0001558370-22-001751 | 10-K | XBRL Viewer

December 31, 2021

Amortized Cost

Fair Value

Due in one year or less

88,966

88,956

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CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Retained Earnings Adjustment	Retained Earnings	Accumulated Other Comprehensive (Loss) Income	Treasury Stock	Non-controlling Interest	Adjustment	Total
Beginning Balance at Dec. 31, 2018	$ 331,395		$ 187,450	$ (674)		$ 14,940		$ 533,111
Beginning Balance (in shares) at Dec. 31, 2018	60,672,034
Increase (Decrease) in Stockholders' Equity
Allocation of ownership interest in Watercrest JV	$ (1,209)					1,209
Additional ownership interest in Windmark	(3,787)					(7,832)		(11,619)
Capital contribution from non-controlling interest						2,546		2,546
Capital distribution to non-controlling interest						(600)		(600)
Stock based compensation expense	$ 77							77
Stock based compensation expense (in shares)	5,708
Repurchase of common shares					$ (20,845)			(20,845)
Repurchase of common shares (in shares)	(1,263,159)
Retirement of treasury stock	$ (20,845)				20,845
Other comprehensive income (loss), net of tax				339				339
Net income			26,775			(114)		26,661
Ending Balance at Dec. 31, 2019	$ 305,631	$ (90)	214,225	(335)		10,149	$ (90)	529,670
Ending Balance (in shares) at Dec. 31, 2019	59,414,583
Increase (Decrease) in Stockholders' Equity
Capital contribution from non-controlling interest						7,748		7,748
Capital distribution to non-controlling interest						(621)		(621)
Stock based compensation expense	$ 45							45
Repurchase of common shares					(8,803)			(8,803)
Repurchase of common shares (in shares)	(532,034)
Dividends			(4,122)					(4,122)
Retirement of treasury stock	$ (8,803)				$ 8,803
Other comprehensive income (loss), net of tax				(1,137)				(1,137)
Net income			45,203			277		45,480
Ending Balance at Dec. 31, 2020	$ 296,873		255,216	(1,472)		17,553		$ 568,170
Ending Balance (in shares) at Dec. 31, 2020	58,882,549							58,882,549
Increase (Decrease) in Stockholders' Equity
Capital contribution from non-controlling interest						3,189		$ 3,189
Capital distribution to non-controlling interest						(1,247)		(1,247)
Repurchase of common shares (in shares)	0
Dividends			(18,844)					(18,844)
Other comprehensive income (loss), net of tax				1,083				1,083
Net income			74,553			(804)		73,749
Ending Balance at Dec. 31, 2021	$ 296,873		$ 310,925	$ (389)		$ 18,691		$ 626,100
Ending Balance (in shares) at Dec. 31, 2021	58,882,549							58,882,549

Joint Ventures - Equity in (Loss) Income of Unconsolidated JV (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Investments
Equity in (loss) income from unconsolidated joint ventures	$ (865)	$ (666)	$ (77)
Latitude Margaritaville Watersound JV
Investments
Equity in (loss) income from unconsolidated joint ventures	(1,861)	(524)	(71)
Sea Sound Apartments JV
Investments
Equity in (loss) income from unconsolidated joint ventures	(15)
Pier Park TPS JV
Investments
Equity in (loss) income from unconsolidated joint ventures	551	(112)	$ (6)
Busy Bee JV
Investments
Equity in (loss) income from unconsolidated joint ventures	441	$ (30)
Watersound Management JV
Investments
Equity in (loss) income from unconsolidated joint ventures	$ 19

Investments - Unrealized Loss Position (Details) - U.S. Treasury Bills $ in Thousands	Dec. 31, 2021 USD ($)
Investments
Less Than 12 Months, Fair Value	$ 43,959
Less Than 12 Months, Unrealized Losses	$ 11

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Net income	$ 73,749	$ 45,480	$ 26,661
Other comprehensive (loss) income:
Interest rate swap	848	(836)	(336)
Interest rate swap - unconsolidated affiliate	213	(821)
Reclassification of net realized loss (gain) included in earnings	405	(4)	(69)
Total before income taxes	1,450	(1,523)	455
Income tax (expense) benefit	(367)	386	(116)
Total other comprehensive income (loss), net of tax	1,083	(1,137)	339
Total comprehensive income, net of tax	74,832	44,343	27,000
Total comprehensive loss (income) attributable to non-controlling interest	804	(277)	114
Total comprehensive income attributable to the Company	75,636	44,066	27,114
Unrestricted available-for-sale, Debt securities
Other comprehensive (loss) income:
Net unrealized (loss) gain on available-for-sale investments	$ (16)	130	842
Restricted
Other comprehensive (loss) income:
Net unrealized (loss) gain on available-for-sale investments		$ 8	$ 18

Investments - Investment Management Agreement (Details)	Dec. 31, 2021
Investor \| Clients of FCM, including Mr. Berkowitz
Investments
Common stock ownership percentage	42.60%

Stock Based Compensation

12 Months Ended

Dec. 31, 2021

Stock Based Compensation

Stock Based Compensation

16. Stock Based Compensation

The Company’s 2015 Plan offers a stock incentive plan whereby awards can be granted to certain employees and non-employee directors of the Company in various forms including restricted shares of Company common stock and options to purchase Company common stock. Awards are discretionary and determined by the Compensation Committee of the Board. Stock based compensation cost is measured at the grant date based on the fair value of the award and is typically recognized as expense on a straight-line basis over the requisite service period, which is the vesting period. As of December 31, 2021, 1,463,543 shares were available for awards under the 2015 Plan.

Total stock-based compensation recorded in corporate and other operating expenses on the consolidated statements of income is as follows:


	Year Ended December 31,
	2021		2020		2019
Stock compensation expense before tax benefit	$	—	$	45	$	77
Income tax benefit		—		(11)		(19)
	$	—	$	34	$	58

In 2019 and 2018, the Company granted 5,708 and 2,778 shares, respectively, of restricted stock awards to certain of the Company’s directors as fees for services rendered under the 2015 Plan, of which 5,708 and 2,778 vested during the years ended December 31, 2020 and 2019, respectively. As of December 31, 2021, there were no unvested restricted stock units outstanding. The weighted average grant date fair value of restricted stock units during 2019 and 2018 were $17.52 and $18.00, respectively. The total fair values of restricted stock units that vested were $0.1 million during each 2020 and 2019.

Nature of Operations - Real Estate Assets (Details)	12 Months Ended
Nature of Operations - Real Estate Assets (Details)	Dec. 31, 2021 segment item
Real estate
Number of reportable segments	3
Florida's Bay, Gulf, and Walton counties
Real estate
Percentage of real estate within geographical region	86.00%
Within fifteen miles of the Gulf of Mexico
Real estate
Percentage of real estate within geographical region	90.00%
Maximum \| Within fifteen miles of the Gulf of Mexico
Real estate
Miles real estate is located from Gulf of Mexico \| item	15
Commercial leasing and sales
Real estate
Number of reportable segments	1

Joint Ventures - Unconsolidated JV - Statements of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Summarized financial information
Total revenue	$ 266,996	$ 160,555	$ 127,085
Expenses:
Cost of revenue	131,314	77,776	64,086
Other operating expenses	23,023	22,906	21,389
Depreciation and amortization	18,202	12,788	10,287
Total expenses	172,539	113,470	95,762
Operating income (loss)	94,457	47,085	31,323
Other (expense) income:
Interest expense	(15,854)	(13,564)	(12,302)
Other income (expense), net	10,181	1,329	4,133
Total other income (expense)	5,139	12,731	4,862
Net income (loss)	73,749	45,480	26,661
Unconsolidated joint ventures
Summarized financial information
Total revenue	42,879	8,184
Expenses:
Cost of revenue	31,457	5,573
Other operating expenses	9,111	2,223
Depreciation and amortization	2,634	1,191
Total expenses	43,202	8,987	142
Operating income (loss)	(323)	(803)	(142)
Other (expense) income:
Interest expense	(1,128)	(329)
Other income (expense), net	203	(145)
Total other income (expense)	(925)	(474)	(13)
Net income (loss)	(1,248)	(1,277)	(155)
Latitude Margaritaville Watersound JV
Summarized financial information
Total revenue	18,653
Expenses:
Cost of revenue	14,931
Other operating expenses	6,802	980
Depreciation and amortization	396	25
Total expenses	22,129	1,005	142
Operating income (loss)	(3,476)	(1,005)	(142)
Other (expense) income:
Net income (loss)	(3,476)	(1,005)	(142)
Sea Sound Apartments JV
Summarized financial information
Total revenue	1,012
Expenses:
Cost of revenue	432
Other operating expenses	61
Depreciation and amortization	343
Total expenses	836
Operating income (loss)	176
Other (expense) income:
Interest expense	(201)
Total other income (expense)	(201)
Net income (loss)	(25)
Pier Park TPS JV
Summarized financial information
Total revenue	6,474	2,338
Expenses:
Cost of revenue	2,663	1,209
Other operating expenses	302	161
Depreciation and amortization	1,434	962
Total expenses	4,399	2,332
Operating income (loss)	2,075	6
Other (expense) income:
Interest expense	(735)	(230)
Other income (expense), net	5
Total other income (expense)	(730)	(230)	(13)
Net income (loss)	1,345	(224)	$ (13)
Busy Bee JV
Summarized financial information
Total revenue	16,229	5,846
Expenses:
Cost of revenue	12,958	4,364
Other operating expenses	1,946	1,057
Depreciation and amortization	461	229
Total expenses	15,365	5,650
Operating income (loss)	864	196
Other (expense) income:
Interest expense	(192)	(99)
Other income (expense), net	198	(145)
Total other income (expense)	6	(244)
Net income (loss)	870	$ (48)
Watersound Management JV
Summarized financial information
Total revenue	511
Expenses:
Cost of revenue	473
Total expenses	473
Operating income (loss)	38
Other (expense) income:
Net income (loss)	$ 38

Debt, Net - Schedule of Debt (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Aug. 31, 2021
Debt instruments
Outstanding debt	$ 227,474	$ 161,418
Unamortized Discount and Debt Issuance Costs	4,440	2,503
Debt, Net	223,034	158,915
PPN JV Loan, due November 2025, bearing interest at 4.1%
Debt instruments
Outstanding debt	43,582	44,568
Unamortized Discount and Debt Issuance Costs	248	314
Debt, Net	$ 43,334	$ 44,254
Debt interest rate (as a percent)	4.10%	4.10%
Watersound Origins Crossings JV Loan, due May 2024, bearing interest at 5.0%
Debt instruments
Outstanding debt	$ 37,897	$ 27,179
Unamortized Discount and Debt Issuance Costs	248	351
Debt, Net	$ 37,649	$ 26,828
Debt interest rate (as a percent)	5.00%	5.00%
PPC JV Loan, insured by HUD, due June 2060, bearing interest at 3.1% as of December 31, 2021
Debt instruments
Outstanding debt	$ 35,670	$ 36,084
Unamortized Discount and Debt Issuance Costs	1,056	1,079
Debt, Net	$ 34,614	35,005
Debt interest rate (as a percent)	3.10%		3.10%
Watercrest JV Loan, due June 2047, bearing interest at LIBOR plus 2.2% and swapped to a fixed rate of 4.4%
Debt instruments
Outstanding debt	$ 20,053	18,066
Unamortized Discount and Debt Issuance Costs	327	284
Debt, Net	$ 19,726	17,782
Effective interest rate (as a percent)	4.40%
Watercrest JV Loan, due June 2047, bearing interest at LIBOR plus 2.2% and swapped to a fixed rate of 4.4% \| LIBOR
Debt instruments
Basis spread on variable rate (as a percent)	2.20%
PPC II JV Loan, due October 2024, bearing interest at LIBOR plus 2.1%
Debt instruments
Outstanding debt	$ 17,374	15,921
Unamortized Discount and Debt Issuance Costs	147	198
Debt, Net	$ 17,227	15,723
Effective interest rate (as a percent)	2.20%
PPC II JV Loan, due October 2024, bearing interest at LIBOR plus 2.1% \| LIBOR
Debt instruments
Basis spread on variable rate (as a percent)	2.10%
Airport Hotel Loan, due March 2025, bearing interest at LIBOR plus 2.0%, with a floor rate of 3.0%
Debt instruments
Outstanding debt	$ 14,642	3,548
Unamortized Discount and Debt Issuance Costs	128	168
Debt, Net	$ 14,514	3,380
Floor rate (as a percent)	3.00%
Effective interest rate (as a percent)	3.00%
Airport Hotel Loan, due March 2025, bearing interest at LIBOR plus 2.0%, with a floor rate of 3.0% \| LIBOR
Debt instruments
Basis spread on variable rate (as a percent)	2.00%
Pier Park Resort Hotel JV Loan, due April 2027, bearing interest at LIBOR plus 2.2%
Debt instruments
Outstanding debt	$ 14,650
Unamortized Discount and Debt Issuance Costs	964
Debt, Net	$ 13,686
Effective interest rate (as a percent)	2.30%
Pier Park Resort Hotel JV Loan, due April 2027, bearing interest at LIBOR plus 2.2% \| LIBOR
Debt instruments
Basis spread on variable rate (as a percent)	2.20%
Breakfast Point Hotel Loan, due November 2042, bearing interest at LIBOR plus 2.8%, with a floor rate of 3.8%
Debt instruments
Outstanding debt	$ 11,843
Unamortized Discount and Debt Issuance Costs	191
Debt, Net	$ 11,652
Floor rate (as a percent)	3.80%
Effective interest rate (as a percent)	3.80%
Breakfast Point Hotel Loan, due November 2042, bearing interest at LIBOR plus 2.8%, with a floor rate of 3.8% \| LIBOR
Debt instruments
Basis spread on variable rate (as a percent)	2.80%
The Lodge 30A JV Loan, due January 2028, bearing interest at 3.8%
Debt instruments
Outstanding debt	$ 7,474
Unamortized Discount and Debt Issuance Costs	179
Debt, Net	$ 7,295
Debt interest rate (as a percent)	3.80%
Beckrich Building III Loan, due August 2029, bearing interest at LIBOR plus 1.7%
Debt instruments
Outstanding debt	$ 5,188	5,421
Unamortized Discount and Debt Issuance Costs	52	59
Debt, Net	$ 5,136	5,362
Effective interest rate (as a percent)	1.80%
Beckrich Building III Loan, due August 2029, bearing interest at LIBOR plus 1.7% \| LIBOR
Debt instruments
Basis spread on variable rate (as a percent)	1.70%
Community Development District debt, secured by certain real estate or other collateral, due May 2022 through May 2039, bearing interest at 3.6% to 6.0%
Debt instruments
Outstanding debt	$ 4,909	6,294
Debt, Net	$ 4,909	$ 6,294
Community Development District debt, secured by certain real estate or other collateral, due May 2022 through May 2039, bearing interest at 3.6% to 6.0% \| Minimum
Debt instruments
Debt interest rate (as a percent)	3.60%	3.60%
Community Development District debt, secured by certain real estate or other collateral, due May 2022 through May 2039, bearing interest at 3.6% to 6.0% \| Maximum
Debt instruments
Debt interest rate (as a percent)	6.00%	6.00%
Self-Storage Facility Loan, due November 2025, bearing interest at LIBOR plus 2.4%, with a floor rate of 2.9%
Debt instruments
Outstanding debt	$ 4,666
Unamortized Discount and Debt Issuance Costs	70
Debt, Net	$ 4,596
Floor rate (as a percent)	2.90%
Effective interest rate (as a percent)	2.90%
Self-Storage Facility Loan, due November 2025, bearing interest at LIBOR plus 2.4%, with a floor rate of 2.9% \| LIBOR
Debt instruments
Basis spread on variable rate (as a percent)	2.40%
Watersound Camp Creek Loan, due December 2047, bearing interest at LIBOR plus 2.1%, with a floor rate of 2.6% (effective rate of 2.6% at December 31, 2021)
Debt instruments
Outstanding debt	$ 3,437
Unamortized Discount and Debt Issuance Costs	382
Debt, Net	$ 3,055
Floor rate (as a percent)	2.60%
Effective interest rate (as a percent)	2.60%
Watersound Camp Creek Loan, due December 2047, bearing interest at LIBOR plus 2.1%, with a floor rate of 2.6% (effective rate of 2.6% at December 31, 2021) \| LIBOR
Debt instruments
Basis spread on variable rate (as a percent)	2.10%
Beach Homes Loan, due May 2029, bearing interest at LIBOR plus 1.7%.
Debt instruments
Outstanding debt	$ 1,492	$ 1,545
Unamortized Discount and Debt Issuance Costs	15	17
Debt, Net	$ 1,477	$ 1,528
Effective interest rate (as a percent)	1.80%
Beach Homes Loan, due May 2029, bearing interest at LIBOR plus 1.7%. \| LIBOR
Debt instruments
Basis spread on variable rate (as a percent)	1.70%	1.70%
Pier Park Outparcel Loan, due March 2027, bearing interest at LIBOR plus 1.7%
Debt instruments
Outstanding debt	$ 1,370	$ 1,458
Unamortized Discount and Debt Issuance Costs	10	12
Debt, Net	$ 1,360	$ 1,446
Effective interest rate (as a percent)	1.80%
Pier Park Outparcel Loan, due March 2027, bearing interest at LIBOR plus 1.7% \| LIBOR
Debt instruments
Basis spread on variable rate (as a percent)	1.70%	1.70%
North Bay Landing Apartments Loan, due September 2024, bearing interest at LIBOR plus 2.5%, with a floor rate of 3.2%
Debt instruments
Outstanding debt	$ 1,342
Unamortized Discount and Debt Issuance Costs	254
Debt, Net	$ 1,088
Floor rate (as a percent)	3.20%
Effective interest rate (as a percent)	3.20%
North Bay Landing Apartments Loan, due September 2024, bearing interest at LIBOR plus 2.5%, with a floor rate of 3.2% \| LIBOR
Debt instruments
Basis spread on variable rate (as a percent)	2.50%
WaterColor Crossings Loan, due February 2029, bearing interest at LIBOR plus 1.7%
Debt instruments
Outstanding debt	$ 1,265	$ 1,334
Unamortized Discount and Debt Issuance Costs	18	21
Debt, Net	$ 1,247	$ 1,313
Effective interest rate (as a percent)	1.80%
WaterColor Crossings Loan, due February 2029, bearing interest at LIBOR plus 1.7% \| LIBOR
Debt instruments
Basis spread on variable rate (as a percent)	1.70%	1.70%
Watersound Town Center Grocery LoanWatersound Town Center Grocery Loan, due August 2031, bearing interest at LIBOR plus 2.0%, with a floor rate of 2.2%
Debt instruments
Outstanding debt	$ 620
Unamortized Discount and Debt Issuance Costs	151
Debt, Net	$ 469
Floor rate (as a percent)	2.20%
Effective interest rate (as a percent)	2.20%
Watersound Town Center Grocery LoanWatersound Town Center Grocery Loan, due August 2031, bearing interest at LIBOR plus 2.0%, with a floor rate of 2.2% \| LIBOR
Debt instruments
Basis spread on variable rate (as a percent)	2.00%

Other Assets - Investments - Equity Securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Equity Securities
Investments - equity securities	$ 450	$ 2,623
Unrealized gain (loss) on investments held as of balance sheet date	(900)	(4,600)	$ (6,300)
Preferred stock
Equity Securities
Investments - equity securities	$ 500	$ 2,600

Financial Instruments and Fair Value Measurements - Measurements on Recurring Basis (Details) - Recurring basis - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Financial instruments and fair value measurements
Cash equivalents	$ 44,412	$ 89,964
Total	133,818	141,809
Level 1
Financial instruments and fair value measurements
Cash equivalents	44,412	89,964
Total	133,368	139,126
Level 2
Financial instruments and fair value measurements
Total	450	2,683
Unrestricted available-for-sale, Debt securities
Financial instruments and fair value measurements
Investments	88,956	48,051
Unrestricted available-for-sale, Debt securities \| Level 1
Financial instruments and fair value measurements
Investments	88,956	47,991
Unrestricted available-for-sale, Debt securities \| Level 2
Financial instruments and fair value measurements
Investments		60
Equity securities
Financial instruments and fair value measurements
Investments	450	2,623
Equity securities \| Level 2
Financial instruments and fair value measurements
Investments	450	2,623
Restricted
Financial instruments and fair value measurements
Investments		1,171
Restricted \| Level 1
Financial instruments and fair value measurements
Investments		1,171
Money market fund
Financial instruments and fair value measurements
Cash equivalents	40,412	10,973
Money market fund \| Level 1
Financial instruments and fair value measurements
Cash equivalents	40,412	10,973
U.S. Treasury Bills
Financial instruments and fair value measurements
Cash equivalents	4,000	78,991
U.S. Treasury Bills \| Level 1
Financial instruments and fair value measurements
Cash equivalents	4,000	78,991
U.S. Treasury Bills \| Unrestricted available-for-sale, Debt securities
Financial instruments and fair value measurements
Investments	88,956	47,991
U.S. Treasury Bills \| Unrestricted available-for-sale, Debt securities \| Level 1
Financial instruments and fair value measurements
Investments	88,956	47,991
Corporate debt securities \| Unrestricted available-for-sale, Debt securities
Financial instruments and fair value measurements
Investments		60
Corporate debt securities \| Unrestricted available-for-sale, Debt securities \| Level 2
Financial instruments and fair value measurements
Investments		60
Preferred stock \| Equity securities
Financial instruments and fair value measurements
Investments	450	2,623
Preferred stock \| Equity securities \| Level 2
Financial instruments and fair value measurements
Investments	$ 450	2,623
Short-term bond \| Restricted
Financial instruments and fair value measurements
Investments		1,171
Short-term bond \| Restricted \| Level 1
Financial instruments and fair value measurements
Investments		$ 1,171

Schedule IV (Consolidated) - Mortgage Loans on Real Estate - Carrying Amount of Mortgage Loans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Changes in carrying amount of mortgage loans
Balance at beginning of the year	$ 10,321	$ 2,683	$ 1,462
Additions during the year - new mortgage loans	7,798	9,615	2,386
Collections of principal	6,005	1,949	1,165
Foreclosures	128
Other	44	28
Balance at the end of the year	$ 11,942	$ 10,321	$ 2,683

Segment Information

12 Months Ended

Dec. 31, 2021

Segment Information

Segment Information

19. Segment Information

The Company’s reportable segments are strategic business units that offer different products and services. They are each managed separately and decisions about allocations of resources are determined by management based on these strategic business units.

The Company uses income before equity in loss from unconsolidated joint ventures, income taxes and non-controlling interest and other qualitative measures for purposes of making decisions about allocating resources to each segment and assessing each segment’s performance, which the Company believes represents current performance measures.

The accounting policies of the segments are the same as those described herein. Total revenue represents sales to unaffiliated customers, as reported in the Company’s consolidated statements of income. All significant intercompany transactions have been eliminated in consolidation. The captions entitled “Other” consists of mitigation credit, title and insurance business revenue and cost of revenue; corporate operating expenses; corporate depreciation and amortization and corporate other income and expense items.

Information by business segment is as follows:



	Year Ended December 31,
	2021		2020		2019
Operating revenue:
Residential	$	145,784	$	74,715	$	41,586
Hospitality		74,591		47,374		45,720
Commercial		44,627		36,665		38,823
Other		1,994		1,801		956
Consolidated operating revenue	$	266,996	$	160,555	$	127,085

Cost of revenue:
Cost of residential revenue	$	57,842	$	30,359	$	20,492
Cost of hospitality revenue		57,494		34,670		33,924
Cost of commercial revenue		14,440		12,228		9,593
Cost of other revenue		1,538		519		77
Consolidated cost of revenue	$	131,314	$	77,776	$	64,086

Corporate and other operating expenses:
Residential	$	4,872	$	5,283	$	4,873
Hospitality		919		1,180		838
Commercial		3,980		3,681		3,479
Other		13,252		12,762		12,199
Consolidated corporate and other operating expenses	$	23,023	$	22,906	$	21,389

Depreciation, depletion and amortization:
Residential	$	351	$	318	$	283
Hospitality		6,966		4,638		4,579
Commercial		10,490		6,987		5,253
Other		395		845		172
Consolidated depreciation, depletion and amortization	$	18,202	$	12,788	$	10,287

Investment income, net:
Residential and commercial	$	874	$	298	$	184
Other ^(a)		6,380		4,685		10,530
Consolidated investment income, net	$	7,254	$	4,983	$	10,714

Interest expense:
Residential	$	581	$	683	$	717
Hospitality		488		222		30
Commercial		5,949		3,836		2,739
Other ^(b)		8,836		8,823		8,816
Consolidated interest expense	$	15,854	$	13,564	$	12,302

Gain on contribution to unconsolidated joint ventures:
Residential^(c)	$	503	$	15,706	$	—
Commercial^{(d) (e) (f)}		3,055		3,949		2,244
Other		—		328		73
Consolidated gain on contribution to unconsolidated joint ventures	$	3,558	$	19,983	$	2,317

Other income (expense), net:
Residential	$	113	$	(22)	$	(217)
Hospitality		635		575		225
Commercial^(g)		3,722		51		1,190
Other^(h)		5,711		725		2,935
Other income, net	$	10,181	$	1,329	$	4,133

Income (loss) before equity in loss from unconsolidated joint ventures and income taxes:
Residential^(c)	$	83,582	$	53,998	$	15,144
Hospitality		9,359		7,238		6,574
Commercial^{(d) (e) (f) (g)}		16,591		13,988		21,239
Other^(h)		(9,936)		(15,408)		(6,772)
Consolidated income before equity in loss from unconsolidated joint ventures and income taxes	$	99,596	$	59,816	$	36,185

Equity in (loss) income from unconsolidated joint ventures:
Residential	$	(1,861)	$	(524)	$	(71)
Commercial		996		(142)		(6)
Consolidated equity in loss from unconsolidated joint ventures	$	(865)	$	(666)	$	(77)

Capital expenditures:
Residential	$	52,838	$	33,634	$	28,639
Hospitality		101,686		42,770		15,923
Commercial		45,843		85,070		69,219
Other		452		769		505
Total capital expenditures	$	200,819	$	162,243	$	114,286


	December 31,		December 31,
	2021		2020
Investment in unconsolidated joint ventures:
Residential	$	30,039	$	24,287
Commercial		21,988		13,678
Total investment in unconsolidated joint ventures	$	52,027	$	37,965

Total assets:
Residential	$	195,142	$	172,610
Hospitality		256,751		146,724
Commercial		375,266		332,649
Other		380,992		385,341
Total assets	$	1,208,151	$	1,037,324

(a)	Includes interest income from investments in SPEs of $8.1 million in 2021 and $8.2 million in each 2020 and 2019.

(b)	Includes interest expense from Senior Notes issued by SPE of $8.8 million in each 2021, 2020 and 2019.

(c)	Includes a gain of $15.7 million in 2020 on land and additional infrastructure improvements contributed to the unconsolidated Latitude Watersound Margaritaville JV. See Note 4. Joint Ventures and Note 18. Other Income, Net for additional information.

(d)	Includes a gain of $3.1 million in 2021 on land contributed to the unconsolidated Watersound Fountains Independent Living JV. See Note 4. Joint Ventures and Note 18. Other Income, Net for additional information.

(e)	Includes a gain of $3.9 million in 2020 on land contributed to the unconsolidated Sea Sound Apartments JV. See Note 4. Joint Ventures and Note 18. Other Income, Net for additional information.

(f)	Includes a gain of $0.8 million in 2019 on land contributed to the Company’s unconsolidated Busy Bee JV and a gain of $1.4 million in 2019 on land contributed to the Company’s unconsolidated Pier Park TPS JV. See Note 4. Joint Ventures and Note 18. Other Income, Net for additional information.

(g)	Includes $3.6 million in 2021 received from the Florida Division of Emergency Management’s TRBG program. See Note 7. Hurricane Michael and Note 18. Other Income, Net for additional information.

(h)

Includes gain on insurance recovery of $4.9 million, $0.7 million and $5.3 million in 2021, 2020 and 2019, respectively, related to Hurricane Michael. In addition, includes loss from hurricane damage of $0.1 million, $1.1 million and $2.7 million 2021, 2020 and 2019, respectively, related to Hurricane Michael. See Note 7. Hurricane Michael for additional information.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Leases (Tables)

12 Months Ended

Dec. 31, 2021

Leases

Schedule of components of leasing revenue


	Year Ended December 31,
	2021		2020		2019
Leasing revenue
Lease payments	$	22,256	$	14,710	$	11,637
Variable lease payments		4,825		4,109		3,944
Total leasing revenue	$	27,081	$	18,819	$	15,581

Schedule of minimum future base rental revenue



2022	$	19,075
2023		11,579
2024		9,260
2025		6,434
2026		4,904
Thereafter		17,950
	$	69,202

Schedule of lease cost



	Year Ended December 31,
	2021			2020			2019
Lease cost
Finance lease cost:
Amortization of right-of-use assets	$	114		$	57		$	40
Interest on lease liability		18			11			9
Operating lease cost		308			289			238
Short-term lease cost		1,476			1,016			721
Total lease cost	$	1,916		$	1,373		$	1,008

Other information
Weighted-average remaining lease term - finance lease (in years)		3.6			3.9			4.2
Weighted-average remaining lease term - operating leases (in years)		3.3			3.9			3.1
Weighted-average discount rate - finance lease		4.6	%		5.0	%		5.0	%
Weighted-average discount rate - operating leases		4.9	%		4.9	%		5.0	%

Schedule of aggregate payments of finance lease liability

The aggregate payments of finance and operating lease liabilities subsequent to December 31, 2021, for the years ending December 31 are:


	Finance Leases		Operating Leases
2022	$	133	$	261
2023		133		220
2024		86		108
2025		50		51
2026		6		12
Thereafter		—		269
Total		408		921
Less imputed interest		(28)		(189)
Total lease liabilities	$	380	$	732

Schedule of aggregate payments of operating lease liabilities



	Year Ended December 31,
	2021			2020			2019
Lease cost
Finance lease cost:
Amortization of right-of-use assets	$	114		$	57		$	40
Interest on lease liability		18			11			9
Operating lease cost		308			289			238
Short-term lease cost		1,476			1,016			721
Total lease cost	$	1,916		$	1,373		$	1,008

Other information
Weighted-average remaining lease term - finance lease (in years)		3.6			3.9			4.2
Weighted-average remaining lease term - operating leases (in years)		3.3			3.9			3.1
Weighted-average discount rate - finance lease		4.6	%		5.0	%		5.0	%
Weighted-average discount rate - operating leases		4.9	%		4.9	%		5.0	%

The aggregate payments of finance and operating lease liabilities subsequent to December 31, 2021, for the years ending December 31 are:


	Finance Leases		Operating Leases
2022	$	133	$	261
2023		133		220
2024		86		108
2025		50		51
2026		6		12
Thereafter		—		269
Total		408		921
Less imputed interest		(28)		(189)
Total lease liabilities	$	380	$	732

Joint Ventures - Unconsolidated JV Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Jun. 30, 2020
Investments
Outstanding debt	$ 227,474	$ 161,418
Unconsolidated joint ventures
Investments
Maximum exposure to loss	69,000
Unconsolidated joint ventures
Investments
Outstanding debt	62,701	33,088
Latitude Margaritaville Watersound JV
Investments
Outstanding debt	7,147	3,297
Sea Sound Apartments JV
Investments
Outstanding debt	35,047	8,789
Watersound Fountains Independent Living JV
Investments
Outstanding debt	66
Pier Park TPS JV
Investments
Outstanding debt	14,124	14,388
Busy Bee JV
Investments
Outstanding debt	6,317	$ 6,614
Latitude Margaritaville Watersound JV
Investments
Amount as lender of secured revolving promissory note	$ 10,000		$ 10,000

Investments - Schedule of Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt securities and restricted investments
Amortized Cost		$ 49,206
Gross Unrealized Gains		16
Fair Value		49,222
Unrestricted available-for-sale, Debt securities
Debt securities and restricted investments
Amortized Cost		48,046
Gross Unrealized Gains		5
Fair Value		48,051
Unrestricted available-for-sale, Debt securities \| U.S. Treasury Bills
Debt securities and restricted investments
Amortized Cost	$ 88,966	47,986
Gross Unrealized Gains	1	5
Gross Unrealized (Losses)	(11)
Fair Value	$ 88,956	47,991
Unrestricted available-for-sale, Debt securities \| Corporate debt securities
Debt securities and restricted investments
Amortized Cost		60
Fair Value		60
Restricted
Debt securities and restricted investments
Amortized Cost		1,160
Gross Unrealized Gains		11
Fair Value		1,171
Restricted \| Short-term bond
Debt securities and restricted investments
Amortized Cost		1,160
Gross Unrealized Gains		11
Fair Value		$ 1,171

Leases - Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Lease cost
Finance lease cost: Amortization of right-of-use assets	$ 114	$ 57	$ 40
Finance lease cost: Interest on lease liability	18	11	9
Operating lease cost	308	289	238
Short-term lease cost	1,476	1,016	721
Total lease cost	$ 1,916	$ 1,373	$ 1,008

Accumulated Other Comprehensive Loss

12 Months Ended

Dec. 31, 2021

Accumulated Other Comprehensive Loss

Accumulated Other Comprehensive Loss

14. Accumulated Other Comprehensive Loss

Following is a summary of the changes in the balances of accumulated other comprehensive loss, which is presented net of tax:


	Unrealized (Loss) Gain		Unrealized
	on Available-for-		(Loss) Gain
	Sale Securities		Cash Flow Hedges		Total
Accumulated other comprehensive loss at December 31, 2019	$	(84)	$	(251)	$	(335)
Other comprehensive income (loss) before reclassifications		103		(1,237)		(1,134)
Amounts reclassified from accumulated other comprehensive loss		(3)		—		(3)
Other comprehensive income (loss)		100		(1,237)		(1,137)
Accumulated other comprehensive income (loss) at December 31, 2020	$	16	$	(1,488)	$	(1,472)
Other comprehensive (loss) income before reclassifications		(12)		792		780
Amounts reclassified from accumulated other comprehensive (loss) income		(11)		314		303
Other comprehensive (loss) income		(23)		1,106		1,083
Accumulated other comprehensive loss at December 31, 2021	$	(7)	$	(382)	$	(389)

Following is a summary of the tax effects allocated to other comprehensive income (loss):


	Year Ended December 31, 2021
	Before-		Tax Benefit		Net-of-
	Tax Amount		(Expense)		Tax Amount
Unrealized loss on available-for-sale investments	$	(16)	$	4	$	(12)
Interest rate swaps		848		(215)		633
Interest rate swap - unconsolidated joint venture		213		(54)		159
Reclassification adjustment for net loss included in earnings		405		(102)		303
Net unrealized gain		1,450		(367)		1,083
Other comprehensive income	$	1,450	$	(367)	$	1,083


	Year Ended December 31, 2020
	Before-		Tax (Expense)		Net-of-
	Tax Amount		Benefit		Tax Amount
Unrealized gain on available-for-sale investments	$	130	$	(33)	$	97
Unrealized gain on restricted investments		8		(2)		6
Interest rate swaps		(836)		212		(624)
Interest rate swap - unconsolidated joint venture		(821)		208		(613)
Reclassification adjustment for net gain included in earnings		(4)		1		(3)
Net unrealized loss		(1,523)		386		(1,137)
Other comprehensive loss	$	(1,523)	$	386	$	(1,137)

Investments (Tables)

12 Months Ended

Dec. 31, 2021

Investments

Schedule of Investments

December 31, 2021

Gross Unrealized

Amortized Cost

Gains

(Losses)

Fair Value

Investments - debt securities:

U.S. Treasury Bills

88,966

(11)

88,956


	December 31, 2020
			Gross Unrealized		Gross Unrealized
	Amortized Cost		Gains		(Losses)		Fair Value
Investments - debt securities:
U.S. Treasury Bills	$	47,986	$	5	$	—	$	47,991
Corporate debt securities		60		—		—		60
		48,046		5		—		48,051
Restricted investments:
Short-term bond		1,160		11		—		1,171
		1,160		11		—		1,171
	$	49,206	$	16	$	—	$	49,222

Schedule of Unrealized Loss Position and Related Fair Value of Investments


	December 31, 2021								December 31, 2020
	Less Than 12 Months				12 Months or Greater				Less Than 12 Months				12 Months or Greater
			Unrealized				Unrealized				Unrealized				Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
Investments - debt securities:
U.S. Treasury Bills	$	43,959	$	11	$	—	$	—	$	—	$	—	$	—	$	—

Schedule of Contractual Maturities of Investments

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Significant Accounting Policies

Schedule of revenue disaggregated by segment, good or service and timing

The following represents revenue disaggregated by segment, good or service and timing:


	Year Ended December 31, 2021
	Residential		Hospitality		Commercial		Other		Total
Revenue by Major Good/Service:
Real estate revenue	$	144,664	$	—	$	12,002	$	1,963	$	158,629
Hospitality revenue		727		74,538		—		—		75,265
Leasing revenue		393		53		26,604		31		27,081
Timber revenue		—		—		6,021		—		6,021
Total revenue	$	145,784	$	74,591	$	44,627	$	1,994	$	266,996

Timing of Revenue Recognition:
Recognized at a point in time	$	145,391	$	55,181	$	18,023	$	1,963	$	220,558
Recognized over time		—		19,357		—		—		19,357
Over lease term		393		53		26,604		31		27,081
Total revenue	$	145,784	$	74,591	$	44,627	$	1,994	$	266,996


	Year Ended December 31, 2020
	Residential		Hospitality		Commercial		Other		Total
Revenue by Major Good/Service:
Real estate revenue	$	74,137	$	—	$	11,689	$	1,801	$	87,627
Hospitality revenue		412		47,366		—		—		47,778
Leasing revenue		166		8		18,645		—		18,819
Timber revenue		—		—		6,331		—		6,331
Total revenue	$	74,715	$	47,374	$	36,665	$	1,801	$	160,555

Timing of Revenue Recognition:
Recognized at a point in time	$	74,549	$	36,262	$	18,020	$	1,801	$	130,632
Recognized over time		—		11,104		—		—		11,104
Over lease term		166		8		18,645		—		18,819
Total revenue	$	74,715	$	47,374	$	36,665	$	1,801	$	160,555


	Year Ended December 31, 2019
	Residential		Hospitality		Commercial		Other		Total
Revenue by Major Good/Service:
Real estate revenue	$	41,055	$	—	$	19,477	$	956	$	61,488
Hospitality revenue		496		45,616		—		—		46,112
Leasing revenue		35		104		15,442		—		15,581
Timber revenue		—		—		3,904		—		3,904
Total revenue	$	41,586	$	45,720	$	38,823	$	956	$	127,085

Timing of Revenue Recognition:
Recognized at a point in time	$	41,551	$	35,894	$	23,381	$	956	$	101,782
Recognized over time		—		9,722		—		—		9,722
Over lease term		35		104		15,442		—		15,581
Total revenue	$	41,586	$	45,720	$	38,823	$	956	$	127,085

Investment in real estate, net

Significant Accounting Policies

Schedule of estimated economic life


		Estimated Useful
		Life (in years)
Land		N/A
Land improvements		15 - 20
Buildings		20 - 40
Building improvements		5 - 25
Timber		N/A

Property and equipment, net

Significant Accounting Policies

Schedule of estimated economic life


		Estimated Useful
		Life (in years)
Railroad and equipment		15 - 30
Furniture and fixtures		5 - 10
Machinery and equipment		3 - 10
Office equipment		5 - 10
Autos, trucks and aircraft		5 - 10

Other Assets - Homesite Sales Receivable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Changes in lot sales receivable
Homesite Sales Receivable, Beginning Balance	$ 5,675	$ 5,211
Increases Due To Revenue Recognized for Lots Sold	7,213	3,854
Decreases Due to Amounts Received	(5,237)	(3,390)
Homesite Sales Receivable, Ending Balance	$ 7,651	$ 5,675

Investments - Contractual Maturities of Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Amortized Cost
Amortized Cost		$ 49,206
Unrestricted available-for-sale, Debt securities
Amortized Cost
Amortized Cost, Due in one year or less	$ 88,966
Amortized Cost		48,046
Fair Value
Fair Value, Due in one year or less	$ 88,956
Restricted
Amortized Cost
Amortized Cost		$ 1,160

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash, cash equivalents and restricted cash:
Cash and cash equivalents	$ 70,162	$ 106,794	$ 185,716
Restricted cash included in other assets	4,238	3,325	2,961
Total cash, cash equivalents and restricted cash shown in the accompanying consolidated statements of cash flows	74,400	110,119	188,677
Cash paid during the period for:
Interest, net of amounts capitalized	13,621	12,801	11,886
Income taxes	11,070
Non-cash investing and financing activities:
Non-cash allocation of ownership interest in JV			1,209
Non-cash capital contribution from non-controlling interest		2,359
Non-cash contribution to unconsolidated joint venture	(6,136)	(23,737)	(2,940)
(Decrease) increase in Community Development District debt	(900)	(157)	1,203
Transfers of operating property to property and equipment	12,012
Increase in expenditures for operating properties and property and equipment financed through accounts payable	$ 19,223	$ 7,939	$ 3,158

Financial Instruments and Fair Value Measurements - Carrying Amount and Fair Value (Details) - Nonrecurring - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Carrying Value
Financial instruments and fair value measurements
Debt	$ 227,474	$ 161,418
Fair Value
Financial instruments and fair value measurements
Debt	224,664	163,802
Level 1 \| Carrying Value \| U.S. Treasury Bills
Financial instruments and fair value measurements
Investments held by SPEs	5,132	5,759
Level 1 \| Fair Value \| U.S. Treasury Bills
Financial instruments and fair value measurements
Investments held by SPEs	5,475	6,363
Level 2 \| Carrying Value \| Fixed-rate debt
Financial instruments and fair value measurements
Debt	129,532	114,125
Level 2 \| Carrying Value \| Variable rate debt
Financial instruments and fair value measurements
Debt	97,942	47,293
Level 2 \| Fair Value \| Fixed-rate debt
Financial instruments and fair value measurements
Debt	126,722	116,509
Level 2 \| Fair Value \| Variable rate debt
Financial instruments and fair value measurements
Debt	97,942	47,293
Level 3 \| Carrying Value
Financial instruments and fair value measurements
Senior Notes held by SPE	177,566	177,289
Level 3 \| Carrying Value \| Time deposit
Financial instruments and fair value measurements
Investments held by SPEs	200,000	200,000
Level 3 \| Fair Value
Financial instruments and fair value measurements
Senior Notes held by SPE	204,802	216,363
Level 3 \| Fair Value \| Time deposit
Financial instruments and fair value measurements
Investments held by SPEs	$ 200,000	$ 200,000

Other Assets - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Other Assets
Restricted investments		$ 1,171
Investments - equity securities	$ 450	2,623
Accounts receivable, net	13,813	10,791
Homesite sales receivable	7,651	5,675	$ 5,211
Notes receivable, net	12,377	10,877
Inventory	2,797	2,026
Prepaid expenses	7,175	7,135
Straight-line rent	2,489	3,174
Operating lease, right-of use assets	$ 732	$ 808
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Total other assets	Total other assets
Other assets	$ 5,987	$ 5,743
Retained interest investments	13,826	12,905
Accrued interest receivable for Senior Notes held by SPE	2,938	2,938
Total other assets	$ 70,235	$ 65,866

Schedule III (Consolidated) - Real Estate and Accumulated Depreciation - Reconciliation of Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
SEC Schedule III, Reconciliation of accumulated depreciation
Balance at beginning of the year	$ 75,960	$ 74,256	$ 67,500
Depreciation expense	11,728	8,298	6,756
Amounts retired or adjusted	(522)	(6,594)
Balance at the end of the year	$ 87,166	$ 75,960	$ 74,256

Stock Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Stock Based Compensation

Stock-Based Compensation Recognized as Expense


	Year Ended December 31,
	2021		2020		2019
Stock compensation expense before tax benefit	$	—	$	45	$	77
Income tax benefit		—		(11)		(19)
	$	—	$	34	$	58

Financial Instruments and Fair Value Measurements - Investment in Unconsolidated JVs and Long-lived assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Financial Instruments and Fair Value Measurements
Impairment loss on investment in unconsolidated joint ventures	$ 0.0	$ 0.0	$ 0.0
Impairment loss on investment in real estate	$ 0.0	$ 0.0	$ 0.0

Accumulated Other Comprehensive Loss - Summary of Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Summary of changes in accumulated other comprehensive loss
Beginning Balance	$ 568,170	$ 529,670	$ 533,111
Amounts reclassified from accumulated other comprehensive (loss) income	303	(3)
Total other comprehensive income (loss), net of tax	1,083	(1,137)	339
Ending Balance	626,100	568,170	529,670
Accumulated Other Comprehensive (Loss) Income
Summary of changes in accumulated other comprehensive loss
Beginning Balance	(1,472)	(335)	(674)
Other comprehensive (loss) income before reclassifications	780	(1,134)
Amounts reclassified from accumulated other comprehensive (loss) income	303	(3)
Total other comprehensive income (loss), net of tax	1,083	(1,137)	339
Ending Balance	(389)	(1,472)	(335)
Unrealized (Loss) Gain on Available-for-Sale Securities
Summary of changes in accumulated other comprehensive loss
Beginning Balance	16	(84)
Other comprehensive (loss) income before reclassifications	(12)	103
Amounts reclassified from accumulated other comprehensive (loss) income	(11)	(3)
Total other comprehensive income (loss), net of tax	(23)	100
Ending Balance	(7)	16	(84)
Unrealized (Loss) Gain Cash Flow Hedges, Interest rate swap
Summary of changes in accumulated other comprehensive loss
Beginning Balance	(1,488)	(251)
Other comprehensive (loss) income before reclassifications	792	(1,237)
Amounts reclassified from accumulated other comprehensive (loss) income	314
Total other comprehensive income (loss), net of tax	1,106	(1,237)
Ending Balance	$ (382)	$ (1,488)	$ (251)

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

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+ Details

- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

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+ Details

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	12 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenue:
Leasing revenue	$ 27,081	$ 18,819	$ 15,581
Total revenue	266,996	160,555	127,085
Expenses:
Cost of revenue	131,314	77,776	64,086
Corporate and other operating expenses	23,023	22,906	21,389
Depreciation, depletion and amortization	18,202	12,788	10,287
Total expenses	172,539	113,470	95,762
Operating income (loss)	94,457	47,085	31,323
Other income (expense):
Investment income, net	7,254	4,983	10,714
Interest expense	(15,854)	(13,564)	(12,302)
Gain on contribution to unconsolidated joint ventures	3,558	19,983	2,317
Other income, net	10,181	1,329	4,133
Total other income (expense)	5,139	12,731	4,862
Income before equity in loss from unconsolidated joint ventures and income taxes	99,596	59,816	36,185
Equity in (loss) income from unconsolidated joint ventures	(865)	(666)	(77)
Income tax expense	(24,982)	(13,670)	(9,447)
Net income (loss)	73,749	45,480	26,661
Net loss (income) attributable to non-controlling interest	804	(277)	114
Net income attributable to the Company	$ 74,553	$ 45,203	$ 26,775
Basic and Diluted
Weighted average shares outstanding, Basic	58,882,549	59,009,865	59,994,527
Weighted average shares outstanding, Diluted	58,882,549	59,009,865	59,994,527
Net income per share attributable to the Company, Basic (in dollars per share)	$ 1.27	$ 0.77	$ 0.45
Net income per share attributable to the Company, Diluted (in dollars per share)	$ 1.27	$ 0.77	$ 0.45
Real Estate
Revenue:
Revenue	$ 158,629	$ 87,627	$ 61,488
Expenses:
Cost of revenue	60,703	35,794	24,282
Hospitality
Revenue:
Revenue	75,265	47,778	46,112
Expenses:
Cost of revenue	58,314	35,239	34,505
Leasing
Expenses:
Cost of revenue	11,620	5,934	4,650
Timber
Revenue:
Revenue	6,021	6,331	3,904
Expenses:
Cost of revenue	$ 677	$ 809	$ 649

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2021

Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

The consolidated financial statements include the accounts of the Company and all of its majority-owned and controlled subsidiaries and variable interest entities where the Company deems itself the primary beneficiary. Investments in JVs and limited partnerships in which the Company is not the primary beneficiary, or a voting interest entity where the Company does not have a majority voting interest or control, are accounted for by the equity method. All significant intercompany transactions and balances have been eliminated in consolidation. Certain prior year amounts in the accompanying consolidated financial statements have been reclassified to conform to the current year presentation. Specifically, during 2021, the Company determined that, for a non-material value, it was more appropriate to reflect capital contribution to unconsolidated joint ventures as a cash outflow of investing activities rather than financing activities. The reclassifications had no effect on the Company’s previously reported total assets and liabilities, stockholders’ equity or net income.

A variable interest entity (“VIE”) is an entity in which a controlling financial interest may be achieved through arrangements that do not involve voting interests. A VIE is required to be consolidated by its primary beneficiary, which is the entity that possesses the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and has the obligation to absorb losses or the right to receive benefits from the VIE that are significant to the VIE. The Company consolidates VIEs when it is the primary beneficiary of the VIE, including real estate JVs determined to be VIEs. The Company continues to assess whether it is the primary beneficiary on an ongoing basis. See Note 4. Joint Ventures.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates and assumptions including investment in real estate, real estate

impairment assessments, investments, retained interest investments, accruals, deferred income taxes, allowance for credit losses and revenue recognition. Actual results could differ from those estimates.

Investment in Real Estate

The Company capitalizes costs directly associated with development and construction of identified real estate projects. These costs include land and common development costs (such as roads, structures, utilities and amenities). The Company also capitalizes indirect costs that relate to specific projects under development or construction. These indirect costs include construction and development administration, legal fees, project administration, interest (up to total interest expense) and real estate taxes.

A portion of real estate development costs and estimates for costs to complete are allocated to each unit based on the relative sales value of each unit as compared to the estimated sales value of the total project. These estimates are reevaluated at least annually, and more frequently if warranted by market conditions, changes in the project’s scope or other factors, with any adjustments being allocated prospectively to the remaining property or units.

The capitalization period relating to direct and indirect project costs is the period in which activities necessary to ready a property for its intended use are in progress. The period begins when such activities commence, typically when the Company begins site work or construction on land already owned, and ends when the asset is substantially complete and ready for its intended use. In the event that the activities to ready the asset for its intended use are suspended, the capitalization period will cease until such activities are resumed. If the Company determines a project will not be completed, any previously capitalized costs that are not recoverable are expensed in the period in which the determination is made and recovery is not deemed probable.

Investment in real estate is carried at cost, net of depreciation and timber depletion, unless circumstances indicate that the carrying value of the assets may not be recoverable. If the Company determines that an impairment exists due to the inability to recover an asset’s carrying value, an impairment charge is recorded to the extent that the carrying value exceeds estimated fair value. If such assets were held for sale, the provision for loss would be recorded to the extent that the carrying value exceeds estimated fair value less costs to sell.

Depreciation for operating property is computed on the straight-line method over the estimated economic life of the assets, as follows:


		Estimated Useful
		Life (in years)
Land		N/A
Land improvements		15 - 20
Buildings		20 - 40
Building improvements		5 - 25
Timber		N/A

Building improvements are amortized on a straight-line basis over the shorter of the minimum lease term or the estimated economic life of the assets.

Long-Lived Assets

Long-lived assets include the Company’s investments in land holdings, operating and development properties and property and equipment, which are carried at cost, net of depreciation and timber depletion. The Company reviews its long-lived assets for impairment quarterly to determine whether events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. As part of the Company’s review for impairment of its long-lived assets, the Company reviews the long-lived asset’s carrying value, current period actual financial results as compared to prior period and forecasted results contained in the Company’s business plan and any other events or changes in

circumstances to identify whether an indicator of potential impairment may exist. Some of the events or changes in circumstances that are considered by the Company as indicators of potential impairment include:

●

a prolonged decrease in the value to below cost or demand for the Company’s properties;

●

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

●

a material change in strategy that would affect the value of the Company’s properties;

●

continuing operating or cash flow loss for an operating property;

●

an accumulation of costs in excess of the projected costs for development or operating property; and

●

any other adverse change that may affect the value of the property.

The Company uses varying methods to determine if an impairment exists, such as (i) considering indicators of potential impairment, (ii) analyzing expected future cash flows and comparing the expected future undiscounted cash flows of the property to its carrying value or (iii) determining market resale values.

For projects under development or construction, an estimate of undiscounted future cash flows is performed using estimated future expenditures necessary to develop and maintain the existing project and using management’s best estimates about future sales prices and holding periods. The projection of undiscounted cash flows requires that management develop various assumptions including:

●

the projected pace of sales of homesites based on estimated market conditions and the Company’s development plans;

●

estimated pricing and projected price appreciation over time;

●

the amount and trajectory of price appreciation over the estimated selling period;

●

the length of the estimated development and selling periods, which can differ depending on the size of the development and the number of phases to be developed;

●

the amount of remaining development costs, including the extent of infrastructure or amenities included in such development costs;

●

holding costs to be incurred over the selling period;

●

for bulk land sales of undeveloped and developed parcels, future pricing is based upon estimated developed homesite pricing less estimated development costs and estimated developer profit;

●

for commercial, multi-family, self-storage and senior living development property, future pricing is based on sales of comparable property in similar markets; and

●

whether liquidity is available to fund continued development.

For operating properties, an estimate of undiscounted cash flows also requires management to make assumptions about the use and disposition of such properties. These assumptions include:

●

for investments in hotels, other rental units and vacation rental homes, use of average occupancy and room rates, revenue from food and beverage and other amenity operations, operating expenses and capital expenditures, and eventual disposition of such properties as hotels, private residence vacation units or condominiums, based on current prices for similar units appreciated to the expected sale date;

●

for investments in commercial, multi-family, self-storage, senior living or retail property, use of future occupancy and rental rates, operating expenses and capital expenditures and the amount of proceeds to be realized upon eventual disposition of such property at a terminal capitalization rate; and,

●

for investments in club, marina and retail assets, use of revenue from membership dues, future golf rounds and greens fees, boat slip rentals and boat storage fees, merchandise and other hospitality operations, operating

expenses and capital expenditures, and the amount of proceeds to be realized upon eventual disposition of such properties at a multiple of terminal year cash flows.

Homesites substantially completed and ready for sale are measured at the lower of carrying value or fair value less costs to sell. Management identifies homesites as being substantially completed and ready for sale when the properties are being actively marketed with intent to sell such properties in the near term and under current market conditions. Other homesites, which management does not intend to sell in the near term under current market conditions, are evaluated for impairment based on management’s best estimate of the long-term use and eventual disposition of such property.

Other properties that management does not intend to sell in the near term under current market conditions and has the ability to hold are evaluated for impairment based on management’s best estimate of the long-term use and eventual disposition of the property. The results of impairment analyses for development and operating properties are particularly dependent on the estimated holding and selling period for each asset group.

If a property is considered impaired, the impairment charge is determined by the amount the property’s carrying value exceeds its fair value. The Company uses varying methods to determine fair value, such as (i) analyzing expected future cash flows, (ii) determining resale values in a given market (iii) applying a capitalization rate to net operating income using prevailing rates in a given market or (iv) applying a multiplier to revenue using prevailing rates in a given market. The fair value of a property may be derived either from discounting projected cash flows at an appropriate discount rate, through appraisals of the underlying property, or a combination thereof.

The Company classifies the assets and liabilities of a long-lived asset as held-for-sale when management approves and commits to a formal plan of sale and it is probable that a sale will be completed. The carrying value of the assets held-for-sale are then recorded at the lower of their carrying value or fair value less estimated costs to sell.

Inventory

Timber Inventory

The Company estimates its standing timber inventory on an annual basis utilizing a process referred to as a “timber cruise.” Specifically, the Company conducts field measurements of the number of trees, tree height and tree diameter on a sample area equal to approximately 20% of the Company’s timber holdings each year. Inventory data is used to calculate volumes and products along with growth projections to maintain accurate data. Industry practices are used for modeling, including growth projections, volume and product classifications. A depletion rate is established annually by dividing merchantable inventory cost by standing merchantable inventory volume.

Inventory

Inventory primarily consists of retail products, operating supplies and beverages which are reported at the lower of cost or net realizable value. Cost is determined using weighted-average cost basis or specific identification.

Investment in Unconsolidated Joint Ventures

The Company has entered into JVs in which the Company is not the primary beneficiary or does not have a majority voting interest or control. The Company’s investment in these JVs is accounted for by the equity method. The Company evaluates its investment in unconsolidated JVs for impairment during each reporting period. A series of operating losses of an investee or other factors may indicate that a decrease in the value of the Company’s investment in the unconsolidated JV has occurred. The amount of impairment recognized is the excess of the investment’s carrying value over its estimated fair value.

Distributions from equity method investments are classified in the statements of cash flows using the cumulative earnings approach. Under the cumulative earnings approach, cumulative distributions received that do not exceed cumulative equity in earnings are classified as cash inflows from operating activities and cumulative distributions received in excess of cumulative equity in earnings are classified as cash inflows from investing activities. Some of the Company’s unconsolidated JVs have entered into financing agreements, where the Company or its JV partners have provided guarantees. See Note 4. Joint Ventures and Note 20. Commitments and Contingencies for additional information.

Cash and Cash Equivalents

Cash and cash equivalents can include cash on hand, bank demand accounts, money market instruments and U.S. Treasury Bills having original maturities at acquisition date, of ninety days or less.

Investments

Investments – debt securities and restricted investments consist of available-for-sale securities recorded at fair value, which is established through external pricing services that use quoted market prices and pricing data from recently executed market transactions. Unrealized gains and losses on investments, net of tax, are recorded in other comprehensive income (loss). Realized gains and losses on investments are determined using the specific identification method. The amortized cost of debt securities are adjusted for amortization of premiums and accretion of discounts to maturity computed under the effective interest method. Such amortization and accretion is included in investment income, net.

For available-for-sale securities where fair value is less than cost, credit related impairment, if any, will be recognized through an allowance for credit losses and adjusted each period for changes in credit risk. If the Company intends to sell the security, or more likely than not will be required to sell the security before recovery of its amortized cost basis, any allowance for credit losses will be written off and the amortized cost basis will be written down to the security's fair value at the reporting date with any incremental impairment reported in earnings.

Investments - equity securities with a readily determinable fair value are recorded at fair value, which is established through external pricing services that use quoted market prices and pricing data from recently executed market transactions. Unrealized holding gains and losses are recognized in investment income, net in the consolidated statements of income.

Fair Value Measurements

Fair value is an exit price, representing the amount that would be received by selling an asset or paying to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. A three-tier fair value hierarchy is established as a basis for considering such assumptions and for inputs used in the valuation methodologies in measuring fair value:

Level 1. Quoted prices in active markets for identical assets or liabilities;

Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and

Level 3. Unobservable inputs in which there is little or no market data, such as internally-developed valuation models, which require the reporting entity to develop its own assumptions.

Comprehensive Income

The Company’s comprehensive income includes unrealized gains and losses on available-for-sale securities and restricted investments. Comprehensive income also includes changes in the fair value of effective cash flow hedges, which are subsequently reclassified into earnings in the period during which the hedged transaction affects earnings.

Derivatives and Hedging

The Company has entered into interest rate swap agreements designated as cash flow hedges to manage the interest rate risk associated with variable rate debt. For cash flow hedges that are effective, the gain or loss on the derivative is reported in other comprehensive income (loss) and is reclassified into earnings in the same period during which the hedged transaction affects earnings. Cash flows from derivatives are classified in the consolidated statements of cash

flows in the same category as the item being hedged. The Company accounts for the changes in fair value of derivatives that do not qualify for hedge accounting treatment directly in earnings.

Receivables

The Company’s receivables primarily include receivables related to certain homesite sales, homebuilder notes, a revolving promissory note with an unconsolidated JV, leasing receivables, membership initiation fees, hospitality receivables and other receivables. At each reporting period, receivables in the scope of Topic 326 are pooled by type and judgements are made based on historical losses and expected credit losses based on economic trends to determine the allowance for credit losses primarily using the aging method. Actual losses could differ from those estimates. Write-offs are recorded when the Company concludes that all or a portion of the receivable is no longer collectible and recoveries on receivables previously charged-off are credited to the allowance. The Company does not measure an allowance for credit losses for accrued interest receivables and will write-off uncollectible balances in a timely manner, which is within 90 days from when it is determined uncollectible.

Property and Equipment, net

Property and equipment is stated at cost, net of accumulated depreciation. Major improvements are capitalized while maintenance and repairs are expensed in the period the cost is incurred. Depreciation is computed using the straight-line method over the estimated economic life of various assets, as follows:


		Estimated Useful
		Life (in years)
Railroad and equipment		15 - 30
Furniture and fixtures		5 - 10
Machinery and equipment		3 - 10
Office equipment		5 - 10
Autos, trucks and aircraft		5 - 10

Income Taxes

The Company’s provision for income taxes includes the current tax owed on the current period earnings, as well as a deferred provision, which reflects the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Changes in existing tax laws and rates, their related interpretations, as well as the uncertainty generated by the prospect of tax legislation in the future may affect the amounts of deferred tax liabilities or the realizability of deferred tax assets.

For tax positions taken or expected to take in the tax returns, the Company applies a more likely than not assessment (i.e., there is a greater than 50 percent chance) about whether the tax position will be sustained upon examination by the appropriate tax authority with full knowledge of all relevant information. Amounts recorded for uncertain tax positions are periodically assessed, including the evaluation of new facts and circumstances, to ensure sustainability of the position. The Company records interest related to unrecognized tax benefits, if any, in interest expense and penalties in other income, net. The Company applies the aggregate portfolio method to account for income tax effects in accumulated other comprehensive loss with respect to available-for-sale debt securities.

Concentration of Risks and Uncertainties

All of the Company’s operations and assets are concentrated in Northwest Florida. Uncertain economic conditions could have an adverse impact on the Company’s operations and asset values.

The economic conditions in the U.S. have been negatively impacted by the continued threat by the COVID-19 pandemic. While demand across each of the Company’s segments remain strong, the Company’s hospitality operations have already been, and may in the future be, disrupted by the impacts of the COVID-19 pandemic and the federal, state and local government actions to address it. Despite the Company’s positive financial results during the COVID-19 pandemic, the magnitude and duration of the COVID-19 pandemic impact remains unknown and the Company could experience material declines within each of its reportable segments in the future compared to historical norms. See Part I. Item 1A. Risk Factors.

Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash, cash equivalents, investments, other receivables, investments held by special purpose entity or entities (“SPE”), and investments in retained interests. The Company deposits and invests cash with local, regional and national financial institutions and as of December 31, 2021, these balances exceed the amount of FDIC insurance provided on such deposits by $21.5 million. In addition, as of December 31, 2021, the Company had $4.0 million invested in short-term U.S. Treasury Bills classified as cash equivalents, $40.4 million invested in U.S. Treasury Money Market Funds, $89.0 million invested in U.S. Treasury Bills classified as investments – debt securities and $0.5 million invested in two issuers of preferred stock that are non-investment grade.

Earnings Per Share

Basic and diluted earnings per share are calculated by dividing net income attributable to the Company by the weighted average number of common shares outstanding for the period. For the three years ended December 31, 2021, the Company did not have any potential dilutive instruments, therefore, basic and diluted weighted average shares outstanding were equal. There were no outstanding common stock equivalents as of December 31, 2021 or 2020. Non-vested restricted stock is included in outstanding shares at the time of grant.

Revenue and Revenue Recognition

Revenue consists primarily of real estate sales, hospitality operations, leasing operations, and timber sales. Taxes collected from customers and remitted to governmental authorities (e.g., sales tax) are excluded from revenue, costs and expenses.

In accordance with Accounting Standards Codification Topic 606, Revenue from Contracts with Customers (“Topic 606”), revenue is recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services by applying the following steps; (i) identifying the contract(s) with a customer, (ii) identifying the performance obligations in the contract, (iii) determining the transaction price, (iv) allocating the transaction price to the performance obligations in the contract and (v) recognizing revenue when (or as) the Company satisfies a performance obligation. Lease related revenue is excluded from Topic 606. The following summary details the Company’s revenue and the related timing of revenue recognition.

Real Estate Revenue

Revenue from real estate sales, including homesites, homes, commercial properties, operating properties and rural land, is recognized at the point in time when a sale is closed and title and control has been transferred to the buyer. If a performance obligation is not yet substantially complete when title transfers to the buyer, the revenue associated with the incomplete performance obligation is deferred until completed.

Residential real estate revenue includes (i) the sale of developed homesites; (ii) the sale of completed homes (iii) the sale of parcels of entitled or undeveloped land; (iv) a homesite residual on homebuilder sales that provides the Company

a percentage of the sale price of the completed home if the home price exceeds a negotiated threshold; (v) the sale of tap and impact fee credits; (vi) marketing fees; (vii) title business revenue and (viii) other fees on certain transactions.

Title business revenue is recognized at the point in time services are provided and represent a single performance obligation with a fixed transaction price. Estimated homesite residuals and certain estimated fees are recognized as revenue at the time of sale to homebuilders, subject to constraints. Any change in material circumstances from the estimated amounts are updated at each reporting period. The variable consideration for homesite residuals and certain estimated fees are based on historical experience and are recognized as revenue when it can be reasonably estimated and only to the extent it is probable that a significant reversal in the estimated amount of cumulative revenue will not occur when uncertainties are resolved. For the years ended December 31, 2021, 2020 and 2019, real estate revenue includes $4.8 million, $1.9 million and $2.5 million, respectively, of estimated homesite residuals and $2.4 million, $1.9 million and $2.3 million, respectively, of estimated fees related to homebuilder homesite sales.

Hospitality Revenue

The Company’s hospitality operations generate revenue from membership sales, membership reservations, golf courses, lodging, short-term vacation rentals, management of The Pearl Hotel, food and beverage operations, merchandise sales, marina operations, charter flights, other resort and entertainment activities and beach clubs, which includes operation of the WaterColor Beach Club. Hospitality revenue is generally recognized at the point in time services are provided and represent a single performance obligation with a fixed transaction price. Hospitality revenue recognized over time includes non-refundable club membership initiation fees, club membership dues, management fees and other membership fees.

Clubs – Club operations include the Company’s golf courses, beach club and facilities that generate revenue from membership sales, membership reservations, daily play at the golf courses, merchandise sales, charter flights and food and beverage sales. Daily play at the golf courses, merchandise sales, charter flights and food and beverage sales are recognized at the point of sale. Club membership revenue consists of monthly dues, which are recognized monthly over time as access is provided for the period. Non-refundable initiation fees that are deferred and recognized ratably over time, which is the estimated membership period. Membership reservations are recognized at the point in time when certain performance obligations are met.

Hotel Operations, Food and Beverage Operations, Short-Term Vacation Rentals and Other Management Services – Hotel operations, food and beverage operations, short-term vacation rentals and other management services generate revenue from (i) lodging, (ii) operation of the WaterColor Beach Club, (iii) management of The Pearl Hotel, (iv) short-term vacation rentals, (v) food and beverage operations and (vi) merchandise sales. Lodging and operation of the WaterColor Beach Club generate revenue from service and/or daily rental fees, recognized at the point in time services are provided. Revenue generated from the Company’s management services are recognized over time as time elapses and the Company’s performance obligations are met. The short-term vacation rentals owned by the Company generate revenue from rental fees, which are recognized at the point of sale. The Company’s food and beverage operations and retail outlets generate revenue from food and beverage sales and merchandise sales, which are recognized at the point of sale.

Other Hospitality Operations – Other hospitality operations include the WaterColor retail store, marinas and The Powder Room. Other hospitality operations generate revenue from merchandise sales and service fees, which are recognized at the point of sale.

Leasing Revenue

Leasing revenue is excluded from Topic 606 and consists of rental revenue from multi-family, senior living, self-storage, retail, office and commercial property; rural land and other assets; as well as boat slip rentals and boat storage fees at our marinas, which is recognized as earned, using the straight-line method over the life of each lease. Certain leases provide for tenant occupancy during periods for which no rent is due or where minimum rent payments change during the lease term. Accordingly, a receivable or liability is recorded representing the difference between the straight-line rent and the rent that is contractually due from the tenant. The Company does not separate nonlease components

from lease components and, instead, accounts for each separate lease component and the nonlease components associated with that lease as a single component if the nonlease components otherwise would be accounted for under Topic 606. Nonlease components primarily include common area maintenance and senior living services provided related to the Watercrest JV. Leasing revenue includes properties located in the Company’s Beckrich Office Park, Watersound Town Center, consolidated Pier Park North JV, Pier Park Crossings JV, Pier Park Crossings II JV, Watersound Origins Crossings JV and Watercrest JV, as well as the Company’s industrial parks and other properties. See Note 8. Leases for additional information related to leases.

Timber Revenue

Revenue from the sale of the Company’s forestry products is primarily from open market sales of timber on site without the associated delivery costs and is derived from either pay-as-cut sales contracts or timber bid sales.

Under a pay-as-cut sales contract, the risk of loss and title to the specified timber transfers to the buyer when cut by the buyer, and the buyer or some other third party is responsible for all logging and hauling costs, if any. Revenue is recognized at the point in time when risk of loss and title to the specified timber are transferred.

Timber bid sales are agreements in which the buyer agrees to purchase and harvest specified timber (i.e., mature pulpwood and/or sawlogs) on a tract of land over the term of the contract. Unlike a pay-as-cut sales contract, risk of loss and title to the trees transfer to the buyer when the contract is signed and revenue is recognized at that point in time accordingly. The buyer pays the full purchase price when the contract is signed and the Company does not have any additional performance obligations.

The following represents revenue disaggregated by segment, good or service and timing:


	Year Ended December 31, 2021
	Residential		Hospitality		Commercial		Other		Total
Revenue by Major Good/Service:
Real estate revenue	$	144,664	$	—	$	12,002	$	1,963	$	158,629
Hospitality revenue		727		74,538		—		—		75,265
Leasing revenue		393		53		26,604		31		27,081
Timber revenue		—		—		6,021		—		6,021
Total revenue	$	145,784	$	74,591	$	44,627	$	1,994	$	266,996

Timing of Revenue Recognition:
Recognized at a point in time	$	145,391	$	55,181	$	18,023	$	1,963	$	220,558
Recognized over time		—		19,357		—		—		19,357
Over lease term		393		53		26,604		31		27,081
Total revenue	$	145,784	$	74,591	$	44,627	$	1,994	$	266,996


	Year Ended December 31, 2020
	Residential		Hospitality		Commercial		Other		Total
Revenue by Major Good/Service:
Real estate revenue	$	74,137	$	—	$	11,689	$	1,801	$	87,627
Hospitality revenue		412		47,366		—		—		47,778
Leasing revenue		166		8		18,645		—		18,819
Timber revenue		—		—		6,331		—		6,331
Total revenue	$	74,715	$	47,374	$	36,665	$	1,801	$	160,555

Timing of Revenue Recognition:
Recognized at a point in time	$	74,549	$	36,262	$	18,020	$	1,801	$	130,632
Recognized over time		—		11,104		—		—		11,104
Over lease term		166		8		18,645		—		18,819
Total revenue	$	74,715	$	47,374	$	36,665	$	1,801	$	160,555


	Year Ended December 31, 2019
	Residential		Hospitality		Commercial		Other		Total
Revenue by Major Good/Service:
Real estate revenue	$	41,055	$	—	$	19,477	$	956	$	61,488
Hospitality revenue		496		45,616		—		—		46,112
Leasing revenue		35		104		15,442		—		15,581
Timber revenue		—		—		3,904		—		3,904
Total revenue	$	41,586	$	45,720	$	38,823	$	956	$	127,085

Timing of Revenue Recognition:
Recognized at a point in time	$	41,551	$	35,894	$	23,381	$	956	$	101,782
Recognized over time		—		9,722		—		—		9,722
Over lease term		35		104		15,442		—		15,581
Total revenue	$	41,586	$	45,720	$	38,823	$	956	$	127,085

Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Income Taxes

In December 2019, the FASB issued ASU 2019-12, which simplified the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendment also improved consistent application of and simplified GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The Company adopted the new guidance as of January 1, 2021. The adoption of this guidance did not have an impact on the Company’s financial condition, results of operations and cash flows.

Investments – Equity Securities, Investments-Equity Method and Joint Ventures and Derivatives and Hedging

In January 2020, the FASB issued ASU 2020-01, which clarified the interaction between the accounting standard on recognition and measurement of financial instruments in Topic 321 and Topic 323. The Company adopted the new guidance as of January 1, 2021. The adoption of this guidance did not have a material impact on the Company’s financial condition, results of operations and cash flows.

Codification Improvements

In October 2020, the FASB issued ASU 2020-10, that improved consistency by including all disclosure guidance in the appropriate disclosure sections and clarified application of various provisions in the Codification. The Company adopted the new guidance as of January 1, 2021. The adoption of this guidance did not have an impact on the

Company’s financial condition, results of operations and cash flows and did not have a material impact on the disclosures to the financial statements.

Recently Issued Accounting Pronouncements

Reference Rate Reform

In March 2020, the FASB issued ASU 2020-04, that provides temporary optional guidance to ease the potential burden in accounting for or recognizing the effects of reference rate reform on financial reporting. The new guidance provides expedients and exceptions for applying GAAP to contract modifications and hedging relationships affected by reference rate reform if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference LIBOR or another reference rate that is expected to be discontinued due to reference rate reform. In January 2021, the FASB issued ASU 2021-01, which clarifies the original guidance that certain optional expedients and exceptions in contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. This new guidance was effective upon issuance and may be applied prospectively through December 31, 2022, as reference rate activities occur. There is no current impact to the Company from this guidance and the Company is evaluating the impact that the adoption of this guidance will have on its financial condition, results of operations and cash flows.

Significant Accounting Policies - Concentrations (Details) $ in Thousands	Dec. 31, 2021 USD ($) issuer	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Concentration risk
Cash and cash equivalents	$ 70,162	$ 106,794	$ 185,716
Investments - debt securities	88,956	48,051
Investments - equity securities	450	2,623
Preferred stock
Concentration risk
Investments - equity securities	500	$ 2,600
Credit concentration risk \| Assets
Concentration risk
Cash amount not insured by FDIC	21,500
Credit concentration risk \| Assets \| U.S. Treasury Bills
Concentration risk
Cash and cash equivalents	4,000
Credit concentration risk \| Assets \| U.S. Treasury Bills \| External Credit Rating, Non Investment Grade
Concentration risk
Investments - debt securities	89,000
Credit concentration risk \| Assets \| Money market fund
Concentration risk
Cash and cash equivalents	40,400
Credit concentration risk \| Assets \| Preferred stock \| External Credit Rating, Non Investment Grade
Concentration risk
Investments - equity securities	$ 500
Number of issuers \| issuer	2

Employee Benefit Plan (Details) - USD ($) $ in Millions	12 Months Ended
Employee Benefit Plan (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2014
Employee Benefit Plan
Employee defined contribution plan expense	$ 0.1
Assets contributed to 401(k) Plan				$ 7.9
Restricted investments		$ 1.2
Compensation expense for assets allocated to participants	$ 1.2	1.2	$ 1.1
First 3% of employee contributions
Employee Benefit Plan
Percentage employer matches of the employee's percentage contribution	100.00%
Percentage of employee's gross pay for which the employer contributes a matching contribution (as a percent)	3.00%
3% - 5% of employee contributions
Employee Benefit Plan
Percentage employer matches of the employee's percentage contribution	50.00%
Percentage of employee's gross pay for which the employer contributes a matching contribution (as a percent)	2.00%
Low end of gross pay (as a percent)	3.00%
High end of gross pay (as a percent)	5.00%
Restricted \| Maximum
Employee Benefit Plan
Gain (loss) on assets	$ 0.1	$ 0.1	$ (0.1)

Employee Benefit Plan

12 Months Ended

Dec. 31, 2021

Employee Benefit Plan

Employee Benefit Plan

17. Employee Benefit Plan

The Company maintains a 401(k) retirement plan covering substantially all officers and employees of the Company, which permits participants to defer up to the maximum allowable amount determined by the IRS of their eligible compensation.

In 2021, the 401(k) retirement plan was amended to include a matching contribution. The plan provides for employer matching contributions of 100% up to the first 3% of eligible compensation. For contributions in excess of 3%, the plan provides for employer matching contributions of 50% up to the next 2%, but not more than 5%, of eligible compensation. The Company’s matching contributions expensed under the plan were $0.1 million in 2021. The Company also maintains a profit-sharing plan and allows for discretionary qualified non-elective and matching employer contributions.

As part of the Pension Plan termination in 2014, the Company directed the Pension Plan to transfer $7.9 million of the Pension Plan’s surplus assets into a suspense account in the Company’s 401(k) plan. The Company retained the risks and rewards of ownership of these assets; therefore, the assets held in the suspense account were included in the Company’s consolidated balance sheet until they were allocated to 401(k) plan participants. The final allocation of the assets occurred in March 2021. As of December 31, 2020, the fair value of these assets totaling $1.2 million was recorded in other assets on the Company’s consolidated balance sheets.

The Company expensed the fair value of the assets at the time the assets were allocated to participants. During both 2021 and 2020 the Company recorded an expense of $1.2 million and during 2019 the Company recorded an expense of $1.1 million, for the fair value of the assets, less expenses, that were allocated to participants. Any gain or loss on these assets is reflected in the Company’s consolidated statements of income and was less than a $0.1 million gain during both 2021 and 2020 and less than a $0.1 million loss during 2019.

- Definition

The entire disclosure for retirement benefits.

+ References

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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Taxes

Income Taxes

13. Income Taxes

Income tax expense consist of the following:


	Year Ended December 31,
	2021		2020		2019
Current:
Federal	$	9,005	$	5,146	$	1,070
State		—		—		—
Total		9,005		5,146		1,070
Deferred:
Federal		12,120		6,321		5,903
State		3,857		2,203		2,474
Total		15,977		8,524		8,377
Income tax expense	$	24,982	$	13,670	$	9,447

Total income tax expense (benefit) was allocated in the consolidated financial statements as follows:


	Year Ended December 31,
	2021		2020		2019
Income tax expense	$	24,982	$	13,670	$	9,447
Income tax recorded in accumulated other comprehensive loss
Income tax expense (benefit)		367		(386)		116
Total income tax expense	$	25,349	$	13,284	$	9,563

Income tax expense (benefit) attributable to income from operations differed from the amount computed by applying the statutory federal income tax rate of 21% as of December 31, 2021, 2020 and 2019 to pre-tax income as a result of the following:


	Year Ended December 31,
	2021		2020		2019
Tax at the statutory federal rate	$	20,902	$	12,385	$	7,607
State income taxes (net of federal benefit)		3,581		2,203		1,477
Increase in valuation allowance		275		—		—
Change in US and State tax rates		458		—		1,006
Income tax credits		(186)		(454)		—
Benefit of Qualified Opportunity Zone investments		(195)		(161)		(561)
Dividend received deduction		—		(33)		(188)
Other permanent items		147		(270)		106
Total income tax expense	$	24,982	$	13,670	$	9,447

The tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities are presented below:


	December 31,		December 31,
	2021		2020
Deferred tax assets:
State net operating loss carryforwards	$	10,617	$	13,355
Impairment losses		28,496		33,660
Prepaid income from land sales		6,177		3,812
Capital loss carryforwards		4,090		—
Capitalized costs		2,462		2,851
Reserves and accruals		1,950		1,586
Unrealized losses on investments		359		3,403
Other		1,446		765
Total gross deferred tax assets		55,597		59,432
Valuation allowance		(305)		—
Total net deferred tax assets		55,292		59,432
Deferred tax liabilities:
Investment in real estate and property and equipment basis differences		14,014		5,929
Deferred gain on land sales and involuntary conversions		33,643		29,101
Installment sales		83,498		83,337
Pension Plan assets transferred to the 401(k) plan		—		287
Other		1,396		1,693
Total gross deferred tax liabilities		132,551		120,347
Net deferred tax liabilities	$	(77,259)	$	(60,915)

As of December 31, 2021 and 2020, the Company had state net operating loss carryforwards of $229.3 million and $304.0 million, respectively. As of December 31, 2021 and 2020, the Company had $3.1 million and $2.3 million, respectively, of federal net operating loss carryforwards. The federal net operating loss carryforwards are applicable to a specific QOF entity of the Company and do not expire. The majority of state net operating losses are available to offset future taxable income through 2036 and will begin expiring in 2030. As of December 31, 2021 and 2020, the Company had income tax payable of $0.7 million and $2.7 million, respectively, included within other liabilities on the consolidated balance sheets.

On September 14, 2021, the State of Florida announced the reduction of the 2021 corporate tax rate from 4.5% to 3.5% retroactive to the beginning of 2021. The corporate income tax rate will revert to 5.5% for tax year 2022 and years forward. The impact of this tax rate change for the year ended December 31, 2021, was a $0.5 million increase in income tax expense due to the adjustment to deferred taxes.

On September 12, 2019, the Florida Department of Revenue announced that the corporate income tax rate for tax years 2019, 2020, and 2021 was reduced from 5.5% to 4.5%. As a result, the Company recorded $1.0 million of income tax expense during 2019 to adjust its deferred tax balances due to the impact on the Company’s existing Florida net operating loss carryforward in addition to other temporary differences.

In general, a valuation allowance is recorded if, based on all available positive and negative evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Realization of the Company’s deferred tax assets is dependent upon the Company generating sufficient taxable income in future years in the appropriate tax jurisdictions to obtain a benefit from the reversal of deductible temporary differences and from loss carryforwards. As of December 31, 2021, the Company’s valuation allowance was $0.3 million. As of December 31, 2020, the Company had a de minimis valuation allowance.

Significant judgment is required in evaluating the Company's uncertain tax positions and determining its provision for income taxes. The Company regularly assesses the likelihood of adverse outcomes resulting from potential examinations to determine the adequacy of its provision for income taxes and applies a “more likely than not” in

determining the financial statement recognition and measurement of a tax position taken or expected to be taken in the tax returns. The Company has not identified any material unrecognized tax benefits as of December 31, 2021, 2020 and 2019. There were no penalties required to be accrued as of December 31, 2021 and 2020. The Company records interest related to unrecognized tax benefits, if any, in interest expense and penalties in other income, net.

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted in response to the COVID-19 pandemic. On December 27, 2020, the Taxpayer Certainty and Disaster Tax Relief Act of 2020, a part of the Consolidated Appropriations Act, 2021, was enacted also in response to the COVID-19 pandemic. On March 11, 2021, the American Rescue Plan Act of 2021 was enacted also in response to the COVID-19 pandemic. While each of these pieces of legislation resulted in changes to the federal tax law, the impact on the Company’s cash payments and effective tax rate are immaterial.

The Company is currently open to examination by taxing authorities for the tax years ended December 31, 2018 through 2020.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Financial Instruments and Fair Value Measurements - Effective of derivative instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Gain (loss) of derivative instruments
Amount of gain (loss) recognized in other comprehensive income (loss) on derivatives	$ 1,061	$ (1,657)	$ (336)
Amount expected to be reclassified during next twelve months	$ 600
Period over which losses are expected to be reclassified	12 months
Interest expense
Gain (loss) of derivative instruments
Amount of loss reclassified into consolidated statements of income	$ 247
Equity in loss from unconsolidated joint ventures
Gain (loss) of derivative instruments
Amount of loss reclassified into consolidated statements of income	$ 173

Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2021

Other Liabilities

Schedule of Other Liabilities


	December 31,		December 31,
	2021		2020
Accounts payable	$	48,597	$	25,376
Finance lease liabilities		380		316
Operating lease liabilities		732		808
Accrued compensation		4,877		3,337
Other accrued liabilities		4,807		6,892
Deferred revenue		13,357		16,632
Club initiation fees		22,850		10,716
Club membership deposits		3,602		3,764
Advance deposits		2,140		1,344
Accrued interest expense for Senior Notes held by SPE		2,850		2,850
Total other liabilities	$	104,192	$	72,035

Schedule of changes in club initiation fees related to contracts with customers


	December 31, 2021		December 31, 2020
Balance at beginning of year	$	10,716	$	6,917
New club memberships		16,804		6,268
Revenue from amounts included in contract liability opening balance		(3,037)		(2,062)
Revenue from current period new memberships		(1,633)		(407)
Balance at end of year	$	22,850	$	10,716

Joint Ventures (Tables)

12 Months Ended

Dec. 31, 2021

Joint Ventures

Schedule of financial information of unconsolidated joint ventures


	December 31,		December 31,
	2021		2020
Investment in unconsolidated joint ventures
Latitude Margaritaville Watersound JV	$	30,040	$	24,288
Sea Sound Apartments JV		10,333		10,348
Watersound Fountains Independent Living JV^(a)		7,508		—
Pier Park TPS JV		1,961		2,149
Busy Bee JV		1,621		1,180
Watersound Management JV ^(b)		564		—
Total investment in unconsolidated joint ventures	$	52,027	$	37,965

Outstanding debt of unconsolidated JVs
Latitude Margaritaville Watersound JV^(c)	$	7,147	$	3,297
Sea Sound Apartments JV		35,047		8,789
Watersound Fountains Independent Living JV		66		—
Pier Park TPS JV		14,124		14,388
Busy Bee JV		6,317		6,614
Total outstanding debt of unconsolidated JVs^(d)	$	62,701	$	33,088

(a)	JV was formed in April 2021.

(b)	JV was formed in June 2021.

(c)	See Note 9. Other Assets for additional information on the $10.0 million secured revolving promissory note the Company entered into with the unconsolidated Latitude Margaritaville Watersound JV.

(d)	See Note 20. Commitments and Contingencies for additional information.

The Company's maximum exposure to loss due to involvement with the unconsolidated joint ventures as of December 31, 2021, was $69.0 million, which includes the carrying amounts of the investments, guarantees, promissory note receivable and derivative instruments.

The following table presents detail of the Company’s equity in (loss) income from unconsolidated joint ventures:


	Year Ended December 31,
	2021		2020		2019
Equity in (loss) income from unconsolidated joint ventures
Latitude Margaritaville Watersound JV	$	(1,861)	$	(524)	$	(71)
Sea Sound Apartments JV^(a)		(15)		—		—
Pier Park TPS JV		551		(112)		(6)
Busy Bee JV		441		(30)		—
Watersound Management JV^(b)		19		—		—
Total equity in loss from unconsolidated joint ventures	$	(865)	$	(666)	$	(77)

(a)	JV was formed in January 2020.

(b)	JV was formed in June 2021.

Summarized balance sheets for the Company’s unconsolidated JVs are as follows:


	December 31, 2021
	Latitude Margaritaville Watersound JV			Sea Sound Apartments JV		Watersound Fountains Independent Living JV		Pier Park TPS JV		Busy Bee JV		Watersound Management JV		Total
ASSETS
Investment in real estate	$	54,034	^(a)	$	53,775	$	17,003	$	16,561	$	8,005	$	—	$	149,378
Cash and cash equivalents		12,541			760		240		1,913		855		138		16,447
Other assets		1,761			210		187		433		1,044		—		3,635
Total assets	$	68,336		$	54,745	$	17,430	$	18,907	$	9,904	$	138	$	169,460

LIABILITIES AND EQUITY
Debt, net	$	7,147		$	34,834	$	66	$	13,839	$	6,256	$	—	$	62,142
Other liabilities		36,419			2,653		3,408		1,147		405		—		44,032
Equity		24,770			17,258		13,956		3,921		3,243		138		63,286
Total liabilities and equity	$	68,336		$	54,745	$	17,430	$	18,907	$	9,904	$	138	$	169,460

(a)	As of December 31, 2021, investment in real estate includes the land contributed to the Latitude Margaritaville Watersound JV at the Company’s historical cost basis of $1.3 million and additional completed infrastructure improvements of $4.8 million.


	December 31, 2020
	Latitude Margaritaville Watersound JV			Sea Sound Apartments JV		Watersound Fountains Independent Living JV^(b)		Pier Park TPS JV		Busy Bee JV		Watersound Management JV^(c)		Total
ASSETS
Investment in real estate	$	18,255	^(a)	$	29,085	$	—	$	17,946	$	8,466	$	—	$	73,752
Cash and cash equivalents		1,603			15		—		1,705		227		—		3,550
Other assets		136			—		—		483		717		—		1,336
Total assets	$	19,994		$	29,100	$	—	$	20,134	$	9,410	$	—	$	78,638

LIABILITIES AND EQUITY
Debt, net	$	2,844		$	8,378	$	—	$	14,090	$	6,532	$	—	$	31,844
Other liabilities		1,794			3,439		—		1,745		506		—		7,484
Equity		15,356			17,283		—		4,299		2,372		—		39,310
Total liabilities and equity	$	19,994		$	29,100	$	—	$	20,134	$	9,410	$	—	$	78,638

(a)	As of December 31, 2020, investment in real estate includes the land contributed to the Latitude Margaritaville Watersound JV at the Company’s historical cost basis of $1.3 million and additional completed infrastructure improvements of $1.8 million.

(b)	JV was formed in April 2021.

(c)	JV was formed in June 2021.

Summarized statements of operations for the Company’s unconsolidated JVs are as follows:


	Year Ended December 31, 2021
	Latitude Margaritaville Watersound JV		Sea Sound Apartments JV		Watersound Fountains Independent Living JV^(a)		Pier Park TPS JV		Busy Bee JV		Watersound Management JV			Total

Total revenue	$	18,653	$	1,012	$	—	$	6,474	$	16,229	$	511	$	42,879
Expenses:
Cost of revenue		14,931		432		—		2,663		12,958		473		31,457
Other operating expenses		6,802		61		—		302		1,946		—		9,111
Depreciation and amortization		396		343		—		1,434		461		—		2,634
Total expenses		22,129		836		—		4,399		15,365		473		43,202
Operating (loss) income		(3,476)		176		—		2,075		864		38		(323)
Other (expense) income:
Interest expense		—		(201)		—		(735)		(192)		—		(1,128)
Other income, net		—		—		—		5		198		—		203
Total other (expense) income		—		(201)		—		(730)		6		—		(925)
Net (loss) income	$	(3,476)	$	(25)	$	—	$	1,345	$	870	$	38	$	(1,248)

(a)	The project is under construction with no income or loss impacting the consolidated statement of income for the year ended December 31, 2021.


	Year Ended December 31, 2020
	Latitude Margaritaville Watersound JV		Sea Sound Apartments JV^(a)		Watersound Fountains Independent Living JV^(b)		Pier Park TPS JV		Busy Bee JV		Watersound Management JV^(c)		Total

Total revenue	$	—	$	—	$	—	$	2,338	$	5,846	$	—	$	8,184
Expenses:
Cost of revenue		—		—		—		1,209		4,364		—		5,573
Other operating expenses		980		—		—		161		1,057		—		2,223
Depreciation and amortization		25		—		—		962		229				1,191
Total expenses		1,005		—		—		2,332		5,650		—		8,987
Operating (loss) income		(1,005)		—		—		6		196		—		(803)
Other expense:
Interest expense		—		—		—		(230)		(99)		—		(329)
Other expense, net		—		—		—		—		(145)		—		(145)
Total other expense		—		—		—		(230)		(244)		—		(474)
Net loss	$	(1,005)	$	—	$	—	$	(224)	$	(48)	$	—	$	(1,277)

(a)	The project is under construction with no income or loss impacting the consolidated statement of income for the year ended December 31, 2020.

(b)	JV was formed in April 2021.

(c)	JV was formed in June 2021.


	Year Ended December 31, 2019
	Latitude Margaritaville Watersound JV		Sea Sound Apartments JV^(a)		Watersound Fountains Independent Living JV^(b)		Pier Park TPS JV		Busy Bee JV^(c)		Watersound Management JV^(d)		Total

Total revenue	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total expenses		142		—		—		—		—		—		142
Operating loss		(142)		—		—		—		—		—		(142)
Total other expense		—		—		—		(13)		—		—		(13)
Net loss	$	(142)	$	—	$	—	$	(13)	$	—	$	—	$	(155)

(a)	JV was formed in January 2020.

(b)	JV was formed in April 2021.

(c)	The project was under construction with no income or loss impacting the consolidated statement of income for the year ended December 31, 2019.

(d)	JV was formed in June 2021.

Stock Based Compensation - Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Stock Based Compensation
Stock compensation expense before tax benefit	$ 45	$ 77
Income tax benefit	(11)	(19)
Stock compensation expense after tax benefit	$ 34	$ 58

Financial Instruments and Fair Value Measurements - Held by Special Purpose Entities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2021	Dec. 31, 2020
Financial instruments and fair value measurements
Investments held by special purpose entities		$ 205,513	$ 206,149
Senior Notes held by special purpose entity		177,566	177,289
Variable Interest Entity, Primary Beneficiary
Financial instruments and fair value measurements
Investments held by special purpose entities		205,513	206,149
Senior Notes held by special purpose entity		177,566	$ 177,289
Panama City Timber Finance Company, LLC \| 2014 real estate sale
Financial instruments and fair value measurements
Notes received as consideration in sale of real estate	$ 200,000
Promissory notes maturity period	15 years
Panama City Timber Finance Company, LLC \| Time deposit
Financial instruments and fair value measurements
Investments held by special purpose entities		$ 200,000
Investment interest rate (as a percent)		4.00%
Panama City Timber Finance Company, LLC \| U.S. Treasury Bills
Financial instruments and fair value measurements
Investments held by special purpose entities		$ 5,100
Panama City Timber Finance Company, LLC \| Cash
Financial instruments and fair value measurements
Investments held by special purpose entities		400
Northwest Florida Timber Finance, LLC
Financial instruments and fair value measurements
Loan amount	$ 180,000
Debt interest rate (as a percent)	4.80%
Issue price of senior secured notes (as a percent)	98.50%
Senior Notes held by special purpose entity		177,600
Unamortized discount and debt issuance costs		$ 2,400

Other Assets

12 Months Ended

Dec. 31, 2021

Other Assets

Other Assets

9. Other Assets

Other assets consist of the following:


	December 31,		December 31,
	2021		2020
Restricted investments	$	—	$	1,171
Investments - equity securities		450		2,623
Accounts receivable, net		13,813		10,791
Homesite sales receivable		7,651		5,675
Notes receivable, net		12,377		10,877
Inventory		2,797		2,026
Prepaid expenses		7,175		7,135
Straight-line rent		2,489		3,174
Operating lease right-of-use assets		732		808
Other assets		5,987		5,743
Retained interest investments		13,826		12,905
Accrued interest receivable for Senior Notes held by SPE		2,938		2,938
Total other assets	$	70,235	$	65,866

Restricted Investments

As of December 31, 2020, the Company’s restricted investments were related to the Company’s deferred compensation plan. As part of the Pension Plan termination in 2014, the Company directed the Pension Plan to transfer the Pension Plan’s surplus assets into a suspense account in the Company’s 401(k) plan. The Company retained the risks and rewards of ownership of these assets; therefore, the assets held in the suspense account were included in the Company’s consolidated balance sheets until they were allocated to 401(k) plan participants. The final allocation of the assets occurred in March 2021. See Note 17. Employee Benefit Plan.

Investments – Equity Securities

As of December 31, 2021 and 2020, investments – equity securities included $0.5 million and $2.6 million, respectively, of preferred stock investments recorded at fair value. During the year ended December 31, 2021, the Company recognized unrealized loss of $0.9 million on investments related to equity securities still held as of December 31, 2021. During the year ended December 31, 2020, the Company recognized unrealized loss of $4.6 million on investments related to equity securities still held as of December 31, 2020. During the year ended December 31, 2019, the Company recognized unrealized loss of $6.3 million on investments related to equity securities still held as of

December 31, 2019. These amounts were included within investment income, net on the consolidated statements of income.

Accounts Receivable, Net

Accounts receivable, net primarily includes leasing receivables, membership initiation fees, hospitality receivables and other receivables. As of December 31, 2021 and 2020, accounts receivable were presented net of allowance for credit losses of $0.4 million and $0.2 million, respectively. As of both December 31, 2021 and 2020, accounts receivable were presented net of allowance for lease related receivables of less than $0.1 million. During 2021, allowance for credit losses related to accounts receivable, net increased $0.2 million.

Homesite Sales Receivable

Homesite sales receivable from contracts with customers include estimated homesite residuals and certain estimated fees that are recognized as revenue at the time of sale to homebuilders, subject to constraints. Any change in circumstances from the estimated amounts will be updated at each reporting period. The receivable will be collected as the homebuilders build the homes and sell to retail consumers, which can occur over multiple years. See Note 2. Summary of Significant Accounting Policies for additional information.

The following table presents the changes in homesite sales receivable:


				Increases Due To
		Balance		Revenue Recognized		Decreases Due to		Balance
		January 1, 2021		for Homesites Sold		Amounts Received		December 31, 2021
Homesite sales receivable	$	5,675	$	7,213	$	(5,237)	$	7,651


				Increases Due To
		Balance		Revenue Recognized		Decreases Due to		Balance
		January 1, 2020		for Homesites Sold		Amounts Received		December 31, 2020
Homesite sales receivable	$	5,211	$	3,854	$	(3,390)	$	5,675

Notes Receivable, Net

Notes receivable, net consist of the following:


	December 31,		December 31,
	2021		2020
Interest bearing revolving promissory note with the unconsolidated Latitude Margaritaville Watersound JV, secured by the JV's real property — bearing interest at a rate of 5.0%, matures June 2025	$	7,075	$	2,714
Various interest bearing homebuilder notes, secured by the real estate sold — bearing interest at a rate of 5.5%, due September 2022 through May 2023		4,824		7,544
Interest bearing notes with JV partners, secured by the partners' membership interest in the JVs — bearing interest at a rate of 8.0%, due May 2039		359		556
Non-interest bearing note with a tenant for tenant improvements, due October 2025		76		—
Various mortgage notes, secured by certain real estate, bearing interest at rates of 4.4% to 5.2% due December 2022 through November 2023		43		63
Total notes receivable, net	$	12,377	$	10,877

In June 2020, the Company entered into a $10.0 million secured revolving promissory note with the unconsolidated Latitude Margaritaville Watersound JV. The Latitude Margaritaville Watersound JV Note was provided to finance the development of the pod-level, non-spine infrastructure, which is being repaid by the JV as each home is sold by the JV, with the aggregate unpaid principal and all accrued and unpaid interest due at maturity in June 2025. The Latitude

Margaritaville Watersound JV Note is secured by a mortgage and security interest in and on the real property and improvements located on the real property of the JV. See Note 4. Joint Ventures for additional information.

The Company may allow homebuilders to pay for homesites during the home construction period in the form of homebuilder notes. The Company evaluates the carrying value of all notes and the need for an allowance for credit losses at each reporting date. As of both December 31, 2021 and 2020, notes receivable were presented net of allowance for credit losses of $0.1 million. As of December 31, 2021 and 2020, accrued interest receivable related to notes receivable was $0.1 million and $0.2 million, respectively, which is included within other assets on the consolidated balance sheets.

Retained Interest Investments

The Company has a beneficial interest in certain bankruptcy-remote qualified SPEs used in the installment sale monetization of certain sales of timberlands in 2007 and 2008. The SPEs’ assets are not available to satisfy the Company’s liabilities or obligations and the liabilities of the SPEs are not the Company’s liabilities or obligations. Therefore, the SPEs’ assets and liabilities are not consolidated in the Company’s financial statements as of December 31, 2021 and 2020. The Company’s continuing involvement with the SPEs is the receipt of the net interest payments and the remaining principal of approximately $16.6 million to be received at the end of the installment notes’ fifteen year maturity period, in 2022 through 2024. The Company has beneficial or retained interest investments related to these SPEs of $13.8 million and $12.9 million as of December 31, 2021 and 2020, respectively, recorded in other assets on the Company’s consolidated balance sheets.

Income Taxes - Expense (Benefit) Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Taxes
Statutory federal income tax rate (as a percent)	21.00%	21.00%	21.00%
Tax at the statutory federal rate	$ 20,902	$ 12,385	$ 7,607
State income taxes (net of federal benefit)	3,581	2,203	1,477
Increase in valuation allowance, net	275
Change in US and State tax rates	458		1,006
Income tax credits	(186)	(454)
Benefit of Qualified Opportunity Zone investments	(195)	(161)	(561)
Dividend received deduction		(33)	(188)
Other permanents items	147	(270)	106
Total income tax expense	$ 24,982	$ 13,670	$ 9,447

Other Liabilities - Changes in Club Initiation Fees (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Change in contract with customer liability
Balance at beginning of period	$ 10,716	$ 6,917
New club memberships	16,804	6,268
Revenue from amounts included in contract liability opening balance	(3,037)	(2,062)
Revenue from current period new memberships	(1,633)	(407)
Balance at end of period	$ 22,850	$ 10,716

Significant Accounting Policies - Recently Issued Accounting Pronouncements (Details)	Jan. 01, 2021
ASU 2019-12
New accounting pronouncements or change in accounting principle
Change in Accounting Principle, Accounting Standards Update, Adopted	true
ASU 2020-01
New accounting pronouncements or change in accounting principle
Change in Accounting Principle, Accounting Standards Update, Adopted	true
ASU 2020-10
New accounting pronouncements or change in accounting principle
Change in Accounting Principle, Accounting Standards Update, Adopted	true

- Definition

Indicates (true false) whether accounting standards update was adopted.

+ References

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Other Income, Net - Interest Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Other Income, Net
Capitalized interest cost	$ 1.0	$ 1.1	$ 0.6
Senior Notes held by special purpose entity
Other Income, Net
Effective interest rate (as a percent)	4.90%

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net income	$ 73,749	$ 45,480	$ 26,661
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	18,202	12,788	10,287
Stock based compensation		45	77
(Gain) loss on sale of investments	(17)	48	(87)
Unrealized loss on investments, net	1,872	4,688	5,342
Equity in loss from unconsolidated joint ventures, net of distributions	1,298	666	77
Deferred income tax expense	15,977	8,088	8,378
Cost of real estate sold	55,933	33,366	22,814
Expenditures for and acquisition of real estate to be sold	(47,318)	(40,469)	(40,081)
Accretion income and other	(810)	(919)	(1,221)
Loss (gain) on disposal of property and equipment	270	146	(67)
Gain on contribution to unconsolidated joint ventures	(3,558)	(19,983)	(2,317)
Gain on insurance for damage to property and equipment, net	(4,853)	(690)	(5,347)
Changes in operating assets and liabilities:
Other assets	(6,372)	(12,991)	1,078
Other liabilities	7,424	4,225	3,728
Income taxes receivable		2,843	1,071
Net cash provided by operating activities	111,797	37,331	30,393
Cash flows from investing activities:
Expenditures for operating property	(149,199)	(116,085)	(64,851)
Expenditures for property and equipment	(4,302)	(5,689)	(9,354)
Proceeds from the disposition of assets	34	8	72
Proceeds from insurance claims	4,853	690	12,071
Purchases of investments - debt securities	(157,928)	(58,912)
Purchases of investments - equity securities			(5,797)
Purchases of restricted investments		(24)	(74)
Maturities of investments - debt securities	117,000	11,000	7,000
Sales of investments - debt securities	36		2,830
Sales of investments - equity securities	325	2,502	26,859
Sales of restricted investments	1,173	1,225	1,159
Capital contribution to unconsolidated joint ventures	(9,389)	(10,815)	(1,116)
Capital distribution from unconsolidated joint ventures	1,020
Payments for interest in unconsolidated joint venture	(495)
Maturities of assets held by special purpose entities	787	787	787
Net cash used in investing activities	(196,085)	(175,313)	(30,414)
Cash flows from financing activities:
Capital contribution from non-controlling interest	3,189	7,748	2,546
Capital distribution to non-controlling interest	(1,247)	(621)	(600)
Additional ownership interest in Windmark			(11,619)
Repurchase of common shares		(8,803)	(20,845)
Dividends paid	(18,844)	(4,122)	0
Borrowings on debt	69,300	69,008	23,935
Principal payments for debt	(2,327)	(1,940)	(1,607)
Principal payments for finance leases	(104)	(55)	(36)
Debt issuance costs	(1,398)	(1,791)	(1,149)
Net cash provided by (used in) financing activities	48,569	59,424	(9,375)
Net decrease in cash, cash equivalents and restricted cash	(35,719)	(78,558)	(9,396)
Cash, cash equivalents and restricted cash at beginning of the year	110,119	188,677	198,073
Cash, cash equivalents and restricted cash at end of the year	$ 74,400	$ 110,119	$ 188,677

Other Income, Net - Components (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Investment income, net
Interest, dividend and accretion income	$ 157	$ 1,194	$ 7,459
Net realized gain (loss) on the sale of investments	17	(48)	87
Unrealized loss on investments, net	(1,872)	(4,688)	(5,342)
Interest income from investments in SPEs	8,078	8,180	8,190
Interest earned on notes receivable and other interest	874	345	320
Total investment income, net	7,254	4,983	10,714
Interest expense
Interest expense and amortization of discount and issuance costs for Senior Notes issued by SPE	(8,827)	(8,813)	(8,801)
Other interest expense	(7,027)	(4,751)	(3,501)
Total interest expense	(15,854)	(13,564)	(12,302)
Gain on contribution to unconsolidated joint ventures	3,558	19,983	2,317
Other (expense) income:
Accretion income from retained interest investments	1,532	1,391	1,325
Gain on insurance recovery	4,853	690	5,314
Loss from hurricane damage	(56)	(1,123)	(2,704)
Miscellaneous income, net	3,852	371	198
Other income, net	10,181	1,329	4,133
Total other income (expense)	$ 5,139	$ 12,731	$ 4,862

Stockholders' Equity

12 Months Ended

Dec. 31, 2021

Stockholders' Equity

Stockholders' Equity

15. Stockholders’ Equity

Dividends

During 2021 and 2020, the Company paid cash dividends of $0.32 and $0.07, respectively, per share on the Company’s common stock for a total of $18.8 million and $4.1 million, respectively. The Company did not pay cash dividends during the year ended December 31, 2019.

Stock Repurchase Program

The Company’s Board approved the Stock Repurchase Program pursuant to which the Company is authorized to repurchase shares of its common stock. The program has no expiration date.

During the year ended December 31, 2021, the Company did not repurchase shares of its common stock outstanding. During the year ended December 31, 2020, the Company repurchased 532,034 shares of its common stock at an average purchase price of $16.54 per share, for an aggregate purchase price of $8.8 million, pursuant to its Stock Repurchase Program. As of December 31, 2021, the Company had a total authority of $77.4 million available for purchase of shares of its common stock. The Company may repurchase its common stock in open market purchases from time to time, in privately negotiated transactions or otherwise, pursuant to Rule 10b-18 under the Exchange Act. The timing and amount of any additional shares to be repurchased will depend upon a variety of factors. Repurchases may be commenced or suspended at any time or from time to time without prior notice. The Stock Repurchase Program will continue until otherwise modified or terminated by the Company’s Board at any time in its sole discretion. In December 2020, the Company retired 532,034 shares of treasury stock at a value of $8.8 million.

Issuance of Common Stock for Director’s Fees

During the years ended December 31, 2021 and 2020, the Company did not issue any common stock for director’s fees. On May 20, 2019, the Company’s Board approved granting to each non-employee director an equity grant with an aggregate fair market value of $50,000 or, at the director’s election, its cash equivalent. On July 1, 2019, 5,708 shares of restricted stock were granted to two of the Company’s directors pursuant to the Board’s May 20, 2019 approval and the Company’s 2015 Performance and Equity Incentive Plan (the “2015 Plan”). This restricted stock vested on May 19, 2020, the date of the Company’s 2020 Annual Meeting of Shareholders. Two non-employee directors elected to receive cash in lieu of the stock, which was paid in July 2019.

On May 23, 2018, the Company’s Board approved granting to each non-employee director an equity grant with an aggregate fair market value of $50,000 or, at the director’s election, its cash equivalent. On July 2, 2018, 2,778 shares of restricted stock were granted to one of the Company’s directors pursuant to the Board’s May 23, 2018 approval and the Company’s 2015 Plan. This restricted stock vested on May 20, 2019, the date of the Company’s 2019 Annual Meeting of Shareholders. Three non-employee directors elected to receive cash in lieu of the stock.

For the year ended December 31, 2021, the Company did not have expense related to restricted stock awards to the Company’s directors. For each of the years ended December 31, 2020 and 2019, the Company recorded expense of less than $0.1 million, related to restricted stock awards to the Company’s directors.

Significant Accounting Policies - Receivables (Details)	12 Months Ended
Significant Accounting Policies - Receivables (Details)	Dec. 31, 2021
Significant Accounting Policies
Receivables, write off period	90 days

Subsequent Event

12 Months Ended

Dec. 31, 2021

Subsequent Event

Subsequent Event

21. Subsequent Events

On February 23, 2022, the Board declared a cash dividend of $0.10 per share on the Company’s common stock, a 25% increase from the December 2021 dividend payment, payable on March 29, 2022, to shareholders of record as of the close of business on March 7, 2022. In addition, the Board authorized additional repurchase authority of $22.6 million under the Company’s existing Stock Repurchase Program, bringing the total repurchase authority to $100.0 million.

Debt, Net - Maturities of Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt, Net
2022	$ 3,627
2023	5,660
2024	60,330
2025	62,655
2025	3,809
Thereafter	91,393
Long term debt	$ 227,474	$ 161,418

Other Assets - Retained Interest Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Investments
Retained interest investments	$ 13,826	$ 12,905
Retained interest investments
Investments
Expected amount to receive upon maturity of note after payment of note and any other liabilities	$ 16,600
Promissory notes maturity period	15 years
Retained interest investments	$ 13,800	$ 12,900
Minimum \| Retained interest investments
Investments
Notes maturity year	2022
Maximum \| Retained interest investments
Investments
Notes maturity year	2024

Segment Information (Tables)

12 Months Ended

Dec. 31, 2021

Segment Information

Schedule of Information by Business Segment



	Year Ended December 31,
	2021		2020		2019
Operating revenue:
Residential	$	145,784	$	74,715	$	41,586
Hospitality		74,591		47,374		45,720
Commercial		44,627		36,665		38,823
Other		1,994		1,801		956
Consolidated operating revenue	$	266,996	$	160,555	$	127,085

Cost of revenue:
Cost of residential revenue	$	57,842	$	30,359	$	20,492
Cost of hospitality revenue		57,494		34,670		33,924
Cost of commercial revenue		14,440		12,228		9,593
Cost of other revenue		1,538		519		77
Consolidated cost of revenue	$	131,314	$	77,776	$	64,086

Corporate and other operating expenses:
Residential	$	4,872	$	5,283	$	4,873
Hospitality		919		1,180		838
Commercial		3,980		3,681		3,479
Other		13,252		12,762		12,199
Consolidated corporate and other operating expenses	$	23,023	$	22,906	$	21,389

Depreciation, depletion and amortization:
Residential	$	351	$	318	$	283
Hospitality		6,966		4,638		4,579
Commercial		10,490		6,987		5,253
Other		395		845		172
Consolidated depreciation, depletion and amortization	$	18,202	$	12,788	$	10,287

Investment income, net:
Residential and commercial	$	874	$	298	$	184
Other ^(a)		6,380		4,685		10,530
Consolidated investment income, net	$	7,254	$	4,983	$	10,714

Interest expense:
Residential	$	581	$	683	$	717
Hospitality		488		222		30
Commercial		5,949		3,836		2,739
Other ^(b)		8,836		8,823		8,816
Consolidated interest expense	$	15,854	$	13,564	$	12,302

Gain on contribution to unconsolidated joint ventures:
Residential^(c)	$	503	$	15,706	$	—
Commercial^{(d) (e) (f)}		3,055		3,949		2,244
Other		—		328		73
Consolidated gain on contribution to unconsolidated joint ventures	$	3,558	$	19,983	$	2,317

Other income (expense), net:
Residential	$	113	$	(22)	$	(217)
Hospitality		635		575		225
Commercial^(g)		3,722		51		1,190
Other^(h)		5,711		725		2,935
Other income, net	$	10,181	$	1,329	$	4,133

Income (loss) before equity in loss from unconsolidated joint ventures and income taxes:
Residential^(c)	$	83,582	$	53,998	$	15,144
Hospitality		9,359		7,238		6,574
Commercial^{(d) (e) (f) (g)}		16,591		13,988		21,239
Other^(h)		(9,936)		(15,408)		(6,772)
Consolidated income before equity in loss from unconsolidated joint ventures and income taxes	$	99,596	$	59,816	$	36,185

Equity in (loss) income from unconsolidated joint ventures:
Residential	$	(1,861)	$	(524)	$	(71)
Commercial		996		(142)		(6)
Consolidated equity in loss from unconsolidated joint ventures	$	(865)	$	(666)	$	(77)

Capital expenditures:
Residential	$	52,838	$	33,634	$	28,639
Hospitality		101,686		42,770		15,923
Commercial		45,843		85,070		69,219
Other		452		769		505
Total capital expenditures	$	200,819	$	162,243	$	114,286


	December 31,		December 31,
	2021		2020
Investment in unconsolidated joint ventures:
Residential	$	30,039	$	24,287
Commercial		21,988		13,678
Total investment in unconsolidated joint ventures	$	52,027	$	37,965

Total assets:
Residential	$	195,142	$	172,610
Hospitality		256,751		146,724
Commercial		375,266		332,649
Other		380,992		385,341
Total assets	$	1,208,151	$	1,037,324

(a)	Includes interest income from investments in SPEs of $8.1 million in 2021 and $8.2 million in each 2020 and 2019.

(b)	Includes interest expense from Senior Notes issued by SPE of $8.8 million in each 2021, 2020 and 2019.

(c)	Includes a gain of $15.7 million in 2020 on land and additional infrastructure improvements contributed to the unconsolidated Latitude Watersound Margaritaville JV. See Note 4. Joint Ventures and Note 18. Other Income, Net for additional information.

(d)	Includes a gain of $3.1 million in 2021 on land contributed to the unconsolidated Watersound Fountains Independent Living JV. See Note 4. Joint Ventures and Note 18. Other Income, Net for additional information.

(e)	Includes a gain of $3.9 million in 2020 on land contributed to the unconsolidated Sea Sound Apartments JV. See Note 4. Joint Ventures and Note 18. Other Income, Net for additional information.

(f)	Includes a gain of $0.8 million in 2019 on land contributed to the Company’s unconsolidated Busy Bee JV and a gain of $1.4 million in 2019 on land contributed to the Company’s unconsolidated Pier Park TPS JV. See Note 4. Joint Ventures and Note 18. Other Income, Net for additional information.

(g)	Includes $3.6 million in 2021 received from the Florida Division of Emergency Management’s TRBG program. See Note 7. Hurricane Michael and Note 18. Other Income, Net for additional information.

(h)

Leases - Components of Lease Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Leasing revenue
Lease payments	$ 22,256	$ 14,710	$ 11,637
Variable lease payments	4,825	4,109	3,944
Total leasing revenue	$ 27,081	$ 18,819	$ 15,581

Schedule III (Consolidated) - Real Estate and Accumulated Depreciation - Reconciliation of Real Estate Owned (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
SEC Schedule III, Reconciliation of real estate owned
Balance at beginning of the year	$ 627,613	$ 505,032	$ 418,494
Amounts capitalized	222,303	167,258	109,699
Cost of real estate sold	(55,932)	(33,324)	(23,608)
Amounts retired or adjusted	(16,705)	(11,353)	447
Balance at the end of the year	$ 777,279	$ 627,613	$ 505,032

Subsequent Event (Details) - USD ($) $ / shares in Units, $ in Millions			3 Months Ended	12 Months Ended
	Mar. 29, 2022	Feb. 23, 2022	Feb. 23, 2022	Dec. 31, 2021	Dec. 31, 2020	Feb. 22, 2022
Subsequent Event
Dividends declared (in dollars per share)				$ 0.32	$ 0.07
Dividends paid (in dollars per share)				$ 0.32	$ 0.07
Subsequent Event
Subsequent Event
Dividends declared (in dollars per share)		$ 0.10
Dividends paid (in dollars per share)	$ 0.10
Increase in dividend payment (as a percent)			25.00%
Additional authorized repurchase amount						$ 22.6
Amount authorized to be repurchased under Stock Repurchase Program						$ 100.0

Joint Ventures

12 Months Ended

Dec. 31, 2021

Joint Ventures

Joint Ventures

4. Joint Ventures

The Company enters into JVs, from time to time, for the purpose of developing real estate and other business activities in which the Company may or may not have a controlling financial interest. GAAP requires consolidation of VIEs in which an enterprise has a controlling financial interest and is the primary beneficiary. A controlling financial interest will have both of the following characteristics: (i) the power to direct the VIE activities that most significantly impact economic performance and (ii) the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. The Company examines specific criteria and uses judgment when determining whether the Company is the primary beneficiary and must consolidate a VIE. The Company continues to assess whether it is the primary beneficiary on an ongoing basis. Investments in JVs and limited partnerships in which the Company is not the primary beneficiary, or a voting interest entity where the Company does not have a majority voting interest or control, are accounted for by the equity method.

The timing of cash flows for additional required capital contributions related to the Company’s JVs varies by agreement. Some of the Company’s consolidated and unconsolidated JVs have entered into financing agreements where the Company or its JV partners have provided guarantees. See Note 9. Other Assets, Note 11. Debt, Net and Note 20. Commitments and Contingencies for additional information.

Consolidated Joint Ventures

The Lodge 30A JV

30A Greenway Hotel, LLC was created in July 2020, when the Company entered into a JV agreement to develop and operate a boutique hotel on Scenic County Highway 30A in Seagrove Beach, Florida. The JV parties are working together to develop and construct the 85-room hotel. As of December 31, 2021 and 2020, the Company owned a 52.8% interest in the consolidated JV. The Company’s partner is currently responsible for the construction activities of the JV, but once operational, a wholly-owned subsidiary of the Company will manage the day-to-day operations of the hotel. The Company has significant involvement in the project design and development and approves all major decisions, including annual budgets and financing. The Company determined The Lodge 30A JV is a VIE and that the Company is the VIE’s primary beneficiary as of December 31, 2021 and 2020.

Pier Park Resort Hotel JV

Pier Park Resort Hotel, LLC was created in April 2020, when the Company entered into a JV agreement to develop and operate an Embassy Suites by Hilton hotel in the Pier Park area of Panama City Beach, Florida. The JV parties are working together to develop and construct the 255-room hotel. As of December 31, 2021 and 2020, the Company owned a 70.0% interest in the consolidated JV. The Company’s partner is currently responsible for the construction activities of the JV, but once operational, a wholly-owned subsidiary of the Company will manage the day-to-day operations of the hotel. The Company has significant involvement in the project design and development, annual budgets and financing. The Company determined Pier Park Resort Hotel JV is a VIE and that the Company is the VIE’s primary beneficiary as of December 31, 2021 and 2020.

Pier Park Crossings II JV

Pier Park Crossings Phase II LLC was created in October 2019, when the Company entered into a JV agreement to develop, manage and lease apartments in the Pier Park area of Panama City Beach, Florida. Construction of the 120-unit apartment community was completed in December 2020. As of December 31, 2021 and 2020, the Company owned a 75.0% interest in the consolidated JV. Watersound Management, LLC, (“Watersound Management JV”) the Company’s unconsolidated JV, is responsible for the day-to-day activities of the community. The Company approves all major decisions, including project development, annual budgets and financing. The Company determined Pier Park Crossings II JV is a VIE and that the Company is the VIE’s primary beneficiary as of December 31, 2021 and 2020.

Watersound Closings JV

Watersound Closings & Escrow, LLC, was created in October 2019, when the Company entered into a JV agreement to own, operate and manage a real estate title insurance agency business. As of December 31, 2021 and 2020, the Company owned a 58.0% interest in the consolidated JV. A wholly-owned subsidiary of the Company is the managing member of Watersound Closings JV and is responsible for the day-to-day activities of the business. As the manager of the JV, as well as the majority member, the Company has the power to direct all of the activities of the JV that most significantly impact economic performance. The Company determined Watersound Closings JV is a VIE and that the Company is the VIE’s primary beneficiary as of December 31, 2021 and 2020.

Watercrest JV

SJWCSL, LLC was created in May 2019, when the Company entered into a JV agreement to develop and operate a senior living community in Santa Rosa Beach, Florida. Construction of the 107-unit community was completed in the fourth quarter of 2020. As of December 31, 2021 and 2020, the Company owned an 87.0% interest in the consolidated JV. A wholly-owned subsidiary of the Company’s JV partner is responsible for the day-to-day activities of the community. However, the Company approves all major decisions, including project development, annual budgets and financing. The Company determined Watercrest JV is a VIE and that the Company is the VIE’s primary beneficiary as of December 31, 2021 and 2020.

Watersound Origins Crossings JV

Origins Crossings, LLC was created in January 2019, when the Company entered into a JV agreement to develop, manage and lease apartments near the entrance to the Watersound Origins residential community. Construction of the 217-unit apartment community was completed in the fourth quarter of 2021. As of December 31, 2021 and 2020, the Company owned a 75.0% interest in the consolidated JV. The Company’s unconsolidated Watersound Management JV is responsible for the day-to-day activities of the community. The Company has significant involvement in the design of the development and approves all major decisions, including project development, annual budgets and financing. The Company determined Watersound Origins Crossings JV is a VIE and that the Company is the VIE’s primary beneficiary as of December 31, 2021 and 2020.

Pier Park Crossings JV

Pier Park Crossings LLC was created in April 2017, when the Company entered into a JV agreement to develop, manage and lease a 240-unit apartment community in the Pier Park area of Panama City Beach, Florida. As of December 31, 2021 and 2020 the Company owned a 75.0% interest in the consolidated JV. The Company’s unconsolidated Watersound Management JV is responsible for the day-to-day activities of the community. The Company approves all major decisions, including project development, annual budgets and financing. The Company determined Pier Park Crossings JV is a VIE and that the Company is the VIE’s primary beneficiary as of December 31, 2021 and 2020.

Pier Park North JV

During 2012, the Company entered into a JV agreement with a partner to develop a retail center at Pier Park North. As of December 31, 2021 and 2020, the Company owned a 60.0% interest in the consolidated JV. A wholly-owned subsidiary of the Company’s JV s partner is responsible for the day-to-day activities of the retail center. However, the Company approves all major decisions, including project development, annual budgets and financing. The Company determined the Pier Park North JV is a VIE and that the Company is the VIE’s primary beneficiary as of December 31, 2021 and 2020.

Unconsolidated Joint Ventures

Investment in unconsolidated joint ventures includes the Company’s investment accounted for using the equity method. The following table presents detail of the Company’s investment in unconsolidated joint ventures and total outstanding debt of unconsolidated JVs:


	December 31,		December 31,
	2021		2020
Investment in unconsolidated joint ventures
Latitude Margaritaville Watersound JV	$	30,040	$	24,288
Sea Sound Apartments JV		10,333		10,348
Watersound Fountains Independent Living JV^(a)		7,508		—
Pier Park TPS JV		1,961		2,149
Busy Bee JV		1,621		1,180
Watersound Management JV ^(b)		564		—
Total investment in unconsolidated joint ventures	$	52,027	$	37,965

Outstanding debt of unconsolidated JVs
Latitude Margaritaville Watersound JV^(c)	$	7,147	$	3,297
Sea Sound Apartments JV		35,047		8,789
Watersound Fountains Independent Living JV		66		—
Pier Park TPS JV		14,124		14,388
Busy Bee JV		6,317		6,614
Total outstanding debt of unconsolidated JVs^(d)	$	62,701	$	33,088

(a)	JV was formed in April 2021.

(b)	JV was formed in June 2021.

(c)	See Note 9. Other Assets for additional information on the $10.0 million secured revolving promissory note the Company entered into with the unconsolidated Latitude Margaritaville Watersound JV.

(d)	See Note 20. Commitments and Contingencies for additional information.

The following table presents detail of the Company’s equity in (loss) income from unconsolidated joint ventures:


	Year Ended December 31,
	2021		2020		2019
Equity in (loss) income from unconsolidated joint ventures
Latitude Margaritaville Watersound JV	$	(1,861)	$	(524)	$	(71)
Sea Sound Apartments JV^(a)		(15)		—		—
Pier Park TPS JV		551		(112)		(6)
Busy Bee JV		441		(30)		—
Watersound Management JV^(b)		19		—		—
Total equity in loss from unconsolidated joint ventures	$	(865)	$	(666)	$	(77)

(a)	JV was formed in January 2020.

(b)	JV was formed in June 2021.

Summarized balance sheets for the Company’s unconsolidated JVs are as follows:


	December 31, 2021
	Latitude Margaritaville Watersound JV			Sea Sound Apartments JV		Watersound Fountains Independent Living JV		Pier Park TPS JV		Busy Bee JV		Watersound Management JV		Total
ASSETS
Investment in real estate	$	54,034	^(a)	$	53,775	$	17,003	$	16,561	$	8,005	$	—	$	149,378
Cash and cash equivalents		12,541			760		240		1,913		855		138		16,447
Other assets		1,761			210		187		433		1,044		—		3,635
Total assets	$	68,336		$	54,745	$	17,430	$	18,907	$	9,904	$	138	$	169,460

LIABILITIES AND EQUITY
Debt, net	$	7,147		$	34,834	$	66	$	13,839	$	6,256	$	—	$	62,142
Other liabilities		36,419			2,653		3,408		1,147		405		—		44,032
Equity		24,770			17,258		13,956		3,921		3,243		138		63,286
Total liabilities and equity	$	68,336		$	54,745	$	17,430	$	18,907	$	9,904	$	138	$	169,460

(a)	As of December 31, 2021, investment in real estate includes the land contributed to the Latitude Margaritaville Watersound JV at the Company’s historical cost basis of $1.3 million and additional completed infrastructure improvements of $4.8 million.


	December 31, 2020
	Latitude Margaritaville Watersound JV			Sea Sound Apartments JV		Watersound Fountains Independent Living JV^(b)		Pier Park TPS JV		Busy Bee JV		Watersound Management JV^(c)		Total
ASSETS
Investment in real estate	$	18,255	^(a)	$	29,085	$	—	$	17,946	$	8,466	$	—	$	73,752
Cash and cash equivalents		1,603			15		—		1,705		227		—		3,550
Other assets		136			—		—		483		717		—		1,336
Total assets	$	19,994		$	29,100	$	—	$	20,134	$	9,410	$	—	$	78,638

LIABILITIES AND EQUITY
Debt, net	$	2,844		$	8,378	$	—	$	14,090	$	6,532	$	—	$	31,844
Other liabilities		1,794			3,439		—		1,745		506		—		7,484
Equity		15,356			17,283		—		4,299		2,372		—		39,310
Total liabilities and equity	$	19,994		$	29,100	$	—	$	20,134	$	9,410	$	—	$	78,638

(a)	As of December 31, 2020, investment in real estate includes the land contributed to the Latitude Margaritaville Watersound JV at the Company’s historical cost basis of $1.3 million and additional completed infrastructure improvements of $1.8 million.

(b)	JV was formed in April 2021.

(c)	JV was formed in June 2021.

Summarized statements of operations for the Company’s unconsolidated JVs are as follows:


	Year Ended December 31, 2021
	Latitude Margaritaville Watersound JV		Sea Sound Apartments JV		Watersound Fountains Independent Living JV^(a)		Pier Park TPS JV		Busy Bee JV		Watersound Management JV			Total

Total revenue	$	18,653	$	1,012	$	—	$	6,474	$	16,229	$	511	$	42,879
Expenses:
Cost of revenue		14,931		432		—		2,663		12,958		473		31,457
Other operating expenses		6,802		61		—		302		1,946		—		9,111
Depreciation and amortization		396		343		—		1,434		461		—		2,634
Total expenses		22,129		836		—		4,399		15,365		473		43,202
Operating (loss) income		(3,476)		176		—		2,075		864		38		(323)
Other (expense) income:
Interest expense		—		(201)		—		(735)		(192)		—		(1,128)
Other income, net		—		—		—		5		198		—		203
Total other (expense) income		—		(201)		—		(730)		6		—		(925)
Net (loss) income	$	(3,476)	$	(25)	$	—	$	1,345	$	870	$	38	$	(1,248)

(a)	The project is under construction with no income or loss impacting the consolidated statement of income for the year ended December 31, 2021.


	Year Ended December 31, 2020
	Latitude Margaritaville Watersound JV		Sea Sound Apartments JV^(a)		Watersound Fountains Independent Living JV^(b)		Pier Park TPS JV		Busy Bee JV		Watersound Management JV^(c)		Total

Total revenue	$	—	$	—	$	—	$	2,338	$	5,846	$	—	$	8,184
Expenses:
Cost of revenue		—		—		—		1,209		4,364		—		5,573
Other operating expenses		980		—		—		161		1,057		—		2,223
Depreciation and amortization		25		—		—		962		229				1,191
Total expenses		1,005		—		—		2,332		5,650		—		8,987
Operating (loss) income		(1,005)		—		—		6		196		—		(803)
Other expense:
Interest expense		—		—		—		(230)		(99)		—		(329)
Other expense, net		—		—		—		—		(145)		—		(145)
Total other expense		—		—		—		(230)		(244)		—		(474)
Net loss	$	(1,005)	$	—	$	—	$	(224)	$	(48)	$	—	$	(1,277)

(a)	The project is under construction with no income or loss impacting the consolidated statement of income for the year ended December 31, 2020.

(b)	JV was formed in April 2021.

(c)	JV was formed in June 2021.


	Year Ended December 31, 2019
	Latitude Margaritaville Watersound JV		Sea Sound Apartments JV^(a)		Watersound Fountains Independent Living JV^(b)		Pier Park TPS JV		Busy Bee JV^(c)		Watersound Management JV^(d)		Total

Total revenue	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total expenses		142		—		—		—		—		—		142
Operating loss		(142)		—		—		—		—		—		(142)
Total other expense		—		—		—		(13)		—		—		(13)
Net loss	$	(142)	$	—	$	—	$	(13)	$	—	$	—	$	(155)

(a)	JV was formed in January 2020.

(b)	JV was formed in April 2021.

(c)	The project was under construction with no income or loss impacting the consolidated statement of income for the year ended December 31, 2019.

(d)	JV was formed in June 2021.

Latitude Margaritaville Watersound JV

LMWS, LLC was created in June 2019, when the Company entered into a JV agreement to develop a 55+ active adult residential community in Bay County, Florida. The JV parties are working together to develop the initial phases of the community. Construction is underway on customer homes and town center amenities. During the year ended December 31, 2021, the Latitude Margaritaville Watersound JV completed 47 home sale transactions. The community is located on land that was contributed to the JV by the Company in June 2020. As part of the land contribution, the Company agreed to make certain infrastructure improvements, such that the total contractual value of the land and its improvements total $35.0 million. As of December 31, 2021 and 2020, the Company’s investment in the unconsolidated Latitude Margaritaville Watersound JV was $30.0 million and $24.3 million, respectively, which includes the net present

value of the land contribution, cash contributions, additional completed infrastructure improvements, equity in loss, return of land contribution and interest related to the revolving promissory note receivable. The initial net present value of the land contribution of $16.6 million, was based on the Company’s best estimate of the prevailing market rates for the source of credit using an imputed interest rate of 5.8% and timing of home sales. The Company continues to have a performance obligation to provide agreed upon infrastructure improvements in the vicinity of the contributed land, which will be recognized over time as improvements are completed. As of December 31, 2021, the Company completed $4.8 million of the agreed upon infrastructure improvements. The transaction price was allocated based on the stand-alone selling prices of the land and agreed upon improvements. The Latitude Margaritaville Watersound JV community is estimated to include approximately 3,500 residential homes, which will be developed in smaller increments of discrete neighborhoods. As of December 31, 2021 and 2020, the Company owned a 50.0% voting interest in the JV. Each JV member will continue to contribute an equal amount of cash towards the development and construction of the main spine infrastructure and amenities. The Company’s unimproved land contribution and agreed upon infrastructure improvements are being returned at an average of $10,000 per home, as each home is sold by the JV.

Per the JV agreement, the Company, as lender, has provided interest-bearing financing in the form of a $10.0 million secured revolving promissory note to the Latitude Margaritaville Watersound JV, as borrower, to finance the development of the pod-level, non-spine infrastructure, which is being repaid by the JV as each home is sold. See Note 9. Other Assets for additional information related to the revolving promissory note. The day-to-day activities of the JV are being managed through a board of managers, with each JV partner having equal voting rights. The Company has determined that Latitude Margaritaville Watersound JV is a VIE, but that the Company is not the primary beneficiary since it does not have the power to direct the activities that most significantly impact the economic performance of the JV. The Company’s investment in the Latitude Margaritaville Watersound JV is accounted for using the equity method. See Note 20. Commitments and Contingencies for additional information related to the guaranty by the Company.

Sea Sound Apartments JV

FDSJ Eventide, LLC was created in January 2020. The Company entered into a JV agreement to develop, construct and manage a 300-unit apartment community in Panama City Beach, Florida. The JV parties are working together to develop and construct the remaining 86 units of the 300-unit apartment community. The community is located near the Breakfast Point residential communities on land that was contributed to the JV by the Company in January 2020, with a fair value of $5.1 million. In addition, during 2020, the Company contributed mitigation bank credits of $0.4 million and cash of $4.9 million and the JV partner contributed $6.9 million of cash. As of December 31, 2021 and 2020, the Company owned a 60.0% interest in the JV. The Company’s partner is responsible for the day-to-day activities of the JV. The Company has determined that Sea Sound Apartments JV is a VIE, but that the Company is not the primary beneficiary since it does not have the power to direct the activities that most significantly impact the economic performance of the JV. The Company’s investment in Sea Sound Apartments JV is accounted for using the equity method. In January 2020, the JV entered into a $40.3 million loan (the “Sea Sound Apartments JV Loan”). The Sea Sound Apartments JV Loan bears interest at LIBOR plus 2.2% and matures in January 2024. The Sea Sound Apartments JV Loan is secured by the real property, all assets of the borrower, assignment of leases and rents and the security interest in the rents and personal property. The Company’s JV partner is the sole guarantor of the Sea Sound Apartments JV Loan. As of December 31, 2021 and 2020, $35.0 million and $8.8 million, respectively, was outstanding on the Sea Sound Apartments JV Loan.

Watersound Fountains Independent Living JV

WOSL, LLC was created in April 2021. The Company entered into a JV agreement to develop, construct and manage a 148-unit independent senior living community located near the Watersound Origins residential community. The three JV parties are working together to develop and construct the project. The community is located on land that was contributed to the JV by the Company in April 2021, with a fair value of $3.2 million. In addition, during 2021, the Company contributed cash of $4.3 million and the JV partners contributed $6.4 million. As of December 31, 2021, the Company owned a 53.8% interest in the JV. The Company’s partners are responsible for the day-to-day activities of the JV. The Company has determined that Watersound Fountains Independent Living JV is a VIE, but that the Company is not the primary beneficiary since it does not have the power to direct the activities that most significantly impact the economic performance of the JV. The Company’s investment in Watersound Fountains Independent Living JV is

accounted for using the equity method. See Note 20. Commitments and Contingencies for additional information related to debt guaranteed by the Company.

Pier Park TPS JV

Pier Park TPS, LLC was created in April 2018. The Company entered into a JV agreement to develop and operate a 124-room hotel in Panama City Beach, Florida. The hotel opened in May 2020. As of December 31, 2021 and 2020, the Company owned a 50.0% interest in the JV. The Company’s partner is responsible for the day-to-day activities of the JV. The Company has determined that Pier Park TPS JV is a VIE, but that the Company is not the primary beneficiary since it does not have the power to direct the activities that most significantly impact the economic performance of the JV. The Company’s investment in Pier Park TPS JV is accounted for using the equity method. See Note 20. Commitments and Contingencies for additional information related to debt guaranteed by the Company.

Busy Bee JV

SJBB, LLC was created in July 2019, when the Company entered into a JV agreement to construct, own and manage a Busy Bee branded fuel station and convenience store in Panama City Beach, Florida. Construction of the fuel station and convenience store was completed in June 2020. As of December 31, 2021 and 2020, the Company owned a 50.0% interest in the JV. The Company’s partner is responsible for the day-to-day activities of the JV. The Company has determined that Busy Bee JV is a VIE, but that the Company is not the primary beneficiary since it does not have the power to direct the activities that most significantly impact the economic performance of the JV. The Company’s investment in the Busy Bee JV is accounted for using the equity method. See Note 20. Commitments and Contingencies for additional information related to debt guaranteed by the Company.

Watersound Management JV

Watersound Management, LLC was created in June 2021. During 2021, the Company purchased an interest in Watersound Management, LLC for $0.5 million to form a JV to lease, manage and operate multi-family housing developments for which the JV is the exclusive renting and management agent. In addition, the Company and its JV partner each contributed cash of less than $0.1 million. As of December 31, 2021, the Company owned a 50.0% interest in the JV. The day-to-day activities of the JV are being managed through a board of managers, with each JV partner having equal voting rights. The Company has determined that Watersound Management JV is a voting interest entity, but that the Company does not have a majority voting interest. The Company’s investment in Watersound Management JV is accounted for using the equity method.

Hurricane Michael

12 Months Ended

Dec. 31, 2021

Hurricane Michael

Hurricane Michael

7. Hurricane Michael

On October 10, 2018, Hurricane Michael made landfall in the Florida Panhandle. The majority of the Company’s properties incurred minimal or no damage; however, the Company’s Bay Point Marina in Bay County and Port St. Joe Marina in Gulf County, as well as certain timber, commercial and multi-family leasing assets were impacted. The marinas suffered significant damage requiring long-term restoration and have remained closed during the reconstruction of significant portions of these assets. A portion of the marinas are expected to open in spring 2022.

The Company maintains property and business interruption insurance, subject to certain deductibles, and is continuing to assess claims under such policies; however, the timing and amount of insurance proceeds are uncertain and may not be sufficient to cover all losses. Timing differences exist between the impairment losses, capital expenditures made to repair or restore properties and recognition and receipt of insurance proceeds reflected in the Company’s financial statements. The Company received business interruption proceeds related to the marinas of $0.7 million during 2021 and $1.3 million during both 2020 and 2019, which are included within cost of hospitality revenue on the consolidated statements of income. In addition, during 2020, $0.7 million of business interruption proceeds were received related to the Pier Park Crossings JV, which are included within cost of leasing revenue on the consolidated statements of income.

During 2021, 2020 and 2019 the Company recognized $4.9 million, $0.7 million and $5.3 million, respectively, of gain on insurance recovery. During 2021, 2020 and 2019, the Company incurred loss from hurricane damage of $0.1 million, $1.1 million and $2.7 million, respectively. The gain on insurance recovery and loss from hurricane damage were included in other income, net on the consolidated statements of income.

Other Liabilities - Performance Obligations (Details) $ in Millions	Dec. 31, 2021 USD ($)
Performance obligations
Remaining performance obligations	$ 22.8
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Performance obligations
Remaining performance obligations	$ 5.2
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Performance obligations
Remaining performance obligations	$ 9.0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Performance obligations
Remaining performance obligations	$ 7.2
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Performance obligations
Remaining performance obligations	$ 1.4
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period

Other Income, Net

12 Months Ended

Dec. 31, 2021

Other Income, Net

Other Income, Net

18. Other Income, Net

Other income (expense) consists of the following:



	Year Ended December 31,
	2021		2020		2019
Investment income, net
Interest, dividend and accretion income	$	157	$	1,194	$	7,459
Net realized gain (loss) on the sale of investments		17		(48)		87
Unrealized loss on investments, net		(1,872)		(4,688)		(5,342)
Interest income from investments in SPEs		8,078		8,180		8,190
Interest earned on notes receivable and other interest		874		345		320
Total investment income, net		7,254		4,983		10,714
Interest expense
Interest expense and amortization of discount and issuance costs for Senior Notes issued by SPE		(8,827)		(8,813)		(8,801)
Other interest expense		(7,027)		(4,751)		(3,501)
Total interest expense		(15,854)		(13,564)		(12,302)
Gain on contribution to unconsolidated joint ventures		3,558		19,983		2,317
Other income (expense), net
Accretion income from retained interest investments		1,532		1,391		1,325
Gain on insurance recovery		4,853		690		5,314
Loss from hurricane damage		(56)		(1,123)		(2,704)
Miscellaneous income, net		3,852		371		198
Other income, net		10,181		1,329		4,133
Total other income, net	$	5,139	$	12,731	$	4,862

Investment Income, Net

Interest, dividend and accretion income includes interest income accrued or received on the Company’s investments and amortization of the premium or accretion of discount related to the Company’s available-for-sale securities, which is amortized based on an effective interest rate method over the term of the available-for-sale securities. Net realized gain (loss) on the sale of investments include the gains or losses recognized on the sale of available-for-sale and equity securities prior to maturity. Unrealized loss on investments, net includes unrealized gains or losses on investments – equity securities.

Interest income from investments in SPEs primarily includes interest earned on the investments held by Panama City Timber Finance Company, LLC, which is used to pay the interest expense for Senior Notes held by Northwest Florida Timber Finance, LLC.

Interest Expense

Interest expense includes interest incurred related to the Company’s Senior Notes issued by Northwest Florida Timber Finance, LLC, project financing, CDD debt and finance leases. Interest expense also includes amortization of debt discount and premium and debt issuance costs. Discount and issuance costs for the Senior Notes issued by Northwest Florida Timber Finance, LLC, are amortized based on the effective interest method at an effective rate of 4.9%.

During 2021, 2020 and 2019 the Company capitalized $1.0 million, $1.1 million and $0.6 million, respectively, in interest related to projects under development or construction. These amounts are included within investment in real estate, net on the Company’s consolidated balance sheets.

Gain on Contribution to Unconsolidated Joint Ventures

Gain on contribution to unconsolidated joint ventures for the year ended December 31, 2021, includes a gain of $3.1 million on land contributed to the Company’s unconsolidated Watersound Fountains Independent Living JV. The year ended December 31, 2021, also includes a gain of $0.5 million on additional infrastructure improvements contributed to the Company’s unconsolidated Latitude Margaritaville Watersound JV. Gain on contribution to unconsolidated joint ventures for the year ended December 31, 2020, includes a gain of $15.7 million on land and additional infrastructure improvements contributed to the Company’s unconsolidated Latitude Margaritaville Watersound JV. The year ended December 31, 2020, also includes a gain of $4.3 million on land and mitigation credits contributed to the Company’s unconsolidated Sea Sound Apartments JV. Gain on contribution to unconsolidated joint ventures for the year ended December 31, 2019, includes a gain of $0.8 million on land contributed to the Company’s unconsolidated Busy Bee JV and a gain of $1.5 million on land and mitigation credits contributed to the Company’s unconsolidated Pier Park TPS JV. See Note 4. Joint Ventures for additional information.

Other Income, Net

Other income, net primarily includes income from the Company’s retained interest investments, gain on insurance recovery, loss from hurricane damage and other income and expense items.

The Company records the accretion of investment income from its retained interest investments over the life of the retained interest using the effective yield method with rates ranging from 3.7% to 11.7%.

During the years ended December 31, 2021, 2020 and 2019, the Company had a gain on insurance recovery of $4.9 million, $0.7 million and $5.3 million, respectively, and incurred loss from hurricane damage of $0.1 million, $1.1 million and $2.7 million, respectively, related to Hurricane Michael. See Note 7. Hurricane Michael for additional information.

Miscellaneous income, net during the year ended December 31, 2021, includes $3.6 million the Company received from the Florida Division of Emergency Management’s TRBG program for recovery of lost income related to timber crop that was destroyed as a result of Hurricane Michael. The Company has met all requirements related to the TRBG program as of December 31, 2021. See Note 7. Hurricane Michael for additional information.

Other Income, Net - Other Income, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Other Income, Net
Gain on insurance recovery	$ 4,853	$ 690	$ 5,314
Loss from hurricane damage	56	1,123	2,704
Florida Division of Emergency Management's Florida Timber Recovery Block Grant Program
Other Income, Net
Miscellaneous income	$ 3,600
Minimum
Other Income, Net
Retained interest, effective interest rate (as a percent)	3.70%
Maximum
Other Income, Net
Retained interest, effective interest rate (as a percent)	11.70%
Hurricane Michael.
Other Income, Net
Gain on insurance recovery	$ 4,900	700	5,300
Loss from hurricane damage	$ 100	$ 1,100	$ 2,700

Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Significant Accounting Policies

Significant Accounting Policies

2. Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

Use of Estimates

Investment in Real Estate

Depreciation for operating property is computed on the straight-line method over the estimated economic life of the assets, as follows:


		Estimated Useful
		Life (in years)
Land		N/A
Land improvements		15 - 20
Buildings		20 - 40
Building improvements		5 - 25
Timber		N/A

Building improvements are amortized on a straight-line basis over the shorter of the minimum lease term or the estimated economic life of the assets.

Long-Lived Assets

●

a prolonged decrease in the value to below cost or demand for the Company’s properties;

●

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

●

a material change in strategy that would affect the value of the Company’s properties;

●

continuing operating or cash flow loss for an operating property;

●

an accumulation of costs in excess of the projected costs for development or operating property; and

●

any other adverse change that may affect the value of the property.

●

the projected pace of sales of homesites based on estimated market conditions and the Company’s development plans;

●

estimated pricing and projected price appreciation over time;

●

the amount and trajectory of price appreciation over the estimated selling period;

●

the length of the estimated development and selling periods, which can differ depending on the size of the development and the number of phases to be developed;

●

the amount of remaining development costs, including the extent of infrastructure or amenities included in such development costs;

●

holding costs to be incurred over the selling period;

●

for bulk land sales of undeveloped and developed parcels, future pricing is based upon estimated developed homesite pricing less estimated development costs and estimated developer profit;

●

for commercial, multi-family, self-storage and senior living development property, future pricing is based on sales of comparable property in similar markets; and

●

whether liquidity is available to fund continued development.

For operating properties, an estimate of undiscounted cash flows also requires management to make assumptions about the use and disposition of such properties. These assumptions include:

●

expenses and capital expenditures, and the amount of proceeds to be realized upon eventual disposition of such properties at a multiple of terminal year cash flows.

Timber Inventory

Investment in Unconsolidated Joint Ventures

Cash and Cash Equivalents

Cash and cash equivalents can include cash on hand, bank demand accounts, money market instruments and U.S. Treasury Bills having original maturities at acquisition date, of ninety days or less.

Investments

Fair Value Measurements

Level 1. Quoted prices in active markets for identical assets or liabilities;

Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and

Level 3. Unobservable inputs in which there is little or no market data, such as internally-developed valuation models, which require the reporting entity to develop its own assumptions.

Comprehensive Income

Derivatives and Hedging

flows in the same category as the item being hedged. The Company accounts for the changes in fair value of derivatives that do not qualify for hedge accounting treatment directly in earnings.

Receivables

Inventory

Property and Equipment, net


		Estimated Useful
		Life (in years)
Railroad and equipment		15 - 30
Furniture and fixtures		5 - 10
Machinery and equipment		3 - 10
Office equipment		5 - 10
Autos, trucks and aircraft		5 - 10

Income Taxes

Concentration of Risks and Uncertainties

All of the Company’s operations and assets are concentrated in Northwest Florida. Uncertain economic conditions could have an adverse impact on the Company’s operations and asset values.

Earnings Per Share

Revenue and Revenue Recognition

Real Estate Revenue

Hospitality Revenue

Leasing Revenue

Timber Revenue

The following represents revenue disaggregated by segment, good or service and timing:


	Year Ended December 31, 2021
	Residential		Hospitality		Commercial		Other		Total
Revenue by Major Good/Service:
Real estate revenue	$	144,664	$	—	$	12,002	$	1,963	$	158,629
Hospitality revenue		727		74,538		—		—		75,265
Leasing revenue		393		53		26,604		31		27,081
Timber revenue		—		—		6,021		—		6,021
Total revenue	$	145,784	$	74,591	$	44,627	$	1,994	$	266,996

Timing of Revenue Recognition:
Recognized at a point in time	$	145,391	$	55,181	$	18,023	$	1,963	$	220,558
Recognized over time		—		19,357		—		—		19,357
Over lease term		393		53		26,604		31		27,081
Total revenue	$	145,784	$	74,591	$	44,627	$	1,994	$	266,996


	Year Ended December 31, 2020
	Residential		Hospitality		Commercial		Other		Total
Revenue by Major Good/Service:
Real estate revenue	$	74,137	$	—	$	11,689	$	1,801	$	87,627
Hospitality revenue		412		47,366		—		—		47,778
Leasing revenue		166		8		18,645		—		18,819
Timber revenue		—		—		6,331		—		6,331
Total revenue	$	74,715	$	47,374	$	36,665	$	1,801	$	160,555

Timing of Revenue Recognition:
Recognized at a point in time	$	74,549	$	36,262	$	18,020	$	1,801	$	130,632
Recognized over time		—		11,104		—		—		11,104
Over lease term		166		8		18,645		—		18,819
Total revenue	$	74,715	$	47,374	$	36,665	$	1,801	$	160,555


	Year Ended December 31, 2019
	Residential		Hospitality		Commercial		Other		Total
Revenue by Major Good/Service:
Real estate revenue	$	41,055	$	—	$	19,477	$	956	$	61,488
Hospitality revenue		496		45,616		—		—		46,112
Leasing revenue		35		104		15,442		—		15,581
Timber revenue		—		—		3,904		—		3,904
Total revenue	$	41,586	$	45,720	$	38,823	$	956	$	127,085

Timing of Revenue Recognition:
Recognized at a point in time	$	41,551	$	35,894	$	23,381	$	956	$	101,782
Recognized over time		—		9,722		—		—		9,722
Over lease term		35		104		15,442		—		15,581
Total revenue	$	41,586	$	45,720	$	38,823	$	956	$	127,085

Recently Adopted Accounting Pronouncements

Income Taxes

Investments – Equity Securities, Investments-Equity Method and Joint Ventures and Derivatives and Hedging

Codification Improvements

Company’s financial condition, results of operations and cash flows and did not have a material impact on the disclosures to the financial statements.

Recently Issued Accounting Pronouncements

Reference Rate Reform

Investment in Real Estate

12 Months Ended

Dec. 31, 2021

Investment in Real Estate

Investment in Real Estate

3. Investment in Real Estate

Real estate, excluding unconsolidated JVs, by property type and segment includes the following:


	December 31,		December 31,
	2021		2020
Development property:
Residential	$	122,404	$	116,911
Hospitality		137,089		51,113
Commercial		85,931		123,389
Other		3,232		2,691
Total development property		348,656		294,104

Operating property:
Residential		13,253		13,254
Hospitality		124,449		103,687
Commercial		290,794		216,439
Other		127		129
Total operating property		428,623		333,509
Less: Accumulated depreciation		87,166		75,960
Total operating property, net		341,457		257,549
Investment in real estate, net	$	690,113	$	551,653

Development property consists of land the Company is developing or intends to develop for sale or future operations and includes direct costs associated with the land, as well as development, construction and indirect costs. Residential development property includes existing and planned residential homesites and related infrastructure. Hospitality development property consists of land, improvements and construction and development costs primarily related to uncompleted hotels, resorts, club amenities and marinas. Commercial development property primarily consists of land and construction and development costs for planned commercial, multi-family and industrial uses. Development property in the hospitality and commercial segments will be reclassified as operating property as it is placed into service.

Operating property includes the following components:


		December 31,		December 31,
		2021		2020
Land and land improvements	$	111,698	$	97,031
Buildings and building improvements		303,335		223,095
Timber		13,590		13,383
		428,623		333,509
Less: Accumulated depreciation		87,166		75,960
Total operating property, net	$	341,457	$	257,549

Operating property includes property that the Company uses for operations and activities. Residential operating property consists primarily of residential utility assets and certain rental properties. The hospitality operating property primarily consists of existing hotels, resorts, clubs, vacation rentals and other operations. Commercial operating property includes property developed or purchased by the Company and used for retail, office, self-storage, light industrial, multi-family, senior living, commercial rental and timber purposes. Operating property may be sold in the future as part of the Company’s principal real estate business. As of December 31, 2021 and 2020, operating property, net related to operating leases was $230.0 million and $161.1 million, respectively.

Depreciation expense related to real estate investments was $11.7 million, $8.3 million and $6.8 million in 2021, 2020 and 2019, respectively. Depletion and amortization expense related to the Company’s timber operations was $0.3 million, $0.4 million and $0.3 million in 2021, 2020 and 2019, respectively.

Joint Ventures - Unconsolidated JV - Busy Bee JV (Details)	Dec. 31, 2021	Dec. 31, 2020
Busy Bee JV
Investments
Ownership percentage	50.00%	50.00%

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
ASSETS
Investment in real estate, net	$ 690,113	$ 551,653
Investment in unconsolidated joint ventures	52,027	37,965
Cash and cash equivalents	70,162	106,794
Investments - debt securities	88,956	48,051
Other assets	70,235	65,866
Property and equipment, net	31,145	20,846
Investments held by special purpose entities	205,513	206,149
Total assets	1,208,151	1,037,324
Liabilities:
Debt, net	223,034	158,915
Other liabilities	104,192	72,035
Deferred tax liabilities, net	77,259	60,915
Senior Notes held by special purpose entity	177,566	177,289
Total liabilities	582,051	469,154
Commitments and contingencies (Note 20)
Equity:
Common stock, no par value; 180,000,000 shares authorized; 58,882,549 issued and outstanding at December 31, 2021 and December 31, 2020	296,873	296,873
Retained earnings	310,925	255,216
Accumulated other comprehensive loss	(389)	(1,472)
Total stockholders' equity	607,409	550,617
Non-controlling interest	18,691	17,553
Total equity	626,100	568,170
Total liabilities and equity	1,208,151	1,037,324
Variable Interest Entity, Primary Beneficiary
ASSETS
Investment in real estate, net	206,565	170,853
Cash and cash equivalents	10,564	2,639
Other assets	17,392	13,821
Investments held by special purpose entities	205,513	206,149
Total assets	440,034	393,462
Liabilities:
Debt, net	173,531	139,592
Other liabilities	17,836	9,596
Senior Notes held by special purpose entity	177,566	177,289
Total liabilities	$ 368,933	$ 326,477

Joint Ventures - Unconsolidated JV - Watersound Management JV (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Investments
Payments for interest in unconsolidated joint venture	$ 495
Capital contribution to unconsolidated joint ventures	9,389	$ 10,815	$ 1,116
Watersound Management JV
Investments
Payments for interest in unconsolidated joint venture	$ 500
Ownership percentage	50.00%
Watersound Management JV \| Maximum
Investments
Capital contribution to unconsolidated joint ventures	$ 100

Income Taxes - Allocation of Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Taxes
Income tax expense	$ 24,982	$ 13,670	$ 9,447
Income tax recorded in accumulated other comprehensive loss, Income tax expense (benefit)	367	(386)	116
Total income tax expense	$ 25,349	$ 13,284	$ 9,563

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Segment Information - Reportable Segments (Details)	12 Months Ended
Segment Information - Reportable Segments (Details)	Dec. 31, 2021 segment
Segment Information
Number of reportable segments	3

Accumulated Other Comprehensive Loss - Summary of the Tax Effects Allocated to Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accumulated Other Comprehensive Loss
Reclassification adjustment for net loss (gain) included in earnings before-tax amount	$ 405	$ (4)	$ (69)
Reclassification adjustment for net loss (gain) included in earnings, Tax (expense) or benefit	(102)	1
Reclassification adjustment for net loss (gain) included in earnings net-of-tax amount	303	(3)
Total before income taxes	1,450	(1,523)	455
Other comprehensive loss, Tax (expense) or benefit	(367)	386	(116)
Total other comprehensive income (loss), net of tax	1,083	(1,137)	339
Accumulated Other Comprehensive (Loss) Income
Accumulated Other Comprehensive Loss
Unrealized loss on investments, Net-of-tax amount	780	(1,134)
Reclassification adjustment for net loss (gain) included in earnings net-of-tax amount	303	(3)
Total other comprehensive income (loss), net of tax	1,083	(1,137)	$ 339
Unrealized (Loss) Gain on Available-for-Sale Securities
Accumulated Other Comprehensive Loss
Unrealized loss on investments, Net-of-tax amount	(12)	103
Reclassification adjustment for net loss (gain) included in earnings net-of-tax amount	(11)	(3)
Total other comprehensive income (loss), net of tax	(23)	100
Unrealized (Loss) Gain Cash Flow Hedges, Interest rate swap
Accumulated Other Comprehensive Loss
Unrealized loss on investments, Net-of-tax amount	792	(1,237)
Reclassification adjustment for net loss (gain) included in earnings net-of-tax amount	314
Total other comprehensive income (loss), net of tax	1,106	(1,237)
Unrealized (Loss) Gain Cash Flow Hedges, Interest rate swap \| Interest rate swaps
Accumulated Other Comprehensive Loss
Unrealized gain (loss) on investments, Before-tax amount	848	(836)
Unrealized gain (loss) on investments, Tax (expense) or benefit	(215)	212
Unrealized loss on investments, Net-of-tax amount	633	(624)
Unrealized (Loss) Gain Cash Flow Hedges, Interest rate swap \| Interest rate swap - unconsolidated joint venture
Accumulated Other Comprehensive Loss
Unrealized gain (loss) on investments, Before-tax amount	213	(821)
Unrealized gain (loss) on investments, Tax (expense) or benefit	(54)	208
Unrealized loss on investments, Net-of-tax amount	159	(613)
Unrestricted available-for-sale, Debt securities \| Unrealized (Loss) Gain on Available-for-Sale Securities
Accumulated Other Comprehensive Loss
Unrealized gain (loss) on investments, Before-tax amount	(16)	130
Unrealized gain (loss) on investments, Tax (expense) or benefit	4	(33)
Unrealized loss on investments, Net-of-tax amount	$ (12)	97
Restricted \| Unrealized (Loss) Gain on Available-for-Sale Securities
Accumulated Other Comprehensive Loss
Unrealized gain (loss) on investments, Before-tax amount		8
Unrealized gain (loss) on investments, Tax (expense) or benefit		(2)
Unrealized loss on investments, Net-of-tax amount		$ 6

Significant Accounting Policies - Timber Inventory (Details)	12 Months Ended
	Dec. 31, 2021
Significant Accounting Policies
Timber holdings valuation sample (as a percent)	20.00%

Stockholders' Equity - Stock Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Stockholders' Equity
Average purchase price per share for share repurchase (in dollars per share)			$ 16.54
Aggregate cost			$ 8,803	$ 20,845
Remaining authorized repurchase amount		$ 77,400
Common Stock
Stockholders' Equity
Shares repurchased during the period (in shares)		0	532,034	1,263,159
Treasury stock, shares, retired (in shares)	532,034
Retirement of treasury stock	$ 8,800		$ 8,803	$ 20,845

Significant Accounting Policies - Property and Equipment, Net (Details)	12 Months Ended
	Dec. 31, 2021
Railroad and equipment \| Minimum
Property, plant and equipment
Estimated useful life (in years)	15 years
Railroad and equipment \| Maximum
Property, plant and equipment
Estimated useful life (in years)	30 years
Furniture and fixtures \| Minimum
Property, plant and equipment
Estimated useful life (in years)	5 years
Furniture and fixtures \| Maximum
Property, plant and equipment
Estimated useful life (in years)	10 years
Machinery and equipment \| Minimum
Property, plant and equipment
Estimated useful life (in years)	3 years
Machinery and equipment \| Maximum
Property, plant and equipment
Estimated useful life (in years)	10 years
Office equipment \| Minimum
Property, plant and equipment
Estimated useful life (in years)	5 years
Office equipment \| Maximum
Property, plant and equipment
Estimated useful life (in years)	10 years
Autos, trucks and aircraft \| Minimum
Property, plant and equipment
Estimated useful life (in years)	5 years
Autos, trucks and aircraft \| Maximum
Property, plant and equipment
Estimated useful life (in years)	10 years

Investment in Real Estate - Real Estate by Property Type and Segment (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Real estate properties
Less: Accumulated depreciation	$ 87,166
Investment in real estate, net	690,113	$ 551,653
Development property
Real estate properties
Investment in real estate, net	348,656	294,104
Development property \| Other
Real estate properties
Investment in real estate, net	3,232	2,691
Development property \| Residential real estate \| Operating Segments
Real estate properties
Investment in real estate, net	122,404	116,911
Development property \| Hospitality \| Operating Segments
Real estate properties
Investment in real estate, net	137,089	51,113
Development property \| Commercial leasing and sales \| Operating Segments
Real estate properties
Investment in real estate, net	85,931	123,389
Operating property
Real estate properties
Operating property	428,623	333,509
Less: Accumulated depreciation	87,166	75,960
Investment in real estate, net	341,457	257,549
Operating property \| Other
Real estate properties
Operating property	127	129
Operating property \| Residential real estate \| Operating Segments
Real estate properties
Operating property	13,253	13,254
Operating property \| Hospitality \| Operating Segments
Real estate properties
Operating property	124,449	103,687
Operating property \| Commercial leasing and sales \| Operating Segments
Real estate properties
Operating property	$ 290,794	$ 216,439

Joint Ventures - Unconsolidated JVs (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Investments
Investment in unconsolidated joint ventures	$ 52,027	$ 37,965
Latitude Margaritaville Watersound JV
Investments
Investment in unconsolidated joint ventures	30,040	24,288
Sea Sound Apartments JV
Investments
Investment in unconsolidated joint ventures	10,333	10,348
Watersound Fountains Independent Living JV
Investments
Investment in unconsolidated joint ventures	7,508
Pier Park TPS JV
Investments
Investment in unconsolidated joint ventures	1,961	2,149
Busy Bee JV
Investments
Investment in unconsolidated joint ventures	1,621	$ 1,180
Watersound Management JV
Investments
Investment in unconsolidated joint ventures	$ 564

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
CONSOLIDATED BALANCE SHEETS
Common stock, par value	$ 0	$ 0
Common stock, shares authorized (in shares)	180,000,000	180,000,000
Common stock, issued (in shares)	58,882,549	58,882,549
Common stock, outstanding (in shares)	58,882,549	58,882,549

Stock Based Compensation - Restricted stock (Details) - Restricted Stock - USD ($) $ / shares in Units, $ in Millions			12 Months Ended
	Jul. 01, 2019	Jul. 02, 2018	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Number of Units
Unvested restricted stock units outstanding			0
Weighted Average Grant Date Fair Value
Fair values of vested restricted stock and stock options				$ 0.1	$ 0.1
Director
Number of Units
Number of restricted stock awards granted	5,708	2,778	0	0	5,708	2,778
Number of units, vested				5,708	2,778
Weighted Average Grant Date Fair Value
Weighted average grant date fair value, granted (in dollars per share)					$ 17.52	$ 18.00

Joint Ventures - Unconsolidated JV - Watersound Fountains Independent Living JV (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Apr. 30, 2021 USD ($) item	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Investments
Capital contribution to unconsolidated joint ventures		$ 9,389	$ 10,815	$ 1,116
Net income (loss)		73,749	45,480	26,661
Watersound Fountains Independent Living JV
Investments
Value of land contributed	$ 3,200
Capital contribution to unconsolidated joint ventures		4,300
Cash contributed by JV partner		6,400
Net income (loss)		$ 0
Ownership percentage		53.80%
Unconsolidated joint ventures
Investments
Net income (loss)		$ (1,248)	$ (1,277)	$ (155)
Watersound Fountains Independent Living JV
Investments
Number of JV partners \| item	3
Watersound Fountains Independent Living JV \| Senior living community
Investments
Number of units to be developed \| item	148

CONSOLIDATED BALANCE SHEETS - VIEs - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
ASSETS
Investment in real estate	$ 690,113	$ 551,653
Cash and cash equivalents	70,162	106,794
Other assets	70,235	65,866
Investments held by special purpose entities	205,513	206,149
Total assets	1,208,151	1,037,324
LIABILITIES
Debt, net	223,034	158,915
Other liabilities	104,192	72,035
Senior Notes held by special purpose entity	177,566	177,289
Total liabilities	582,051	469,154
Variable Interest Entity, Primary Beneficiary
ASSETS
Investment in real estate	206,565	170,853
Cash and cash equivalents	10,564	2,639
Other assets	17,392	13,821
Investments held by special purpose entities	205,513	206,149
Total assets	440,034	393,462
LIABILITIES
Debt, net	173,531	139,592
Other liabilities	17,836	9,596
Senior Notes held by special purpose entity	177,566	177,289
Total liabilities	$ 368,933	$ 326,477

Schedule IV (Consolidated) - Mortgage Loans on Real Estate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Mortgage Loans on Real Estate
Face amount of mortgages	$ 12,014
Carrying amount of mortgages	$ 11,942	$ 10,321	$ 2,683	$ 1,462
Secured revolving promissory note with unconsolidated Latitude Margaritaville Watersound JV, homesite development, due June 2025
Mortgage Loans on Real Estate
Interest rate, mortgage (as a percent)	5.00%
Face amount of mortgages	$ 7,147
Carrying amount of mortgages	$ 7,075
Seller financing \| Interest bearing homebuilder note - 5.5% interest rate, due May 2023
Mortgage Loans on Real Estate
Interest rate, mortgage (as a percent)	5.50%
Face amount of mortgages	$ 1,175
Carrying amount of mortgages	$ 1,175
Amortization period	20 years
Seller financing \| Interest bearing homebuilder note - 5.5% interest rate, due November 2022, Note 1
Mortgage Loans on Real Estate
Interest rate, mortgage (as a percent)	5.50%
Face amount of mortgages	$ 947
Carrying amount of mortgages	$ 947
Amortization period	20 years
Seller financing \| Interest bearing homebuilder note - 5.5% interest rate, due November 2022, Note 2
Mortgage Loans on Real Estate
Interest rate, mortgage (as a percent)	5.50%
Face amount of mortgages	$ 882
Carrying amount of mortgages	$ 882
Amortization period	20 years
Seller financing \| Interest bearing homebuilder note - 5.5% interest rate, due March 2023
Mortgage Loans on Real Estate
Interest rate, mortgage (as a percent)	5.50%
Face amount of mortgages	$ 723
Carrying amount of mortgages	$ 723
Amortization period	20 years
Seller financing \| Interest bearing homebuilder note - 5.5% interest rate, due December 2022, Note 2
Mortgage Loans on Real Estate
Interest rate, mortgage (as a percent)	5.50%
Face amount of mortgages	$ 742
Carrying amount of mortgages	$ 742
Amortization period	20 years
Seller financing \| Interest bearing homebuilder note - 5.5% interest rate, due September 2022, Note 2
Mortgage Loans on Real Estate
Interest rate, mortgage (as a percent)	5.50%
Face amount of mortgages	$ 355
Carrying amount of mortgages	$ 355
Amortization period	20 years
Various other seller financing \| Various mortgage notes, secured by certain real estate, bearing interest at various rates
Mortgage Loans on Real Estate
Face amount of mortgages	$ 43
Carrying amount of mortgages	$ 43

Leases

12 Months Ended

Dec. 31, 2021

Leases

Leases

8. Leases

The Company as Lessor

Leasing revenue consists of rental revenue from multi-family, senior living, self-storage, retail, office and commercial property, cell towers and other assets, which is recognized as earned, using the straight-line method over the life of each lease. The Company’s leases have remaining lease terms up to the year 2040, some of which include options to terminate or extend.

The components of leasing revenue are as follows:


	Year Ended December 31,
	2021		2020		2019
Leasing revenue
Lease payments	$	22,256	$	14,710	$	11,637
Variable lease payments		4,825		4,109		3,944
Total leasing revenue	$	27,081	$	18,819	$	15,581

Minimum future base rental revenue on non-cancelable leases subsequent to December 31, 2021, for the years ending December 31 are:



2022	$	19,075
2023		11,579
2024		9,260
2025		6,434
2026		4,904
Thereafter		17,950
	$	69,202

The Company as Lessee

As of December 31, 2021, the Company leased certain office and other equipment under finance leases and had operating leases for property and equipment used in corporate, hospitality and commercial operations with remaining lease terms up to the year 2049. Certain leases include options to purchase, terminate or renew for one or more years, which are included in the lease term used to establish right-of-use assets and lease liabilities when it is reasonably certain that the option will be exercised. Finance lease right-of-use assets are included within property, plant and equipment and operating lease right-of-use assets are included within other assets on the consolidated balance sheets, which represent the Company’s right to use an underlying asset during a lease term for leases in excess of one year. Corresponding finance lease liabilities and operating lease liabilities are included within other liabilities on the consolidated balance sheets and are related to the Company’s obligation to make lease payments for leases in excess of one year. The Company uses its incremental borrowing rate to determine the present value of the lease payments since the rate implicit in each lease is not readily determinable. The Company recognizes short-term (twelve months or less) lease payments in profit or loss on a straight-line basis over the term of the lease and variable lease payments in the period in which the obligation for those payments is incurred.

The components of lease expense are as follows:



	Year Ended December 31,
	2021			2020			2019
Lease cost
Finance lease cost:
Amortization of right-of-use assets	$	114		$	57		$	40
Interest on lease liability		18			11			9
Operating lease cost		308			289			238
Short-term lease cost		1,476			1,016			721
Total lease cost	$	1,916		$	1,373		$	1,008

Other information
Weighted-average remaining lease term - finance lease (in years)		3.6			3.9			4.2
Weighted-average remaining lease term - operating leases (in years)		3.3			3.9			3.1
Weighted-average discount rate - finance lease		4.6	%		5.0	%		5.0	%
Weighted-average discount rate - operating leases		4.9	%		4.9	%		5.0	%

The aggregate payments of finance and operating lease liabilities subsequent to December 31, 2021, for the years ending December 31 are:


	Finance Leases		Operating Leases
2022	$	133	$	261
2023		133		220
2024		86		108
2025		50		51
2026		6		12
Thereafter		—		269
Total		408		921
Less imputed interest		(28)		(189)
Total lease liabilities	$	380	$	732

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2021

Property and equipment, net

Property, plant and equipment

Schedule of property and equipment, net


	December 31,		December 31,
	2021		2020
Railroad and equipment	$	33,627	$	33,626
Furniture and fixtures		25,556		22,601
Machinery and equipment		23,058		13,502
Office equipment		4,865		4,607
Autos, trucks and aircraft		6,773		6,240
		93,879		80,576
Less: Accumulated depreciation		64,251		60,433
		29,628		20,143
Construction in progress		1,517		703
Total property and equipment, net	$	31,145	$	20,846

Property and Equipment, Net

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment, Net

Property and Equipment, Net

10. Property and Equipment, Net

Property and equipment, net consists of the following:


	December 31,		December 31,
	2021		2020
Railroad and equipment	$	33,627	$	33,626
Furniture and fixtures		25,556		22,601
Machinery and equipment		23,058		13,502
Office equipment		4,865		4,607
Autos, trucks and aircraft		6,773		6,240
		93,879		80,576
Less: Accumulated depreciation		64,251		60,433
		29,628		20,143
Construction in progress		1,517		703
Total property and equipment, net	$	31,145	$	20,846

Depreciation expense on property and equipment was $6.1 million, $4.0 million and $3.2 million in 2021, 2020 and 2019, respectively.

Income Taxes - Provision for Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current:
Federal	$ 9,005	$ 5,146	$ 1,070
Total	9,005	5,146	1,070
Deferred:
Federal	12,120	6,321	5,903
State	3,857	2,203	2,474
Total	15,977	8,524	8,377
Total income tax expense	$ 24,982	$ 13,670	$ 9,447

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Stockholders' Equity - Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Stockholders' Equity
Dividends paid (in dollars per share)	$ 0.32	$ 0.07
Amount of dividends paid	$ 18,844	$ 4,122	$ 0

Income Taxes - Tax Refund (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Income Taxes
Unrecognized tax benefits, income tax penalties accrued	$ 0.0	$ 0.0

Schedule IV (Consolidated) - Mortgage Loans on Real Estate

12 Months Ended

Dec. 31, 2021

Mortgage Loans on Real Estate [Abstract]

SCHEDULE IV (CONSOLIDATED) - MORTGAGE LOANS ON REAL ESTATE

THE ST. JOE COMPANY

SCHEDULE IV (CONSOLIDATED) - MORTGAGE LOANS ON REAL ESTATE

DECEMBER 31, 2021

(in thousands)


										Principal Amount
										of Loans Subject
			Periodic			Face		Carrying		to Delinquent
	Interest		Payment	Prior		Amount of		Amount of		Principal
Description of Note Receivable^(a)	Rate	Final Maturity Date	Terms	Liens		Mortgages		Mortgages		or Interest
Secured revolving promissory note with unconsolidated Latitude Margaritaville Watersound JV, homesite development	5.0%	June 2025	P&I^(b)	$	—	$	7,147	$	7,075	$	—
Seller financing, residential homesites	5.5%	May 2023	P&I^(c)		—		1,175		1,175		—
Seller financing, residential homesites	5.5%	November 2022	P&I^(c)		—		947		947		—
Seller financing, residential homesites	5.5%	November 2022	P&I^(c)		—		882		882		—
Seller financing, residential homesites	5.5%	December 2022	P&I^(c)		—		742		742		—
Seller financing, residential homesites	5.5%	March 2023	P&I^(c)		—		723		723		—
Seller financing, residential homesites	5.5%	September 2022	P&I^(c)		—		355		355		—
Various other seller financing, rural land	4.4% to 5.2%	December 2022 through November 2023	P&I^(d)		—		43		43		—
Total^(e)				$	—	$	12,014	$	11,942	$	—

(a)	All seller financed properties are located in Northwest Florida.

(b)

Principal and interest due at closing of each residential homesite to a third party. On the maturity date, all outstanding principal, all accrued interest and any other customary charges shall be due and payable in full. See Note 9. Other Assets for additional information related to the revolving promissory note.

(c)	Interest is paid quarterly over a twenty year amortization schedule. On the maturity date, all outstanding principal, all accrued interest and any other customary charges shall be due and payable in full.

(d)	Principal and interest is paid monthly.

(e)	The aggregate cost for federal income tax purposes approximates the amount of unpaid principal.

The summarized changes in the carrying amount of mortgage loans are as follows:


	December 31,		December 31,		December 31,
	2021		2020		2019
Balance at beginning of the year	$	10,321	$	2,683	$	1,462
Additions during the year - new mortgage loans		7,798		9,615		2,386
Deductions during the year:
Collections of principal		6,005		1,949		1,165
Foreclosures		128		—		—
Other		44		28		—
Balance at the end of the year	$	11,942	$	10,321	$	2,683

Financial Instruments and Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

Financial Instruments and Fair Value Measurements

Schedule of financial instruments measured at fair value on recurring basis

The financial instruments measured at fair value on a recurring basis are as follows:


	December 31, 2021
							Total Fair
	Level 1		Level 2		Level 3		Value
Cash equivalents:
Money market funds	$	40,412	$	—	$	—	$	40,412
U.S. Treasury Bills		4,000		—		—		4,000
		44,412		—		—		44,412

Investments - debt securities:
U.S. Treasury Bills		88,956		—		—		88,956
		88,956		—		—		88,956

Investments - equity securities:
Preferred stock		—		450		—		450
		—		450		—		450
	$	133,368	$	450	$	—	$	133,818


	December 31, 2020
							Total Fair
	Level 1		Level 2		Level 3		Value
Cash equivalents:
Money market funds	$	10,973	$	—	$	—	$	10,973
U.S. Treasury Bills		78,991		—		—		78,991
		89,964		—		—		89,964

Investments - debt securities:
U.S. Treasury Bills		47,991		—		—		47,991
Corporate debt securities		—		60		—		60
		47,991		60		—		48,051

Investments - equity securities:
Preferred stock		—		2,623		—		2,623
		—		2,623		—		2,623

Restricted investments:
Short-term bond		1,171		—		—		1,171
		1,171		—		—		1,171
	$	139,126	$	2,683	$	—	$	141,809

Schedule of assets and liabilities measured at fair value on a recurring basis related to interest rate swap agreements designated as cash flow hedges


			Fixed		Notional					Fair	Location in
	Effective	Maturity	Interest		Amount as of	Derivative Asset (Liability) Fair Value				Value	Consolidated
Description	Date	Date	Rate		December 31, 2021	December 31, 2021		December 31, 2020		Level	Balance Sheets

					In Millions	In Thousands
Pier Park Resort Hotel JV Loan^(a)	12/10/2022	4/12/2027	3.2%	$	42.0	$	558	$	—	2	Other assets
Watercrest JV Loan^(a)	6/1/2021	6/1/2024	4.4%	$	20.0	$	(634)	$	(1,172)	2	Other liabilities
Pier Park TPS JV Loan^(b)	1/14/2021	1/14/2026	5.2%	$	14.1	$	(436)	$	(821)	2	Investment in unconsolidated joint ventures

(a)	See Note 11. Debt, Net for additional information.

(b)

Interest rate swap was entered into by the Pier Park TPS JV, which is unconsolidated and accounted for using the equity method. The derivative liability has been recorded at the Company’s proportionate share of its estimated fair value. The Company’s proportionate share of the gain or loss on the derivative instrument is reported as a component of other comprehensive income (loss) and reclassified into equity in loss from unconsolidated joint ventures in the period during which the hedged transaction affects earnings. See Note 4. Joint Ventures and Note 20. Commitments and Contingencies for additional information.

Summary of effect of derivative instruments on consolidated statements of income and consolidated statements of comprehensive income


	Year Ended December 31,
	2021		2020		2019

Amount of gain (loss) recognized in other comprehensive income (loss) on derivatives	$	1,061	$	(1,657)	$	(336)
Amount of loss reclassified into interest expense	$	247	$	—	$	—
Amount of loss reclassified into equity in loss from unconsolidated joint ventures	$	173	$	—	$	—

Schedule of carrying amount and estimated fair value of financial instruments measured on nonrecurring basis


	December 31, 2021					December 31, 2020
	Carrying		Estimated			Carrying		Estimated
	value		Fair value		Level	value		Fair value		Level

Investments held by SPEs:
Time deposit	$	200,000	$	200,000	3	$	200,000	$	200,000	3
U.S. Treasury Bills	$	5,132	$	5,475	1	$	5,759	$	6,363	1

Senior Notes held by SPE	$	177,566	$	204,802	3	$	177,289	$	216,363	3
Debt
Fixed-rate debt	$	129,532	$	126,722	2	$	114,125	$	116,509	2
Variable-rate debt		97,942		97,942	2		47,293		47,293	2
Total debt	$	227,474	$	224,664		$	161,418	$	163,802

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
State net operating loss carryforwards	$ 10,617	$ 13,355
Impairment losses	28,496	33,660
Prepaid income from land sales	6,177	3,812
Capital loss carryforwards	4,090
Capitalized costs	2,462	2,851
Reserves and accruals	1,950	1,586
Unrealized losses on investments	359	3,403
Other	1,446	765
Total gross deferred tax assets	55,597	59,432
Valuation allowance	(305)
Total net deferred tax assets	55,292	59,432
Deferred tax liabilities:
Investment in real estate and property and equipment basis differences	14,014	5,929
Deferred gain on land sales and involuntary conversions	33,643	29,101
Installment sales	83,498	83,337
Pension Plan assets transferred to the 401(k) Plan		287
Other	1,396	1,693
Total gross deferred tax liabilities	132,551	120,347
Net deferred tax liabilities	$ (77,259)	$ (60,915)

Joint Ventures - Unconsolidated JV - Sea Sound Apartments JV (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2020 USD ($) item	Dec. 31, 2021 USD ($) item	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Investments
Capital contribution to unconsolidated joint ventures		$ 9,389	$ 10,815	$ 1,116
Outstanding debt		$ 227,474	161,418
Sea Sound Apartments JV
Investments
Value of land contributed	$ 5,100
Mitigation bank credits contributed			400
Capital contribution to unconsolidated joint ventures			4,900
Cash contributed by JV partner			$ 6,900
Ownership percentage		60.00%	60.00%
Sea Sound Apartments JV \| Apartment
Investments
Number of units remaining to be developed and constructed \| item		86
Number of units to be developed \| item		300
Unconsolidated joint ventures
Investments
Outstanding debt		$ 62,701	$ 33,088
Sea Sound Apartments JV
Investments
Outstanding debt		35,047	8,789
Sea Sound Apartments JV \| Sea Sound Apartments JV Loan
Investments
Loan amount	$ 40,300
Outstanding debt		$ 35,000	$ 8,800
Sea Sound Apartments JV \| LIBOR \| Sea Sound Apartments JV Loan
Investments
Basis spread on variable rate (as a percent)	2.20%
Sea Sound Apartments JV \| Apartment
Investments
Number of units to be developed \| item	300

Investments - Gains and Proceeds (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Investments
Net realized gains on sale of investments		$ 100
Proceeds from sale of available-for-sale debt securities	$ 1,200	1,200
Maturities of investments - debt securities	117,000	11,000	$ 7,000
Purchases of available-for-sale securities	157,900	$ 58,900
Maximum
Investments
Net realized gains on sale of investments	$ 100

Other Liabilities - Additional Information (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Other Liabilities
Deferred revenue	$ 13,357	$ 16,632
Florida Department of Transportation
Other Liabilities
Deferred revenue	$ 10,900	$ 11,500

Debt, Net (Tables)

12 Months Ended

Dec. 31, 2021

Debt, Net

Schedule of Debt

Debt consists of the following:


	December 31, 2021						December 31, 2020
			Unamortized						Unamortized
			Discount and						Discount and
			Debt Issuance						Debt Issuance
	Principal		Costs		Net		Principal		Costs		Net
PPN JV Loan, due November 2025, bearing interest at 4.1%	$	43,582	$	248	$	43,334	$	44,568	$	314	$	44,254
Watersound Origins Crossings JV Loan, due May 2024, bearing interest at 5.0%		37,897		248		37,649		27,179		351		26,828
PPC JV Loan, insured by HUD, due June 2060, bearing interest at 3.1% as of December 31, 2021		35,670		1,056		34,614		36,084		1,079		35,005
Watercrest JV Loan, due June 2047, bearing interest at LIBOR plus 2.2% and swapped to a fixed rate of 4.4%		20,053		327		19,726		18,066		284		17,782
PPC II JV Loan, due October 2024, bearing interest at LIBOR plus 2.1% (effective rate of 2.2% at December 31, 2021)		17,374		147		17,227		15,921		198		15,723
Airport Hotel Loan, due March 2025, bearing interest at LIBOR plus 2.0%, with a floor rate of 3.0% (effective rate of 3.0% at December 31, 2021)		14,642		128		14,514		3,548		168		3,380
Pier Park Resort Hotel JV Loan, due April 2027, bearing interest at LIBOR plus 2.2% (effective rate of 2.3% at December 31, 2021)		14,650		964		13,686		—		—		—
Breakfast Point Hotel Loan, due November 2042, bearing interest at LIBOR plus 2.8%, with a floor rate of 3.8% (effective rate of 3.8% at December 31, 2021)		11,843		191		11,652		—		—		—
The Lodge 30A JV Loan, due January 2028, bearing interest at 3.8%		7,474		179		7,295		—		—		—
Beckrich Building III Loan, due August 2029, bearing interest at LIBOR plus 1.7% (effective rate of 1.8% at December 31, 2021)		5,188		52		5,136		5,421		59		5,362
Community Development District debt, secured by certain real estate or other collateral, due May 2022 through May 2039, bearing interest at 3.6% to 6.0%		4,909		—		4,909		6,294		—		6,294
Self-Storage Facility Loan, due November 2025, bearing interest at LIBOR plus 2.4%, with a floor rate of 2.9% (effective rate of 2.9% at December 31, 2021)		4,666		70		4,596		—		—		—
Watersound Camp Creek Loan, due December 2047, bearing interest at LIBOR plus 2.1%, with a floor rate of 2.6% (effective rate of 2.6% at December 31, 2021)		3,437		382		3,055		—		—		—
Beach Homes Loan, due May 2029, bearing interest at LIBOR plus 1.7% (effective rate of 1.8% at December 31, 2021)		1,492		15		1,477		1,545		17		1,528
Pier Park Outparcel Loan, due March 2027, bearing interest at LIBOR plus 1.7% (effective rate of 1.8% at December 31, 2021)		1,370		10		1,360		1,458		12		1,446
North Bay Landing Apartments Loan, due September 2024, bearing interest at LIBOR plus 2.5%, with a floor rate of 3.2% (effective rate of 3.2% at December 31, 2021)		1,342		254		1,088		—		—		—

WaterColor Crossings Loan, due February 2029, bearing interest at LIBOR plus 1.7% (effective rate of 1.8% at December 31, 2021)		1,265		18		1,247		1,334		21		1,313
Watersound Town Center Grocery Loan, due August 2031, bearing interest at LIBOR plus 2.0%, with a floor rate of 2.2% (effective rate of 2.2% at December 31, 2021)		620		151		469		—		—		—
Total debt	$	227,474	$	4,440	$	223,034	$	161,418	$	2,503	$	158,915

Schedule of Aggregate Maturities of Debt

The aggregate maturities of debt subsequent to December 31, 2021 are:


	December 31,
	2021
2022	$	3,627
2023		5,660
2024		60,330
2025		62,655
2026		3,809
Thereafter		91,393
	$	227,474

Joint Ventures - Unconsolidated JV - Pier Park TPS JV (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	May 31, 2020 room
Investments
Capital contribution to unconsolidated joint ventures \| $	$ 9,389	$ 10,815	$ 1,116
Pier Park TPS JV
Investments
Ownership percentage	50.00%	50.00%
Pier Park TPS JV \| Hotel
Investments
Number of completed units \| room				124

Stockholders' Equity - Issuance of Common Stock (Details) $ in Thousands			12 Months Ended
	Jul. 01, 2019 director shares	Jul. 02, 2018 director shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 USD ($) shares	Dec. 31, 2019 USD ($) shares	Dec. 31, 2018 shares	May 20, 2019 USD ($)	May 23, 2018 USD ($)
Share-based compensation
Stock compensation expense before tax benefit				$ 45	$ 77
Director \| Restricted Stock
Share-based compensation
Fair value of equity grant award approved for each director							$ 50	$ 50
Number of restricted stock awards granted \| shares	5,708	2,778	0	0	5,708	2,778
Number of directors granted restricted stock awards \| director	2	1
Number of directors who elected to receive cash in lieu of the stock \| director	2	3
Stock compensation expense before tax benefit			$ 0
Director \| Restricted Stock \| Maximum
Share-based compensation
Stock compensation expense before tax benefit				$ 100	$ 100

Property and Equipment, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, plant and equipment
Property and equipment, gross	$ 93,879	$ 80,576
Less: Accumulated depreciation	64,251	60,433
Property, plant and equipment, excluding construction in progress, net	29,628	20,143
Construction in progress	1,517	703
Total	31,145	20,846
Depreciation expense	6,100	4,000	$ 3,200
Railroad and equipment
Property, plant and equipment
Property and equipment, gross	33,627	33,626
Furniture and fixtures
Property, plant and equipment
Property and equipment, gross	25,556	22,601
Machinery and equipment
Property, plant and equipment
Property and equipment, gross	23,058	13,502
Office equipment
Property, plant and equipment
Property and equipment, gross	4,865	4,607
Autos, trucks and aircraft
Property, plant and equipment
Property and equipment, gross	$ 6,773	$ 6,240

Other Income, Net - (Tables)

12 Months Ended

Dec. 31, 2021

Other Income, Net

Schedule of Other Income (Expense), Net



	Year Ended December 31,
	2021		2020		2019
Investment income, net
Interest, dividend and accretion income	$	157	$	1,194	$	7,459
Net realized gain (loss) on the sale of investments		17		(48)		87
Unrealized loss on investments, net		(1,872)		(4,688)		(5,342)
Interest income from investments in SPEs		8,078		8,180		8,190
Interest earned on notes receivable and other interest		874		345		320
Total investment income, net		7,254		4,983		10,714
Interest expense
Interest expense and amortization of discount and issuance costs for Senior Notes issued by SPE		(8,827)		(8,813)		(8,801)
Other interest expense		(7,027)		(4,751)		(3,501)
Total interest expense		(15,854)		(13,564)		(12,302)
Gain on contribution to unconsolidated joint ventures		3,558		19,983		2,317
Other income (expense), net
Accretion income from retained interest investments		1,532		1,391		1,325
Gain on insurance recovery		4,853		690		5,314
Loss from hurricane damage		(56)		(1,123)		(2,704)
Miscellaneous income, net		3,852		371		198
Other income, net		10,181		1,329		4,133
Total other income, net	$	5,139	$	12,731	$	4,862

Debt, Net

12 Months Ended

Dec. 31, 2021

Debt, Net

Debt, Net

11. Debt, Net

Debt consists of the following:


	December 31, 2021						December 31, 2020
			Unamortized						Unamortized
			Discount and						Discount and
			Debt Issuance						Debt Issuance
	Principal		Costs		Net		Principal		Costs		Net
PPN JV Loan, due November 2025, bearing interest at 4.1%	$	43,582	$	248	$	43,334	$	44,568	$	314	$	44,254
Watersound Origins Crossings JV Loan, due May 2024, bearing interest at 5.0%		37,897		248		37,649		27,179		351		26,828
PPC JV Loan, insured by HUD, due June 2060, bearing interest at 3.1% as of December 31, 2021		35,670		1,056		34,614		36,084		1,079		35,005
Watercrest JV Loan, due June 2047, bearing interest at LIBOR plus 2.2% and swapped to a fixed rate of 4.4%		20,053		327		19,726		18,066		284		17,782
PPC II JV Loan, due October 2024, bearing interest at LIBOR plus 2.1% (effective rate of 2.2% at December 31, 2021)		17,374		147		17,227		15,921		198		15,723
Airport Hotel Loan, due March 2025, bearing interest at LIBOR plus 2.0%, with a floor rate of 3.0% (effective rate of 3.0% at December 31, 2021)		14,642		128		14,514		3,548		168		3,380
Pier Park Resort Hotel JV Loan, due April 2027, bearing interest at LIBOR plus 2.2% (effective rate of 2.3% at December 31, 2021)		14,650		964		13,686		—		—		—
Breakfast Point Hotel Loan, due November 2042, bearing interest at LIBOR plus 2.8%, with a floor rate of 3.8% (effective rate of 3.8% at December 31, 2021)		11,843		191		11,652		—		—		—
The Lodge 30A JV Loan, due January 2028, bearing interest at 3.8%		7,474		179		7,295		—		—		—
Beckrich Building III Loan, due August 2029, bearing interest at LIBOR plus 1.7% (effective rate of 1.8% at December 31, 2021)		5,188		52		5,136		5,421		59		5,362
Community Development District debt, secured by certain real estate or other collateral, due May 2022 through May 2039, bearing interest at 3.6% to 6.0%		4,909		—		4,909		6,294		—		6,294
Self-Storage Facility Loan, due November 2025, bearing interest at LIBOR plus 2.4%, with a floor rate of 2.9% (effective rate of 2.9% at December 31, 2021)		4,666		70		4,596		—		—		—
Watersound Camp Creek Loan, due December 2047, bearing interest at LIBOR plus 2.1%, with a floor rate of 2.6% (effective rate of 2.6% at December 31, 2021)		3,437		382		3,055		—		—		—
Beach Homes Loan, due May 2029, bearing interest at LIBOR plus 1.7% (effective rate of 1.8% at December 31, 2021)		1,492		15		1,477		1,545		17		1,528
Pier Park Outparcel Loan, due March 2027, bearing interest at LIBOR plus 1.7% (effective rate of 1.8% at December 31, 2021)		1,370		10		1,360		1,458		12		1,446
North Bay Landing Apartments Loan, due September 2024, bearing interest at LIBOR plus 2.5%, with a floor rate of 3.2% (effective rate of 3.2% at December 31, 2021)		1,342		254		1,088		—		—		—

WaterColor Crossings Loan, due February 2029, bearing interest at LIBOR plus 1.7% (effective rate of 1.8% at December 31, 2021)		1,265		18		1,247		1,334		21		1,313
Watersound Town Center Grocery Loan, due August 2031, bearing interest at LIBOR plus 2.0%, with a floor rate of 2.2% (effective rate of 2.2% at December 31, 2021)		620		151		469		—		—		—
Total debt	$	227,474	$	4,440	$	223,034	$	161,418	$	2,503	$	158,915

In October 2015, the Pier Park North JV entered into a $48.2 million loan, secured by a first lien on, and security interest in, a majority of the Pier Park North JV’s property. The PPN JV Loan provides for principal and interest payments with a final balloon payment at maturity in November 2025. In connection with the PPN JV Loan, the Company entered into a limited guarantee in favor of the lender, based on its percentage ownership of the JV. In addition, the guarantee can become full recourse in the case of any fraud or intentional misrepresentation by the Pier Park North JV; any voluntary transfer or encumbrance of the property in violation of the due-on-sale clause in the security instrument; upon commencement of voluntary bankruptcy or insolvency proceedings and upon breach of covenants in the security instrument.

In May 2019, the Watersound Origins Crossings JV entered into a $37.9 million loan to finance the construction of apartments located near the entrance to the Watersound Origins residential community. The Watersound Origins Crossings JV Loan provides for interest only payments for the first thirty-two months and principal and interest payments thereafter with a final balloon payment at maturity in May 2024. The Watersound Origins Crossings JV Loan is secured by the real property, assignment of rents and the security interest in the rents and personal property. In connection with the Watersound Origins Crossings JV Loan, the Company executed a guarantee in favor of the lender to guarantee the payment and performance of the borrower under the Watersound Origins Crossings JV Loan. The Company is the sole guarantor and receives a monthly fee related to the guarantee from its JV partner based on the JV partner’s ownership percentage.

In May 2018, the Pier Park Crossings JV entered into a $36.6 million loan, insured by HUD, to finance the construction of apartments in Panama City Beach, Florida. The PPC JV Loan provides for monthly principal and interest payments through maturity in June 2060. In August 2021, the Pier Park Crossings JV entered into a modification of the PPC JV Loan, that reduced the interest rate from 4.0% to 3.1% and revised the prepayment provisions. Prior to the modification, a prepayment premium was due to the lender of 1% - 9% of any prepaid principal through June 30, 2030. The modification revised the prepayment provision to include that the PPC JV Loan may not be prepaid prior to September 1, 2022 and from September 1, 2022 through August 31, 2031 a premium is due to the lender of 2% - 10% of any prepaid principal. The PPC JV Loan is secured by the Pier Park Crossings JV’s real property and the assignment of rents and leases. As of December 31 2021, the Company incurred less than $0.1 million of additional loan costs due to the PPC JV Loan modification.

In June 2019, the Watercrest JV entered into a $22.5 million loan to finance the construction of a senior living facility in Santa Rosa Beach, Florida. The Watercrest JV Loan provides for interest only payments for the first thirty-six months and principal and interest payments thereafter through maturity in June 2047. The Watercrest JV Loan is secured by the real property, assignment of rents, leases and deposits and the security interest in the rents and personal property. In connection with the Watercrest JV Loan, the Company executed a guarantee in favor of the lender to guarantee the payment and performance of the borrower under the Watercrest JV Loan. The Company is the sole guarantor and receives a quarterly fee related to the guarantee from its JV partner based on the JV partner’s ownership percentage. The Watercrest JV entered into an interest rate swap to hedge cash flows tied to changes in the underlying floating interest rate tied to LIBOR. The interest rate swap was effective June 1, 2021 and matures on June 1, 2024 and fixed the variable rate on the notional amount of related debt of $20.0 million to a rate of 4.4%. See Note 6. Financial Instruments and Fair Value Measurements for additional information.

In October 2019, the Pier Park Crossings II JV entered into a $17.5 million loan to finance the construction of apartments in Panama City Beach, Florida. The PPC II JV Loan provides for monthly principal and interest payments with a final balloon payment at maturity in October 2024. The PPC II JV Loan is secured by the real property, assignment of rents and leases and the security interest in the rents, leases and personal property. In connection with the

PPC II JV Loan, the Company executed a guarantee in favor of the lender to guarantee the payment and performance of the borrower under the PPC II JV Loan. As guarantor, the Company’s liability under the PPC II JV Loan was reduced to 50% of the principal amount upon satisfaction of final advance conditions in April 2021 and will be reduced to 25% of the principal amount upon reaching and maintaining a certain debt service coverage ratio. The Company is the sole guarantor and receives a monthly fee related to the guarantee from its JV partner based on the JV partner’s ownership percentage. In January 2022, the Company began the process to refinance the PPC II JV Loan with a loan commitment to be insured by HUD.

In March 2020, a wholly-owned subsidiary of the Company entered into a $15.3 million loan to finance the construction of the Hilton Garden Inn Panama City Airport. The Airport Hotel Loan provides for interest only payments for the first thirty-six months and principal and interest payments thereafter with a final balloon payment at maturity in March 2025. The Airport Hotel Loan is secured by the real property, assignment of leases, rents and profits and the security interest in the rents and personal property. In connection with the Airport Hotel Loan, the Company executed a guarantee in favor of the lender to guarantee the payment and performance of the borrower under the Airport Hotel Loan.

In April 2020, the Pier Park Resort Hotel JV entered into a loan with an initial amount of $52.5 million up to a maximum of $60.0 million through additional earn-out requests. The Pier Park Resort Hotel JV Loan was entered into to finance the construction of an Embassy Suites by Hilton hotel in the Pier Park area of Panama City Beach, Florida. The Pier Park Resort Hotel JV Loan provides for interest only payments for the first thirty-six months and principal and interest payments thereafter with a final balloon payment at maturity in April 2027. The Pier Park Resort Hotel JV Loan is secured by the real property, assignment of rents and leases and the security interest in the rents, leases and personal property. In connection with the Pier Park Resort Hotel JV Loan, as guarantor, the Company and the Company’s JV partner entered into a guarantee based on each partner’s ownership interest in favor of the lender, to guarantee the payment and performance of the borrower. As guarantor, the Company’s liability under the Pier Park Resort Hotel JV Loan will be released upon reaching and maintaining certain debt service coverage for twelve months. In addition, the guarantee can become full recourse in the case of the failure of guarantor to abide by or perform any of the covenants or warranties to be performed on the part of such guarantor. The Pier Park Resort Hotel JV entered into an interest rate swap to hedge cash flows tied to changes in the underlying floating interest rate tied to LIBOR. The interest rate swap is effective December 10, 2022 and matures on April 12, 2027 and fixed the variable rate on the notional amount of related debt of $42.0 million to a rate of 3.2%. See Note 6. Financial Instruments and Fair Value Measurements for additional information.

In November 2020, a wholly-owned subsidiary of the Company entered into a $16.8 million loan to finance the construction of a Homewood Suites by Hilton hotel in the Breakfast Point area of Panama City Beach, Florida. The Breakfast Point Hotel Loan provides for interest only payments for the first twenty-four months and principal and interest payments thereafter through maturity in November 2042. The Breakfast Point Hotel Loan is secured by the real property, assignment of rents and the security interest in the rents and personal property. In connection with the Breakfast Point Hotel Loan, the Company executed a guarantee in favor of the lender to guarantee the payment and performance of the borrower under the Breakfast Point Hotel Loan.

In January 2021, The Lodge 30A JV entered into a $15.0 million loan to finance the construction of a boutique hotel in Seagrove Beach, Florida. The Lodge 30A JV Hotel Loan provides for interest only payments for the first twenty-four months and principal and interest payments thereafter with a final balloon payment at maturity in January 2028. The Lodge 30A JV Hotel Loan is secured by the real property, assignment of leases and rents and the security interest in the rents and personal property. In connection with the Lodge 30A JV Hotel Loan, the Company, wholly-owned subsidiaries of the Company and the Company’s JV partner entered into a joint and several payment and performance guarantee in favor of the lender. Upon reaching a certain debt service coverage ratio for a minimum of twenty-four months, the Company’s liability as guarantor will be reduced to 75% for a twelve-month period. The debt service coverage ratio will be tested annually thereafter and the Company’s liability will be reduced to 50% in year four and 25% in year five. The Company receives a monthly fee related to the guarantee from its JV partner based on the JV partner’s ownership percentage.

In August 2019, a wholly-owned subsidiary of the Company entered into a $5.5 million loan to finance the construction of an office building in Panama City Beach, Florida. The Beckrich Building III Loan provides for monthly principal and interest payments with a final balloon payment at maturity in August 2029. The Beckrich Building III Loan is secured by the real property, assignment of leases, rents and profits and the security interest in the rents and personal property. In connection with the Beckrich Building III Loan, the Company executed a guarantee in favor of the lender to guarantee the payment and performance of the borrower under the Beckrich Building III Loan.

CDD bonds financed the construction of infrastructure improvements at some of the Company’s projects. The principal and interest payments on the bonds are paid by assessments on the properties benefited by the improvements financed by the bonds. The Company has recorded a liability for CDD debt that is associated with platted property, which is the point at which it becomes fixed and determinable. Additionally, the Company has recorded a liability for the portion of the CDD debt that is associated with unplatted property if it is probable and reasonably estimable that the Company will ultimately be responsible for repayment. The Company’s total CDD debt assigned to property it owns was $14.1 million and $15.8 million as of December 31, 2021 and 2020, respectively. The Company pays interest on this total outstanding CDD debt.

In November 2020, a wholly-owned subsidiary of the Company entered into a $5.8 million loan to finance the construction of a self-storage facility in Santa Rosa Beach, Florida. The Self-Storage Facility Loan provides for interest only payments for the first forty-eight months and principal and interest payments thereafter with a final balloon payment at maturity in November 2025. The Self-Storage Facility Loan is secured by the real property, assignment of leases and rents and the security interest in the rents and personal property. In connection with the Self-Storage Facility Loan, the Company executed a guarantee in favor of the lender to guarantee the payment and performance of the borrower under the Self-Storage Facility Loan. The Company’s liability as guarantor under the Self-Storage Facility Loan shall not exceed $2.9 million, plus any additional fees, upon reaching and maintaining certain debt service coverage.

In June 2021, a wholly-owned subsidiary of the Company entered into a $28.0 million loan to finance the construction of Watersound Camp Creek, which includes an inn and amenity center near the Watersound Camp Creek residential community. The Watersound Camp Creek Loan provides for interest only payments for the first eighteen months and principal and interest payments thereafter through maturity in December 2047. The Watersound Camp Creek Loan is secured by the real property, assignment of rents and the security interest in the rents and personal property. In connection with the Watersound Camp Creek Loan, the Company executed a guarantee in favor of the lender to guarantee completion of the project and the payment of the borrower under the Watersound Camp Creek Loan. As guarantor, the Company’s liability under the Watersound Camp Creek Loan will be reduced to 50% of the principal amount upon the project reaching and maintaining a trailing six months operations with a certain debt service coverage ratio and reduced to 25% of the principal amount upon reaching and maintaining a trailing twelve months operations of a certain debt service coverage ratio. In addition, the guarantee can become full recourse in the case of the failure of guarantor to abide by or perform any of the covenants, warranties or other certain obligations to be performed on the part of such guarantor.

In May 2018, a wholly-owned subsidiary of the Company entered into a $1.7 million loan to finance the construction of two beach homes located in Panama City Beach, Florida (the “Beach Homes Loan”). The Beach Homes Loan provides for monthly principal and interest payments with a final balloon payment at maturity in May 2029. The Beach Homes Loan is secured by the real property, assignment of rents and the security interest in the rents and personal property. In connection with the Beach Homes Loan, the Company executed a guarantee in favor of the lender to guarantee the payment and performance of the borrower under the Beach Homes Loan.

In March 2017, a wholly-owned subsidiary of the Company entered into a $1.6 million loan to finance the construction of a commercial leasing property located in Panama City Beach, Florida (the “Pier Park Outparcel Loan”). The Pier Park Outparcel Loan provides for monthly principal and interest payments with a final balloon payment at maturity in March 2027. The Pier Park Outparcel Loan is secured by the real property, assignment of rents and the security interest in the rents and personal property.

In March 2021, a wholly-owned subsidiary of the Company entered into a $26.8 million loan to finance the construction of apartments in Panama City, Florida. The North Bay Landing Apartments Loan provides for interest only payments and a principal balloon payment at maturity in September 2024. The North Bay Landing Apartments Loan includes an option for an extension of the maturity date by eighteen months, subject to certain conditions, that would provide for principal and interest payments commencing on the original maturity date with a final balloon payment at the extended maturity date. The North Bay Landing Apartments Loan is secured by the real property, assignment of rents and leases and the security interest in the rents, leases and personal property. In connection with the North Bay Landing Apartments Loan, the Company executed a guarantee in favor of the lender to guarantee completion of the project and the payment and performance of the borrower under the North Bay Landing Apartments Loan. As guarantor, the Company’s liability under the North Bay Landing Apartments Loan will be reduced to 50% of the principal amount upon satisfaction of final advance conditions and reduced to 25% of the principal amount upon reaching and maintaining a certain debt service coverage ratio. In addition, the guarantee can become full recourse in the case of any fraud or intentional misrepresentation or failure to abide by other certain obligations on the part of such guarantor.

In February 2018, a wholly-owned subsidiary of the Company entered into a $1.9 million loan to finance the construction of a commercial leasing property located in Santa Rosa Beach, Florida (the “WaterColor Crossings Loan”). The WaterColor Crossings Loan provides for monthly principal and interest payments with a final balloon payment at maturity in February 2029. The WaterColor Crossings Loan is secured by the real property, assignment of rents and the security interest in the rents and personal property. In connection with the WaterColor Crossings Loan, the Company executed a guarantee in favor of the lender to guarantee the payment and performance of the borrower under the WaterColor Crossings Loan.

In August 2021, a wholly-owned subsidiary of the Company entered into a $12.0 million loan to finance the construction of a building in the Watersound Town Center near the Watersound Origins residential community. The Watersound Town Center Grocery Loan provides for interest only payments for the first twenty-four months and principal and interest payments thereafter with a final balloon payment at maturity in August 2031. The Watersound Town Center Grocery Loan is secured by the real property, assignment of rents and the security interest in the rents and personal property. In connection with the Watersound Town Center Grocery Loan, the Company executed a guarantee in favor of the lender to guarantee completion of the project and the payment and performance of the borrower under the Watersound Town Center Grocery Loan. As guarantor, the Company’s liability under the Watersound Town Center Grocery Loan will be reduced to 50% of the principal amount upon satisfaction of final advance conditions, issuance of the certificate of occupancy for the project and receipt of the initial base rent payment and reduced to 25% of the principal amount upon reaching a certain debt service coverage ratio and the project maintaining 93% occupancy for ninety consecutive days.

In October 2021, a wholly-owned subsidiary of the Company entered into a $21.2 million loan to finance the construction of a hotel in Panama City, Florida. The Hotel Indigo Loan provides for interest only payments for the first twenty-four months and principal and interest payments thereafter with a final balloon payment at maturity in October 2028. The Hotel Indigo Loan includes an option for an extension of the maturity date by sixty months, subject to certain conditions, that would provide for continued principal and interest payments with a final balloon payment at the extended maturity date. The Hotel Indigo Loan is secured by the leasehold property, assignment of rents, leases, deposits, permits, plans, fees, agreements, approvals and contracts and the security interest in the personal property and rents. In connection with the Hotel Indigo Loan, the Company executed a guarantee in favor of the lender to guarantee completion of the project and the payment and performance of the borrower under the Hotel Indigo Loan. As of December 31, 2021, there was no principal balance and the Company had incurred $0.3 million of loan costs related to the Hotel Indigo Loan.

The Company’s financing agreements are subject to various customary debt covenants and as both of December 31, 2021 and 2020, the Company was in compliance with the financial debt covenants.

As of December 31, 2021, assets that were pledged as collateral related to the Company’s debt agreements, including unfunded commitments, had an approximate carrying amount of $352.8 million. These assets are included within investment in real estate, net and property and equipment, net on the consolidated balance sheets.

The aggregate maturities of debt subsequent to December 31, 2021 are:


	December 31,
	2021
2022	$	3,627
2023		5,660
2024		60,330
2025		62,655
2026		3,809
Thereafter		91,393
	$	227,474

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Significant Accounting Policies - EPS (Details) - shares	Dec. 31, 2021	Dec. 31, 2020
Significant Accounting Policies
Common stock equivalents (in shares)	0	0

Other Liabilities

12 Months Ended

Dec. 31, 2021

Other Liabilities

Other Liabilities

12. Other Liabilities

Other liabilities consist of the following:


	December 31,		December 31,
	2021		2020
Accounts payable	$	48,597	$	25,376
Finance lease liabilities		380		316
Operating lease liabilities		732		808
Accrued compensation		4,877		3,337
Other accrued liabilities		4,807		6,892
Deferred revenue		13,357		16,632
Club initiation fees		22,850		10,716
Club membership deposits		3,602		3,764
Advance deposits		2,140		1,344
Accrued interest expense for Senior Notes held by SPE		2,850		2,850
Total other liabilities	$	104,192	$	72,035

Accounts payable as of December 31, 2021 and 2020 includes payables for projects under development and construction, such as the Embassy Suites by Hilton hotel, the Camp Creek Inn and amenity center and the Watersound Origins residential community.

Deferred revenue as of December 31, 2021 and 2020 includes $10.9 million and $11.5 million, respectively, related to a 2006 agreement pursuant to which the Company agreed to sell land to the Florida Department of Transportation. Revenue is recognized when title to a specific parcel is legally transferred.

Club initiation fees are recognized as revenue over the estimated average duration of membership, which is evaluated periodically. The following table presents the changes in club initiation fees related to contracts with customers:


	December 31, 2021		December 31, 2020
Balance at beginning of year	$	10,716	$	6,917
New club memberships		16,804		6,268
Revenue from amounts included in contract liability opening balance		(3,037)		(2,062)
Revenue from current period new memberships		(1,633)		(407)
Balance at end of year	$	22,850	$	10,716

Remaining performance obligations represent contracted revenue that has not been recognized, which include club initiation fees. As of December 31, 2021 remaining performance obligations were $22.8 million, of which the Company expects to recognize as revenue $5.2 million in 2022, $9.0 million in 2023 through 2024, $7.2 million in 2025 through 2026 and $1.4 million thereafter.

Advance deposits consist of deposits received on hotel rooms and related hospitality activities. Advance deposits are recorded as other liabilities in the consolidated balance sheets without regard to whether they are refundable and are recognized as income at the time the service is provided for the related deposit.

Commitments and Contingencies - (Details) - USD ($) $ in Thousands		1 Months Ended
	Jun. 29, 2020	Apr. 30, 2021	Nov. 30, 2020	Nov. 30, 2019	Jan. 31, 2019	Nov. 12, 2035	Dec. 31, 2021	Dec. 31, 2020	Jun. 30, 2020
Obligations
Accrued liabilities for other litigation, claims, other disputes and governmental proceedings							$ 400	$ 700
Amount of letters of credit outstanding							12,900	6,600
Purchase obligations, total							217,000
Principal balance							227,474	161,418
Deferred tax liabilities							132,551	120,347
Allowance for credit losses within other liabilities							100	100
Tax years 2007 and 2008
Obligations
Deferred tax liabilities							33,700
Tax Year 2014
Obligations
Deferred tax liabilities							37,800
Pier Park TPS JV Loan
Obligations
Guarantor liability, Scenario 2 (as a percent)					25.00%
Busy Bee JV Construction and Equipment Loans
Obligations
Guarantor liability, Scenario 3 (as a percent)	50.00%
Period of financial reporting and financial covenant obligations upon completion at specified rate	12 months
Latitude Margaritaville Watersound JV
Obligations
Amount as lender of secured revolving promissory note							10,000		$ 10,000
Notes receivable							7,100	2,700
Surety bonds
Obligations
Commitment obligations							36,900	24,200
Unconsolidated joint ventures
Obligations
Principal balance							62,701	33,088
Pier Park TPS JV
Obligations
Principal balance							14,124	14,388
Pier Park TPS JV \| Pier Park TPS JV Loan
Obligations
Loan amount					$ 14,400
Debt interest rate (as a percent)					5.20%
Principal balance							14,100	14,400
Pier Park TPS JV \| Pier Park TPS JV Loan \| LIBOR
Obligations
Basis spread on variable rate (as a percent)					2.50%
Pier Park TPS JV \| Interest Rate Swap [Member]
Obligations
Notional amount					$ 14,400
Busy Bee JV
Obligations
Principal balance							6,317	6,614
Busy Bee JV \| Busy Bee JV Construction and Equipment Loans \| LIBOR
Obligations
Basis spread on variable rate (as a percent)				1.50%
Busy Bee JV \| Busy Bee JV Construction Loan, due November 2035
Obligations
Loan amount				$ 5,400
Principal balance							5,300	5,400
Busy Bee JV \| Busy Bee JV Equipment Loan, due November 2027
Obligations
Notional amount				1,200
Loan amount				1,200
Principal balance							1,100	1,200
Busy Bee JV \| Interest Rate Swap [Member] \| Busy Bee JV Construction Loan, due November 2035
Obligations
Notional amount				$ 5,400
Fixed interest rate (as a percent)				2.70%
Busy Bee JV \| Interest Rate Swap [Member] \| Busy Bee JV Construction Loan, due November 2035 \| Forecast
Obligations
Notional amount						$ 2,800
Busy Bee JV \| Interest Rate Swap [Member] \| Busy Bee JV Equipment Loan, due November 2027
Obligations
Fixed interest rate (as a percent)				2.10%
Latitude Margaritaville Watersound JV
Obligations
Principal balance							7,147	3,297
Latitude Margaritaville Watersound JV \| Latitude Margaritaville Watersound JV Loan, due November 2023
Obligations
Loan amount			$ 25,000
Principal balance							0	$ 600
Floor rate (as a percent)			3.30%
Debt instrument, period by which maturity date may be extended			3 years
Latitude Margaritaville Watersound JV \| Latitude Margaritaville Watersound JV Loan, due November 2023 \| LIBOR
Obligations
Basis spread on variable rate (as a percent)			2.50%
Watersound Fountains Independent Living JV
Obligations
Principal balance							66
Watersound Fountains Independent Living JV \| Watersound Fountains JV Loan, due April 2026
Obligations
Loan amount		$ 41,900
Basis spread on variable rate (as a percent)		2.00%
Guarantor liability, Scenario 1 (as a percent)		50.00%
Guarantor liability, Scenario 2 (as a percent)		25.00%
Guarantor liability, Scenario 3 (as a percent)		0.00%
Principal balance							$ 100
Floor rate (as a percent)		2.50%
Debt instrument, period subject to interest payments only		48 months
Debt instrument, period by which maturity date may be extended		12 months

Segment Information - Information by Business Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segments
Total revenue	$ 266,996	$ 160,555	$ 127,085
Cost of revenue	131,314	77,776	64,086
Corporate and other operating expenses	23,023	22,906	21,389
Depreciation, depletion and amortization	18,202	12,788	10,287
Investment income, net	7,254	4,983	10,714
Interest expense	15,854	13,564	12,302
Gain on contribution to unconsolidated joint ventures	3,558	19,983	2,317
Other income (expense), net	10,181	1,329	4,133
Income (loss) before equity in loss from unconsolidated joint ventures and income taxes	99,596	59,816	36,185
Equity in (loss) income from unconsolidated joint ventures	(865)	(666)	(77)
Capital expenditures	200,819	162,243	114,286
Investment in unconsolidated joint ventures	52,027	37,965
Total assets	1,208,151	1,037,324
Interest income from investments in SPEs	8,078	8,180	8,190
Interest expense from Senior Notes issued by SPE	(8,827)	(8,813)	(8,801)
Gain on insurance recovery	4,853	690	5,314
Loss from hurricane damage	56	1,123	2,704
Latitude Margaritaville Watersound JV
Segments
Equity in (loss) income from unconsolidated joint ventures	(1,861)	(524)	(71)
Investment in unconsolidated joint ventures	30,040	24,288
Gain on land and additional infrastructure improvements contributed to to unconsolidated joint venture		15,700
Watersound Fountains Independent Living JV
Segments
Investment in unconsolidated joint ventures	7,508
Gain on land contribution	3,100
Florida Division of Emergency Management's Florida Timber Recovery Block Grant Program
Segments
Other income (expense), net	3,600
Sea Sound Apartments JV
Segments
Equity in (loss) income from unconsolidated joint ventures	(15)
Investment in unconsolidated joint ventures	10,333	10,348
Gain on land contribution		3,900
Busy Bee JV
Segments
Equity in (loss) income from unconsolidated joint ventures	441	(30)
Investment in unconsolidated joint ventures	1,621	1,180
Gain on land contribution			800
Pier Park TPS JV
Segments
Equity in (loss) income from unconsolidated joint ventures	551	(112)	(6)
Investment in unconsolidated joint ventures	1,961	2,149
Gain on land contribution			1,400
Residential real estate
Segments
Equity in (loss) income from unconsolidated joint ventures	(1,861)	(524)	(71)
Investment in unconsolidated joint ventures	30,039	24,287
Commercial leasing and sales
Segments
Equity in (loss) income from unconsolidated joint ventures	996	(142)	(6)
Investment in unconsolidated joint ventures	21,988	13,678
Operating Segments \| Residential real estate
Segments
Total revenue	145,784	74,715	41,586
Cost of revenue	57,842	30,359	20,492
Corporate and other operating expenses	4,872	5,283	4,873
Depreciation, depletion and amortization	351	318	283
Interest expense	581	683	717
Gain on contribution to unconsolidated joint ventures	503	15,706
Other income (expense), net	113	(22)	(217)
Income (loss) before equity in loss from unconsolidated joint ventures and income taxes	83,582	53,998	15,144
Capital expenditures	52,838	33,634	28,639
Total assets	195,142	172,610
Operating Segments \| Hospitality Segment
Segments
Total revenue	74,591	47,374	45,720
Cost of revenue	57,494	34,670	33,924
Corporate and other operating expenses	919	1,180	838
Depreciation, depletion and amortization	6,966	4,638	4,579
Interest expense	488	222	30
Other income (expense), net	635	575	225
Income (loss) before equity in loss from unconsolidated joint ventures and income taxes	9,359	7,238	6,574
Capital expenditures	101,686	42,770	15,923
Total assets	256,751	146,724
Operating Segments \| Commercial leasing and sales
Segments
Total revenue	44,627	36,665	38,823
Cost of revenue	14,440	12,228	9,593
Corporate and other operating expenses	3,980	3,681	3,479
Depreciation, depletion and amortization	10,490	6,987	5,253
Interest expense	5,949	3,836	2,739
Gain on contribution to unconsolidated joint ventures	3,055	3,949	2,244
Other income (expense), net	3,722	51	1,190
Income (loss) before equity in loss from unconsolidated joint ventures and income taxes	16,591	13,988	21,239
Capital expenditures	45,843	85,070	69,219
Total assets	375,266	332,649
Operating Segments \| Residential and commercial
Segments
Investment income, net	874	298	184
Corporate And Reconciling Items [Member]
Segments
Total revenue	1,994	1,801	956
Cost of revenue	1,538	519	77
Corporate and other operating expenses	13,252	12,762	12,199
Depreciation, depletion and amortization	395	845	172
Investment income, net	6,380	4,685	10,530
Interest expense	8,836	8,823	8,816
Gain on contribution to unconsolidated joint ventures		328	73
Other income (expense), net	5,711	725	2,935
Income (loss) before equity in loss from unconsolidated joint ventures and income taxes	(9,936)	(15,408)	(6,772)
Capital expenditures	452	769	505
Total assets	380,992	385,341
Interest expense from Senior Notes issued by SPE	$ (8,800)	$ (8,800)	$ (8,800)

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Taxes

Schedule of current and deferred income tax expense (benefit)


	Year Ended December 31,
	2021		2020		2019
Current:
Federal	$	9,005	$	5,146	$	1,070
State		—		—		—
Total		9,005		5,146		1,070
Deferred:
Federal		12,120		6,321		5,903
State		3,857		2,203		2,474
Total		15,977		8,524		8,377
Income tax expense	$	24,982	$	13,670	$	9,447

Summary of income tax expense (benefit) allocated in consolidated financial statements


	Year Ended December 31,
	2021		2020		2019
Income tax expense	$	24,982	$	13,670	$	9,447
Income tax recorded in accumulated other comprehensive loss
Income tax expense (benefit)		367		(386)		116
Total income tax expense	$	25,349	$	13,284	$	9,563

Schedule of effective income tax rate reconciliation


	Year Ended December 31,
	2021		2020		2019
Tax at the statutory federal rate	$	20,902	$	12,385	$	7,607
State income taxes (net of federal benefit)		3,581		2,203		1,477
Increase in valuation allowance		275		—		—
Change in US and State tax rates		458		—		1,006
Income tax credits		(186)		(454)		—
Benefit of Qualified Opportunity Zone investments		(195)		(161)		(561)
Dividend received deduction		—		(33)		(188)
Other permanent items		147		(270)		106
Total income tax expense	$	24,982	$	13,670	$	9,447

Schedule of deferred tax assets and liabilities


	December 31,		December 31,
	2021		2020
Deferred tax assets:
State net operating loss carryforwards	$	10,617	$	13,355
Impairment losses		28,496		33,660
Prepaid income from land sales		6,177		3,812
Capital loss carryforwards		4,090		—
Capitalized costs		2,462		2,851
Reserves and accruals		1,950		1,586
Unrealized losses on investments		359		3,403
Other		1,446		765
Total gross deferred tax assets		55,597		59,432
Valuation allowance		(305)		—
Total net deferred tax assets		55,292		59,432
Deferred tax liabilities:
Investment in real estate and property and equipment basis differences		14,014		5,929
Deferred gain on land sales and involuntary conversions		33,643		29,101
Installment sales		83,498		83,337
Pension Plan assets transferred to the 401(k) plan		—		287
Other		1,396		1,693
Total gross deferred tax liabilities		132,551		120,347
Net deferred tax liabilities	$	(77,259)	$	(60,915)

Debt, Net - Debt Agreements (Details) $ in Thousands	1 Months Ended												108 Months Ended	120 Months Ended
Debt, Net - Debt Agreements (Details) $ in Thousands	Oct. 31, 2021 USD ($)	Aug. 31, 2021 USD ($)	Jun. 30, 2021 USD ($)	Apr. 30, 2021	Mar. 31, 2021 USD ($)	Jan. 31, 2021 USD ($)	Nov. 30, 2020 USD ($)	Apr. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Oct. 31, 2019 USD ($)	Jun. 30, 2019 USD ($)	May 31, 2019 USD ($)	Aug. 31, 2031	Jun. 30, 2030	Dec. 31, 2022	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Aug. 31, 2019 USD ($)	May 31, 2018 USD ($) item	Feb. 28, 2018 USD ($)	Mar. 31, 2017 USD ($)	Oct. 31, 2015 USD ($)
Debt instruments
Outstanding debt																$ 227,474	$ 161,418
Total Community Development District debt																14,100	15,800
Assets pledged as collateral																352,800
PPN JV Loan, due November 2025, bearing interest at 4.1%
Debt instruments
Loan amount																						$ 48,200
Outstanding debt																$ 43,582	$ 44,568
Debt interest rate (as a percent)																4.10%	4.10%
Watersound Origins Crossings JV Loan, due May 2024, bearing interest at 5.0%
Debt instruments
Loan amount												$ 37,900
Outstanding debt																$ 37,897	$ 27,179
Debt instrument, period subject to interest payments only												32 months
Debt interest rate (as a percent)																5.00%	5.00%
PPC JV Loan, insured by HUD, due June 2060, bearing interest at 3.1%
Debt instruments
Outstanding debt																$ 35,670	$ 36,084
Debt interest rate (as a percent)		3.10%														3.10%
PPC JV Loan, insured by HUD, due June 2060, bearing interest at 3.1% \| Minimum \| Forecast
Debt instruments
Prepayment premium, as a percent of principal repaid													2.00%
PPC JV Loan, insured by HUD, due June 2060, bearing interest at 3.1% \| Maximum
Debt instruments
Loan costs																$ 100
PPC JV Loan, insured by HUD, due June 2060, bearing interest at 3.1% \| Maximum \| Forecast
Debt instruments
Prepayment premium, as a percent of principal repaid													10.00%
PPC JV Loan, due June 2060, bearing interest at 3.99%
Debt instruments
Loan amount																			$ 36,600
Debt interest rate (as a percent)																			4.00%
PPC JV Loan, due June 2060, bearing interest at 3.99% \| Minimum \| Forecast
Debt instruments
Prepayment premium, as a percent of principal repaid														1.00%
PPC JV Loan, due June 2060, bearing interest at 3.99% \| Maximum \| Forecast
Debt instruments
Prepayment premium, as a percent of principal repaid														9.00%
Watercrest JV Loan, due June 2047, bearing interest at LIBOR plus 2.2% and swapped to a fixed rate of 4.4%
Debt instruments
Loan amount											$ 22,500
Outstanding debt																20,053	18,066
Debt instrument, period subject to interest payments only											36 months
Watercrest JV Loan, due June 2047, bearing interest at LIBOR plus 2.2% and swapped to a fixed rate of 4.4% \| Interest Rate Swap [Member]
Debt instruments
Notional amount											$ 20,000
Fixed interest rate (as a percent)											4.40%
PPC II JV Loan, due October 2024, bearing interest at LIBOR plus 2.1%
Debt instruments
Loan amount										$ 17,500
Outstanding debt																17,374	15,921
Company's liability as guarantor, upon satisfaction of final advance conditions (as a percent)				50.00%
Company's liability as guarantor, upon reaching and maintaining a certain debt service coverage ratio (as a percent)										25.00%
Airport Hotel Loan, due March 2025, bearing interest at LIBOR plus 2.0%, with a floor rate of 3.0%
Debt instruments
Loan amount									$ 15,300
Outstanding debt																14,642	3,548
Debt instrument, period subject to interest payments only									36 months
Breakfast Point Hotel Loan, due November 2042, bearing interest at LIBOR plus 2.8%, with a floor rate of 3.8%
Debt instruments
Loan amount							$ 16,800
Outstanding debt																11,843
Debt instrument, period subject to interest payments only							24 months
Beckrich Building III Loan, due August 2029, bearing interest at LIBOR plus 1.7%
Debt instruments
Loan amount																		$ 5,500
Outstanding debt																5,188	5,421
Community Development District debt, secured by certain real estate or other collateral, due May 2022 through May 2039, bearing interest at 3.6% to 6.0%
Debt instruments
Outstanding debt																$ 4,909	$ 6,294
Community Development District debt, secured by certain real estate or other collateral, due May 2022 through May 2039, bearing interest at 3.6% to 6.0% \| Minimum
Debt instruments
Debt interest rate (as a percent)																3.60%	3.60%
Community Development District debt, secured by certain real estate or other collateral, due May 2022 through May 2039, bearing interest at 3.6% to 6.0% \| Maximum
Debt instruments
Debt interest rate (as a percent)																6.00%	6.00%
The Lodge 30A JV Loan, due January 2028, bearing interest at 3.8%
Debt instruments
Loan amount						$ 15,000
Outstanding debt																$ 7,474
Debt instrument, period subject to interest payments only						24 months
Debt service coverage period						24 months
Debt interest rate (as a percent)																3.80%
Company's liability as guarantor, third year (as a percent)						75.00%
Company's liability as guarantor, fourth year (as a percent)						50.00%
Company's liability as guarantor, fifth year (as a percent)						25.00%
Self-Storage Facility Loan, due November 2025, bearing interest at LIBOR plus 2.4%, with a floor rate of 2.9%
Debt instruments
Loan amount							$ 5,800
Outstanding debt																$ 4,666
Debt instrument, period subject to interest payments only							48 months
Self-Storage Facility Loan, due November 2025, bearing interest at LIBOR plus 2.4%, with a floor rate of 2.9% \| Maximum
Debt instruments
Amount of liability as guarantor							$ 2,900
Beach Homes Loan, due May 2029, bearing interest at LIBOR plus 1.7%.
Debt instruments
Loan amount																			$ 1,700
Outstanding debt																1,492	$ 1,545
Number of homes financed \| item																			2
Pier Park Outparcel Loan, due March 2027, bearing interest at LIBOR plus 1.7%
Debt instruments
Loan amount																					$ 1,600
Outstanding debt																1,370	1,458
WaterColor Crossings Loan, due February 2029, bearing interest at LIBOR plus 1.7%
Debt instruments
Loan amount																				$ 1,900
Outstanding debt																1,265	$ 1,334
Pier Park Resort Hotel JV Loan, due April 2027, bearing interest at LIBOR plus 2.2%
Debt instruments
Loan amount								$ 52,500
Outstanding debt																14,650
Debt instrument, period subject to interest payments only								36 months
Debt service coverage period								12 months
Pier Park Resort Hotel JV Loan, due April 2027, bearing interest at LIBOR plus 2.2% \| Maximum
Debt instruments
Loan amount								$ 60,000
Pier Park Resort Hotel JV Loan, due April 2027, bearing interest at LIBOR plus 2.2% \| Interest Rate Swap [Member]
Debt instruments
Notional amount								$ 42,000
Pier Park Resort Hotel JV Loan, due April 2027, bearing interest at LIBOR plus 2.2% \| Interest Rate Swap [Member] \| Forecast
Debt instruments
Fixed interest rate (as a percent)															3.20%
North Bay Landing Apartments Loan, due September 2024, bearing interest at LIBOR plus 2.5%, with a floor rate of 3.2%
Debt instruments
Loan amount					$ 26,800
Outstanding debt																1,342
Loan extension period					18 months
Company's liability as guarantor, upon satisfaction of final advance conditions (as a percent)					50.00%
Company's liability as guarantor, upon reaching and maintaining a certain debt service coverage ratio (as a percent)					25.00%
Watersound Camp Creek Loan, due December 2047, bearing interest at LIBOR plus 2.1%, with a floor rate of 2.6% (effective rate of 2.6% at December 31, 2021)
Debt instruments
Loan amount			$ 28,000
Outstanding debt																3,437
Debt instrument, period subject to interest payments only			18 months
Company's liability as guarantor, upon reaching and maintaining a trailing six months operations with a certain debt service coverage ratio (as a percent)			50.00%
Trailing period one for determining Company's liability as guarantor under loan			6 months
Company's liability as guarantor, upon reaching and maintaining a trailing twelve months operations with a certain debt service coverage ratio (as a percent)			25.00%
Trailing period two for determining Company's liability as guarantor under loan			12 months
Watersound Town Center Grocery LoanWatersound Town Center Grocery Loan, due August 2031, bearing interest at LIBOR plus 2.0%, with a floor rate of 2.2%
Debt instruments
Loan amount		$ 12,000
Outstanding debt																620
Debt instrument, period subject to interest payments only		24 months
Company's liability as guarantor, upon satisfaction of final advance conditions (as a percent)		50.00%
Company's liability as guarantor, upon reaching and maintaining a certain debt service coverage ratio (as a percent)		25.00%
Occupancy requirement (as a percent)		93.00%
Occupancy period		90 days
Hotel Indio Loan
Debt instruments
Loan amount	$ 21,200
Outstanding debt																0
Debt instrument, period subject to interest payments only	24 months
Loan costs																$ 300
Loan extension period	60 months

Investments

12 Months Ended

Dec. 31, 2021

Investments

Investments

5. Investments

Available-For-Sale Investments

Investments classified as available-for-sale securities were as follows:

December 31, 2021

Gross Unrealized

Amortized Cost

Gains

(Losses)

Fair Value

Investments - debt securities:

U.S. Treasury Bills

88,966

(11)

88,956


	December 31, 2020
			Gross Unrealized		Gross Unrealized
	Amortized Cost		Gains		(Losses)		Fair Value
Investments - debt securities:
U.S. Treasury Bills	$	47,986	$	5	$	—	$	47,991
Corporate debt securities		60		—		—		60
		48,046		5		—		48,051
Restricted investments:
Short-term bond		1,160		11		—		1,171
		1,160		11		—		1,171
	$	49,206	$	16	$	—	$	49,222

During 2021, net realized gains from the sale of available-for-sale securities were less than $0.1 million, proceeds from the sale of available-for-sale securities were $1.2 million, maturities of available-for-sale securities were $117.0 million and purchases of available-for-sale securities were $157.9 million. During 2020, net realized gains from the sale of available-for-sale securities were $0.1 million, proceeds from the sale of available-for-sale securities were $1.2 million, proceeds from the maturity of available-for-sale securities were $11.0 million and purchases of available-for-sale securities were $58.9 million.

The following table provides the available-for-sale investments with an unrealized loss position and their related fair values:


	December 31, 2021								December 31, 2020
	Less Than 12 Months				12 Months or Greater				Less Than 12 Months				12 Months or Greater
			Unrealized				Unrealized				Unrealized				Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
Investments - debt securities:
U.S. Treasury Bills	$	43,959	$	11	$	—	$	—	$	—	$	—	$	—	$	—

As of December 31, 2021, the Company had de minimis unrealized losses related to U.S. Treasury Bills. As of December 31, 2020, the Company did not have unrealized losses related to investments – debt securities. As of December 31, 2021, the Company determined the unrealized losses related to U.S. Treasury Bills were not due to credit impairment and did not record an allowance for credit losses related to available-for-sale debt securities. In addition, the Company did not intend to sell the investments with an unrealized loss and it is more likely than not that the Company will not be required to sell any of these securities prior to their anticipated recovery.

The amortized cost and estimated fair value of investments – debt securities classified as available-for-sale, by contractual maturity are shown in the following table.

Investment Management Agreement

Mr. Bruce R. Berkowitz is the Chairman of the Company’s Board. He is the Manager of, and controls entities that own and control, Fairholme Holdings, LLC, which wholly owns FCM. Mr. Berkowitz is the Chief Investment Officer of FCM, which has provided investment advisory services to the Company since April 2013. FCM does not receive any compensation for services as the Company’s investment advisor. As of December 31, 2021, clients of FCM, including Mr. Berkowitz, beneficially owned approximately 42.6% of the Company’s common stock. FCM and its client, The Fairholme Fund, a series of investments originating from the Fairholme Funds, Inc., may be deemed affiliates of the Company.

Pursuant to the terms of the Investment Management Agreement, with the Company, FCM agreed to supervise and direct the Company’s investment accounts in accordance with the investment guidelines and restrictions approved by the Company. The investment guidelines are set forth in the Investment Management Agreement and require that any new securities for purchase must be issues of the U.S. Treasury or U.S. Treasury Money Market Funds.

Other Liabilities - Schedule of Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Other Liabilities
Accounts payable	$ 48,597	$ 25,376
Finance lease liabilities	380	316
Operating lease liabilities	732	808
Accrued compensation	4,877	3,337
Other accrued liabilities	4,807	6,892
Deferred revenue	13,357	16,632
Club initiation fees	22,850	10,716
Club membership deposits	3,602	3,764
Advance deposits	2,140	1,344
Accrued interest expense for Senior Notes held by SPE	2,850	2,850
Total other liabilities	$ 104,192	$ 72,035
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Total other liabilities	Total other liabilities
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Total other liabilities	Total other liabilities

Other Assets (Tables)

12 Months Ended

Dec. 31, 2021

Other Assets

Schedule of Other Assets


	December 31,		December 31,
	2021		2020
Restricted investments	$	—	$	1,171
Investments - equity securities		450		2,623
Accounts receivable, net		13,813		10,791
Homesite sales receivable		7,651		5,675
Notes receivable, net		12,377		10,877
Inventory		2,797		2,026
Prepaid expenses		7,175		7,135
Straight-line rent		2,489		3,174
Operating lease right-of-use assets		732		808
Other assets		5,987		5,743
Retained interest investments		13,826		12,905
Accrued interest receivable for Senior Notes held by SPE		2,938		2,938
Total other assets	$	70,235	$	65,866

Schedule of Lot Sales Receivable


				Increases Due To
		Balance		Revenue Recognized		Decreases Due to		Balance
		January 1, 2021		for Homesites Sold		Amounts Received		December 31, 2021
Homesite sales receivable	$	5,675	$	7,213	$	(5,237)	$	7,651


				Increases Due To
		Balance		Revenue Recognized		Decreases Due to		Balance
		January 1, 2020		for Homesites Sold		Amounts Received		December 31, 2020
Homesite sales receivable	$	5,211	$	3,854	$	(3,390)	$	5,675

Schedule of Notes Receivable, Net


	December 31,		December 31,
	2021		2020
Interest bearing revolving promissory note with the unconsolidated Latitude Margaritaville Watersound JV, secured by the JV's real property — bearing interest at a rate of 5.0%, matures June 2025	$	7,075	$	2,714
Various interest bearing homebuilder notes, secured by the real estate sold — bearing interest at a rate of 5.5%, due September 2022 through May 2023		4,824		7,544
Interest bearing notes with JV partners, secured by the partners' membership interest in the JVs — bearing interest at a rate of 8.0%, due May 2039		359		556
Non-interest bearing note with a tenant for tenant improvements, due October 2025		76		—
Various mortgage notes, secured by certain real estate, bearing interest at rates of 4.4% to 5.2% due December 2022 through November 2023		43		63
Total notes receivable, net	$	12,377	$	10,877

Income Taxes - Valuation Allowances and Unrecognized Tax Benefits (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Income Taxes
Valuation allowance	$ 305

Income Taxes - Tax Rates (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes - Tax Rates (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income taxes
Impact of change in tax rate		$ 458		$ 1,006
Change in state tax rate		$ 500
Florida Department of Revenue
Income taxes
Tax at the state statutory rate (as a percent)		3.50%	4.50%	4.50%	5.50%
Impact of change in tax rate				$ 1,000
Florida Department of Revenue \| Forecast
Income taxes
Tax at the state statutory rate (as a percent)	5.50%

Commitments and Contingencies

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies

Commitments and Contingencies

20. Commitments and Contingencies

The Company establishes an accrued liability when it is both probable that a material loss has been incurred and the amount of the loss can be reasonably estimated. The Company will evaluate the range of reasonably estimated losses and record an accrued liability based on what it believes to be the minimum amount in the range, unless it believes an amount within the range is a better estimate than any other amount. In such cases, there may be an exposure to loss in excess of the amounts accrued. The Company evaluates quarterly whether further developments could affect the amount of the accrued liability previously established or would make a loss contingency both probable and reasonably estimable.

The Company also provides disclosure when it believes it is reasonably possible that a material loss will be incurred or when it believes it is reasonably possible that the amount of a loss will exceed the recorded liability. The Company reviews loss contingencies at least quarterly to determine whether the likelihood of loss has changed and to assess whether a reasonable estimate of the loss or range of loss can be made. This estimated range of possible losses is based upon currently available information and is subject to significant judgment and a variety of assumptions, as well as known and unknown uncertainties. The matters underlying the estimated range will change from time to time, and actual results may vary significantly from the current estimate.

The Company is subject to a variety of litigation, claims, other disputes and governmental proceedings that arise from time to time in the ordinary course of its business, including litigation related to its prior homebuilding and development activities. The Company cannot make assurances that it will be successful in defending these matters. Based on current knowledge, the Company does not believe that loss contingencies arising from pending litigation, claims, other disputes and governmental proceedings, including those described herein, will have a material adverse effect on the consolidated financial position or liquidity of the Company. However, in light of the inherent uncertainties involved in these matters, an adverse outcome in one or more of these matters could be material to the Company’s results of operations or cash flows for any particular reporting period.

The Company is subject to costs arising out of environmental laws and regulations, which include obligations to remove or limit the effects on the environment of the disposal or release of certain wastes or substances at various sites, including sites which have been previously sold. It is the Company’s policy to accrue and charge against earnings environmental cleanup costs when it is probable that a liability has been incurred and range of loss can be reasonably estimated. As assessments and cleanups proceed, these accruals are reviewed and adjusted, if necessary, as additional information becomes available. The Company is in the process of assessing certain properties in regard to the effects, if any, on the environment from the disposal or release of wastes or substances. Management is unable to quantify future rehabilitation costs above present accruals at this time or provide a reasonably estimated range of loss.

Other litigation, claims and disputes, including environmental matters, are pending against the Company. Accrued aggregate liabilities related to the matters described above and other litigation matters were $0.4 million and $0.7 million as of December 31, 2021 and 2020, respectively. Significant judgment is required in both the determination of probability and whether the amount of an exposure is reasonably estimable. Due to uncertainties related to these matters, accruals are based only on the information available at that time. As additional information becomes available, management reassesses potential liabilities related to pending claims and litigation and may revise its previous estimates, which could materially affect the Company’s results of operations for any particular reporting period.

The Company has retained certain self-insurance risks with respect to losses for third party liability and property damage, including its timber assets.

In June 2020, the Company, as lender, entered into a $10.0 million secured revolving promissory note with the unconsolidated Latitude Margaritaville Watersound JV, as borrower. As of December 31, 2021 and 2020, $7.1 million and $2.7 million, respectively, was outstanding on the Latitude Margaritaville Watersound JV Note. The Latitude Margaritaville Watersound JV Note was provided by the Company to finance the development of the pod-level, non-spine infrastructure, which is being repaid by the JV as each home is sold by the JV, with the aggregate unpaid principal and all accrued and unpaid interest due at maturity in June 2025. The Latitude Margaritaville Watersound JV Note is secured by a mortgage and security interest in and on the real property and improvements located on the real property of the JV. See Note 4. Joint Ventures and Note 9. Other Assets for additional information.

As of December 31, 2021 and 2020, the Company was required to provide surety bonds that guarantee completion and maintenance of certain infrastructure in certain development projects and mitigation banks, as well as other financial guarantees of $36.9 million and $24.2 million, respectively, as well as standby letters of credit in the amount of $12.9 million and $6.6 million, respectively, which may potentially result in liability to the Company if certain obligations of the Company are not met.

As of December 31, 2021, the Company had a total of $217.0 million in construction and development related contractual obligations, of which a significant portion will be funded through committed or new financing arrangements.

In January 2019, the Company’s unconsolidated Pier Park TPS JV, entered into a $14.4 million loan (the “Pier Park TPS JV Loan”). The Pier Park TPS JV Loan bears interest at LIBOR plus 2.5% and provides for monthly principal and interest payments with a final balloon payment at maturity in January 2026. The Pier Park TPS JV Loan is secured by the real and personal property and an assignment of rents and the security interest in the rents. In connection with the Pier Park TPS JV Loan, the Company, a wholly-owned subsidiary of the Company and the Company’s JV partner entered into a joint and several payment and performance guarantee in favor of the lender. The Company’s liability as guarantor under the Pier Park TPS JV Loan has been reduced to 25% of the outstanding principal balance, which requires maintaining a certain debt service coverage. The guarantee contains customary provisions providing for full recourse upon the occurrence of certain events. The Pier Park TPS JV entered into an interest rate swap to hedge cash flows tied to changes in the underlying floating interest rate tied to LIBOR. The interest rate swap was effective January 14, 2021 and matures on January 14, 2026 and fixed the variable rate on the related debt, initially at $14.4 million, to a rate of 5.2%. As of December 31, 2021 and 2020, $14.1 million and $14.4 million, respectively, was outstanding on the Pier Park TPS JV Loan. See Note 6. Financial Instruments and Fair Value Measurements for additional information.

In November 2019, the Company’s unconsolidated Busy Bee JV, entered into a $5.4 million loan (the “Busy Bee JV Construction Loan”) and a $1.2 million equipment loan (the “Busy Bee JV Equipment Loan”). The Busy Bee JV Construction Loan and the Busy Bee JV Equipment Loan bear interest at LIBOR plus 1.5%. The Busy Bee JV Construction Loan provides for monthly principal and interest payments with a final balloon payment at maturity in November 2035. The Busy Bee JV Equipment Loan provides for monthly principal and interest payments through maturity in November 2027. The loans are secured by the real and personal property, assignment of rents and leases and a security interest in the construction contract and management agreement. In connection with the Busy Bee JV Construction Loan and the Busy Bee JV Equipment Loan, the Company, a wholly-owned subsidiary of the Company and the Company’s JV partner entered into a joint and several payment and performance guarantee in favor of the lender through substantial completion, which occurred in June 2020. The Company’s liability as guarantor under the loans upon substantial completion was reduced to 50% for a twelve-month period. Subsequent to that time, the Company’s guarantee will be released upon request. Upon release of the Company’s guarantee, the JV partner will be the sole guarantor and will receive a fee related to the guarantee from the Company based on the Company’s ownership percentage. The Busy Bee JV entered into an interest rate swap to hedge cash flows tied to changes in the underlying floating interest rate tied to LIBOR for the Busy Bee JV Construction Loan and the Busy Bee JV Equipment Loan. The Busy Bee JV Construction Loan interest rate swap was effective November 12, 2020 and matures on November 12, 2035 and fixed the variable rate debt, initially at $5.4 million amortizing to $2.8 million at swap maturity, to a rate of 2.7%. The Busy Bee JV Equipment Loan interest rate swap was effective November 12, 2020 and matures on November 12, 2027 and fixed the variable rate debt, initially at $1.2 million to maturity, to a rate of 2.1%. As of December 31, 2021 and 2020, $5.3 million and $5.4 million, respectively, was outstanding on the Busy Bee JV Construction Loan. As of December 31, 2021 and 2020, $1.1 million and $1.2 million, respectively, was outstanding on the Busy Bee JV Equipment Loan.

In November 2020, the Company’s unconsolidated Latitude Margaritaville Watersound JV, entered into a $25.0 million loan (the “Latitude Margaritaville Watersound JV Loan”). The Latitude Margaritaville Watersound JV Loan bears interest at LIBOR plus 2.5%, with a floor of 3.3%. The Latitude Margaritaville Watersound JV Loan provides for monthly interest payments with a final balloon payment at maturity in November 2023. The Latitude Margaritaville Watersound JV Loan includes annual maturity extension rights for a total of three additional years, subject to bank approval. The Latitude Margaritaville Watersound JV Loan is secured by the real and personal property, assignment of rents, leases and deposits and security interest in the land development, construction contracts, plans and specifications, permits, agreements, approvals, fees and deposits. In connection with the Latitude Margaritaville Watersound JV Loan, the Company and the Company’s JV partner entered into an unconditional guaranty of completion of certain homes in favor of the lender. As of December 31, 2021, there was no principal balance outstanding on the Latitude Margaritaville Watersound JV Loan. As of December 31, 2020, $0.6 million was outstanding on the Latitude Margaritaville Watersound JV Loan.

In April 2021, the Company’s unconsolidated Watersound Fountains Independent Living JV, entered into a $41.9 million loan (the “Watersound Fountains JV Loan”). The Watersound Fountains JV Loan bears interest at LIBOR plus 2.0%, with a floor of 2.5%. The Watersound Fountains JV Loan provides for interest only payments for the first forty-eight months and principal and interest payments thereafter with a final balloon payment at maturity in April 2026. The Watersound Fountains JV Loan includes an option for an extension of the maturity date by twelve months, subject to certain conditions, that would provide for continued monthly principal and interest payments with a final balloon payment at the extended maturity date. The Watersound Fountains JV Loan is secured by the real property, assignment of rents, leases, deposits, licenses, permits, contracts and construction and development documents and the security interest in the personal property, rents and management agreement. In connection with the Watersound Fountains JV Loan, the Company executed a guarantee in favor of the lender to guarantee the completion of the project and payment and performance of the borrower under the Watersound Fountains JV Loan. The Company’s liability as guarantor under the Watersound Fountains JV Loan will be reduced to 50% of the principal amount upon issuance of the certificate of occupancy and reduced to 25% and a further 0% of the outstanding principal balance upon reaching and maintaining certain debt service coverage. The guarantee contains customary provisions providing for full recourse upon the occurrence of certain events. The Company is the sole guarantor and receives a quarterly fee related to the guarantee from its JV partners based on the JV partners’ ownership percentage. As of December 31, 2021, $0.1 million was outstanding on the Watersound Fountains JV Loan.

The Company has assessed the need to record a liability for the guarantees related to the Company’s unconsolidated JVs and did not record an obligation as of both December 31, 2021 and 2020. As of both December 31, 2021 and 2020, allowance for credit losses related to the contingent aspect of these guarantees, based on historical experience and economic trends, was $0.1 million and is included within other liabilities on the consolidated balance sheets.

As part of certain sales of timberlands in 2007, 2008 and 2014, the Company generated significant tax gains. The installment notes structure allowed the Company to defer the resulting federal tax liability of $33.7 million until 2022 - 2024 and $37.8 million until 2029, respectively, the maturity dates for the installment notes. The Company has a deferred tax liability related to the gains in connection with these sales.

Investment in Real Estate - Operating Property (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Real estate properties
Less: Accumulated depreciation	$ 87,166
Investment in real estate, net	690,113	$ 551,653
Operating property, net related to operating leases	230,000	161,100
Operating property
Real estate properties
Investment in real estate	428,623	333,509
Less: Accumulated depreciation	87,166	75,960
Investment in real estate, net	341,457	257,549
Operating property \| Land and land improvements
Real estate properties
Investment in real estate	111,698	97,031
Operating property \| Building and building improvements
Real estate properties
Investment in real estate	303,335	223,095
Operating property \| Timberlands
Real estate properties
Investment in real estate	$ 13,590	$ 13,383

Investment in Real Estate (Table) - Investment in real estate, net

12 Months Ended

Dec. 31, 2021

Real estate properties

Schedule of real estate, excluding unconsolidated JVs, by property type and segment


	December 31,		December 31,
	2021		2020
Development property:
Residential	$	122,404	$	116,911
Hospitality		137,089		51,113
Commercial		85,931		123,389
Other		3,232		2,691
Total development property		348,656		294,104

Operating property:
Residential		13,253		13,254
Hospitality		124,449		103,687
Commercial		290,794		216,439
Other		127		129
Total operating property		428,623		333,509
Less: Accumulated depreciation		87,166		75,960
Total operating property, net		341,457		257,549
Investment in real estate, net	$	690,113	$	551,653

Operating property

Real estate properties

Schedule of property


		December 31,		December 31,
		2021		2020
Land and land improvements	$	111,698	$	97,031
Buildings and building improvements		303,335		223,095
Timber		13,590		13,383
		428,623		333,509
Less: Accumulated depreciation		87,166		75,960
Total operating property, net	$	341,457	$	257,549

Joint Ventures - Consolidated Joint Ventures (Details)	1 Months Ended	3 Months Ended		12 Months Ended
Joint Ventures - Consolidated Joint Ventures (Details)	Dec. 31, 2020 item	Dec. 31, 2021 item room	Dec. 31, 2020 item	Dec. 31, 2021 item room	Dec. 31, 2020
Lodge 30A JV
Variable interest entity
Variable interest entity, ownership percentage				52.80%	52.80%
Lodge 30A JV \| Hotel
Variable interest entity
Number of units to be developed \| room		85		85
Pier Park Resort Hotel JV
Variable interest entity
Variable interest entity, ownership percentage				70.00%	70.00%
Pier Park Resort Hotel JV \| Hotel
Variable interest entity
Number of units to be developed \| room		255		255
Pier Park Crossings II JV
Variable interest entity
Variable interest entity, ownership percentage				75.00%	75.00%
Pier Park Crossings II JV \| Apartment
Variable interest entity
Number of units completed in period	120
Watersound Closings JV
Variable interest entity
Variable interest entity, ownership percentage				58.00%	58.00%
Watercrest JV
Variable interest entity
Variable interest entity, ownership percentage				87.00%	87.00%
Watercrest JV \| Senior living community
Variable interest entity
Number of units completed in period			107
Watersound Origins Crossings JV
Variable interest entity
Variable interest entity, ownership percentage				75.00%	75.00%
Watersound Origins Crossings JV \| Apartment
Variable interest entity
Number of units completed in period		217
Pier Park Crossings JV
Variable interest entity
Variable interest entity, ownership percentage				75.00%	75.00%
Pier Park Crossings JV \| Apartment
Variable interest entity
Number of completed units		240		240
Pier Park North JV.
Variable interest entity
Variable interest entity, ownership percentage				60.00%	60.00%

Other Income, Net - Gain on Contribution and Other Income, Net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jun. 30, 2020
Watersound Fountains Independent Living JV
Other Income, Net
Gain on land contribution	$ 3.1
Busy Bee JV
Other Income, Net
Gain on land contribution			$ 0.8
Pier Park TPS JV
Other Income, Net
Gain on land contribution			1.4
Gain on land and mitigation credits			$ 1.5
Sea Sound Apartments JV
Other Income, Net
Gain on land contribution		$ 3.9
Gain on land and mitigation credits		4.3
Latitude Margaritaville Watersound JV
Other Income, Net
Gain on additional infrastructure improvements contributed	$ 0.5
Gain on land and additional infrastructure improvements contributed to to unconsolidated joint venture		$ 15.7
Net present value of land contribution				$ 16.6
Imputed interest rate (as a percent)	5.80%

Nature of Operations

12 Months Ended

Dec. 31, 2021

Nature of Operations

Nature of Operations

1. Nature of Operations

The St. Joe Company, together with its consolidated subsidiaries, is a Florida real estate development, asset management and operating company with all of its real estate assets and operations in Northwest Florida. Approximately 86% of the Company’s real estate is located in Florida’s Bay, Gulf, and Walton counties. Approximately 90% of the Company’s real estate land holdings are located within fifteen miles of the Gulf of Mexico.

The Company conducts primarily all of its business in the following three reportable segments: 1) residential, 2) hospitality and 3) commercial. Prior to the first quarter of 2020, commercial leasing and sales, as well as forestry were treated as individual reportable segments. Commencing in the first quarter of 2020, due to organizational changes, the Company’s previously titled “commercial leasing and sales” and “forestry” segments are reported as one segment and retitled to “commercial.” This change is consistent with the Company’s belief that the decision making and management of the assets in these segments are being made as one group. All prior year segment information has been reclassified to conform to the current presentation. Also, commencing in the first quarter of 2020, the Company’s previously titled “residential real estate” segment was retitled to “residential.” The change had no effect on the consolidated balance sheets, statements of income, statements of comprehensive income or statements of cash flows for the periods presented. See Note 19. Segment Information.

References to the number of acres, hotel rooms, multi-family units, senior living units and homesites and any amounts derived from these values in the notes to the consolidated financial statements are unaudited.

Joint Ventures - Unconsolidated JV - Latitude Margaritaville Watersound JV (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) item	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Jun. 30, 2020 USD ($)
Investments
Investment in unconsolidated joint ventures	$ 52,027	$ 37,965
Capital contribution to unconsolidated joint ventures	9,389	10,815	$ 1,116
Latitude Margaritaville Watersound JV
Investments
Amount as lender of secured revolving promissory note	10,000			$ 10,000
Latitude Margaritaville Watersound JV
Investments
Contractual value of land and improvements to be contributed				35,000
Investment in unconsolidated joint ventures	$ 30,040	24,288
Net present value of land contribution				$ 16,600
Imputed interest rate (as a percent)	5.80%
Amount of infrastructure improvements completed	$ 4,800	$ 1,800
Variable interest entity, ownership percentage	50.00%	50.00%
Average amount of land contribution returned per home	$ 10
Latitude Margaritaville Watersound JV
Investments
Number of homes sold \| item	47
Latitude Margaritaville Watersound JV \| Residential homes
Investments
Number of units to be developed, under development, or developed and constructed \| item	3,500

Schedule III (Consolidated) - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2021

SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]

SCHEDULE III (CONSOLIDATED) - REAL ESTATE AND ACCUMULATED DEPRECIATION

THE ST. JOE COMPANY

SCHEDULE III (CONSOLIDATED) - REAL ESTATE AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2021

(in thousands)


			Initial Cost to Company ^(b)						Gross Amount at December 31, 2021
							Costs Capitalized
							Subsequent to								Accumulated		Date of	Depreciation
			Land &		Buildings &		Acquisition or		Land & Land		Buildings and				Depreciation and		Construction or	Life
Description^(a)	Encumbrances		Improvements		Improvements		Construction ^(c)		Improvements		Improvements		Total		Amortization		Acquisition	(In Years)
Residential developments	$	1,088	$	29,284	$	14,846	$	91,527	$	128,317	$	7,340	$	135,657	$	5,019	through 2021	3 - 25
Hospitality
WaterColor Hospitality		—		1,137		13,688		13,007		4,023		23,809		27,832		11,794	2002, 2013	2 - 40
Pier Park Resort Hotel JV		14,650		1,438		37,450		—		1,438		37,450		38,888		—	2021	N/A
The Lodge 30A JV		7,474		2,143		11,954		—		2,143		11,954		14,097		—	2021	N/A
Airport Hospitality		14,642		1,693		17,101		—		1,693		17,101		18,794		270	2021	15 - 39
Breakfast Point Hospitality		11,843		—		23,145		—		—		23,145		23,145		—	2021	N/A
Watersound Club		3,437		34,608		48,092		2,061		37,264		47,497		84,761		24,266	2001 - 2007, 2018 - 2021	5 - 39
Marinas		—		5,350		20,132		246		5,596		20,132		25,728		2,489	2021	15 - 39
Other		3,680		3,511		22,775		2,007		5,429		22,864		28,293		3,123	2008 - 2009, 2019 - 2021	5 - 39
Commercial
Leasing properties:
Pier Park North JV		43,582		13,176		35,243		3,236		13,297		38,358		51,655		12,807	2014 - 2017	15 - 39
Town centers		—		64		12,013		3,082		74		15,085		15,159		10,943	2001 - 2008	5 - 25
VentureCrossings		—		4,983		29,274		188		4,992		29,453		34,445		6,549	2012, 2017, 2019	5 - 39
Watersound Origins Crossings JV		37,897		6,853		33,912		—		6,853		33,912		40,765		716	2020 - 2021	20 - 39
Pier Park Crossings JV		35,670		8,456		28,662		—		8,456		28,662		37,118		2,562	2019 - 2020	20 - 39
Pier Park Crossings II JV		17,374		3,567		15,586		—		3,567		15,586		19,153		606	2020	20 - 39
North Bay Landing		1,343		—		16,979		—		—		16,979		16,979		—	2021	N/A
Watercrest JV		20,053		3,073		18,475		—		3,073		18,475		21,548		559	2020	15 - 39
Self-Storage		4,666		1,003		5,871		—		1,003		5,871		6,874		63	2021	15 - 39
Beckrich		5,188		2,200		13,298		183		2,223		13,458		15,681		1,198	2017, 2020	3 - 39
Watersound Town Center		620		2,796		22,722		—		2,796		22,722		25,518		300	2020, 2021	15 - 39
Other		2,635		6,711		11,581		(948)		5,920		11,424		17,344		1,743	through 2021	5 - 39
Commercial developments		1,632		34,667		—		16,673		51,340		—		51,340		35	through 2021	3 - 5
Timberlands and other unimproved land		—		6,620		1,788		14,738		21,358		1,788		23,146		2,060	N/A	5 - 39
Mitigation banks and other		—		—		—		3,359		3,277		82		3,359		64	through 2021	5 - 20
Total	$	227,474	$	173,333	$	454,587	$	149,359	$	314,132	$	463,147	$	777,279	$	87,166

(a)	All real estate properties are located in Northwest Florida.

(b)	Includes initial costs to the Company to place the assets in service.

(c)	Includes cumulative impairments.

Notes:

(A)	The aggregate cost of real estate owned as of December 31, 2021 for federal income tax purposes is approximately $715.5 million.

(B)	Reconciliation of real estate owned (in thousands of dollars):


	December 31,		December 31,		December 31,
	2021		2020		2019
Balance at beginning of the year	$	627,613	$	505,032	$	418,494
Amounts capitalized		222,303		167,258		109,699
Impairments		—		—		—
Cost of real estate sold		(55,932)		(33,324)		(23,608)
Amounts retired or adjusted		(16,705)		(11,353)		447
Balance at the end of the year	$	777,279	$	627,613	$	505,032

(C)	Reconciliation of accumulated depreciation (in thousands of dollars):


	December 31,		December 31,		December 31,
	2021		2020		2019
Balance at beginning of the year	$	75,960	$	74,256	$	67,500
Depreciation expense		11,728		8,298		6,756
Amounts retired or adjusted		(522)		(6,594)		—
Balance at the end of the year	$	87,166	$	75,960	$	74,256

Accumulated Other Comprehensive Loss (Tables)

12 Months Ended

Dec. 31, 2021

Accumulated Other Comprehensive Loss

Summary of Changes in Accumulated Other Comprehensive Loss


	Unrealized (Loss) Gain		Unrealized
	on Available-for-		(Loss) Gain
	Sale Securities		Cash Flow Hedges		Total
Accumulated other comprehensive loss at December 31, 2019	$	(84)	$	(251)	$	(335)
Other comprehensive income (loss) before reclassifications		103		(1,237)		(1,134)
Amounts reclassified from accumulated other comprehensive loss		(3)		—		(3)
Other comprehensive income (loss)		100		(1,237)		(1,137)
Accumulated other comprehensive income (loss) at December 31, 2020	$	16	$	(1,488)	$	(1,472)
Other comprehensive (loss) income before reclassifications		(12)		792		780
Amounts reclassified from accumulated other comprehensive (loss) income		(11)		314		303
Other comprehensive (loss) income		(23)		1,106		1,083
Accumulated other comprehensive loss at December 31, 2021	$	(7)	$	(382)	$	(389)

Summary of Tax Effects Allocated to Other Comprehensive Income


	Year Ended December 31, 2021
	Before-		Tax Benefit		Net-of-
	Tax Amount		(Expense)		Tax Amount
Unrealized loss on available-for-sale investments	$	(16)	$	4	$	(12)
Interest rate swaps		848		(215)		633
Interest rate swap - unconsolidated joint venture		213		(54)		159
Reclassification adjustment for net loss included in earnings		405		(102)		303
Net unrealized gain		1,450		(367)		1,083
Other comprehensive income	$	1,450	$	(367)	$	1,083


	Year Ended December 31, 2020
	Before-		Tax (Expense)		Net-of-
	Tax Amount		Benefit		Tax Amount
Unrealized gain on available-for-sale investments	$	130	$	(33)	$	97
Unrealized gain on restricted investments		8		(2)		6
Interest rate swaps		(836)		212		(624)
Interest rate swap - unconsolidated joint venture		(821)		208		(613)
Reclassification adjustment for net gain included in earnings		(4)		1		(3)
Net unrealized loss		(1,523)		386		(1,137)
Other comprehensive loss	$	(1,523)	$	386	$	(1,137)

Other Assets - Notes Receivable, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jun. 30, 2020
Receivables
Notes receivable, net	$ 12,377	$ 10,877
Proceeds from collection of principal	6,005	1,949	$ 1,165
Accrued interest receivable	2,938	2,938
Latitude Margaritaville Watersound JV
Receivables
Amount as lender of secured revolving promissory note	10,000			$ 10,000
Maximum
Receivables
Allowance for credit losses, Notes receivable	100	100
Notes Receivable
Receivables
Accrued interest receivable	100	200
Interest bearing revolving promissory note with the unconsolidated Latitude Margaritaville Watersound JV, secured by the JV's real property - bearing interest at a rate of 5.0%, matures June 2025
Receivables
Notes receivable, net	$ 7,075	$ 2,714
Interest rate, note (as a percent)	5.00%	5.00%
Various interest bearing homebuilder notes, secured by the real estate sold - bearing interest at a rate of 5.5%, due September 2022 through May 2023
Receivables
Notes receivable, net	$ 4,824	$ 7,544
Interest rate, note (as a percent)	5.50%	5.50%
Interest bearing notes with JV partners, secured by the partners' membership interest in the JVs - bearing interest at a rate of 8.0%, due May 2039
Receivables
Notes receivable, net	$ 359	$ 556
Interest rate, note (as a percent)	8.00%	8.00%
Non-interest bearing note with a tenant for tenant improvements, due October 2025
Receivables
Notes receivable, net	$ 76
Various mortgage notes, secured by certain real estate, bearing interest at rates of 4.4% to 5.2% due December 2022 through November 2023
Receivables
Notes receivable, net	$ 43	$ 63
Various mortgage notes, secured by certain real estate, bearing interest at rates of 4.4% to 5.2% due December 2022 through November 2023 \| Minimum
Receivables
Interest rate, mortgage (as a percent)	4.40%	4.40%
Various mortgage notes, secured by certain real estate, bearing interest at rates of 4.4% to 5.2% due December 2022 through November 2023 \| Maximum
Receivables
Interest rate, mortgage (as a percent)	5.20%	5.20%

Hurricane Michael (Details) - USD ($) $ in Thousands	12 Months Ended
Hurricane Michael (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Loss contingency
Insurance recovery	$ 4,853	$ 690	$ 5,314
Loss from hurricane damage	56	1,123	2,704
Hurricane Michael.
Loss contingency
Insurance recovery	4,900	700	5,300
Loss from hurricane damage	100	1,100	2,700
Hurricane Michael. \| Hospitality \| Cost of revenue
Loss contingency
Proceeds from business interruption insurance	$ 700	1,300	$ 1,300
Hurricane Michael. \| Pier Park Crossings JV \| Cost of revenue
Loss contingency
Proceeds from business interruption insurance		$ 700

Significant Accounting Policies - Investment in Real Estate (Details)	12 Months Ended
	Dec. 31, 2021
Land improvements \| Minimum
Real estate
Estimated useful life (in years)	15 years
Land improvements \| Maximum
Real estate
Estimated useful life (in years)	20 years
Buildings \| Minimum
Real estate
Estimated useful life (in years)	20 years
Buildings \| Maximum
Real estate
Estimated useful life (in years)	40 years
Building improvements \| Minimum
Real estate
Estimated useful life (in years)	5 years
Building improvements \| Maximum
Real estate
Estimated useful life (in years)	25 years

Leases - Lease Cost - Other Information (Details)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Leases
Weighted-average remaining lease term - finance lease (in years)	3 years 7 months 6 days	3 years 10 months 24 days	4 years 2 months 12 days
Weighted-average remaining lease term - operating leases (in years)	3 years 3 months 18 days	3 years 10 months 24 days	3 years 1 month 6 days
Weighted-average discount rate - finance lease (as a percent)	4.60%	5.00%	5.00%
Weighted-average discount rate - operating leases (as a percent)	4.90%	4.90%	5.00%

Significant Accounting Policies - Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Real Estate
Disaggregation of revenue
Revenue	$ 158,629	$ 87,627	$ 61,488
Homebuilder Homesite Sales, Lot Residuals
Disaggregation of revenue
Revenue	4,800	1,900	2,500
Homebuilder homesite sales, Certain products and services
Disaggregation of revenue
Revenue	$ 2,400	$ 1,900	$ 2,300

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Leases - Aggregate Payments of Finance and Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Aggregate payments of finance lease liabilities:
2022	$ 133
2023	133
2024	86
2025	50
2026	6
Total	408
Less imputed interest	(28)
Total finance lease liabilities	380	$ 316
Aggregate payments of operating lease liabilities:
2022	261
2023	220
2024	108
2025	51
2026	12
Thereafter	269
Total	921
Less imputed interest	(189)
Total operating lease liabilities	$ 732	$ 808

Stock Based Compensation - Plans (Details)	Dec. 31, 2021 shares
Stock Based Compensation
Shares available for future issuance	1,463,543

Financial Instruments and Fair Value Measurements - Assets and Liabilities Measured at FV (Details) - Recurring basis - Interest Rate Swap [Member] - Cash Flow Hedging [Member] - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Pier Park Resort Hotel JV Loan, due April 2027, bearing interest at LIBOR plus 2.2%
Financial instruments and fair value measurements
Fixed interest rate (as a percent)	3.20%
Notional amount	$ 42,000
Watercrest JV Loan, due June 2047, bearing interest at LIBOR plus 2.2% and swapped to a fixed rate of 4.4%
Financial instruments and fair value measurements
Fixed interest rate (as a percent)	4.40%	4.40%
Notional amount	$ 20,000
Pier Park TPS JV Loan
Financial instruments and fair value measurements
Fixed interest rate (as a percent)	5.20%	5.20%
Notional amount	$ 14,100
Level 2 \| Pier Park Resort Hotel JV Loan, due April 2027, bearing interest at LIBOR plus 2.2% \| Other assets
Financial instruments and fair value measurements
Derivative assets	558
Level 2 \| Watercrest JV Loan, due June 2047, bearing interest at LIBOR plus 2.2% and swapped to a fixed rate of 4.4% \| Other Liabilities [Member]
Financial instruments and fair value measurements
Derivative liabilities	(634)	$ (1,172)
Level 2 \| Pier Park TPS JV Loan \| Investment in unconsolidated joint ventures
Financial instruments and fair value measurements
Derivative liabilities	$ (436)	$ (821)

Investment in Real Estate - Depreciation, Depletion and Amortization (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Investment in Real Estate
Depreciation expense related to real estate investments	$ 11.7	$ 8.3	$ 6.8
Depletion and amortization	$ 0.3	$ 0.4	$ 0.3

Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of revenue
Leasing revenue	$ 27,081	$ 18,819	$ 15,581
Total revenue	266,996	160,555	127,085
Recognized at a point in time
Disaggregation of revenue
Revenue	220,558	130,632	101,782
Recognized over time
Disaggregation of revenue
Revenue	19,357	11,104	9,722
Real Estate
Disaggregation of revenue
Revenue	158,629	87,627	61,488
Homebuilder Homesite Sales, Lot Residuals
Disaggregation of revenue
Revenue	4,800	1,900	2,500
Homebuilder homesite sales, Certain products and services
Disaggregation of revenue
Revenue	2,400	1,900	2,300
Hospitality
Disaggregation of revenue
Revenue	75,265	47,778	46,112
Timber
Disaggregation of revenue
Revenue	6,021	6,331	3,904
Operating Segments \| Residential real estate
Disaggregation of revenue
Leasing revenue	393	166	35
Total revenue	145,784	74,715	41,586
Operating Segments \| Residential real estate \| Recognized at a point in time
Disaggregation of revenue
Revenue	145,391	74,549	41,551
Operating Segments \| Residential real estate \| Real Estate
Disaggregation of revenue
Revenue	144,664	74,137	41,055
Operating Segments \| Residential real estate \| Hospitality
Disaggregation of revenue
Revenue	727	412	496
Operating Segments \| Hospitality Segment
Disaggregation of revenue
Leasing revenue	53	8	104
Total revenue	74,591	47,374	45,720
Operating Segments \| Hospitality Segment \| Recognized at a point in time
Disaggregation of revenue
Revenue	55,181	36,262	35,894
Operating Segments \| Hospitality Segment \| Recognized over time
Disaggregation of revenue
Revenue	19,357	11,104	9,722
Operating Segments \| Hospitality Segment \| Hospitality
Disaggregation of revenue
Revenue	74,538	47,366	45,616
Operating Segments \| Commercial leasing and sales
Disaggregation of revenue
Leasing revenue	26,604	18,645	15,442
Total revenue	44,627	36,665	38,823
Operating Segments \| Commercial leasing and sales \| Recognized at a point in time
Disaggregation of revenue
Revenue	18,023	18,020	23,381
Operating Segments \| Commercial leasing and sales \| Real Estate
Disaggregation of revenue
Revenue	12,002	11,689	19,477
Operating Segments \| Commercial leasing and sales \| Timber
Disaggregation of revenue
Revenue	6,021	6,331	3,904
Corporate And Reconciling Items [Member]
Disaggregation of revenue
Leasing revenue	31
Total revenue	1,994	1,801	956
Corporate And Reconciling Items [Member] \| Recognized at a point in time
Disaggregation of revenue
Revenue	1,963	1,801	956
Corporate And Reconciling Items [Member] \| Real Estate
Disaggregation of revenue
Revenue	$ 1,963	$ 1,801	$ 956

Income Taxes - Operating Loss Carryforwards (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Operating loss carryforwards
Income tax payable	$ 0.7	$ 2.7
State and Local Jurisdiction
Operating loss carryforwards
Operating loss carryforwards	229.3	304.0
Domestic Tax Authority
Operating loss carryforwards
Operating loss carryforwards	$ 3.1	$ 2.3

Schedule III (Consolidated) - Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Schedule III, Real Estate
Encumbrances	$ 227,474
Initial Cost to Company, Land & Improvements	173,333
Initial Cost to Company, Buildings & Improvements	454,587
Costs Capitalized Subsequent to Acquisition or Construction	149,359
Land & Land Improvements	314,132
Buildings and Improvements	463,147
Total	777,279	$ 627,613	$ 505,032	$ 418,494
Accumulated Depreciation	87,166
Aggregate cost of real estate owned for federal income tax purposes	715,500
Residential developments
Schedule III, Real Estate
Encumbrances	1,088
Initial Cost to Company, Land & Improvements	29,284
Initial Cost to Company, Buildings & Improvements	14,846
Costs Capitalized Subsequent to Acquisition or Construction	91,527
Land & Land Improvements	128,317
Buildings and Improvements	7,340
Total	135,657
Accumulated Depreciation	$ 5,019
Residential developments \| Minimum
Schedule III, Real Estate
Depreciation Life (in years)	3 years
Residential developments \| Maximum
Schedule III, Real Estate
Depreciation Life (in years)	25 years
WaterColor Hospitality
Schedule III, Real Estate
Initial Cost to Company, Land & Improvements	$ 1,137
Initial Cost to Company, Buildings & Improvements	13,688
Costs Capitalized Subsequent to Acquisition or Construction	13,007
Land & Land Improvements	4,023
Buildings and Improvements	23,809
Total	27,832
Accumulated Depreciation	$ 11,794
WaterColor Hospitality \| Minimum
Schedule III, Real Estate
Depreciation Life (in years)	2 years
WaterColor Hospitality \| Maximum
Schedule III, Real Estate
Depreciation Life (in years)	40 years
Pier Park Resort Hotel JV.
Schedule III, Real Estate
Encumbrances	$ 14,650
Initial Cost to Company, Land & Improvements	1,438
Initial Cost to Company, Buildings & Improvements	37,450
Land & Land Improvements	1,438
Buildings and Improvements	37,450
Total	38,888
The Lodge 30A JV
Schedule III, Real Estate
Encumbrances	7,474
Initial Cost to Company, Land & Improvements	2,143
Initial Cost to Company, Buildings & Improvements	11,954
Land & Land Improvements	2,143
Buildings and Improvements	11,954
Total	14,097
Airport Hospitality
Schedule III, Real Estate
Encumbrances	14,642
Initial Cost to Company, Land & Improvements	1,693
Initial Cost to Company, Buildings & Improvements	17,101
Land & Land Improvements	1,693
Buildings and Improvements	17,101
Total	18,794
Accumulated Depreciation	$ 270
Airport Hospitality \| Minimum
Schedule III, Real Estate
Depreciation Life (in years)	15 years
Airport Hospitality \| Maximum
Schedule III, Real Estate
Depreciation Life (in years)	39 years
Breakfast Point Hospitality
Schedule III, Real Estate
Encumbrances	$ 11,843
Initial Cost to Company, Buildings & Improvements	23,145
Buildings and Improvements	23,145
Total	23,145
Watersound Club
Schedule III, Real Estate
Encumbrances	3,437
Initial Cost to Company, Land & Improvements	34,608
Initial Cost to Company, Buildings & Improvements	48,092
Costs Capitalized Subsequent to Acquisition or Construction	2,061
Land & Land Improvements	37,264
Buildings and Improvements	47,497
Total	84,761
Accumulated Depreciation	$ 24,266
Watersound Club \| Minimum
Schedule III, Real Estate
Depreciation Life (in years)	5 years
Watersound Club \| Maximum
Schedule III, Real Estate
Depreciation Life (in years)	39 years
Marinas
Schedule III, Real Estate
Initial Cost to Company, Land & Improvements	$ 5,350
Initial Cost to Company, Buildings & Improvements	20,132
Costs Capitalized Subsequent to Acquisition or Construction	246
Land & Land Improvements	5,596
Buildings and Improvements	20,132
Total	25,728
Accumulated Depreciation	$ 2,489
Marinas \| Minimum
Schedule III, Real Estate
Depreciation Life (in years)	15 years
Marinas \| Maximum
Schedule III, Real Estate
Depreciation Life (in years)	39 years
Other Hospitality
Schedule III, Real Estate
Encumbrances	$ 3,680
Initial Cost to Company, Land & Improvements	3,511
Initial Cost to Company, Buildings & Improvements	22,775
Costs Capitalized Subsequent to Acquisition or Construction	2,007
Land & Land Improvements	5,429
Buildings and Improvements	22,864
Total	28,293
Accumulated Depreciation	$ 3,123
Other Hospitality \| Minimum
Schedule III, Real Estate
Depreciation Life (in years)	5 years
Other Hospitality \| Maximum
Schedule III, Real Estate
Depreciation Life (in years)	39 years
Pier Park North JV.
Schedule III, Real Estate
Encumbrances	$ 43,582
Initial Cost to Company, Land & Improvements	13,176
Initial Cost to Company, Buildings & Improvements	35,243
Costs Capitalized Subsequent to Acquisition or Construction	3,236
Land & Land Improvements	13,297
Buildings and Improvements	38,358
Total	51,655
Accumulated Depreciation	$ 12,807
Pier Park North JV. \| Minimum
Schedule III, Real Estate
Depreciation Life (in years)	15 years
Pier Park North JV. \| Maximum
Schedule III, Real Estate
Depreciation Life (in years)	39 years
Town centers
Schedule III, Real Estate
Initial Cost to Company, Land & Improvements	$ 64
Initial Cost to Company, Buildings & Improvements	12,013
Costs Capitalized Subsequent to Acquisition or Construction	3,082
Land & Land Improvements	74
Buildings and Improvements	15,085
Total	15,159
Accumulated Depreciation	$ 10,943
Town centers \| Minimum
Schedule III, Real Estate
Depreciation Life (in years)	5 years
Town centers \| Maximum
Schedule III, Real Estate
Depreciation Life (in years)	25 years
VentureCrossings
Schedule III, Real Estate
Initial Cost to Company, Land & Improvements	$ 4,983
Initial Cost to Company, Buildings & Improvements	29,274
Costs Capitalized Subsequent to Acquisition or Construction	188
Land & Land Improvements	4,992
Buildings and Improvements	29,453
Total	34,445
Accumulated Depreciation	$ 6,549
VentureCrossings \| Minimum
Schedule III, Real Estate
Depreciation Life (in years)	5 years
VentureCrossings \| Maximum
Schedule III, Real Estate
Depreciation Life (in years)	39 years
Watersound Origins Crossings JV.
Schedule III, Real Estate
Encumbrances	$ 37,897
Initial Cost to Company, Land & Improvements	6,853
Initial Cost to Company, Buildings & Improvements	33,912
Land & Land Improvements	6,853
Buildings and Improvements	33,912
Total	40,765
Accumulated Depreciation	$ 716
Watersound Origins Crossings JV. \| Minimum
Schedule III, Real Estate
Depreciation Life (in years)	20 years
Watersound Origins Crossings JV. \| Maximum
Schedule III, Real Estate
Depreciation Life (in years)	39 years
Pier Park Crossings JV.
Schedule III, Real Estate
Encumbrances	$ 35,670
Initial Cost to Company, Land & Improvements	8,456
Initial Cost to Company, Buildings & Improvements	28,662
Land & Land Improvements	8,456
Buildings and Improvements	28,662
Total	37,118
Accumulated Depreciation	$ 2,562
Pier Park Crossings JV. \| Minimum
Schedule III, Real Estate
Depreciation Life (in years)	20 years
Pier Park Crossings JV. \| Maximum
Schedule III, Real Estate
Depreciation Life (in years)	39 years
Pier Park Crossings II JV.
Schedule III, Real Estate
Encumbrances	$ 17,374
Initial Cost to Company, Land & Improvements	3,567
Initial Cost to Company, Buildings & Improvements	15,586
Land & Land Improvements	3,567
Buildings and Improvements	15,586
Total	19,153
Accumulated Depreciation	$ 606
Pier Park Crossings II JV. \| Minimum
Schedule III, Real Estate
Depreciation Life (in years)	20 years
Pier Park Crossings II JV. \| Maximum
Schedule III, Real Estate
Depreciation Life (in years)	39 years
North Bay Landing
Schedule III, Real Estate
Encumbrances	$ 1,343
Initial Cost to Company, Buildings & Improvements	16,979
Buildings and Improvements	16,979
Total	16,979
Watercrest JV.
Schedule III, Real Estate
Encumbrances	20,053
Initial Cost to Company, Land & Improvements	3,073
Initial Cost to Company, Buildings & Improvements	18,475
Land & Land Improvements	3,073
Buildings and Improvements	18,475
Total	21,548
Accumulated Depreciation	$ 559
Watercrest JV. \| Minimum
Schedule III, Real Estate
Depreciation Life (in years)	15 years
Watercrest JV. \| Maximum
Schedule III, Real Estate
Depreciation Life (in years)	39 years
Self-Storage
Schedule III, Real Estate
Encumbrances	$ 4,666
Initial Cost to Company, Land & Improvements	1,003
Initial Cost to Company, Buildings & Improvements	5,871
Land & Land Improvements	1,003
Buildings and Improvements	5,871
Total	6,874
Accumulated Depreciation	$ 63
Self-Storage \| Minimum
Schedule III, Real Estate
Depreciation Life (in years)	15 years
Self-Storage \| Maximum
Schedule III, Real Estate
Depreciation Life (in years)	39 years
Beckrich
Schedule III, Real Estate
Encumbrances	$ 5,188
Initial Cost to Company, Land & Improvements	2,200
Initial Cost to Company, Buildings & Improvements	13,298
Costs Capitalized Subsequent to Acquisition or Construction	183
Land & Land Improvements	2,223
Buildings and Improvements	13,458
Total	15,681
Accumulated Depreciation	$ 1,198
Beckrich \| Minimum
Schedule III, Real Estate
Depreciation Life (in years)	3 years
Beckrich \| Maximum
Schedule III, Real Estate
Depreciation Life (in years)	39 years
Watersound Town Center
Schedule III, Real Estate
Encumbrances	$ 620
Initial Cost to Company, Land & Improvements	2,796
Initial Cost to Company, Buildings & Improvements	22,722
Land & Land Improvements	2,796
Buildings and Improvements	22,722
Total	25,518
Accumulated Depreciation	$ 300
Watersound Town Center \| Minimum
Schedule III, Real Estate
Depreciation Life (in years)	15 years
Watersound Town Center \| Maximum
Schedule III, Real Estate
Depreciation Life (in years)	39 years
Other commercial
Schedule III, Real Estate
Encumbrances	$ 2,635
Initial Cost to Company, Land & Improvements	6,711
Initial Cost to Company, Buildings & Improvements	11,581
Costs Capitalized Subsequent to Acquisition or Construction	(948)
Land & Land Improvements	5,920
Buildings and Improvements	11,424
Total	17,344
Accumulated Depreciation	$ 1,743
Other commercial \| Minimum
Schedule III, Real Estate
Depreciation Life (in years)	5 years
Other commercial \| Maximum
Schedule III, Real Estate
Depreciation Life (in years)	39 years
Commercial developments
Schedule III, Real Estate
Encumbrances	$ 1,632
Initial Cost to Company, Land & Improvements	34,667
Costs Capitalized Subsequent to Acquisition or Construction	16,673
Land & Land Improvements	51,340
Total	51,340
Accumulated Depreciation	$ 35
Commercial developments \| Minimum
Schedule III, Real Estate
Depreciation Life (in years)	3 years
Commercial developments \| Maximum
Schedule III, Real Estate
Depreciation Life (in years)	5 years
Timberlands and other unimproved land
Schedule III, Real Estate
Initial Cost to Company, Land & Improvements	$ 6,620
Initial Cost to Company, Buildings & Improvements	1,788
Costs Capitalized Subsequent to Acquisition or Construction	14,738
Land & Land Improvements	21,358
Buildings and Improvements	1,788
Total	23,146
Accumulated Depreciation	$ 2,060
Timberlands and other unimproved land \| Minimum
Schedule III, Real Estate
Depreciation Life (in years)	5 years
Timberlands and other unimproved land \| Maximum
Schedule III, Real Estate
Depreciation Life (in years)	39 years
Mitigation banks and other
Schedule III, Real Estate
Costs Capitalized Subsequent to Acquisition or Construction	$ 3,359
Land & Land Improvements	3,277
Buildings and Improvements	82
Total	3,359
Accumulated Depreciation	$ 64
Mitigation banks and other \| Minimum
Schedule III, Real Estate
Depreciation Life (in years)	5 years
Mitigation banks and other \| Maximum
Schedule III, Real Estate
Depreciation Life (in years)	20 years

Other Assets - Accounts Receivable, Net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Accounts Receivable, Net
Allowance for credit losses	$ 0.4	$ 0.2
Allowance for lease related receivables	0.1	0.1
Maximum
Accounts Receivable, Net
Allowance for lease related receivables	0.1	$ 0.1
Increase (decrease) in allowance for credit losses related to accounts receivable	$ 0.2

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
Dividends (in dollars per share)	$ 0.32	$ 0.07

Joint Ventures - Unconsolidated JV - Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
ASSETS
Investment in real estate	$ 690,113	$ 551,653
Cash and cash equivalents	70,162	106,794	$ 185,716
Other assets	70,235	65,866
Total assets	1,208,151	1,037,324
LIABILITIES AND EQUITY
Debt, net	223,034	158,915
Other liabilities	104,192	72,035
Equity	626,100	568,170	$ 529,670	$ 533,111
Total liabilities and equity	1,208,151	1,037,324
Latitude Margaritaville Watersound JV
LIABILITIES AND EQUITY
Historical cost basis of land contributed	1,300	1,300
Amount of infrastructure improvements completed	4,800	1,800
Unconsolidated joint ventures
ASSETS
Investment in real estate	149,378	73,752
Cash and cash equivalents	16,447	3,550
Other assets	3,635	1,336
Total assets	169,460	78,638
LIABILITIES AND EQUITY
Debt, net	62,142	31,844
Other liabilities	44,032	7,484
Equity	63,286	39,310
Total liabilities and equity	169,460	78,638
Latitude Margaritaville Watersound JV
ASSETS
Investment in real estate	54,034	18,255
Cash and cash equivalents	12,541	1,603
Other assets	1,761	136
Total assets	68,336	19,994
LIABILITIES AND EQUITY
Debt, net	7,147	2,844
Other liabilities	36,419	1,794
Equity	24,770	15,356
Total liabilities and equity	68,336	19,994
Sea Sound Apartments JV
ASSETS
Investment in real estate	53,775	29,085
Cash and cash equivalents	760	15
Other assets	210
Total assets	54,745	29,100
LIABILITIES AND EQUITY
Debt, net	34,834	8,378
Other liabilities	2,653	3,439
Equity	17,258	17,283
Total liabilities and equity	54,745	29,100
Watersound Fountains Independent Living JV
ASSETS
Investment in real estate	17,003
Cash and cash equivalents	240
Other assets	187
Total assets	17,430
LIABILITIES AND EQUITY
Debt, net	66
Other liabilities	3,408
Equity	13,956
Total liabilities and equity	17,430
Pier Park TPS JV
ASSETS
Investment in real estate	16,561	17,946
Cash and cash equivalents	1,913	1,705
Other assets	433	483
Total assets	18,907	20,134
LIABILITIES AND EQUITY
Debt, net	13,839	14,090
Other liabilities	1,147	1,745
Equity	3,921	4,299
Total liabilities and equity	18,907	20,134
Busy Bee JV
ASSETS
Investment in real estate	8,005	8,466
Cash and cash equivalents	855	227
Other assets	1,044	717
Total assets	9,904	9,410
LIABILITIES AND EQUITY
Debt, net	6,256	6,532
Other liabilities	405	506
Equity	3,243	2,372
Total liabilities and equity	9,904	$ 9,410
Watersound Management JV
ASSETS
Cash and cash equivalents	138
Total assets	138
LIABILITIES AND EQUITY
Equity	138
Total liabilities and equity	$ 138

Leases - Minimum Future Base Rental Revenue (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Minimum future base rental revenue:
2022	$ 19,075
2023	11,579
2024	9,260
2025	6,434
2026	4,904
Thereafter	17,950
Total	$ 69,202

Financial Instruments and Fair Value Measurements - Expected Maturity (Details) - Restricted - Short-term bond	Dec. 31, 2020 Y
Financial instruments and fair value measurements
Debt Securities, Available-for-Sale, Measurement Input [Extensible Enumeration]	us-gaap:MeasurementInputExpectedTermMember
Minimum
Financial instruments and fair value measurements
Measurement input (in years)	0
Maximum
Financial instruments and fair value measurements
Measurement input (in years)	3

Financial Instruments and Fair Value Measurements

12 Months Ended

Dec. 31, 2021

Financial Instruments and Fair Value Measurements

Financial Instruments and Fair Value Measurements

6. Financial Instruments and Fair Value Measurements

Fair Value Measurements

The financial instruments measured at fair value on a recurring basis are as follows:


	December 31, 2021
							Total Fair
	Level 1		Level 2		Level 3		Value
Cash equivalents:
Money market funds	$	40,412	$	—	$	—	$	40,412
U.S. Treasury Bills		4,000		—		—		4,000
		44,412		—		—		44,412

Investments - debt securities:
U.S. Treasury Bills		88,956		—		—		88,956
		88,956		—		—		88,956

Investments - equity securities:
Preferred stock		—		450		—		450
		—		450		—		450
	$	133,368	$	450	$	—	$	133,818


	December 31, 2020
							Total Fair
	Level 1		Level 2		Level 3		Value
Cash equivalents:
Money market funds	$	10,973	$	—	$	—	$	10,973
U.S. Treasury Bills		78,991		—		—		78,991
		89,964		—		—		89,964

Investments - debt securities:
U.S. Treasury Bills		47,991		—		—		47,991
Corporate debt securities		—		60		—		60
		47,991		60		—		48,051

Investments - equity securities:
Preferred stock		—		2,623		—		2,623
		—		2,623		—		2,623

Restricted investments:
Short-term bond		1,171		—		—		1,171
		1,171		—		—		1,171
	$	139,126	$	2,683	$	—	$	141,809

Money market funds, U.S. Treasury Bills and short-term bonds are measured based on quoted market prices in an active market and categorized within Level 1 of the fair value hierarchy. Money market funds and short-term U.S. Treasury Bills with a maturity date of 90 days or less from the date of purchase are classified as cash equivalents in the Company’s consolidated balance sheets.

The Company’s corporate debt securities and preferred stock investments are not traded on a nationally recognized exchange, but are traded in the U.S. over-the-counter market where there is less trading activity and the investments are measured primarily using pricing data from external pricing services that report prices observed for recently executed market transactions. For these reasons, the Company has determined that corporate debt securities and preferred stock investments are categorized as Level 2 financial instruments since their fair values were determined from market inputs in an inactive market.

As of December 31, 2020, restricted investments were included within other assets on the consolidated balance sheets and included certain of the surplus assets that were transferred from the Company’s Pension Plan to a suspense account in the Company’s 401(k) plan in December 2014. The Company retained the risks and rewards of ownership of these assets; therefore, the assets held in the suspense account were included in the Company’s consolidated financial statements until they were allocated to participants. The final allocation of the assets occurred in March 2021. As of December 31, 2020, the assets held in the suspense account were invested in a Vanguard Short-Term Bond Fund, which invests in money market instruments and short-term high-quality bonds, including asset-backed, government, and investment grade corporate securities with an expected maturity of 0-3 years. The Vanguard Short-Term Bond Fund was measured based on quoted market prices in an active market and categorized within Level 1 of the fair value hierarchy. The Company’s Retirement Plan Investment Committee was responsible for investing decisions and allocation decisions of the suspense account. See Note 9. Other Assets and Note 17. Employee Benefit Plan.

Assets and liabilities measured at fair value on a recurring basis related to interest rate swap agreements designated as cash flow hedges are as follows:


			Fixed		Notional					Fair	Location in
	Effective	Maturity	Interest		Amount as of	Derivative Asset (Liability) Fair Value				Value	Consolidated
Description	Date	Date	Rate		December 31, 2021	December 31, 2021		December 31, 2020		Level	Balance Sheets

					In Millions	In Thousands
Pier Park Resort Hotel JV Loan^(a)	12/10/2022	4/12/2027	3.2%	$	42.0	$	558	$	—	2	Other assets
Watercrest JV Loan^(a)	6/1/2021	6/1/2024	4.4%	$	20.0	$	(634)	$	(1,172)	2	Other liabilities
Pier Park TPS JV Loan^(b)	1/14/2021	1/14/2026	5.2%	$	14.1	$	(436)	$	(821)	2	Investment in unconsolidated joint ventures

(a)	See Note 11. Debt, Net for additional information.

(b)

The following is a summary of the effect of derivative instruments on the Company’s consolidated statements of income and consolidated statements of comprehensive income:


	Year Ended December 31,
	2021		2020		2019

Amount of gain (loss) recognized in other comprehensive income (loss) on derivatives	$	1,061	$	(1,657)	$	(336)
Amount of loss reclassified into interest expense	$	247	$	—	$	—
Amount of loss reclassified into equity in loss from unconsolidated joint ventures	$	173	$	—	$	—

As of December 31, 2021, based on current value, the Company expects to reclassify $0.6 million of net losses on derivative instruments from accumulated other comprehensive loss to earnings during the next twelve months.

Investment in Unconsolidated Joint Ventures

The fair value of the Company’s investment in unconsolidated JVs is determined primarily using a discounted cash flow model to value the underlying net assets and operations of the respective JV. The fair value of investment in unconsolidated JVs required to be assessed for impairment is determined using Level 3 inputs in the fair value hierarchy. No impairment for unconsolidated JVs was recorded during 2021, 2020 or 2019. See Note 4. Joint Ventures for additional information.

Long-lived Assets

The Company reviews its long lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The fair value of long-lived assets required to be assessed for impairment is determined using Level 3 inputs in the fair value hierarchy. During 2021, 2020 and 2019 the Company did not record any impairment charges related to long-lived assets.

Fair Value of Financial Instruments

The Company uses the following methods and assumptions in estimating fair value for financial instruments:

●

The fair value of the investments held by SPE - time deposit is based on the present value of future cash flows at the current market rate.

●

The fair value of the investments held by SPE - U.S. Treasury Bills are measured based on quoted market prices in an active market.

●

The fair value of debt is based on discounted future expected cash flows based on current market rates for financial instruments with similar risks, terms and maturities.

●

The fair value of the Senior Notes held by SPE is based on the present value of future cash flows at the current market rate.

The carrying amount and estimated fair value, measured on a nonrecurring basis, of the Company’s financial instruments were as follows:


	December 31, 2021					December 31, 2020
	Carrying		Estimated			Carrying		Estimated
	value		Fair value		Level	value		Fair value		Level

Investments held by SPEs:
Time deposit	$	200,000	$	200,000	3	$	200,000	$	200,000	3
U.S. Treasury Bills	$	5,132	$	5,475	1	$	5,759	$	6,363	1

Senior Notes held by SPE	$	177,566	$	204,802	3	$	177,289	$	216,363	3
Debt
Fixed-rate debt	$	129,532	$	126,722	2	$	114,125	$	116,509	2
Variable-rate debt		97,942		97,942	2		47,293		47,293	2
Total debt	$	227,474	$	224,664		$	161,418	$	163,802

Investments and Senior Notes Held by Special Purpose Entities

In connection with a real estate sale in 2014, the Company received consideration including a $200.0 million fifteen-year installment note (the “Timber Note”) issued by Panama City Timber Finance Company, LLC. The Company contributed the Timber Note and assigned its rights as a beneficiary under a letter of credit to Northwest Florida Timber Finance, LLC. Northwest Florida Timber Finance, LLC monetized the Timber Note by issuing $180.0 million aggregate principal amount of its 4.8% Senior Secured Notes due in 2029 at an issue price of 98.5% of face value to third party investors. The investments held by Panama City Timber Finance Company, LLC as of December 31, 2021, consist of a

$200.0 million time deposit that, subsequent to April 2, 2014, pays interest at 4.0% and matures in March 2029, U.S. Treasuries of $5.1 million and cash of $0.4 million. The Senior Notes held by Northwest Florida Timber Finance, LLC as of December 31, 2021 consist of $177.6 million, net of the $2.4 million discount and debt issuance costs. Panama City Timber Finance Company, LLC and Northwest Florida Timber Finance, LLC are VIEs, which the Company consolidates as the primary beneficiary of each entity.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details