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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

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

For the quarterly period ended March 31, 2022

or

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

For the transition period from                      to                     .

Commission file number: 1-10466

The St. Joe Company

(Exact name of registrant as specified in its charter)

Florida

59-0432511

(State or other jurisdiction of

(I.R.S. Employer

incorporation or organization)

Identification No.)

130 Richard Jackson Boulevard, Suite 200

Panama City Beach, Florida

32407

(Address of principal executive offices)

(Zip Code)

(850) 231-6400

(Registrant’s telephone number, including area code)

Securities Registered Pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol(s)

Name of Exchange on Which Registered

Common Stock, no par value

JOE

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   YES      NO  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   YES      NO  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   YES      NO  

As of April 25, 2022, there were 58,912,504 shares of common stock, no par value, outstanding.

Table of Contents

THE ST. JOE COMPANY

INDEX

Page No.

PART I

Item 1. Financial Statements (Unaudited)

3

Condensed Consolidated Balance Sheets - March 31, 2022 and December 31, 2021

3

Condensed Consolidated Statements of Income - Three Months Ended March 31, 2022 and 2021

5

Condensed Consolidated Statements of Comprehensive Income - Three Months Ended March 31, 2022 and 2021

6

Condensed Consolidated Statements of Changes in Stockholders’ Equity - Three Months Ended March 31, 2022 and 2021

7

Condensed Consolidated Statements of Cash Flows - Three Months Ended March 31, 2022 and 2021

8

Notes to the Condensed Consolidated Financial Statements

10

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

43

Item 3. Quantitative and Qualitative Disclosures About Market Risk

68

Item 4. Controls and Procedures

68

PART II

Item 1. Legal Proceedings

68

Item 1A. Risk Factors

69

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

69

Item 3. Defaults Upon Senior Securities

69

Item 4. Mine Safety Disclosures

69

Item 5. Other Information

69

Item 6. Exhibits

69

SIGNATURES

70

2

Table of Contents

PART I - FINANCIAL INFORMATION

Item 1.         Financial Statements

THE ST. JOE COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

(Unaudited)

March 31, 

December 31, 

    

2022

    

2021

ASSETS

 

  

 

  

Investment in real estate, net

$

741,455

$

690,113

Investment in unconsolidated joint ventures

52,622

52,027

Cash and cash equivalents

 

33,115

 

70,162

Investments - debt securities

118,173

88,956

Other assets

 

69,875

 

70,235

Property and equipment, net of accumulated depreciation of $66,009 and $64,251 as of March 31, 2022 and December 31, 2021, respectively

 

35,974

 

31,145

Investments held by special purpose entities

 

205,131

 

205,513

Total assets

$

1,256,345

$

1,208,151

LIABILITIES AND EQUITY

 

  

 

  

Liabilities:

 

  

 

  

Debt, net

$

256,763

$

223,034

Other liabilities

 

67,799

 

67,985

Deferred revenue

37,368

36,207

Deferred tax liabilities, net

 

79,746

 

77,259

Senior Notes held by special purpose entity

 

177,637

 

177,566

Total liabilities

 

619,313

 

582,051

Commitments and contingencies (Note 19)

Equity:

 

  

 

  

Common stock, no par value; 180,000,000 shares authorized; 58,908,143 and 58,882,549 issued and outstanding at March 31, 2022 and December 31, 2021, respectively

 

296,915

 

296,873

Retained earnings

 

318,448

 

310,925

Accumulated other comprehensive income (loss)

 

920

 

(389)

Total stockholders’ equity

 

616,283

 

607,409

Non-controlling interest

 

20,749

 

18,691

Total equity

 

637,032

 

626,100

Total liabilities and equity

$

1,256,345

$

1,208,151

See accompanying notes to the condensed consolidated financial statements.

3

Table of Contents

THE ST. JOE COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

(Unaudited)

The following presents the portion of the condensed consolidated balances attributable to the Company’s consolidated joint ventures, which, as of March 31, 2022 and December 31, 2021, include the Pier Park North joint venture (“Pier Park North JV”), Pier Park Crossings LLC (“Pier Park Crossings JV”), Origins Crossings, LLC (“Watersound Origins Crossings JV”), SJWCSL, LLC (“Watercrest JV”), Watersound Closings & Escrow, LLC (“Watersound Closings JV”), Pier Park Crossings Phase II LLC (“Pier Park Crossings Phase II JV”), Pier Park Resort Hotel, LLC (“Pier Park Resort Hotel JV”), the 30A Greenway Hotel, LLC (“The Lodge 30A JV”), Panama City Timber Finance Company, LLC and Northwest Florida Timber Finance, LLC. As of March 31, 2022, condensed consolidated balances attributable to the Company’s consolidated joint ventures also includes Mexico Beach Crossings, LLC (“Mexico Beach Crossings JV”). See Note 2. Summary of Significant Accounting Policies. Basis of Presentation and Principles of Consolidation and Note 4. Joint Ventures for additional information. The following assets may only be used to settle obligations of the consolidated joint ventures and the following liabilities are only obligations of the joint ventures and do not have recourse to the general credit of the Company, except for covenants and guarantees discussed in Note 10. Debt, Net.

    

March 31, 

    

December 31, 

2022

2021

ASSETS

 

  

 

  

Investment in real estate

$

222,582

$

206,565

Cash and cash equivalents

 

5,458

 

10,564

Other assets

 

21,366

 

17,392

Investments held by special purpose entities

 

205,131

 

205,513

Total assets

$

454,537

$

440,034

LIABILITIES

 

  

 

  

Debt, net

$

190,878

$

173,531

Other liabilities

 

12,941

 

17,602

Deferred revenue

312

234

Senior Notes held by special purpose entity

 

177,637

 

177,566

Total liabilities

$

381,768

$

368,933

See accompanying notes to the condensed consolidated financial statements.

4

Table of Contents

THE ST. JOE COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Dollars in thousands except per share amounts)

(Unaudited)

Three Months Ended

March 31, 

    

2022

    

2021

 

Revenue:

  

  

Real estate revenue

$

36,774

$

21,053

Hospitality revenue

 

16,321

 

13,067

Leasing revenue

 

8,822

 

5,594

Timber revenue

 

2,954

 

1,591

Total revenue

 

64,871

 

41,305

Expenses:

 

  

 

  

Cost of real estate revenue

 

15,295

 

10,544

Cost of hospitality revenue

 

14,868

 

11,495

Cost of leasing revenue

 

3,652

 

2,664

Cost of timber revenue

 

150

 

141

Corporate and other operating expenses

 

5,656

 

7,069

Depreciation, depletion and amortization

 

5,026

 

3,853

Total expenses

 

44,647

 

35,766

Operating income

 

20,224

 

5,539

Other income (expense):

 

  

 

  

Investment income, net

 

2,300

 

1,195

Interest expense

 

(4,153)

 

(3,671)

Gain on contributions to unconsolidated joint ventures

 

482

 

120

Other (expense) income, net

 

(369)

 

1,294

Total other expense, net

 

(1,740)

 

(1,062)

Income before equity in loss from unconsolidated joint ventures and income taxes

 

18,484

 

4,477

Equity in loss from unconsolidated joint ventures

(495)

(468)

Income tax expense

 

(4,536)

 

(1,052)

Net income

 

13,453

 

2,957

Net (income) loss attributable to non-controlling interest

 

(41)

 

239

Net income attributable to the Company

$

13,412

$

3,196

NET INCOME PER SHARE ATTRIBUTABLE TO THE COMPANY

 

  

 

  

Basic

$

0.23

$

0.05

Diluted

$

0.23

$

0.05

WEIGHTED AVERAGE SHARES OUTSTANDING

Basic

 

58,882,549

 

58,882,549

Diluted

 

58,886,931

 

58,882,549

See accompanying notes to the condensed consolidated financial statements.

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THE ST. JOE COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Dollars in thousands)

(Unaudited)

Three Months Ended

March 31, 

    

2022

    

2021

 

Net income:

$

13,453

$

2,957

Other comprehensive (loss) income:

 

 

  

Net unrealized loss on available-for-sale investments

 

(322)

 

(2)

Interest rate swaps

2,308

157

Interest rate swap - unconsolidated joint venture

313

211

Reclassification of net realized loss (gain) included in earnings

 

147

 

(15)

Total before income taxes

 

2,446

 

351

Income tax expense

 

(445)

 

(89)

Total other comprehensive income, net of tax

 

2,001

 

262

Total comprehensive income, net of tax

15,454

3,219

Total comprehensive (income) loss attributable to non-controlling interest

(733)

239

Total comprehensive income attributable to the Company

$

14,721

$

3,458

See accompanying notes to the condensed consolidated financial statements.

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THE ST. JOE COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(Dollars in thousands)

(Unaudited)

    

    

    

    

    

    

    

    

    

    

    

Common Stock

Accumulated Other

Outstanding

Retained

Comprehensive

Non-controlling

    

Shares

    

Amount

    

Earnings

    

(Loss) Income

    

Interest

    

Total

Balance at December 31, 2021

 

58,882,549

$

296,873

$

310,925

$

(389)

$

18,691

$

626,100

Capital contributions from non-controlling interest

 

 

 

 

 

2,035

 

2,035

Capital distributions to non-controlling interest

 

 

 

 

 

(710)

 

(710)

Issuance of restricted stock

25,594

Stock based compensation expense

 

 

42

 

 

 

 

42

Dividends ($0.10 per share)

(5,889)

(5,889)

Other comprehensive income, net of tax

 

 

 

 

1,309

 

692

 

2,001

Net income

 

 

 

13,412

 

 

41

 

13,453

Balance at March 31, 2022

 

58,908,143

$

296,915

$

318,448

$

920

$

20,749

$

637,032

    

    

    

    

    

    

    

    

    

    

    

Common Stock

Accumulated Other

Outstanding

Retained

Comprehensive

Non-controlling

    

Shares

    

Amount

    

Earnings

    

(Loss) Income

    

Interest

    

Total

Balance at December 31, 2020

58,882,549

$

296,873

$

255,216

$

(1,472)

$

17,553

$

568,170

Capital contributions from non-controlling interest

1,745

1,745

Capital distributions to non-controlling interest

(319)

(319)

Dividends ($0.08 per share)

(4,711)

(4,711)

Other comprehensive income, net of tax

262

262

Net income

3,196

(239)

2,957

Balance at March 31, 2021

58,882,549

$

296,873

$

253,701

$

(1,210)

$

18,740

$

568,104

See accompanying notes to the condensed consolidated financial statements.

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THE ST. JOE COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollars in thousands)

(Unaudited)

Three Months Ended

March 31, 

    

2022

    

2021

Cash flows from operating activities:

    

  

    

  

 

Net income

$

13,453

$

2,957

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

  

Depreciation, depletion and amortization

 

5,026

 

3,853

Stock based compensation

 

42

 

Gain on sale of investments

 

 

(17)

Unrealized (gain) loss on investments, net

(25)

1,049

Equity in loss from unconsolidated joint ventures, net of distributions

528

468

Deferred income tax expense

 

2,042

 

268

Cost of real estate sold

 

14,064

 

9,839

Expenditures for and acquisition of real estate to be sold

 

(25,937)

 

(12,038)

Accretion income and other

 

(259)

 

(188)

Gain on disposal of property and equipment

(10)

Gain on contributions to unconsolidated joint ventures

(482)

(120)

Gain on insurance for damage to property and equipment, net

(723)

(866)

Changes in operating assets and liabilities:

 

  

 

Other assets

 

8,427

 

816

Deferred revenue

1,133

2,009

Other liabilities

 

2,534

 

1,798

Net cash provided by operating activities

 

19,813

 

9,828

Cash flows from investing activities:

 

  

 

  

Expenditures for operating property

 

(51,633)

 

(24,319)

Expenditures for property and equipment

 

(1,440)

 

(803)

Proceeds from the disposition of assets

 

10

 

Proceeds from insurance claims

723

866

Purchases of investments - debt securities

(74,476)

(84,971)

Maturities of investments - debt securities

45,000

39,000

Sales of investments - debt securities

36

Sales of investments - equity securities

 

 

9

Sales of restricted investments

1,173

Capital contributions to unconsolidated joint ventures

(142)

(2,500)

Capital distributions from unconsolidated joint ventures

206

Maturities of assets held by special purpose entities

 

413

 

416

Net cash used in investing activities

 

(81,339)

 

(71,093)

Cash flows from financing activities:

 

  

 

  

Capital contributions from non-controlling interest

 

2,035

 

1,745

Capital distributions to non-controlling interest

 

(710)

 

(319)

Dividends paid

(5,889)

(4,711)

Borrowings on debt

 

35,168

 

11,343

Principal payments for debt

 

(536)

 

(449)

Principal payments for finance leases

(35)

(21)

Debt issuance costs

 

(1,105)

 

(540)

Net cash provided by financing activities

 

28,928

 

7,048

Net decrease in cash, cash equivalents and restricted cash

 

(32,598)

 

(54,217)

Cash, cash equivalents and restricted cash at beginning of the period

 

74,400

 

110,119

Cash, cash equivalents and restricted cash at end of the period

$

41,802

$

55,902

See accompanying notes to the condensed consolidated financial statements.

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THE ST. JOE COMPANY

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

(Dollars in thousands)

(Unaudited)

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the amounts shown in the condensed consolidated statements of cash flows.

March 31, 

March 31, 

    

2022

    

2021

 

Cash and cash equivalents

$

33,115

 

$

52,313

Restricted cash included in other assets

 

8,687

 

3,589

Total cash, cash equivalents and restricted cash shown in the accompanying condensed consolidated statements of cash flows

 

$

41,802

 

$

55,902

Restricted cash includes amounts reserved as a requirement of financing and development for certain of the Company’s projects.

Three Months Ended

March 31, 

2022

2021

Cash paid during the period for:

    

Interest, net of amounts capitalized

$

5,692

$

5,207

Income taxes

$

$

Non-cash investing and financing activities:

 

  

 

  

Non-cash contributions to unconsolidated joint ventures

$

(831)

$

(574)

Decrease in Community Development District debt

$

(15)

$

(2)

Transfers of operating property to property and equipment

$

4,960

$

7,092

Increase (decrease) in expenditures for operating properties and property and equipment financed through accounts payable

$

1,070

$

(551)

Unrealized gain on cash flow hedges

$

2,621

$

368

See notes to the condensed consolidated financial statements.

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THE ST. JOE COMPANY

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands, unless otherwise stated)

(Unaudited)

1. Nature of Operations

The St. Joe Company together with its consolidated subsidiaries (“St. Joe” or the “Company”) 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. See Note 18. Segment Information.

2. Summary of Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

The accompanying unaudited interim condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for reporting on Form 10-Q. Accordingly, certain information and footnotes required by United States generally accepted accounting principles (“GAAP”) for complete financial statements are not included herein. The unaudited interim condensed consolidated financial statements include the accounts of the Company and all of its majority-owned and controlled subsidiaries, voting interest entities where the Company has a majority voting interest or control and variable interest entities where the Company deems itself the primary beneficiary. Investments in joint ventures (“JV”) 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. The December 31, 2021 condensed consolidated balance sheet amounts have been derived from the Company’s December 31, 2021 audited consolidated financial statements. Certain prior period amounts in the accompanying condensed consolidated financial statements have been reclassified to conform to the current year presentation. These reclassifications had no effect on the Company’s previously reported total assets and liabilities, stockholders’ equity or net income. Operating results for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2022.

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 evaluate whether it is the primary beneficiary as needed when assessing reconsideration events. See Note 4. Joint Ventures.

The unaudited interim condensed consolidated financial statements reflect all normal recurring adjustments that, in the opinion of management, are necessary for fair presentation of the information contained herein. The unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. The Company adheres to the same accounting policies in preparation of its unaudited interim condensed consolidated financial statements as the Company’s December 31, 2021 annual financial statements, except for any recently adopted accounting pronouncements. As required under GAAP, interim accounting for certain expenses, including income taxes, are based on full year assumptions. For interim financial reporting purposes, income taxes are recorded based upon estimated annual income tax rates.

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Concentration of Risks and Uncertainties

All of the Company’s real estate investments 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 United States have been negatively impacted by the continued threat of 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.

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 March 31, 2022, these balances exceeded the amount of F.D.I.C. insurance provided on such deposits. In addition, as of March 31, 2022 the Company had $8.9 million invested in U.S. Treasury Money Market Funds, $118.2 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 earnings per share is calculated by dividing net income attributable to the Company by the basic weighted average number of common shares outstanding for the period. Diluted earnings per share is calculated by dividing net income attributable to the Company by the weighted average number of shares of common stock outstanding for the period, including potential dilutive common shares. The treasury stock method is used to determine the effect on diluted earnings. For the three months ended March 31, 2022, the Company had 25,594 unvested shares of restricted stock. As of March 31, 2021, there were no outstanding common stock equivalents. For the three months ended March 31, 2021, the Company did not have any potential dilutive instruments, therefore, basic and diluted weighted average shares outstanding were equal. See Note 15. Stockholders’ Equity for additional information related to the issuance of common stock for employee compensation.

The computation of basic and diluted earnings per share shares are as follows:

Three Months Ended March 31, 

2022

2021

(Dollars in thousands except per share amounts)

Income

Net income attributable to the Company

$

13,412

$

3,196

Shares

Weighted-average shares outstanding - basic

58,882,549

58,882,549

Incremental shares from restricted stock

4,382

Weighted-average shares outstanding - diluted

58,886,931

58,882,549

Net income per share attributable to the Company

Basic income per share

$

0.23

$

0.05

Diluted income per share

$

0.23

$

0.05

Recently Adopted Accounting Pronouncements

There were no recently adopted accounting pronouncements which would have a material effect on the Company’s financial condition, results of operations and cash flows.

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Recently Issued Accounting Pronouncements

Reference Rate Reform

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting 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 London Interbank Offered Rate (“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, Reference Rate Reform (Topic 848) 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 will consider the impact on its financial condition, results of operations and cash flows if there are modifications to existing agreements.

3. Investment in Real Estate

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

    

March 31, 

    

December 31, 

2022

2021

Development property:

 

  

 

  

Residential

$

125,784

$

122,404

Hospitality

 

146,298

 

137,089

Commercial

 

104,553

 

85,931

Other

 

3,261