097 |  |   | $ | 88 |  |   | $ | 2,213 |  |   | $ | 146,972 |  |

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|                                       |
|---------------------------------------|
|                                       |  |  |  |  |  |  |  |
|                                  | Amortized Cost |   | Fair Value |
| Due in one year or less               | $ | 224,826 |  |   | $ | 224,842 |  |
| Due after one year through five years | 56,244 |  |   | 53,575 |  |
|                                  | 281,070 |  |   | 278,417 |  |
| Preferred stock                       | 3,270 |  |   | 3,373 |  |
|                                  | $ | 284,340 |  |   | $ | 281,790 |  |

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|                           |
|---------------------------|
|                           |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                      | Level 1 |   | Level 2 |   | Level 3 |   | Total Fair Value |
| Money market funds        | $ | 7,073 |  |   | $ | — |  |   | $ | — |  |   | $ | 7,073 |  |
| U.S. Treasury securities  | 209,997 |  |   | — |  |   | — |  |   | 209,997 |  |
| Debt securities:          |   |   |   |   |   |   |   |
| U.S. Treasury securities  | 224,842 |  |   | — |  |   | — |  |   | 224,842 |  |
| Corporate debt securities | — |  |   | 53,575 |  |   | — |  |   | 53,575 |  |
| Preferred stock           | — |  |   | 3,373 |  |   | — |  |   | 3,373 |  |
|                      | $ | 441,912 |  |   | $ | 56,948 |  |   | $ | — |  |   | $ | 498,860 |  |

|                           |
|---------------------------|
|                           |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                      | Level 1 |   | Level 2 |   | Level 3 |   | Total Fair Value |
| Money market funds        | $ | 1,761 |  |   | $ | — |  |   | $ | — |  |   | $ | 1,761 |  |
| Debt securities:          |   |   |   |   |   |   |   |
| U.S. Treasury securities  | 124,949 |  |   | — |  |   | — |  |   | 124,949 |  |
| Corporate debt securities | — |  |   | 22,023 |  |   | — |  |   | 22,023 |  |
|                      | $ | 126,710 |  |   | $ | 22,023 |  |   | $ | — |  |   | $ | 148,733 |  |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The fair values of cash and cash equivalents, accounts payable and accrued liabilities, approximate their carrying values at March 31, 2014 and December 31, 2013, due to the short-term nature of these assets and liabilities. These financial instruments would be categorized as level 1. The Company’s notes receivable and debt is at rates that approximate current market rates for these instruments. These financial instruments would be categorized as level 2. |

|         |                                                                                                                                                                                                                               |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The fair value of the investments held by a special purpose entity includes a time deposit that approximates its carrying value at March 31, 2014 and held-to-maturity investments as disclosed in Note 4, Real Estate Sales. |

|         |                                                                                                    |
|---------|----------------------------------------------------------------------------------------------------|
| • | The fair value of the Company’s pledged treasury securities is based on quoted market rates. |

|         |                                                                                                                                                             |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The fair value of the Company’s retained interest investments is based on the present value of the expected future cash flows at the effective yield. |

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|                               |
|-------------------------------|
|                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                          | March 31, 2014 |   | December 31, 2013 |
|                          | Carrying value |   | Fair value |   | Level |   | Carrying value |   | Fair value |   | Level |
| Assets                        |   |   |   |   |   |   |   |   |   |   |   |
| Pledged treasury securities   | $ | 26,111 |  |   | $ | 28,008 |  |   | 1 |   | $ | 26,260 |  |   | $ | 28,465 |  |   | 1 |
| Retained interest investments | $ | 9,684 |  |   | $ | 12,875 |  |   | 3 |   | $ | 9,639 |  |   | $ | 12,827 |  |   | 3 |

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|                                        |
|----------------------------------------|
|                                        |  |  |  |  |  |  |  |
|                                   | March 31, 2014 |   | December 31, 2013 |
| BALANCE SHEETS:                        |   |   |   |
| Investment in real estate              | $ | 12,158 |  |   | $ | 12,381 |  |
| Cash and cash equivalents              | 16,780 |  |   | 18,523 |  |
| Other assets                           | 73 |  |   | 130 |  |
| Total assets                           | $ | 29,011 |  |   | $ | 31,034 |  |
|                                   |   |   |   |
| Accounts payable and other liabilities | $ | 98 |  |   | $ | 761 |  |
| Equity(1)                              | 28,913 |  |   | 30,273 |  |
| Total liabilities and equity           | $ | 29,011 |  |   | $ | 31,034 |  |

|                           |
|---------------------------|
|                           |  |  |  |  |  |  |  |
|                      | Three Months Ended March 31, |
|                      | 2014 |   | 2013 |
| STATEMENTS OF OPERATIONS: |   |   |   |
| Total expenses, net       | $ | 399 |  |   | $ | 332 |  |
| Net loss                  | $ | 399 |  |   | $ | 332 |  |

|                                                                                                                                                                                                                                                                                                                               |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                               |  |  |  |  |  |  |  |
|                                                                                                                                                                                                                                                                                                                          | March 31, 2014 |   | December 31, 2013 |
| Pier Park Community Development District notes, non-interest bearing, due December 2024, net of unamortized discount of $0.1 million, effective rates 5.73% — 8.0%                                                                                                                                                      | $ | 2,623 |  |   | $ | 2,623 |  |
| Interest bearing homebuilder notes, secured by the real estate sold — 4.0% interest rate, annual principal payments of $0.3 million, any remaining payments outstanding are due February and August 2015, net of deferred profit of $0.3 million and $0.7 million at March 31, 2014 and December 31, 2013, respectively | 3,676 |  |   | 4,062 |  |
| Various mortgage notes, secured by certain real estate bearing interest at various rates                                                                                                                                                                                                                                      | 639 |  |   | 647 |  |
| Total notes receivable, net                                                                                                                                                                                                                                                                                                   | $ | 6,938 |  |   | $ | 7,332 |  |

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|                                                                                                                                                                                                                          |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                          |  |  |  |  |  |  |  |
|                                                                                                                                                                                                                     | March 31, 2014 |   | December 31, 2013 |
| In-substance defeased debt, interest payable monthly at 5.62% at March 31, 2014 and December 31, 2013, secured and paid by pledged treasury securities, due October 1, 2015                                         | $ | 26,111 |  |   | $ | 26,260 |  |
| Community Development District debt, secured by certain real estate and standby note purchase agreements, due May 2016 — May 2039, bearing interest at 5.25% to 7.15% at March 31, 2014 and December 31, 2013 | 11,928 |  |   | 11,512 |  |
| Construction loan in the Pier Park North joint venture, due February 2016, bearing interest at LIBOR plus 210 basis points, or 2.26% and 2.27% at March 31, 2014 and December 31, 2013, respectively                     | 16,767 |  |   | 6,445 |  |
|                                                                                                                                                                                                                     | 54,806 |  |   | 44,217 |  |
| Community Development District debt classified as liabilities held for sale                                                                                                                                              | 5,391 |  |   | — |  |
| Total debt                                                                                                                                                                                                               | $ | 49,415 |  |   | $ | 44,217 |  |

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|            |
|------------|
|            |  |  |  |
|       | March 31, 2014 |
| 2014       | $ | 663 |  |
| 2015       | 25,748 |  |
| 2016       | 16,852 |  |
| 2017       | 90 |  |
| 2018       | 97 |  |
| Thereafter | 5,965 |  |
|       | $ | 49,415 |  |

|     |
|-----|
|     |  |
| (a) | Includes debt defeased in connection with the sale of the Company’s office portfolio in the amount of $26.1 million. |

|                                                |
|------------------------------------------------|
|                                                |  |  |  |  |  |  |  |
|                                           | March 31, 2014 |   | December 31, 2013 |
| Accrued compensation                           | $ | 1,919 |  |   | $ | 3,705 |  |
| Deferred revenue                               | 15,124 |  |   | 28,551 |  |
| Membership deposits                            | 8,593 |  |   | 8,545 |  |
| Other accrued liabilities                      | 6,801 |  |   | 8,544 |  |
| Total accrued liabilities and deferred credits | $ | 32,437 |  |   | $ | 49,345 |  |

|                    |
|--------------------|
|                    |  |  |  |  |  |  |  |
|               | Three Months Ended March 31, |
|               | 2014 |   | 2013 |
| Current:           |   |   |   |
| Federal            | $ | 84,213 |  |   | $ | (64 | ) |
| State              | 160 |  |   | (170 | ) |
| Total              | 84,373 |  |   | (234 | ) |
| Deferred:          |   |   |   |
| Federal            | 12,045 |  |   | 211 |  |
| State              | 10,487 |  |   | 23 |  |
| Total              | 22,532 |  |   | 234 |  |
| Income tax expense | $ | 106,905 |  |   | $ | — |  |
|               |   |   |   |

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|                                             |
|---------------------------------------------|
|                                             |  |  |  |  |  |  |  |
|                                        | Three Months Ended March 31, |
|                                        | 2014 |   | 2013 |
| Tax at the statutory federal rate           | $ | 178,465 |  |   | $ | (866 | ) |
| State income taxes (net of federal benefit) | 17,846 |  |   | (87 | ) |
| (Decrease) increase in valuation allowance  | (89,300 | ) |   | 807 |  |
| Other                                       | (106 | ) |   | 146 |  |
| Total income tax expense                    | $ | 106,905 |  |   | $ | — |  |
|                                        |   |   |   |

|                                                                        |
|------------------------------------------------------------------------|
|                                                                        |  |  |  |  |  |  |  |
|                                                                   | March 31, |   | December 31, |
|                                                                   | 2014 |   | 2013 |
| Deferred tax assets:                                                   |   |   |   |
| Federal net operating carryforwards                                    | $ | — |  |   | $ | 26,884 |  |
| State net operating loss carryforwards                                 | 9,763 |  |   | 20,759 |  |
| Impairment losses                                                      | 150,858 |  |   | 151,050 |  |
| Prepaid income from land sales                                         | 5,522 |  |   | 10,210 |  |
| Other                                                                  | 2,168 |  |   | 7,592 |  |
| Total gross deferred tax assets                                        | 168,311 |  |   | 216,495 |  |
| Valuation allowance                                                    | (6,653 | ) |   | (95,953 | ) |
| Total net deferred tax assets                                          | 161,658 |  |   | 120,542 |  |
| Deferred tax liabilities:                                              |   |   |   |
| Investment in real estate and property and equipment basis differences | 767 |  |   | 1,726 |  |
| Deferred gain on land sales and involuntary conversions                | 30,884 |  |   | 31,385 |  |
| Prepaid pension asset                                                  | 13,238 |  |   | 15,596 |  |
| Installment sale                                                       | 127,822 |  |   | 58,969 |  |
| Total gross deferred tax liabilities                                   | 172,711 |  |   | 107,676 |  |
| Total net deferred tax (liability) asset                               | $ | (11,053 | ) |   | $ | 12,866 |  |

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|                                  |
|----------------------------------|
|                                  |  |  |  |  |  |  |  |
|                             | Three Months Ended March 31, |
|                             | 2014 |   | 2013 |
| Service cost                     | $ | — |  |   | $ | 258 |  |
| Interest cost                    | 185 |  |   | 170 |  |
| Expected loss (return) on assets | 137 |  |   | (446 | ) |
| Amortization of loss             | 132 |  |   | 97 |  |
| Settlement charges               | 240 |  |   | — |  |
| Net periodic pension cost        | $ | 694 |  |   | $ | 79 |  |
|                             |   |   |   |

|                                        |
|----------------------------------------|
|                                        |  |  |  |
|                                   | March 31, 2014 |   | December 31, 2013 |
| Discount rate                          | 3.93% |   | 4.37% |
| Expected long term rate on plan assets | —% |   | —% |
| Rate of compensation increase          | N/A |   | N/A |

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|                                                                |
|----------------------------------------------------------------|
|                                                                |  |  |  |  |  |  |  |  |  |  |  |
|                                                           | Defined Benefit Pension Items |   | Unrealized Gains and (Losses) on Available-for-Sale Securities |   | Total |
| Accumulated other comprehensive loss at December 31, 2013 | $ | (5,392 | ) |   | $ | (2,125 | ) |   | $ | (7,517 | ) |
| Other comprehensive income before reclassifications            | (252 | ) |   | (484 | ) |   | (736 | ) |
| Amounts reclassified from accumulated other comprehensive loss | 229 |  |   | 247 |  |   | 476 |  |
| Net current period other comprehensive income                  | (23 | ) |   | (237 | ) |   | (260 | ) |
| Accumulated other comprehensive loss at March 31, 2014         | $ | (5,415 | ) |   | $ | (2,362 | ) |   | $ | (7,777 | ) |

|                                                                |
|----------------------------------------------------------------|
|                                                                |  |  |  |  |  |  |  |  |  |  |  |
|                                                           | Defined Benefit Pension Items |   | Unrealized Gains and (Losses) on Available-for-Sale Securities |   | Total |
| Accumulated other comprehensive loss at December 31, 2012 | $ | (8,652 | ) |   | $ | — |  |   | $ | (8,652 | ) |
| Other comprehensive income before reclassifications            | — |  |   | — |  |   | — |  |
| Amounts reclassified from accumulated other comprehensive loss | 97 |  |   | — |  |   | 97 |  |
| Net current period other comprehensive income                  | 97 |  |   | — |  |   | 97 |  |
| Accumulated other comprehensive loss at March 31, 2013         | $ | (8,555 | ) |   | $ | — |  |   | $ | (8,555 | ) |

|                                                               |
|---------------------------------------------------------------|
|                                                               |  |  |  |  |  |  |  |  |  |  |
|                                                          |   | Amount Reclassified from Accumulated Other Comprehensive Loss |   |   |
|                                                          |   | Three Months Ended March 31, |   |   |
| Details about Accumulated Other Comprehensive Loss Components |   | 2014 |   | 2013 |   | Affected Line in the Condensed Consolidated Statements of Operations |
| Defined Benefit Pension Items                                 |   |   |   |   |   |   |
| Amortization of loss                                          |   | $ | 132 |  |   | $ | 97 |  |   | Net periodic pension costs, Note 12. Employee Benefit Plan |
| Settlement cost                                               |   | 240 |  |   | — |  |   | Net periodic pension costs, Note 12. Employee Benefit Plan |
|                                                          |   | 372 |  |   | 97 |  |   | Total before tax |
|                                                          |   | 143 |  |   | — |  |   | Income tax benefit |
|                                                          |   | 229 |  |   | 97 |  |   | Net of tax |
|                                                          |   |   |   |   |   |   |
| Realized loss on sale of available-for-sale securities        |   | 401 |  |   | — |  |   | Investment income, net |
|                                                          |   | 154 |  |   | — |  |   | Income tax benefit |
|                                                          |   | 247 |  |   | — |  |   | Net of tax |
|                                                          |   |   |   |   |   |   |
| Total reclassifications for the period                        |   | $ | 476 |  |   | $ | 97 |  |   | Net of tax |

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|                                                                                                  |
|--------------------------------------------------------------------------------------------------|
|                                                                                                  |  |  |  |  |  |  |  |
|                                                                                             | Three Months Ended March 31, |
|                                                                                             | 2014 |   | 2013 |
| Operating Revenues                                                                               |   |   |   |
| Residential real estate                                                                          | $ | 5,703 |  |   | $ | 7,781 |  |
| Commercial real estate                                                                           | 2,285 |  |   | 226 |  |
| Resorts, leisure and leasing operations                                                          | 8,201 |  |   | 9,022 |  |
| Forestry                                                                                         | 577,873 |  |   | 9,695 |  |
| Other                                                                                            | 24 |  |   | 49 |  |
| Consolidated operating revenues                                                                  | $ | 594,086 |  |   | $ | 26,773 |  |
|                                                                                             |   |   |   |
| Income (loss) before equity in loss from unconsolidated affiliates and income taxes:             |   |   |   |
| Residential real estate                                                                          | $ | 357 |  |   | $ | 295 |  |
| Commercial real estate                                                                           | 801 |  |   | (676 | ) |
| Resorts, leisure and leasing operations                                                          | (1,696 | ) |   | (945 | ) |
| Forestry                                                                                         | 514,099 |  |   | 3,505 |  |
| Other                                                                                            | (3,657 | ) |   | (4,647 | ) |
| Consolidated income (loss) before equity in loss from unconsolidated affiliates and income taxes | $ | 509,904 |  |   | $ | (2,468 | ) |
|                                                                                             |   |   |   |

|                                             |
|---------------------------------------------|
|                                             |  |  |  |  |  |  |  |
|                                        | March 31, 2014 |   | December 31, 2013 |
| Total Assets:                               |   |   |   |
| Residential real estate                     | $ | 135,483 |  |   | $ | 141,097 |  |
| Commercial real estate                      | 63,440 |  |   | 62,924 |  |
| Resorts, leisure and leasing operations (a) | 151,026 |  |   | 142,940 |  |
| Forestry                                    | 16,131 |  |   | 60,889 |  |
| Other                                       | 803,004 |  |   | 261,622 |  |
| Total assets                                | $ | 1,169,084 |  |   | $ | 669,472 |  |

|     |
|-----|
|     |  |
| (a) | Includes $2.4 million and $2.2 million of investment in equity method investees at March 31, 2014 and December 31, 2013, respectively. |

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|                                         |
|-----------------------------------------|
|                                         |  |  |  |  |  |
|                                    | Three Months Ended March 31, |
|                                    | 2014 |   | 2013 |
| Segment Operating Revenues              |   |   |   |
| Residential real estate                 | 24.6 | % |   | 29.1 | % |
| Commercial real estate                  | 9.8 | % |   | 0.8 | % |
| Resorts, leisure and leasing operations | 35.4 | % |   | 33.7 | % |
| Forestry                                | 30.2 | % |   | 36.2 | % |
| Other                                   | — | % |   | 0.2 | % |
| Consolidated operating revenues         | 100.0 | % |   | 100.0 | % |

|         |                                            |
|---------|--------------------------------------------|
| • | the sale of developed homesites and homes; |

|         |                                                    |
|---------|----------------------------------------------------|
| • | the sale of parcels of entitled, undeveloped lots; |

|         |                                                                                                                                                                 |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | a lot residual on homebuilder sales that provides us a percentage of the sale price of the completed home if the home price exceeds a negotiated threshold; and |

|         |                               |
|---------|-------------------------------|
| • | fees on certain transactions. |

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|                                                                                     |
|-------------------------------------------------------------------------------------|
|                                                                                     |  |  |  |  |  |  |  |
|                                                                                | Three Months Ended March 31, |
|                                                                                | 2014 |   | 2013 |
|                                                                                | In millions |
| Revenues:                                                                           |   |   |   |
| Real estate sales                                                                   | $ | 577.8 |  |   | $ | 8.1 |  |
| Resorts, leisure and leasing revenues                                               | 8.2 |  |   | 9.0 |  |
| Timber sales                                                                        | 8.1 |  |   | 9.7 |  |
| Total                                                                               | 594.1 |  |   | 26.8 |  |
| Expenses:                                                                           |   |   |   |
| Cost of real estate sales                                                           | 62.0 |  |   | 5.1 |  |
| Cost of resorts, leisure and leasing revenues                                       | 8.1 |  |   | 8.3 |  |
| Cost of timber sales                                                                | 3.9 |  |   | 6.0 |  |
| Other operating expenses                                                            | 4.4 |  |   | 2.9 |  |
| Corporate expenses                                                                  | 4.1 |  |   | 4.4 |  |
| Depreciation, depletion and amortization                                            | 2.1 |  |   | 2.3 |  |
| Total                                                                               | 84.6 |  |   | 29.0 |  |
| Operating income (loss)                                                             | 509.5 |  |   | (2.2 | ) |
| Other income:                                                                       |   |   |   |
| Investment income, net                                                              | 0.3 |  |   | 0.1 |  |
| Interest expense                                                                    | (0.6 | ) |   | (0.6 | ) |
| Other, net                                                                          | 0.7 |  |   | 0.2 |  |
| Total other income                                                                  | 0.4 |  |   | (0.3 | ) |
| Income (loss) before equity in loss from unconsolidated affiliates and income taxes | 509.9 |  |   | (2.5 | ) |
| Equity in loss from unconsolidated affiliates                                       | — |  |   | — |  |
| Income tax expense                                                                  | (106.9 | ) |   | — |  |
| Net income (loss)                                                                   | $ | 403.0 |  |   | $ | (2.5 | ) |

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|                               |
|-------------------------------|
|                               |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                          | Three Months Ended March 31, |
|                          | 2014 |   | % (1) |   | 2013 |   | % (1) |
|                          | Dollars in millions |
| Revenues:                     |   |   |   |   |   |   |   |
| Residential real estate sales | $ | 5.7 |  |   | 1.0 | % |   | $ | 7.8 |  |   | 96.3 | % |
| Commercial real estate sales  | 2.4 |  |   | 0.4 | % |   | 0.2 |  |   | 2.5 | % |
| AgReserves Sale and other     | 569.7 |  |   | 98.6 | % |   | 0.1 |  |   | 1.2 | % |
| Real estate sales             | $ | 577.8 |  |   | 100.0 | % |   | $ | 8.1 |  |   | 100.0 | % |
|                          |   |   |   |   |   |   |   |
| Gross profit:                 |   |   |   |   |   |   |   |
| Residential real estate sales | $ | 3.0 |  |   | 52.6 | % |   | $ | 3.0 |  |   | 38.5 | % |
| Commercial real estate sales  | 1.6 |  |   | 66.7 | % |   | — |  |   | — | % |
| AgReserves Sale and other     | 511.2 |  |   | 89.7 | % |   | — |  |   | — | % |
| Gross profit                  | $ | 515.8 |  |   | 89.3 | % |   | $ | 3.0 |  |   | 37.0 | % |
|                          |   |   |   |   |   |   |   |

|    |
|----|
|    |  |  |
| (1 | ) | Calculated percentage of total real estate sales and the respective gross profit percentage. |

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|                                       |
|---------------------------------------|
|                                       |  |  |  |  |  |  |  |
|                                  | Three Months Ended March 31, |
|                                  | 2014 |   | 2013 |
|                                  | Dollars in millions |
| Resorts, leisure and leasing revenues | $ | 8.2 |  |   | $ | 9.0 |  |
| Gross profit                          | $ | 0.1 |  |   | $ | 0.7 |  |
| Gross profit margin                   | 1.2 | % |   | 7.8 | % |
|                                  |   |   |   |

|                     |
|---------------------|
|                     |  |  |  |  |  |  |  |
|                | Three Months Ended March 31, |
|                | 2014 |   | 2013 |
|                | Dollars in millions |
| Timber sales        | $ | 8.1 |  |   | $ | 9.7 |  |
| Gross profit        | $ | 4.2 |  |   | $ | 3.7 |  |
| Gross profit margin | 51.9 | % |   | 38.2 | % |
|                |   |   |   |

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|                                |
|--------------------------------|
|                                |  |  |  |  |  |  |  |
|                           | Three Months Ended March 31, |
|                           | 2014 |   | 2013 |
|                           | In millions |
| Revenues:                      |   |   |   |
| Real estate sales              | $ | 5.5 |  |   | $ | 7.6 |  |
| Brokerage fees                 | 0.2 |  |   | 0.2 |  |
| Total revenues                 | 5.7 |  |   | 7.8 |  |
| Expenses:                      |   |   |   |
| Cost of real estate sales      | 2.7 |  |   | 4.8 |  |
| Other operating expenses       | 2.1 |  |   | 2.0 |  |
| Depreciation and amortization  | 0.1 |  |   | 0.2 |  |
| Total expenses                 | 4.9 |  |   | 7.0 |  |
| Operating income               | 0.8 |  |   | 0.8 |  |
| Other expense                  | (0.4 | ) |   | (0.5 | ) |
| Net income before income taxes | $ | 0.4 |  |   | $ | 0.3 |  |

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|                      |
|----------------------|
|                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                 | Three Months Ended March 31, 2014 |   | Three Months Ended March 31, 2013 |
|                 | Units Sold |   | Revenues |   | Cost ofSales |   | GrossProfit |   | GrossProfit Margin |   | Units Sold |   | Revenues |   | Cost ofSales |   | GrossProfit |   | GrossProfit Margin |
|                 | (Dollars in millions) |
| Northwest Florida:   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Resort homesites     | 13 |  |   | $ | 3.7 |  |   | $ | 1.5 |  |   | $ | 2.2 |  |   | 59.5 | % |   | 41 |  |   | $ | 5.7 |  |   | $ | 3.4 |  |   | $ | 2.3 |  |   | 40.4 | % |
| Primary homesites    | 19 |  |   | 1.5 |  |   | 1.1 |  |   | 0.4 |  |   | 26.7 | % |   | 25 |  |   | 1.4 |  |   | 1.0 |  |   | 0.4 |  |   | 28.6 | % |
| RiverTown Community: |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Primary homesites    | 7 |  |   | 0.3 |  |   | 0.1 |  |   | 0.2 |  |   | 66.7 | % |   | 14 |  |   | 0.5 |  |   | 0.4 |  |   | 0.1 |  |   | 20.0 | % |
| Total                | 39 |  |   | $ | 5.5 |  |   | $ | 2.7 |  |   | $ | 2.8 |  |   | 50.9 | % |   | 80 |  |   | $ | 7.6 |  |   | $ | 4.8 |  |   | $ | 2.8 |  |   | 36.8 | % |

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|                                       |
|---------------------------------------|
|                                       |  |  |  |  |  |  |  |
|                                  | Three Months Ended March 31, |
|                                  | 2014 |   | 2013 |
|                                  | In millions |
| Revenues:                             |   |   |   |
| Real estate sales                     | $ | 2.4 |  |   | $ | 0.2 |  |
| Expenses:                             |   |   |   |
| Cost of real estate sales             | 0.8 |  |   | 0.2 |  |
| Other operating expenses              | 0.7 |  |   | 0.6 |  |
| Total expenses                        | 1.5 |  |   | 0.8 |  |
| Operating income (loss)               | 0.9 |  |   | (0.6 | ) |
| Other (expense) income                | (0.1 | ) |   | 0.1 |  |
| Net Income (loss) before income taxes | $ | 0.8 |  |   | $ | (0.5 | ) |

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|                                        |
|----------------------------------------|
|                                        |  |  |  |  |  |  |  |
|                                   | Three Months Ended March 31, |
|                                   | 2014 |   | 2013 |
|                                   | In millions |
| Revenues:                              |   |   |   |
| Resorts and leisure operations         | $ | 7.0 |  |   | $ | 8.0 |  |
| Leasing operations                     | 1.2 |  |   | 1.0 |  |
| Total revenues                         | 8.2 |  |   | 9.0 |  |
| Expenses:                              |   |   |   |
| Cost of resorts and leisure operations | 7.6 |  |   | 7.8 |  |
| Cost of leasing operations             | 0.5 |  |   | 0.5 |  |
| Operating expenses                     | 0.2 |  |   | 0.1 |  |
| Depreciation                           | 1.6 |  |   | 1.6 |  |
| Total expenses                         | 9.9 |  |   | 10.0 |  |
| Net loss before income taxes           | $ | (1.7 | ) |   | $ | (1.0 | ) |

|                          |
|--------------------------|
|                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                     | Three Months Ended March 31, 2014 |   | Three Months Ended March 31, 2013 |
|                     | Revenues |   | GrossProfit (loss) |   | GrossProfit Margin |   | Revenues |   | GrossProfit (loss) |   | GrossProfit Margin |
|                     | Dollars in millions |
| Inn and vacation rentals | $ | 4.9 |  |   | $ | (0.5 | ) |   | (10.2 | )% |   | $ | 5.6 |  |   | $ | — |  |   | — | % |
| Golf courses             | 1.6 |  |   | (0.2 | ) |   | (12.5 | )% |   | 2.0 |  |   | 0.1 |  |   | 5.0 | % |
| Marinas                  | 0.5 |  |   | 0.1 |  |   | 20.0 |  % |   | 0.4 |  |   | 0.1 |  |   | 25.0 | % |
| Leasing                  | 1.2 |  |   | 0.7 |  |   | 58.3 |  % |   | 1.0 |  |   | 0.5 |  |   | 50.0 | % |
| Total                    | $ | 8.2 |  |   | $ | 0.1 |  |   | 1.2 |  % |   | $ | 9.0 |  |   | $ | 0.7 |  |   | 7.8 | % |

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|                                        |
|----------------------------------------|
|                                        |  |  |  |  |  |  |  |
|                                   | Three Months Ended March 31, |
|                                   | 2014 |   | 2013 |
|                                   | In millions |
| Revenues:                              |   |   |   |
| AgReserves - Real estate sales         | $ | 569.7 |  |   | $ | — |  |
| Timber sales                           | 8.1 |  |   | 9.7 |  |
| Total revenues                         | 577.8 |  |   | 9.7 |  |
| Expenses:                              |   |   |   |
| AgReserves - Cost of real estate sales | 58.5 |  |   | — |  |
| Cost of timber sales                   | 3.9 |  |   | 6.0 |  |
| Other operating expenses               | 1.5 |  |   | 0.2 |  |
| Depreciation and depletion             | 0.4 |  |   | 0.5 |  |
| Total expenses                         | 64.3 |  |   | 6.7 |  |
| Operating income                       | 513.5 |  |   | 3.0 |  |
| Other income                           | 0.5 |  |   | 0.5 |  |
| Net income before income taxes         | $ | 514.0 |  |   | $ | 3.5 |  |

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|                             |
|-----------------------------|
|                             |  |  |  |  |  |
|                        | Three Months Ended March 31, |
|                        | 2014 |   | 2013 |
| Percent of total tons sold: |   |   |   |
| Pine pulpwood               | 65 | % |   | 69 | % |
| Pine sawtimber              | 25 | % |   | 26 | % |
| Pine grade logs             | 8 | % |   | 5 | % |
| Other                       | 2 | % |   | — | % |
| Total                       | 100 | % |   | 100 | % |

|                           |
|---------------------------|
|                           |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                      | Three Months Ended March 31, 2014 |   | Three Months Ended March 31, 2013 |
|                      | Revenues |   | Tons |   | Average price |   | Revenues |   | Tons |   | Average price |
|                      | (In millions) |   |   |   |   |   | (In millions) |   |   |   |   |
| RockTenn supply agreement | $ | 3.2 |  |   | 112,000 |  |   | $ | 28.57 |  |   | $ | 3.7 |  |   | 137,000 |  |   | $ | 27.01 |  |
| Open market sales         | 3.8 |  |   | 122,000 |  |   | 31.15 |  |   | 6.0 |  |   | 189,000 |  |   | 31.75 |  |
| Total                     | $ | 7.0 |  |   | 234,000 |  |   | $ | 29.91 |  |   | $ | 9.7 |  |   | 326,000 |  |   | $ | 29.75 |  |

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|                                                    |
|----------------------------------------------------|
|                                                    |  |  |  |  |  |  |  |
|                                               | Three Months Ended March 31, |
|                                               | 2013 |   | 2012 |
|                                               | (Dollars in millions) |
| Net cash provided by operating activities          | $ | 352.1 |  |   | $ | 2.3 |  |
| Net cash used in investing activities              | (146.9 | ) |   | (0.3 | ) |
| Net cash provided by financing activities          | 10.3 |  |   | 0.7 |  |
| Net increase in cash and cash equivalents          | 215.5 |  |   | 2.7 |  |
| Cash and cash equivalents at beginning of the year | 21.9 |  |   | 166.0 |  |
| Cash and cash equivalents at end of the year       | $ | 237.4 |  |   | $ | 168.7 |  |

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|                                                                             |
|-----------------------------------------------------------------------------|
|                                                                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                        | Payments due by Period |
| Contractual Cash Obligations                                                | Total |   | Less Than1 Year |   | 1-3 Years |   | 3-5 Years |   | More Than5 Years |
|                                                                        | In millions |
| Debt (1)(2)                                                            | $ | 49.5 |  |   | $ | 0.7 |  |   | $ | 42.6 |  |   | $ | 0.2 |  |   | $ | 6.0 |  |
| Interest related to debt, including community development district debt (2) | 20.3 |  |   | 2.5 |  |   | 3.3 |  |   | 1.7 |  |   | 12.8 |  |
| Purchase obligations (3)                                                    | 10.2 |  |   | 9.0 |  |   | 1.0 |  |   | 0.2 |  |   | — |  |
| Total contractual cash obligations                                          | $ | 80.0 |  |   | $ | 12.2 |  |   | $ | 46.9 |  |   | $ | 2.1 |  |   | $ | 18.8 |  |
|                                                                        |   |   |   |   |   |   |   |   |   |

|     |
|-----|
|     |  |
| (1) | Includes debt defeased in connection with the sale of our office building portfolio in the amount of $26.1 million, which will be paid by pledged treasury securities. |
| (2) | These amounts do not include additional CDD obligations associated with unplatted properties that are not yet fixed and determinable or that are not yet probable or reasonably estimable. |
| (3) | These aggregate amounts include individual contracts in excess of $0.1 million. |

|         |                                                                                                                                                                                                        |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | our expectations concerning demand for residential real estate, especially for mixed-use and active adult communities, in Northwest Florida and our ability to develop projects that meet that demand; |

|         |                                                         |
|---------|---------------------------------------------------------|
| • | our beliefs concerning the seasonality of our revenues; |

|         |                                                                                                                                       |
|---------|---------------------------------------------------------------------------------------------------------------------------------------|
| • | our expectations  regarding the demand for commercial and industrial uses, and our ability to develop projects that meet that demand; |

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|         |                                                                                                                    |
|---------|--------------------------------------------------------------------------------------------------------------------|
| • | the anticipated benefits of the AgReserves Sale and RiverTown Sale and the impact of such sales on our operations; |

|         |                                                                                              |
|---------|----------------------------------------------------------------------------------------------|
| • | our belief that the St. Joe Club & Resorts will provide us with a competitive advantage; |

|         |                                                                                                                                                                        |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | our expectations regarding the financial impact of our decision to launch the St. Joe Club & Resorts and to privatize certain golf courses and resorts facilities; |

|         |                                                                                                                                  |
|---------|----------------------------------------------------------------------------------------------------------------------------------|
| • | our expectations regarding the amount and timing of the impact fees which we will receive in connection with the RiverTown Sale; |

|         |                                                                                                                                                                                                                                                         |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | our expectations regarding the costs and benefits of the Timber Note monetization structure, including the timing and amount of the expenses that NFTS will incur during the life of the Timber Note and the amount of the remaining principal balance; |

|         |                                                                                         |
|---------|-----------------------------------------------------------------------------------------|
| • | our expectation regarding the effect and timing of the termination of our pension plan; |

|         |                                                                                                                                                                                                                                                             |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | our expectation regarding our current cash position and our anticipated cash flows will provide us with sufficient liquidity to satisfy our working capital needs, expected capital expenditures and principal and interest payments on our long term debt; |

|         |                                                                                                                                                                                                                                           |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | our expectation regarding the impact of pending litigation, claims, other disputes or governmental proceedings on our financial position or results of operations, and our belief regarding the defenses to litigation claims against us; |

|         |                                                                                             |
|---------|---------------------------------------------------------------------------------------------|
| • | our belief regarding compliance with environmental and other applicable regulatory matters; |

|         |                                                                                                           |
|---------|-----------------------------------------------------------------------------------------------------------|
| • | our expectations with respect to the accounting treatment for the AgReserves Sale and RiverTown Sale; and |

|         |                                                                                                                                                                                         |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | our estimates regarding certain tax matters and accounting valuations, including our ability to use our tax assets to mitigate any tax liabilities that arise from the AgReserves Sale; |

|         |                                                                                                                                  |
|---------|----------------------------------------------------------------------------------------------------------------------------------|
| • | our ability to capitalize on opportunities relating to mixed use and active adult community or communities in Northwest Florida; |

|         |                                                                                               |
|---------|-----------------------------------------------------------------------------------------------|
| • | any further downturns in the recovery of real estate markets in Florida or across the nation; |

|         |                                                                                                                  |
|---------|------------------------------------------------------------------------------------------------------------------|
| • | a slowing of the population growth in Florida, including a decrease of the migration of Baby Boomers to Florida; |

|         |                                                                                                   |
|---------|---------------------------------------------------------------------------------------------------|
| • | our dependence on the real estate industry and the cyclical nature of our real estate operations; |

|         |                                                                                                                                                                                                                                                                               |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | our ability to successfully and timely obtain land-use entitlements and construction financing, and address issues that arise in connection with the use and development of our land, especially the permits required for the launch of our planned active adult communities; |

|         |                                                                                                      |
|---------|------------------------------------------------------------------------------------------------------|
| • | changes in laws, regulations or the regulatory environment affecting the development of real estate; |

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|         |                                                                                                            |
|---------|------------------------------------------------------------------------------------------------------------|
| • | our ability to effectively deploy and invest the proceeds from the AgReserves Sale and the RiverTown Sale; |

|         |                                                                            |
|---------|----------------------------------------------------------------------------|
| • | our ability to capitalize on the launch of the St. Joe Club & Resorts; |

|         |                                                                                                                                                                                                                                                           |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | the anticipated benefits from our decision to launch the St. Joe Club & Resorts and to privatize certain golf courses and resort facilities may not be realized, may take longer to realize than expected, or may cost more to achieve than expected; |

|         |                                                                                                                                      |
|---------|--------------------------------------------------------------------------------------------------------------------------------------|
| • | our ability to successfully estimate the amount and timing of the impact fees we will receive in connection with the RiverTown Sale; |

|         |                                                                                                        |
|---------|--------------------------------------------------------------------------------------------------------|
| • | our ability to successfully estimate the costs and benefits of the Timber Note monetization structure; |

|         |                                                                                         |
|---------|-----------------------------------------------------------------------------------------|
| • | our ability to anticipate the effect and timing of the termination of our pension plan; |

|         |                                                                                    |
|---------|------------------------------------------------------------------------------------|
| • | significant decreases in market value of our investments in marketable securities; |

|         |                                                                                                                                                                                                |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | increases in operating costs, including costs related to real estate taxes, owner association fees, construction materials, labor and insurance, and our ability to manage our cost structure; |

|         |                                                                                                                                                                  |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | our ability to anticipate the impact of pending environmental litigation matters or governmental proceedings on our financial position or results of operations; |

|         |                                                                                                                                                                                     |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | the expense, management distraction and possible liability associated with litigation, claims, other disputes or governmental proceedings, including the pending SEC investigation; |

|         |                                                                                             |
|---------|---------------------------------------------------------------------------------------------|
| • | potential liability under environmental or construction laws, or other laws or regulations; |

|         |                                                                                                                                                   |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------|
| • | our ability to successfully estimate the impact of certain accounting and tax matters that arise from the AgReserves Sale and RiverTown Sale; and |

|         |                                                                                                                                 |
|---------|---------------------------------------------------------------------------------------------------------------------------------|
| • | significant tax payments arising from any acceleration of deferred taxes that arise from the AgReserves Sale or RiverTown Sale. |

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|               |
|---------------|
|               |  |  |
| ExhibitNumber |   | Description |
| *10.49b       |   | Amendment to Investment Management Agreement, dated April 21, 2014, between Fairholme Capital Management, L.L.C. and The St. Joe Company. |
| *31.1         |   | Certification by Park Brady, Chief Executive Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
| *31.2         |   | Certification by Marek Bakun, Chief Financial Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
| *32.1         |   | Certification by Park Brady, Chief Executive Officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
| *32.2         |   | Certification by Marek Bakun, Chief Financial Officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
| **101.INS     |   | XBRL Instance Document. |
| **101.SCH     |   | XBRL Taxonomy Extension Schema Document. |
| **101.DEF     |   | XBRL Taxonomy Extension Definition Linkbase Document. |
| **101.CAL     |   | XBRL Taxonomy Extension Calculation Linkbase Document. |
| **101.LAB     |   | XBRL Taxonomy Extension Label Linkbase Document. |
| **101.PRE     |   | XBRL Taxonomy Extension Presentation Linkbase Document. |

|   |
|---|
|   |  |
| * | Filed herewith. |

|    |
|----|
|    |  |
| ** | Furnished herewith. |

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|        |
|--------|
|        |  |  |
|   |   | THE ST. JOE COMPANY |
|   |   |   |
| Date:  | May 12, 2014 | /s/ Park Brady |
|   |   | Park Brady |
|   |   | Chief Executive Officer |
|   |   | (Duly Authorized Officer) |