0001558370-23-001760 | 10-K | XBRL Viewer

Significant Accounting Policies

2. 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, 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 JVs 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, but has significant influence are unconsolidated and 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’s presentation. 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 evaluate whether it is the primary beneficiary as needed when assessing reconsideration events. 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, Net

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, net 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:

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

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

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

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continuing operating or cash flow loss for an operating property;

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

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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:

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

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estimated pricing and projected price appreciation over time;

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

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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;

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

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holding costs to be incurred over the selling period;

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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;

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

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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:

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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;

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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,

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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.

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.

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 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 Financial Instruments—Credit Losses (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.

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.

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

Deferred Revenue

Deferred revenue consists of amounts received related to incomplete performance obligations. Deferred revenue primarily includes club initiation fees, which are recognized as revenue over the estimated average duration of membership, which is evaluated periodically. Deferred revenue also includes land sales that are recognized as revenue once the Company has transferred control to the customer and all revenue recognition criteria are met.

Advertising Costs

Advertising costs are expensed as services are incurred. Advertising costs of $2.4 million, $2.0 million and $1.6 million for the years ended December 31, 2022, 2021 and 2020, respectively, are included within cost of revenue and corporate and other operating expenses in the consolidated statements of income.

Income Taxes

The Company’s provision for income taxes includes the current tax owed on the current period earnings, as well as deferred income taxes, 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 income (loss) with respect to available-for-sale debt securities.

Concentration of Risks and Uncertainties

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

Throughout 2022, the Company continued to generate positive financial results. While macroeconomic factors such as inflation, rising interest rates, supply chain disruptions, geopolitical conflicts and the continuing recovery from the COVID-19 pandemic, among other things, have created economic headwinds and impacted buyer sentiment, demand across the Company’s segments remains strong. The Company believes this is primarily the result of the continued growth of Northwest Florida, which the Company attributes to the region’s high quality of life, natural beauty and outstanding amenities, as well as the evolving flexibility in the workplace.

Despite the strong demand across the Company’s segments, the Company also continues to feel the impact from the aforementioned macroeconomic factors, including supply chain disruptions which have extended homesite and home deliveries in certain residential communities, and inflation and rising interests rates, which have increased operating costs and loan rates, as compared to prior periods. However, despite homesite and home delivery delays, the Company generally has not seen a material increase in cancellation rates, and therefore the impact relates primarily to the timing of revenue recognition. In addition, while rising interest rates have negatively impacted buyers’ ability to obtain financing and the housing market generally, homebuilders have performed on their contractual obligations with the Company.

Given our diverse portfolio of residential holdings, the mix of sales and pricing from different communities may also impact revenue and margins period over period.

Further discussion of the potential impacts on our business from the current macroeconomic environment are discussed in 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, 2022 these balances exceed the amount of FDIC insurance provided on such deposits by $15.2 million. In addition, as of December 31, 2022, the Company had $19.2 million invested in U.S. Treasury Money Market Funds classified as cash and cash equivalents and $40.6 million invested in U.S. Treasury Bills classified as investments – debt securities.

Earnings Per Share

Basic earnings per share are 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 are 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 year ended December 31, 2022, the Company had 29,955 unvested shares of restricted stock. For the year ended December 31, 2022, 29,955 potentially dilutive common shares were excluded from the calculation of diluted income per share, since the effect would have been anti-dilutive based on the application of the treasury stock method. For the years ended December 31, 2021 and 2020, there were no outstanding common stock equivalents or 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 are as follows:


	Year Ended December 31,
	2022		2021		2020

Income
Net income attributable to the Company	$	70,927	$	74,553	$	45,203

Shares
Weighted average shares outstanding - basic		58,720,050		58,882,549		59,009,865
Incremental shares from restricted stock		1,288		—		—
Weighted average shares outstanding - diluted		58,721,338		58,882,549		59,009,865

Net income per share attributable to the Company
Basic income per share	$	1.21	$	1.27	$	0.77
Diluted income per share	$	1.21	$	1.27	$	0.77

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 (“ASC”) 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 or homesites; (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 insurance business revenue and (viii) other fees on certain transactions.

Title insurance 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 will be 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, 2022, 2021 and 2020, real estate

revenue includes $5.8 million, $4.8 million and $1.9 million, respectively, of estimated homesite residuals and $1.9 million, $2.4 million and $1.9 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 (prior to acquisition in December 2022), 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, Certain Food and Beverage Operations, Short-Term Vacation Rentals and Other Management Services – Hotel operations, certain food and beverage operations, short-term vacation rentals and other management services generate revenue from (i) lodging at the Company’s hotels, (ii) operation of the WaterColor Beach Club, (iii) management of The Pearl Hotel (prior to December 2022), (iv) short-term vacation rentals, (v) food and beverage operations and (vi) merchandise sales. Lodging at the Company’s hotels 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 is 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 retail stores, marinas, two standalone restaurants and other entertainment assets. Other hospitality operations generate revenue from merchandise sales, fuel sales, other service fees and food and beverage sales, 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 the 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 non-lease components from lease components and, instead, accounts for each separate lease component and the non-lease components associated with that lease as a single component if the non-lease components otherwise would be accounted for under Topic 606. Non-lease 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 Phase II JV, Watersound Origins Crossings JV and Watercrest JV, as well as the Company’s industrial parks and other properties. See Note 7. 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, 2022
	Residential		Hospitality		Commercial		Other		Total
Revenue by Major Good/Service:
Real estate revenue	$	92,804	$	—	$	13,678	$	2,677	$	109,159
Hospitality revenue		—		96,731		529		—		97,260
Leasing revenue		82		505		38,466		143		39,196
Timber revenue		—		—		6,706		—		6,706
Total revenue	$	92,886	$	97,236	$	59,379	$	2,820	$	252,321

Timing of Revenue Recognition:
Recognized at a point in time	$	92,804	$	68,653	$	20,913	$	2,677	$	185,047
Recognized over time		—		28,078		—		—		28,078
Over lease term		82		505		38,466		143		39,196
Total revenue	$	92,886	$	97,236	$	59,379	$	2,820	$	252,321


	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		—		74,538		727		—		75,265
Leasing revenue		190		53		26,807		31		27,081
Timber revenue		—		—		6,021		—		6,021
Total revenue	$	144,854	$	74,591	$	45,557	$	1,994	$	266,996

Timing of Revenue Recognition:
Recognized at a point in time	$	144,664	$	55,181	$	18,750	$	1,963	$	220,558
Recognized over time		—		19,357		—		—		19,357
Over lease term		190		53		26,807		31		27,081
Total revenue	$	144,854	$	74,591	$	45,557	$	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		—		47,366		412		—		47,778
Leasing revenue		166		8		18,645		—		18,819
Timber revenue		—		—		6,331		—		6,331
Total revenue	$	74,303	$	47,374	$	37,077	$	1,801	$	160,555

Timing of Revenue Recognition:
Recognized at a point in time	$	74,137	$	36,262	$	18,432	$	1,801	$	130,632
Recognized over time		—		11,104		—		—		11,104
Over lease term		166		8		18,645		—		18,819
Total revenue	$	74,303	$	47,374	$	37,077	$	1,801	$	160,555

Recently Adopted Accounting Pronouncements

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

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. This 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. In December 2022, the FASB issued ASU 2022-06 that extends the temporary reference rate reform guidance under Topic 848 from December 31, 2022 to December 31, 2024. This new guidance was effective upon issuance and may be applied prospectively through December 31, 2024, as reference rate activities occur. In 2022, some of the Company’s debt agreements that referenced LIBOR were amended to an alternative rate, ASU 2020-04 was applied at the time of these modifications and there was no impact on the Company’s financial condition, results of operations and cash flows. See Note 10. Debt, Net for additional information. There is no current additional 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 additional modifications to existing agreements.

Investment in Real Estate, Net

12 Months Ended

Dec. 31, 2022

Investment in Real Estate, Net

Investment in Real Estate, Net

3. Investment in Real Estate, Net

Investment in real estate, net, excluding unconsolidated JVs, by property type and segment includes the following:


	December 31,		December 31,
	2022		2021
Development property:
Residential	$	171,504	$	122,404
Hospitality		200,209		137,089
Commercial		131,133		85,931
Other		3,618		3,232
Total development property		506,464		348,656

Operating property:
Residential		7,854		7,854
Hospitality		221,542		124,449
Commercial		356,242		296,193
Other		127		127
Total operating property		585,765		428,623
Less: Accumulated depreciation		95,968		87,166
Total operating property, net		489,797		341,457
Investment in real estate, net	$	996,261	$	690,113

Investment in real estate, net is carried at cost, net of depreciation and timber depletion, unless circumstances indicate that the carrying value of the assets may not be recoverable.

Development property consists of land the Company is developing or intends to develop for sale, lease 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 and club amenities. 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,
		2022		2021
Land and land improvements	$	146,257	$	111,698
Buildings and building improvements		425,347		303,335
Timber		14,161		13,590
		585,765		428,623
Less: Accumulated depreciation		95,968		87,166
Total operating property, net	$	489,797	$	341,457

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. Hospitality operating property primarily consists of existing hotels, resorts, clubs, vacation rental homes, marinas and other operations. Commercial operating property includes property used for retail, office, self-storage, light industrial, multi-family, senior living, commercial rental, vacation 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, 2022 and 2021, operating property, net related to operating leases was $285.1 million and $230.0 million, respectively.

In December 2022, the Company acquired The Pearl Hotel property for a purchase price of $52.0 million. The Pearl Hotel acquisition was accounted for as an asset acquisition in accordance with ASC Topic 805 Business Combinations. The Company allocated the purchase price based on the relative fair value of each acquired component. Costs related to the acquisition were capitalized and included in the cost basis of the asset. The allocation of the purchase price and costs primarily consisted of $49.3 million for the building and land included within operating property, net and $3.0 million included within property and equipment, net. There were no in-place leases at the acquisition date. See Note 10. Debt, Net for additional information regarding financing related to the asset acquisition.

Depreciation expense related to real estate investments was $13.9 million, $11.7 million and $8.3 million in 2022, 2021 and 2020, respectively. Depletion and amortization expense related to the Company’s timber operations was $0.4 million, $0.3 million and $0.4 million in 2022, 2021 and 2020, respectively.

Joint Ventures

12 Months Ended

Dec. 31, 2022

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 voting interest entities where the Company has a majority voting interest or control and 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 evaluate whether it is the primary beneficiary as needed when assessing reconsideration events. Investments in JVs 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, but has significant influence are unconsolidated and 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 8. Other Assets, Note 10. Debt, Net and Note 20. Commitments and Contingencies for additional information.

Consolidated Joint Ventures

Mexico Beach Crossings JV

Mexico Beach Crossings JV was formed in January 2022, when the Company entered into a JV agreement to develop, manage and lease apartments in Mexico Beach, Florida. The JV parties are working together to develop and construct the 216-unit apartment community. The community is located on land that was contributed to the JV by the Company. As of December 31, 2022, the Company owned a 75.0% interest in the consolidated JV. The Company’s partner is currently responsible for the construction activities of the JV, but once operational, Watersound Management, LLC (“Watersound Management JV”), the Company’s unconsolidated JV, will be 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 Mexico Beach Crossings JV is a voting interest entity and that the Company has a majority voting interest as of December 31, 2022.

The Lodge 30A JV

The Lodge 30A JV was formed 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, 2022 and 2021, 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, 2022 and 2021.

Pier Park Resort Hotel JV

Pier Park Resort Hotel JV was formed 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, 2022 and 2021, 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, 2022 and 2021.

Pier Park Crossings Phase II JV

Pier Park Crossings Phase II JV was formed in 2019, when the Company entered into a JV agreement to develop, manage and lease a 120-unit apartment community in the Pier Park area of Panama City Beach, Florida. Construction of the community was completed in December 2020. As of December 31, 2022 and 2021, 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 Phase II JV is a VIE and that the Company is the VIE’s primary beneficiary as of December 31, 2022 and 2021.

Watersound Closings JV

Watersound Closings JV was formed in 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, 2022 and 2021, 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, 2022 and 2021.

Watercrest JV

Watercrest JV was formed in 2019, when the Company entered into a JV agreement to develop and operate a 107-unit senior living community in Santa Rosa Beach, Florida. Construction of the community was completed in the fourth quarter of 2020. As of December 31, 2022 and 2021, 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, 2022 and 2021.

Watersound Origins Crossings JV

Watersound Origins Crossings JV was formed in 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, 2022 and 2021, 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 Watersound Origins Crossings JV is a VIE and that the Company is the VIE’s primary beneficiary as of December 31, 2022 and 2021.

Pier Park Crossings JV

Pier Park Crossings JV was formed in 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, 2022 and 2021 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, 2022 and 2021.

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. In November 2022, the Company purchased an additional 30% ownership interest for $7.7 million. As of December 31, 2022 and 2021, the Company owned a 90.0% and 60.0%, respectively, 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. 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, 2022 and 2021.

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,
	2022		2021
Investment in unconsolidated joint ventures
Latitude Margaritaville Watersound JV	$	33,235	$	30,040
Sea Sound JV ^(a)		411		10,333
Watersound Fountains Independent Living JV		7,258		7,508
Pier Park TPS JV		1,451		1,961
Pier Park RI JV^(b)		4,263		—
Busy Bee JV		2,160		1,621
Electric Cart Watersound JV^(c)		703		—
Watersound Management JV		544		564
Total investment in unconsolidated joint ventures	$	50,025	$	52,027

Outstanding debt of unconsolidated JVs
Latitude Margaritaville Watersound JV^{(d) (e)}	$	30,001	$	7,147
Sea Sound JV^(a)		—		35,047
Watersound Fountains Independent Living JV^(e)		21,327		66
Pier Park TPS JV^(e)		13,822		14,124
Busy Bee JV		6,010		6,317
Electric Cart Watersound JV ^(e)		923		—
Total outstanding debt of unconsolidated JVs	$	72,083	$	62,701

(a)

In November 2022, the Sea Sound JV sold its assets to an unrelated third party for $92.5 million, resulting in a total gain on sale of $36.1 million. The Company’s proportionate share of the gain on sale of $21.7 million is included within equity in income (loss) from unconsolidated joint ventures on the consolidated statements of income for the year ended December 31, 2022.

(b)	JV was formed in May 2022.

(c)	JV was formed in February 2022.

(d)	See Note 8. 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.

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

The Company's maximum exposure to loss due to involvement with the unconsolidated JVs as of December 31, 2022, was $87.8 million, which includes the carrying amounts of the investments, guarantees, promissory note receivable, other receivables, contribution requirements and derivative instruments.

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


	Year Ended December 31,
	2022		2021		2020
Equity in income (loss) from unconsolidated joint ventures
Latitude Margaritaville Watersound JV^(a)	$	3,859	$	(1,861)	$	(524)
Sea Sound JV^(b)		21,705		(15)		—
Watersound Fountains Independent Living JV^(c)		(250)		—		—
Pier Park TPS JV		33		551		(112)
Busy Bee JV		538		441		(30)
Electric Cart Watersound JV^(d)		18		—		—
Watersound Management JV^(e)		83		19		—
Total equity in income (loss) from unconsolidated joint ventures	$	25,986	$	(865)	$	(666)

(a)	The Latitude Margaritaville Watersound JV began completing home sale transactions in the fourth quarter of 2021.

(b)

In November 2022, the Sea Sound JV sold its assets to an unrelated third party for $92.5 million, resulting in a total gain on sale of $36.1 million. The year ended December 31, 2022, includes the Company’s proportionate share of the gain on sale of $21.7 million. As a result of the sale, the Sea Sound JV will no longer have activity from operations.

(c)	JV was formed in April 2021.

(d)	JV was formed in February 2022.

(e)	JV was formed in June 2021.

Summarized balance sheets for unconsolidated JVs are as follows:


	December 31, 2022
	Latitude Margaritaville Watersound JV			Sea Sound JV^(b)		Watersound Fountains Independent Living JV		Pier Park TPS JV		Pier Park RI JV		Busy Bee JV		Electric Cart Watersound JV		Watersound Management JV		Total
ASSETS
Investment in real estate, net	$	125,231	^(a)	$	—	$	38,783	$	15,106	$	9,858	$	7,627	$	1,875	$	—	$	198,480
Cash and cash equivalents		10,633			327		190		775		580		1,081		259		98		13,943
Other assets		3,267			363		11		748		340		1,957		234		—		6,920
Total assets	$	139,131		$	690	$	38,984	$	16,629	$	10,778	$	10,665	$	2,368	$	98	$	219,343

LIABILITIES AND EQUITY
Debt, net	$	29,530		$	—	$	20,716	$	13,542	$	—	$	5,970	$	843	$	—	$	70,601
Other liabilities		76,506			5		4,776		186		2,252		376		147		—		84,248
Equity		33,095			685		13,492		2,901		8,526		4,319		1,378		98		64,494
Total liabilities and equity	$	139,131		$	690	$	38,984	$	16,629	$	10,778	$	10,665	$	2,368	$	98	$	219,343

(a)	Investment in real estate, net includes the land contributed to the Latitude Margaritaville Watersound JV at the Company’s historical cost basis and additional completed infrastructure improvements.

(b)	In November 2022, the Sea Sound JV sold its assets to an unrelated third party for $92.5 million, resulting in a total gain on sale of $36.1 million. As a result of the sale, the Sea Sound JV will no longer have activity from operations.


	December 31, 2021
	Latitude Margaritaville Watersound JV			Sea Sound JV^(b)		Watersound Fountains Independent Living JV		Pier Park TPS JV		Pier Park RI JV^(c)		Busy Bee JV		Electric Cart Watersound JV^(d)		Watersound Management JV		Total
ASSETS
Investment in real estate, net	$	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)	Investment in real estate, net includes the land contributed to the Latitude Margaritaville Watersound JV at the Company’s historical cost basis and additional completed infrastructure improvements.

(b)	In November 2022, the Sea Sound JV sold its assets to an unrelated third party and will no longer have activity from operations.

(c)	JV was formed in May 2022.

(d)	JV was formed in February 2022.

Summarized statements of operations for unconsolidated JVs are as follows:


	Year Ended December 31, 2022
	Latitude Margaritaville Watersound JV^(a)		Sea Sound JV			Watersound Fountains Independent Living JV		Pier Park TPS JV		Pier Park RI JV ^(c)		Busy Bee JV			Electric Cart Watersound JV		Watersound Management JV			Total
Total revenue	$	139,326	$	5,182		$	—	$	5,460	$	—	$	17,747		$	579	$	1,196	$	169,490
Expenses:
Cost of revenue		118,468		1,883			—		3,199		—		16,954			519		1,030		142,053
Other operating expenses		12,903		32			465		—		—		—			20		—		13,420
Depreciation and amortization		308		1,671			—		1,449		—		459			2		—		3,889
Total expenses		131,679		3,586			465		4,648		—		17,413			541		1,030		159,362
Operating income (loss)		7,647		1,596			(465)		812		—		334			38		166		10,128
Other (expense) income:
Interest expense		(235)		(1,560)			—		(752)		—		(190)			(3)		—		(2,740)
Other income, net		18		36,138	^(b)		—		17		—		957	^(d)		—		—		37,130
Total other (expense) income		(217)		34,578			—		(735)		—		767			(3)		—		34,390
Net income (loss)	$	7,430	$	36,174		$	(465)	$	77	$	—	$	1,101		$	35	$	166	$	44,518

(a)	The Latitude Margaritaville Watersound JV completed 316 home sale transactions during 2022.

(b)	In November 2022, the Sea Sound JV sold its assets to an unrelated third party for $92.5 million, resulting in a total gain on sale of $36.1 million. As a result of the sale, the Sea Sound JV will no longer have activity from operations.

(c)	The project is under construction with no income or loss for the year ended December 31, 2022.

(d)	Includes changes in the fair value of derivatives related to interest rate swaps entered into by the Busy Bee JV.


	Year Ended December 31, 2021
	Latitude Margaritaville Watersound JV^(a)		Sea Sound JV^(b)		Watersound Fountains Independent Living JV^(c)		Pier Park TPS JV		Pier Park RI JV^(d)		Busy Bee JV			Electric Cart Watersound JV^(f)		Watersound Management JV		Total
Total revenue	$	18,653	$	1,012	$	—	$	6,474	$	—	$	16,365		$	—	$	511	$	43,015
Expenses:
Cost of revenue		17,850		439		—		2,971		—		15,064			—		473		36,797
Other operating expenses		3,904		—		—		—		—		—			—		—		3,904
Depreciation and amortization		210		359		—		1,434		—		461			—		—		2,464
Total expenses		21,964		798		—		4,405		—		15,525			—		473		43,165
Operating (loss) income		(3,311)		214		—		2,069		—		840			—		38		(150)
Other (expense) income:
Interest expense		(165)		(239)		—		(735)		—		(192)			—		—		(1,331)
Other income, net		—		—		—		11		—		198	^(e)		—		—		209
Total other (expense) income		(165)		(239)		—		(724)		—		6			—		—		(1,122)
Net (loss) income	$	(3,476)	$	(25)	$	—	$	1,345	$	—	$	846		$	—	$	38	$	(1,272)

(a)	The Latitude Margaritaville Watersound JV began completing home sale transactions in the fourth quarter of 2021 and completed 47 home sale transactions during 2021.

(b)	In November 2022, the Sea Sound JV sold its assets to an unrelated third party and will no longer have activity from operations.

(c)	The project was under construction with no income or loss for the year ended December 31, 2021.

(d)	JV was formed in May 2022.

(e)	Includes changes in the fair value of derivatives related to interest rate swaps entered into by the Busy Bee JV.

(f)	JV was formed in February 2022.


	Year Ended December 31, 2020
	Latitude Margaritaville Watersound JV		Sea Sound JV^(a)		Watersound Fountains Independent Living JV^(b)		Pier Park TPS JV		Pier Park RI JV^(c)		Busy Bee JV		Electric Cart Watersound JV^(d)		Watersound Management JV^(e)		Total
Total revenue	$	—	$	—	$	—	$	2,338	$	—	$	5,892	$	—	$	—	$	8,230
Expenses:
Cost of revenue		—		—		—		1,370		—		5,467		—		—		6,837
Other operating expenses		980		—		—		—		—		—		—		—		980
Depreciation and amortization		—		—		—		951		—		228						1,179
Total expenses		980		—		—		2,321		—		5,695		—		—		8,996
Operating (loss) income		(980)		—		—		17		—		197		—		—		(766)
Other expense:
Interest expense		(25)		—		—		(232)		—		(99)		—		—		(356)
Other expense, net		—		—		—		(252)		—		(146)		—		—		(398)
Total other expense		(25)		—		—		(484)		—		(245)		—		—		(754)
Net loss	$	(1,005)	$	—	$	—	$	(467)	$	—	$	(48)	$	—	$	—	$	(1,520)

(a)	The project was under construction with no income or loss for the year ended December 31, 2020. In November 2022, the Sea Sound JV sold its assets to an unrelated third party and will no longer have activity from operations.

(b)	JV was formed in April 2021.

(c)	JV was formed in May 2022.

(d)	JV was formed in February 2022.

(e)	JV was formed in June 2021.

Latitude Margaritaville Watersound JV

LMWS, LLC was formed in 2019, when the Company entered into a JV agreement to develop a 55+ active adult residential community in Bay County, Florida. Construction is underway on customer homes and town center amenities. As of December 31, 2022, the Latitude Margaritaville Watersound JV had 677 homes under contract and completed 363 home sale transactions of the total estimated 3,500 homes in the community. 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, 2022 and 2021, the Company’s investment in the unconsolidated Latitude Margaritaville Watersound JV was $33.2 million and $30.0 million, respectively, which includes the net present value of the land contribution, cash contributions, additional completed infrastructure improvements and equity in income, less the pro-rata return of land contribution. 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, 2022, the Company completed $6.4 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. As of December 31, 2022 and 2021, 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. As of December 31, 2022, there was no balance outstanding on the Latitude JV Note. As of December 31, 2021, $7.1 million was outstanding on the Latitude JV Note. Future advances, if any, will be repaid by the JV as each home is sold. See Note 8. 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 JV

FDSJ Eventide, LLC was formed in January 2020. The Company entered into a JV agreement to develop, construct and manage a 300-unit apartment community near the Breakfast Point residential community in Panama City Beach, Florida. Construction of the community was completed in the first quarter of 2022. As of December 31, 2022 and 2021, the Company owned a 60.0% interest in the JV. In November 2022, the Sea Sound JV sold its assets to a third party for $92.5 million, resulting in a total gain on sale of $36.1 million. The Company’s proportionate share of the gain on sale of $21.7 million is included within equity in income (loss) from unconsolidated joint ventures on the consolidated statements of income for the year ended December 31, 2022. The Sea Sound JV has a contingent gain related to the sale for a $0.5 million indemnity holdback liability required through August 2023. The Company’s partner was responsible for the day-to-day activities of the JV. The Company has determined that Sea Sound 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 JV is accounted for using the equity method. In January 2020, the JV entered into a $40.3 million loan (the “Sea Sound JV Loan”). The Sea Sound JV Loan was paid in full in November 2022. The Sea Sound JV Loan bore interest at LIBOR plus 2.2% and was to mature in January 2024. The Sea Sound JV Loan was secured by the real property and certain other security interests. The Company’s JV partner was the sole guarantor of the Sea Sound JV Loan. As of December 31, 2021, $35.0 million was outstanding on the Sea Sound JV Loan.

Watersound Fountains Independent Living JV

WOSL, LLC was formed 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, 2022 and 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 formed in 2018. The Company entered into a JV agreement to develop and operate a 124-room hotel in Panama City Beach, Florida. As of December 31, 2022 and 2021, 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.

Pier Park RI JV

Pier Park RI, LLC was formed in May 2022. The Company entered into a JV agreement to develop and operate a 121-room hotel in Panama City Beach, Florida. The JV parties are working together to develop and construct the project. The hotel is located on land that was contributed to the JV by the Company in September 2022, with a fair value of $1.8 million. In addition, during 2022 the Company contributed cash and impact fees of $2.5 million, and the JV partner contributed cash of $4.3 million. The Company and the JV partner each have additional remaining capital contributions of $1.9 million required as part of the JV agreement. As of December 31, 2022, 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 RI JV is a VIE, 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. In September 2022, the JV entered into a $25.0 million loan (the “Pier Park RI JV Loan”). The Pier Park RI JV Loan bears interest at SOFR plus 2.5% and matures in August 2025. The Pier Park RI JV Loan includes an option for a fixed rate conversion and two options to extend the maturity date by twenty-four months each, upon satisfaction of certain terms and conditions. The loan is secured by real property and certain other security interests. The Company’s JV partner is the sole guarantor and receives a fee related to the guarantee from the Company based on the Company’s ownership percentage. As of December 31, 2022, there was no principal balance outstanding on the Pier Park RI JV Loan.

Busy Bee JV

SJBB, LLC was formed in 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. As of December 31, 2022 and 2021, 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. In November 2019, the JV entered into a $5.4 million construction 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 real and personal property and certain other security interests. The Company’s JV partner is the sole guarantor and receives 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 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 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, 2022 and 2021, $5.1 million and $5.3 million, was outstanding on the Busy Bee JV Construction Loan. As of December 31, 2022 and 2021, $0.9 million and $1.1 million, respectively, was outstanding on the Busy Bee JV Equipment Loan.

Electric Cart Watersound JV

SJECC, LLC was formed in February 2022, when the Company entered into a JV agreement to develop, construct, lease, manage and operate a golf cart and low speed vehicle “LSV” business at the new Watersound West Bay Center adjacent to the Latitude Margaritaville Watersound residential community in Bay County, Florida. This land was contributed to the JV by the Company in February 2022, with a fair value of $0.5 million. In addition, during 2022 the Company contributed cash of $0.2 million and the JV partner contributed cash of $0.6 million. The Watersound West Bay Center location is currently under development. The JV is operating from temporary facilities. An additional sales showroom will be located at the Watersound Town Center near the Watersound Origins residential community on property leased to the JV by the Company. As of December 31, 2022, the Company owned a 51% interest in the JV. The Company is currently responsible for the construction activities of the JV and the Company’s JV partner manages the day-to-day operations of the business. The Company has determined that Electric Cart 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 Electric Cart Watersound JV is accounted for using the equity method. As of December 31, 2022, the Electric Cart Watersound JV had $1.7 million of floorplan line of credit facilities to finance its golf cart and LSV inventory, which are secured by the JV. Borrowings under the line of credit facility bear interest at various rates based on the number of days outstanding after an interest free period ranging from three to six months. As of December 31, 2022, the JV had an outstanding principal balance of $0.1 million on these line of credit facilities. See Note 20. Commitments and Contingencies for additional information related to debt guaranteed by the Company.

Watersound Management JV

Watersound Management, LLC was formed 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, 2022 and 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.

Investments

12 Months Ended

Dec. 31, 2022

Investments

Investments

5. Investments

Available-For-Sale Investments

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

December 31, 2022

Gross Unrealized

Amortized Cost

Gains

(Losses)

Fair Value

Investments - debt securities:

U.S. Treasury Bills

40,820

—

(244)

40,576

December 31, 2021

Gross Unrealized

Amortized Cost

Gains

(Losses)

Fair Value

Investments - debt securities:

U.S. Treasury Bills

88,966

(11)

88,956

During 2022, the Company did not have any realized gains or losses from the sale of available-for-sale securities. During 2022, proceeds from the sale of available-for-sale securities were $53.9 million, maturities of available-for-sale securities were $92.0 million and purchases of available-for-sale securities were $97.1 million. 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.

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


	December 31, 2022								December 31, 2021
	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	$	37,578	$	244	$	—	$	—	$	43,959	$	11	$	—	$	—

As of December 31, 2022, the Company had $0.2 million unrealized losses related to U.S. Treasury Bills. As of December 31, 2021, the Company had de minimis unrealized losses related to U.S. Treasury Bills. As of December 31, 2022 and 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 a material 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, 2022, clients of FCM, including Mr. Berkowitz, beneficially owned approximately 41.6% 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.

Financial Instruments and Fair Value Measurements

12 Months Ended

Dec. 31, 2022

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, 2022
							Total Fair
	Level 1		Level 2		Level 3		Value
Cash equivalents:
Money market funds	$	19,233	$	—	$	—	$	19,233
		19,233		—		—		19,233

Investments - debt securities:
U.S. Treasury Bills		40,576		—		—		40,576
		40,576		—		—		40,576
	$	59,809	$	—	$	—	$	59,809


	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

Money market funds and U.S. Treasury Bills 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 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 preferred stock investments are categorized as Level 2 financial instruments since their fair values were determined from market inputs in an inactive market.

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, 2022		December 31, 2022		December 31, 2021		Level	Balance Sheets

					In Millions	In Thousands
Pier Park Resort Hotel JV Loan^(a)	12/10/2022	4/12/2027	3.2%	$	42.0	$	4,609	$	558	2	Other assets
Watercrest JV Loan^{(a) (b)}	6/1/2021	6/1/2024	4.4%	$	—	$	—	$	(634)	2	Other liabilities
Pier Park TPS JV Loan^(c)	1/14/2021	1/14/2026	5.2%	$	13.8	$	273	$	(436)	2	Investment in unconsolidated joint ventures

(a)	See Note 10. Debt, Net for additional information.

(b)	In April 2022, the swap was terminated resulting in a gain of $0.1 million, included in interest expense on the consolidated statements of income for the year ended December 31, 2022.

(c)

Interest rate swap was entered into by the Pier Park TPS JV, which is unconsolidated and accounted for using the equity method. The derivative asset or 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 income (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.

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,
	2022		2021		2020

Amount of net gain (loss) recognized in other comprehensive income on derivatives	$	5,254	$	1,061	$	(1,657)
Amount of net loss reclassified into interest expense	$	52	$	247	$	—
Amount of net loss reclassified into equity in income (loss) from unconsolidated joint ventures	$	88	$	173	$	—

As of December 31, 2022, based on current value, the Company expects to reclassify $0.6 million of derivative instruments from accumulated other comprehensive income (loss) to earnings during the next twelve months. See Note 14. Accumulated Other Comprehensive Income (Loss) for additional information.

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 or cash flows 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 2022, 2021 or 2020. 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 2022, 2021 and 2020 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, 2022					December 31, 2021
	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	$	4,486	$	4,361	1	$	5,132	$	5,475	1

Senior Notes held by SPE	$	177,857	$	179,564	3	$	177,566	$	204,802	3

Debt
Fixed-rate debt	$	194,525	$	172,241	2	$	129,532	$	126,722	2
Variable-rate debt		196,886		196,886	2		97,942		97,942	2
Total debt	$	391,411	$	369,127		$	227,474	$	224,664

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, 2022, 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 $4.5 million and cash of $0.4 million. The Senior Notes held by Northwest Florida Timber Finance, LLC as of December 31, 2022 consist of $177.9 million, net of the $2.1 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.

Property and Equipment, Net

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

Leases

12 Months Ended

Dec. 31, 2022

Leases

Leases

7. 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 2072, some of which include options to terminate or extend.

The components of leasing revenue are as follows:


	Year Ended December 31,
	2022		2021		2020
Leasing revenue
Lease payments	$	33,600	$	22,256	$	14,710
Variable lease payments		5,596		4,825		4,109
Total leasing revenue	$	39,196	$	27,081	$	18,819

Minimum future base rental revenue on non-cancelable leases subsequent to December 31, 2022, for the years ending December 31 are:


2023	$	22,524
2024		12,542
2025		9,414
2026		7,676
2027		6,448
Thereafter		28,441
	$	87,045

The Company as Lessee

As of December 31, 2022, 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 2081. 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,
	2022			2021			2020
Lease cost
Finance lease cost:
Amortization of right-of-use assets	$	122		$	114		$	57
Interest on lease liability		15			18			11
Operating lease cost		378			308			289
Variable and short-term lease cost		1,793			1,476			1,016
Total lease cost	$	2,308		$	1,916		$	1,373

Other information
Weighted-average remaining lease term - finance lease (in years)		3.3			3.6			3.9
Weighted-average remaining lease term - operating leases (in years)		2.9			3.3			3.9
Weighted-average discount rate - finance lease		5.2	%		4.6	%		5.0	%
Weighted-average discount rate - operating leases		4.8	%		4.9	%		4.9	%

The aggregate payments of finance and operating lease liabilities subsequent to December 31, 2022, for the years ending December 31 are:


	Finance Leases		Operating Leases
2023	$	148	$	329
2024		99		178
2025		56		55
2026		12		12
2027		4		12
Thereafter		—		257
Total		319		843
Less imputed interest		(19)		(165)
Total lease liabilities	$	300	$	678

Other Assets

12 Months Ended

Dec. 31, 2022

Other Assets

Other Assets

8. Other Assets

Other assets consist of the following:


	December 31,		December 31,
	2022		2021
Investments - equity securities	$	—	$	450
Accounts receivable, net		9,035		13,813
Homesite sales receivable		10,086		7,651
Notes receivable, net		1,742		12,377
Inventory		3,976		2,797
Prepaid expenses		9,393		7,175
Straight-line rent		2,546		2,489
Operating lease right-of-use assets		678		732
Other assets		13,138		5,987
Retained interest investments		8,197		13,826
Accrued interest receivable for Senior Notes held by SPE		2,938		2,938
Total other assets	$	61,729	$	70,235

Investments – Equity Securities

As of December 31, 2022, the Company did not have any investments – equity securities. As of December 31, 2021, investments – equity securities included $0.5 million 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 an unrealized loss of $4.6 million on investments related to equity securities still held as of December 31, 2020. 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, 2022 and 2021, accounts receivable were presented net of allowance for credit losses of $0.3 million and $0.4 million, respectively. As of both December 31, 2022 and 2021, accounts receivable were presented net of allowance for lease related receivables of less than $0.1 million. During 2022, allowance for credit losses related to accounts receivable, net decreased $0.1 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:


	December 31, 2022		December 31, 2021
Balance at beginning of year	$	7,651	$	5,675
Increases due to revenue recognized for homesites sold		7,660		7,213
Decreases due to amounts received		(5,225)		(5,237)
Balance at end of year	$	10,086	$	7,651

Notes Receivable, Net

Notes receivable, net consist of the following:


	December 31,		December 31,
	2022		2021
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
Various interest-bearing homebuilder notes, secured by the real estate sold — bearing interest at a rate of 5.5%, due May 2023		1,296		4,824
Interest-bearing notes with JV partner, secured by the partner's membership interest in the JV — bearing interest at a rate of 8.0%, due May 2039		359		359
Non-interest-bearing note with a tenant for tenant improvements, due October 2025		68		76
Mortgage note, secured by certain real estate, bearing interest at a rate of 4.8% due November 2023		19		43
Total notes receivable, net	$	1,742	$	12,377

In June 2020, the Company entered into a $10.0 million secured revolving promissory note with the unconsolidated Latitude Margaritaville Watersound JV. The Latitude JV Note was provided to finance the development of the pod-level, non-spine infrastructure. Future advances, if any, will be 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 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, 2022 and 2021, notes receivable were presented net of allowance for credit losses of $0.1 million. As of both December 31, 2022 and 2021, accrued interest receivable related to notes receivable was $0.1 million, which is included within other assets on the consolidated balance sheets.

Other Assets

Other assets as of December 31, 2022 and 2021, include $7.3 million and $3.9 million, respectively, of escrow deposits primarily related to financing and development requirements for certain of the Company’s projects. Other assets as of December 31, 2022 and 2021, also include $4.6 million and $0.6 million, respectively, for the fair value of derivative assets. See Note 6. Financial Instruments and Fair Value Measurements for additional information.

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 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, 2022 and 2021. The Company’s continuing involvement with the SPEs is the receipt of the net interest payments and the remaining principal of approximately $10.2 million to be received at the end of the installment notes’ fifteen-year maturity period, in 2023 through 2024. During 2022, two installment notes matured and the Company received $6.9 million of remaining principal. The Company has beneficial or retained interest investments related to these SPEs of $8.2 million and $13.8 million as of December 31, 2022 and 2021, respectively, recorded in other assets on the Company’s consolidated balance sheets.

Property and Equipment, Net

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment, Net

9. Property and Equipment, Net

Property and equipment, net consists of the following:


	December 31,		December 31,
	2022		2021
Railroad and equipment	$	33,627	$	33,627
Furniture and fixtures		28,659		25,556
Machinery and equipment		31,159		23,058
Office equipment		5,518		4,865
Autos, trucks and aircraft		7,033		6,773
		105,996		93,879
Less: Accumulated depreciation		67,133		64,251
		38,863		29,628
Construction in progress		775		1,517
Total property and equipment, net	$	39,638	$	31,145

Depreciation expense on property and equipment was $8.5 million, $6.1 million and $4.0 million in 2022, 2021 and 2020, respectively.

Debt, Net

12 Months Ended

Dec. 31, 2022

Debt, Net

Debt, Net

10. Debt, Net

Debt consists of the following:


	Maturity Date	Interest Rate Terms	Effective Rate December 31, 2022		December 31, 2022		December 31, 2021
Pier Park Resort Hotel JV Loan	April 2027	LIBOR plus 2.2%^(a)	3.2	%	$	45,209	$	14,650
Watersound Origins Crossings JV Loan	May 2024	SOFR plus 2.8, floor 3.3%^(b)	7.1	%		44,015		37,897
PPN JV Loan	November 2025	Fixed	4.1	%		42,555		43,582
Pearl Hotel Loan	December 2032	Fixed	6.3	%		37,000		—
PPC JV Loan (insured by HUD)	June 2060	Fixed	3.1	%		35,180		35,670
Mexico Beach Crossings JV Loan (insured by HUD)	March 2064	Fixed	3.0	%		23,374		—
PPC II JV Loan (insured by HUD)^(c)	May 2057	Fixed	2.7	%		22,623		17,374
Watercrest JV Loan	June 2047	LIBOR plus 2.2%^(d)	6.6	%		21,038		20,053
North Bay Landing Loan	September 2024	LIBOR plus 2.5%, floor 3.2%	6.8	%		18,222		1,342
Breakfast Point Hotel Loan	November 2042	Fixed^(e)	6.0	%		16,376		11,843
Airport Hotel Loan	March 2025	LIBOR plus 2.0%, floor 3.0%	6.4	%		14,642		14,642
Lodge 30A JV Loan	January 2028	Fixed	3.8	%		13,304		7,474
Watersound Camp Creek Loan	December 2047	LIBOR plus 2.1%, floor 2.6%	6.5	%		13,131		3,437
Watersound Town Center Grocery Loan	August 2031	LIBOR plus 2.0%, floor 2.2%	6.3	%		11,379		620
Hotel Indigo Loan	October 2028	SOFR plus 2.7%, floor 2.7%	7.0	%		10,427		—
Topsail Hotel Loan	July 2027	SOFR plus 2.1%, floor 3.0%	6.4	%		5,199		—
Beckrich Building III Loan	August 2029	LIBOR plus 1.7%	6.1	%		5,020		5,188
Self-Storage Facility Loan	November 2025	LIBOR plus 2.4%, floor 2.9%	6.7	%		4,666		4,666
Community Development District debt	May 2023-May 2039	Fixed	3.6 to 6.0	%		4,113		4,909
Beach Homes Loan	May 2029	LIBOR plus 1.7%	6.1	%		1,447		1,492
Pier Park Outparcel Loan	March 2027	LIBOR plus 1.7%	6.1	%		1,300		1,370
WaterColor Crossings Loan	February 2029	LIBOR plus 1.7%	6.1	%		1,191		1,265
Total principal outstanding						391,411		227,474
Unamortized discount and debt issuance costs						(5,551)		(4,440)
Total debt, net					$	385,860	$	223,034

(a)

The Pier Park Resort Hotel JV entered into an interest rate swap that was 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 December 2022, the Pier Park Resort Hotel Loan was amended, effective February 10, 2023, to bear interest at a rate of SOFR plus 2.1%.

(b)	In January 2022, the Watersound Origins Crossings JV Loan interest rate was modified from a fixed rate of 5.0%. In January 2023, the Company began the process to refinance the Watersound Origins Crossings JV Loan with a loan commitment to be insured by HUD.

(c)	In April 2022, the PPC II JV Loan was refinanced from a rate of LIBOR plus 2.1% and maturity date of October 2024.

(d)	As of December 31, 2021, the interest rate was swapped to a fixed rate of 4.4% on the notional amount of related debt of $20.0 million. The interest rate swap was terminated in April 2022. See Note 6. Financial Instruments and Fair Value Measurements for additional information.

(e)

In November 2022, the Breakfast Point Hotel Loan interest rate was modified from a rate of LIBOR plus 2.8%, with a floor of 3.8%. The modified rate is fixed through November 2027 and in December 2027 the rate will adjust to the 1-year constant maturity Treasury rate plus 3.3% from December 2027 through November 2042, with a minimum rate of 6.0% throughout the term of the loan.

The Company’s indebtedness consists of various loans on real and leasehold property. These loans are typically secured by various interests in the property such as assignment of rents, leases, deposits, permits, plans, specifications, fees, agreements, approvals, contracts, licenses, construction contracts, development contracts, service contracts, franchise agreements, the borrower’s assets, improvements, and security interests in the rents, personal property, management agreements, construction agreements, improvements, accounts, profits, leases, accounts and fixtures. The specific Security Interests vary from loan to loan. As of December 31, 2022, the weighted average effective interest rate of outstanding debt was 5.1%, of which 60.4% of the debt outstanding includes fixed or swapped interest rates, and the average remaining life of debt outstanding was 13.8 years.

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 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. In December 2022, the Pier Park Resort Hotel Loan was amended, effective February 10, 2023, to bear interest at a rate of SOFR plus 2.1%. The loan is secured by the real property and certain other Security Interests. In connection with the loan, as guarantors, 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 the 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 was 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 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. In January 2022, the Watersound Origins Crossings JV entered into a modification of the loan that increased the principal amount of the loan to $44.0 million, modified the interest rate from 5.0% to SOFR plus 2.8%, with a floor of 3.3%, and provides for payments of interest only with a final balloon payment at maturity in May 2024. The Watersound Origins Crossings JV Loan is secured by the real property and certain other Security Interests. In connection with the 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. As guarantor, the Company’s liability has been reduced to 25% of the outstanding principal amount, based on meeting certain debt service coverage and loan to value requirements. 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. 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. During 2022, the Company incurred less than $0.1 million of additional loan cost due to the loan modification. In January 2023, the Company began the process to refinance the Watersound Origins Crossings JV Loan with a loan commitment to be insured by HUD.

In 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 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 December 2022, a wholly-owned subsidiary of the Company entered into a $37.0 million loan, which is guaranteed by the Company, to finance the acquisition of a hotel located on Scenic Highway 30A. The Pearl Hotel Loan provides for monthly principal and interest payments through maturity in December 2032. The loan includes a prepayment fee due to the lender of 1% - 5% of the outstanding principal balance if the loan is refinanced with another financial institution through December 2027. The loan is secured by the real property and certain other Security Interests.

In 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. The loan includes a prepayment provision due to the lender of 2% - 10% for any additional principal that is prepaid through August 31, 2031. The loan is secured by the real property and certain other Security Interests.

In January 2022, the Mexico Beach Crossings JV entered into a $43.5 million loan, insured by HUD, to finance the construction of apartments in Mexico Beach, Florida. The Mexico Beach Crossings JV Loan provides for interest only payments for the first twenty-seven months and principal and interest payments thereafter through maturity in March 2064. The loan may not be prepaid prior to April 1, 2024 and if any additional principal is prepaid from April 1, 2024 through March 31, 2034 a premium is due to the lender of 1% - 10%. The loan is secured by the real property and certain other Security Interests.

In 2019, the Pier Park Crossings Phase II JV entered into a $17.5 million loan to finance the construction of apartments in Panama City Beach, Florida. In April 2022, the Pier Park Crossings Phase II JV refinanced the PPC II JV Loan that increased the principal amount of the loan, which had a balance of $17.3 million at the time of the refinance, to $22.9 million, fixed the interest rate to 2.7% and provides for monthly payments of principal and interest through maturity in May 2057. The refinanced loan terms include a prepayment premium due to the lender of 1% - 10% for any additional principal that is prepaid through May 31, 2032. The refinanced loan is insured by HUD and is secured by the real property and certain other Security Interests. During 2022, the Company incurred $0.2 million of additional loan cost related to the refinance. As a result of the refinance, the year ended December 31, 2022 includes a $0.1 million loss on early extinguishment of debt related to unamortized debt issuance costs, included within other income, net on the consolidated statements of income.

In 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 loan provides for monthly principal and interest payments through maturity in June 2047. The loan is secured by the real property and certain other Security Interests. In connection with the 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%. In April 2022, the swap was terminated resulting in a gain of $0.1 million, included in interest expense on the consolidated statements of income for the year ended December 31, 2022. See Note 6. Financial Instruments and Fair Value Measurements for additional information.

In March 2021, a wholly-owned subsidiary of the Company entered into a $26.8 million loan, which is guaranteed by the Company, to finance the construction of apartments in Panama City, Florida. The North Bay Landing Loan provides for interest only payments and a principal balloon payment at maturity in September 2024. The loan includes an option for an extension of the maturity date by eighteen months, subject to certain conditions, which would provide for principal and interest payments commencing on the original maturity date with a final balloon payment at the extended maturity date. The loan is secured by the real property and certain other Security Interests. As guarantor, the Company’s liability under the North Bay Landing Loan will be reduced to 50% of the outstanding principal amount upon satisfaction of final advance conditions and reduced to 25% of the outstanding 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 November 2020, a wholly-owned subsidiary of the Company entered into a $16.8 million loan, which is guaranteed by the Company, 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 monthly principal and interest payments through maturity in November 2042. In November 2022, the Breakfast Point Hotel loan was amended to fix the interest rate to 6.0% through November 2027 and the 1-year constant maturity Treasury rate plus 3.3% from December 2027 through November 2042, with a minimum rate of 6.0% throughout the term of the loan. The amendment also includes a prepayment premium due to the lender of 1% - 3% of the outstanding principal balance for any additional principal that is prepaid through November 2027. The loan is secured by the real property and certain other Security Interests.

In March 2020, a wholly-owned subsidiary of the Company entered into a $15.3 million loan, which is guaranteed by the Company, 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 loan is secured by the real property and certain other Security Interests.

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 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 loan is secured by the real property and certain other Security Interests. In connection with the 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% of the outstanding principal amount 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 June 2021, a wholly-owned subsidiary of the Company entered into a $28.0 million loan, which is guaranteed by the Company, 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 principal and interest payments through maturity in December 2047. The loan is secured by the real property and certain other Security Interests. As guarantor, the Company’s liability under the loan will be reduced to 50% of the outstanding principal amount upon the project reaching and maintaining a trailing six months of operations with a certain debt service coverage ratio and reduced to 25% of the outstanding principal amount upon reaching and maintaining a trailing twelve months of operations with a certain debt service coverage ratio. In addition, the guarantee can become full recourse in the case of the failure of the 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 August 2021, a wholly-owned subsidiary of the Company entered into a $12.0 million loan, which is guaranteed by the Company, 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 loan is secured by the real property and certain other Security Interests. As guarantor, the Company’s liability under the loan will be reduced to 50% of the outstanding 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 outstanding 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, which is guaranteed by the Company, 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 loan includes an option for an extension of the maturity date by sixty months, subject to certain conditions, which would provide for continued principal and interest payments with a final balloon payment at the extended maturity date. In June 2022, the loan was amended to revise the interest rate to SOFR

plus 2.7%, with a floor of 2.7%, through October 2023 and SOFR plus 2.5%, with a floor of 2.5%, from November 2023 through maturity. The loan is secured by the leasehold property and certain other Security Interests.

In July 2022, a wholly-owned subsidiary of the Company entered into a $13.7 million loan, which is guaranteed by the Company, to finance the construction of a hotel in Santa Rosa Beach, Florida. The Topsail 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 July 2027. The loan is secured by the real property and certain other Security Interests.

In 2019, a wholly-owned subsidiary of the Company entered into a $5.5 million loan, which is guaranteed by the Company, 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 loan is secured by the real property and certain other Security Interests.

In November 2020, a wholly-owned subsidiary of the Company entered into a $5.8 million loan, which is guaranteed by the Company, 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 loan is secured by the real property and certain other Security Interests. The Company’s liability as guarantor under the loan shall not exceed $2.9 million, plus any additional fees, upon reaching and maintaining certain debt service coverage.

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. CDD debt is secured by certain real estate or other collateral. 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 $12.8 million and $14.1 million as of December 31, 2022 and 2021, respectively. The Company pays interest on this total outstanding CDD debt.

In 2018, a wholly-owned subsidiary of the Company entered into a $1.7 million loan, which is guaranteed by the Company, to finance the construction of two beach homes located in Panama City Beach, Florida (the “Beach Homes Loan”). The loan provides for monthly principal and interest payments with a final balloon payment at maturity in May 2029. The loan is secured by the real property and certain other Security Interests.

In 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 loan provides for monthly principal and interest payments with a final balloon payment at maturity in March 2027. The loan is secured by the real property and certain other Security Interests.

In 2018, a wholly-owned subsidiary of the Company entered into a $1.9 million loan, which is guaranteed by the Company, to finance the construction of a commercial leasing property located in Santa Rosa Beach, Florida (the “WaterColor Crossings Loan”). The loan provides for monthly principal and interest payments with a final balloon payment at maturity in February 2029. The loan is secured by the real property and certain other Security Interests.

The Company’s financing agreements are subject to various customary debt covenants and as both of December 31, 2022 and 2021, the Company was in compliance with the financial debt covenants.

As of December 31, 2022, assets that were pledged as collateral related to the Company’s debt agreements, including unfunded commitments, had an approximate carrying amount of $552.1 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, 2022 are:


2023	$	6,684
2024		69,956
2025		65,911
2026		6,935
2027		54,003
Thereafter		187,922
	$	391,411

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.

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Other Liabilities

12 Months Ended

Dec. 31, 2022

Other Liabilities

Other Liabilities

11. Other Liabilities

Other liabilities consist of the following:


	December 31,		December 31,
	2022		2021
Accounts payable	$	69,864	$	48,597
Income tax payable		3,470		681
Finance lease liabilities		300		380
Operating lease liabilities		678		732
Accrued compensation		5,731		4,877
Other accrued liabilities		3,641		4,126
Club membership deposits		3,422		3,602
Advance deposits		4,415		2,140
Accrued interest expense for Senior Notes held by SPE		2,850		2,850
Total other liabilities	$	94,371	$	67,985

Accounts payable as of December 31, 2022 and 2021, includes payables for projects under development and construction, such as the Embassy Suites by Hilton hotel, the Camp Creek Inn and amenity center, Hotel Indigo, Watersound Town Center, Mexico Beach Crossings and the Watersound Origins, Breakfast Point East and Ward Creek residential communities. As of December 31, 2022 and 2021, accounts payable also include $27.7 million and $16.0 million, respectively, of retainage payable for projects under development and construction that are approaching completion.

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.

Deferred Revenue

12 Months Ended

Dec. 31, 2022

Deferred Revenue

Deferred Revenue

12. Deferred Revenue

As of December 31, 2022 and 2021, deferred revenue includes club initiation fees of $25.1 million and $22.9 million, respectively, and other deferred revenue of $13.8 million and $13.4 million, respectively.

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, 2022		December 31, 2021
Balance at beginning of year	$	22,850	$	10,716
New club memberships		9,170		16,804
Revenue from amounts included in contract liability opening balance		(6,040)		(3,037)
Revenue from current period new memberships		(892)		(1,633)
Balance at end of year	$	25,088	$	22,850

Remaining performance obligations represent contracted revenue that has not been recognized related to club initiation fees. As of December 31, 2022 remaining performance obligations were $25.1 million, of which the Company expects to recognize as revenue $6.0 million in 2023, $10.9 million in 2024 through 2025, $7.5 million in 2026 through 2027 and $0.7 million thereafter.

Other deferred revenue as of both December 31, 2022 and 2021 includes $10.9 million 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.

Income Taxes

12 Months Ended

Dec. 31, 2022

Income Taxes

Income Taxes

13. Income Taxes

Income tax expense consist of the following:


	Year Ended December 31,
	2022		2021		2020
Current:
Federal	$	19,067	$	9,005	$	5,146
State		832		—		—
Total		19,899		9,005		5,146
Deferred:
Federal		661		12,120		6,321
State		3,829		3,857		2,203
Total		4,490		15,977		8,524
Income tax expense	$	24,389	$	24,982	$	13,670

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


	Year Ended December 31,
	2022		2021		2020
Income tax expense	$	24,389	$	24,982	$	13,670
Income tax recorded in accumulated other comprehensive income (loss)
Income tax expense (benefit)		957		367		(386)
Total income tax expense	$	25,346	$	25,349	$	13,284

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, 2022, 2021 and 2020 to pre-tax income as a result of the following:


	Year Ended December 31,
	2022		2021		2020
Tax at the statutory federal rate	$	20,016	$	20,902	$	12,385
State income taxes (net of federal benefit)		4,495		3,581		2,203
(Decrease) increase in valuation allowance		(21)		275		—
Change in US and State tax rates		—		458		—
Income tax credits		(150)		(186)		(454)
Benefit of Qualified Opportunity Zone investments		—		(195)		(161)
Dividend received deduction		—		—		(33)
Other permanent items		49		147		(270)
Total income tax expense	$	24,389	$	24,982	$	13,670

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,
	2022		2021
Deferred tax assets:
State net operating loss carryforwards	$	5,965	$	10,617
Impairment losses		26,714		28,496
Prepaid income from land sales		6,871		6,177
Capital loss carryforwards		—		4,090
Capitalized costs		2,121		2,462
Reserves and accruals		1,975		1,950
Unrealized losses on investments		—		359
Other		2,685		1,446
Total gross deferred tax assets		46,331		55,597
Valuation allowance		(290)		(305)
Total net deferred tax assets		46,041		55,292
Deferred tax liabilities:
Investment in real estate and property and equipment basis differences		21,713		14,014
Deferred gain on land sales and involuntary conversions		36,977		33,643
Installment sales		67,418		83,498
Other		2,639		1,396
Total gross deferred tax liabilities		128,747		132,551
Net deferred tax liabilities	$	(82,706)	$	(77,259)

As of December 31, 2022 and 2021, the Company had state NOLs of $121.1 million and $229.3 million, respectively. As of December 31, 2022 and 2021, the Company had $3.4 million and $3.1 million, respectively, of federal NOLs. The federal NOLs are applicable to a specific QOF entity 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 2031. As of December 31, 2022 and 2021, the Company had income tax payable of $3.5 million and $0.7 million, respectively, included within other liabilities on the consolidated balance sheets.

The Inflation Reduction Act (“IRA”) was signed into law on August 16, 2022. The IRA extended the Internal Revenue Code Section 45L credit, a credit for the installation of energy efficient appliances and equipment in both single family and multi-family homes, to tax year 2032 with retroactive effect to tax year 2022. While the tax year 2022 credit is the same as in years prior on a per unit basis, the credit is increased marginally for tax years 2023 forward.

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 both December 31, 2022 and 2021, the Company’s valuation allowance was $0.3 million against certain state NOLs.

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 either December 31, 2022 or 2021. There were no penalties required to be accrued as of December 31, 2022 and 2021. The Company records interest related to unrecognized tax benefits, if any, in interest expense and penalties in other income, net.

The Company is currently open to examination by taxing authorities for the tax years 2019 through 2021.

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.

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

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2022

Accumulated Other Comprehensive Loss

14. Accumulated Other Comprehensive Income (Loss)

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


	Unrealized Gain (Loss)		Unrealized
	on Available-for-		(Loss) Gain
	Sale Securities		Cash Flow Hedges		Total
Accumulated other comprehensive income (loss) as of 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 as of December 31, 2021	$	(7)	$	(382)	$	(389)
Other comprehensive (loss) income before reclassifications		(175)		4,272		4,097
Amounts reclassified from accumulated other comprehensive income		—		105		105
Other comprehensive (loss) income		(175)		4,377		4,202
Less: Other comprehensive income attributable to non-controlling interest		—		(1,383)		(1,383)
Accumulated other comprehensive (loss) income as of December 31, 2022	$	(182)	$	2,612	$	2,430

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


	Year Ended December 31, 2022
	Before-		Tax Benefit		Net-of-
	Tax Amount		(Expense)		Tax Amount
Unrealized loss on available-for-sale investments	$	(235)	$	60	$	(175)
Interest rate swaps		4,633		(825)		3,808
Interest rate swap - unconsolidated joint venture		621		(157)		464
Reclassification adjustment for net loss included in earnings		140		(35)		105
Net unrealized gain		5,159		(957)		4,202
Other comprehensive income	$	5,159	$	(957)	$	4,202


	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

Stockholders' Equity

12 Months Ended

Dec. 31, 2022

Stockholders' Equity

Stockholders' Equity

15. Stockholders’ Equity

Dividends

During 2022, 2021 and 2020, the Company paid cash dividends of $0.40, $0.32 and $0.07, respectively, per share on the Company’s common stock for a total of $23.5 million, $18.8 million and $4.1 million, respectively.

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, 2022, the Company repurchased 576,963 shares of its common stock outstanding at an average purchase price of $34.81, per share, for an aggregate purchase price of $20.0 million. During the year ended December 31, 2021, the Company did not repurchase shares of its common stock outstanding. As of December 31, 2022, the Company had a total authority of $80.0 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 2022, the Company retired 576,963 shares of treasury stock at a value of $20.0 million.

Issuance of Common Stock for Employee Compensation

On February 22, 2022, the Company granted 25,594 restricted stock awards to certain employees pursuant to the Company’s 2015 Performance and Equity Incentive Plan (the “2015 Plan”). The restricted shares will vest in equal annual installments on the first, second and third annual anniversary of the grant date, subject to the recipient’s continued employment through and on the applicable vesting date. The weighted average grant date fair value of the restricted shares was $46.73.

On April 8, 2022, the Company granted 4,361 restricted stock awards to an employee pursuant to the 2015 Plan. The restricted shares will vest in January 2030, subject to the recipient’s continued employment through and on the applicable vesting date. The weighted average grant date fair value of the restricted shares was $55.73.

During 2022, the Company recorded expense of $0.4 million related to restricted stock awards for employee compensation. During 2021 and 2020 the Company did not have expense related to restricted stock awards for employee compensation. During the years ended December 31, 2022, 2021 and 2020, there were no restricted shares related to employee compensation vested or forfeited.

Stock Based Compensation

12 Months Ended

Dec. 31, 2022

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 and Human Capital 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. Forfeitures are accounted for as they occur. As of December 31, 2022, 1,433,588 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,
	2022		2021		2020
Stock compensation expense before tax benefit	$	364	$	—	$	45
Income tax benefit		(93)		—		(11)
	$	271	$	—	$	34

During the years ended December 31, 2022, 2021 and 2020, the Company did not issue any common stock for director’s fees.

In 2022, the Company granted 29,955 shares of restricted stock awards to certain of the Company’s employees pursuant to the 2015 Plan, of which none vested during 2022. The weighted average grant date fair value of restricted stock units during 2022 was $48.04.

In 2019, the Company granted 5,708 shares of restricted stock awards to certain of the Company’s directors as fees for services rendered under the 2015 Plan, of which 5,708 vested during the year ended December 31, 2020. The weighted average grant date fair value of restricted stock units during 2019 was $17.52. The total fair value of restricted stock units that vested during 2020 was $0.1 million.

As of December 31, 2022, there were 29,955 unvested restricted stock units outstanding. As of December 31, 2022, there was $1.1 million of unrecognized compensation cost, related to non-vested restricted shares which will be recognized over a weighted average period of 3.2 years.

Employee Benefit Plan

12 Months Ended

Dec. 31, 2022

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 $0.7 million and $0.1 million in 2022 and 2021, respectively. 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.

The Company expensed the fair value of the assets at the time the assets were allocated to participants. During each 2021 and 2020 the Company recorded an expense of $1.2 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 each 2021 and 2020.

The entire disclosure for retirement benefits.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Other Income, Net

12 Months Ended

Dec. 31, 2022

Other Income, Net

Other Income, Net

18. Other Income, Net

Other income (expense) consists of the following:



	Year Ended December 31,
	2022		2021		2020
Investment income, net
Interest, dividend and accretion income	$	793	$	157	$	1,194
Net realized gain (loss) on the sale of investments		—		17		(48)
Unrealized loss on investments, net		(26)		(1,872)		(4,688)
Interest income from investments in SPEs		8,012		8,078		8,180
Interest earned on notes receivable and other interest		1,083		874		345
Total investment income, net		9,862		7,254		4,983
Interest expense
Interest expense and amortization of discount and issuance costs for Senior Notes issued by SPE		(8,841)		(8,827)		(8,813)
Other interest expense		(9,542)		(7,027)		(4,751)
Total interest expense		(18,383)		(15,854)		(13,564)
Gain on contributions to unconsolidated joint ventures		2,738		3,558		19,983
Equity in income (loss) from unconsolidated joint ventures		25,986		(865)		(666)
Other income (expense), net
Accretion income from retained interest investments		1,671		1,532		1,391
Gain on insurance recoveries		9,835		4,853		690
Loss from hurricane damage		(51)		(56)		(1,123)
Miscellaneous income, net		1,492		3,852		371
Other income, net		12,947		10,181		1,329
Total other income, net	$	33,150	$	4,274	$	12,065

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 includes 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 2022, 2021 and 2020 the Company capitalized $3.0 million, $1.0 million and $1.1 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 Contributions to Unconsolidated Joint Ventures

Gain on contributions to unconsolidated joint ventures for the year ended December 31, 2022, includes a gain of $1.4 million on land and impact fees contributed to the Company’s unconsolidated Pier Park RI JV. The year ended December 31, 2022, also includes a gain of $0.4 million on land contributed to the Company’s unconsolidated Electric Cart Watersound JV. Gain on contributions 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. Gain on contributions to unconsolidated joint ventures also includes a gain of $0.9 million and $0.5 million during 2022 and 2021, respectively, on additional infrastructure improvements contributed to the Company’s unconsolidated Latitude Margaritaville Watersound JV. Gain on contributions 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 JV. See Note 4. Joint Ventures for additional information.

Equity in Income (Loss) from Unconsolidated Joint Ventures

Equity in income (loss) from unconsolidated joint ventures includes the Company’s proportionate share of earnings or losses of unconsolidated JVs accounted for by the equity method. In November 2022, the Sea Sound JV sold its assets to an unrelated third party for $92.5 million, resulting in a total gain on sale of $36.1 million. Equity in income (loss) from unconsolidated joint ventures during 2022 includes $21.7 million related to the Company’s proportionate share of the gain on sale. Equity in income (loss) from unconsolidated joint ventures during 2022 also includes $3.9 million of income, compared to $1.9 of loss during 2021, related to the Latitude Margaritaville Watersound JV. The Latitude Margaritaville Watersound JV began completing home sale transactions in the fourth quarter of 2021. 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 recoveries, 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 4.8% to 12.8%.

During the years ended December 31, 2022, 2021 and 2020, the Company had a gain on insurance recovery of $9.7 million, $4.9 million and $0.7 million, respectively, and incurred loss from hurricane damage of less than $0.1 million in both 2022 and 2021 and $1.1 million in 2020 related to Hurricane Michael. In November 2022, the Company closed out the insurance claim related to Hurricane Michael and therefore will not receive additional proceeds in future periods.

Miscellaneous income, net during 2022, includes income of $1.0 million related to a gain on retained interest investment. Miscellaneous income, net includes $2.6 million, $0.9 million and $0.7 million in 2022, 2021 and 2020, respectively, received from the Pier Park CDD for repayment of subordinated notes, which have been fully repaid. Miscellaneous income, net during 2022, also includes expenses of $1.1 million for design costs no longer pursued and $0.6 million for a homeowner’s association special assessment. 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.

Segment Information

12 Months Ended

Dec. 31, 2022

Segment Information

Segment Information

19. Segment Information

The Company conducts primarily all of its business in the following three reportable segments: 1) residential, 2) hospitality and 3) commercial. 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 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 insurance 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,
	2022		2021		2020
Operating revenue:
Residential	$	92,886	$	144,854	$	74,303
Hospitality		97,236		74,591		47,374
Commercial		59,379		45,557		37,077
Other		2,820		1,994		1,801
Consolidated operating revenue	$	252,321	$	266,996	$	160,555

Cost of revenue:
Cost of residential revenue	$	44,115	$	56,889	$	29,790
Cost of hospitality revenue^(a)		77,862		57,494		34,670
Cost of commercial revenue^(b)		21,786		15,393		12,797
Cost of other revenue		2,135		1,538		519
Consolidated cost of revenue	$	145,898	$	131,314	$	77,776

Corporate and other operating expenses:
Residential	$	3,994	$	4,883	$	5,272
Hospitality		1,086		919		1,180
Commercial		4,239		3,969		3,692
Other		12,749		13,252		12,762
Consolidated corporate and other operating expenses	$	22,068	$	23,023	$	22,906

Depreciation, depletion and amortization:
Residential	$	156	$	179	$	180
Hospitality		9,366		6,966		4,638
Commercial		12,968		10,662		7,125
Other		398		395		845
Consolidated depreciation, depletion and amortization	$	22,888	$	18,202	$	12,788

Investment income, net:
Residential and commercial	$	1,079	$	874	$	298
Other ^(c)		8,783		6,380		4,685
Consolidated investment income, net	$	9,862	$	7,254	$	4,983

Interest expense:
Residential	$	484	$	581	$	683
Hospitality		1,709		488		222
Commercial		7,343		5,949		3,836
Other ^(d)		8,847		8,836		8,823
Consolidated interest expense	$	18,383	$	15,854	$	13,564

Gain on contributions to unconsolidated joint ventures:
Residential^(e)	$	939	$	503	$	15,706
Commercial^{(f) (g) (h)}		1,799		3,055		3,949
Other		—		—		328
Consolidated gain on contributions to unconsolidated joint ventures	$	2,738	$	3,558	$	19,983

Equity in income (loss) from unconsolidated joint ventures:
Residential⁽ⁱ⁾	$	3,859	$	(1,861)	$	(524)
Commercial ^(j)		22,127		996		(142)
Consolidated equity in income (loss) from unconsolidated joint ventures	$	25,986	$	(865)	$	(666)

Other (expense) income, net:
Residential	$	(508)	$	113	$	(22)
Hospitality		1,807		635		575
Commercial^(k)		(687)		3,722		51
Other^(l)		12,335		5,711		725
Other income, net	$	12,947	$	10,181	$	1,329

Income (loss) before income taxes:
Residential^(e)	$	49,474	$	81,905	$	53,780
Hospitality^(a)		9,021		9,359		7,238
Commercial^{(b) (f) (g) (h) (j) (k)}		36,316		17,403		13,539
Other^{(c) (d) (l)}		(194)		(9,936)		(15,407)
Consolidated income before income taxes	$	94,617	$	98,731	$	59,150


Capital expenditures:
Residential	$	92,203	$	52,838	$	33,634
Hospitality^(m)		171,056		101,686		42,770
Commercial		92,992		45,843		85,070
Other		441		452		769
Total capital expenditures	$	356,692	$	200,819	$	162,243


	December 31,		December 31,
	2022		2021
Investment in unconsolidated joint ventures:
Residential	$	33,236	$	30,039
Commercial		16,789		21,988
Total investment in unconsolidated joint ventures	$	50,025	$	52,027

Total assets:
Residential	$	231,054	$	192,290
Hospitality		420,329		256,751
Commercial		470,629		378,118
Other		308,827		380,992
Total assets	$	1,430,839	$	1,208,151

(a)	Includes business interruption insurance proceeds for the marinas related to Hurricane Michael of $0.7 million and $1.3 million in 2021 and 2020, respectively. See Note 18. Other Income, Net for additional information.

(b)	Includes business interruption insurance proceeds for the Pier Park Crossings JV related to Hurricane Michael of $0.7 million in 2020.

(c)	Includes interest income from investments in SPEs of $8.0 million, $8.1 million and $8.2 million in 2022, 2021 and 2020, respectively.

(d)	Includes interest expense from Senior Notes issued by SPE of $8.8 million in each 2022, 2021 and 2020.

(e)	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.

(f)	Includes gains in 2022 of $1.4 million on land and impact fees contributed to the unconsolidated Pier Park RI JV and $0.4 million on land contributed to the unconsolidated Electric Cart Watersound JV. See Note 4. Joint Ventures and Note 18. Other Income, Net for additional information.

(g)	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.

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

(i)	Includes the Latitude Margaritaville Watersound JV, which began completing home sale transactions in the fourth quarter of 2021. See Note 4. Joint Ventures for additional information.

(j)	Includes a gain of $21.7 million in 2022 related to the sale of the Sea Sound JV assets. See Note 4. Joint Ventures and Note 18. Other Income, Net for additional information.

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

(l)

Includes gain on insurance recovery of $9.7 million, $4.9 million and $0.7 million in 2022, 2021 and 2020, respectively, related to Hurricane Michael. In addition, includes loss from hurricane damage of $0.1 million in both 2022 and 2021 and $1.1 million in 2020 related to Hurricane Michael. See Note 18. Other Income, Net for additional information.

(m)	Includes acquisition of The Pearl Hotel. See Note 3. Investment in Real Estate, Net for additional information.

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Commitments and Contingencies

Commitments and Contingencies

12 Months Ended

Dec. 31, 2022

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 a 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 as of both December 31, 2022 and 2021, 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, 2022, there was no balance outstanding on the Latitude JV Note. As of December 31, 2021, $7.1 million was outstanding on the Latitude JV Note. The Latitude JV Note was provided by the Company to finance the development of the pod-level, non-spine infrastructure. Future advances, if any, will be 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 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 8. Other Assets for additional information.

As of December 31, 2022 and 2021, 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 $38.1 million and $36.9 million, respectively, as well as standby letters of credit in the amount of $17.3 million and $12.9 million, respectively, which may potentially result in liability to the Company if certain obligations of the Company are not met.

As of December 31, 2022, the Company had a total of $118.1 million primarily in construction and development related contractual obligations, of which a significant portion will be funded through committed or new financing arrangements.

In 2019, the Company’s unconsolidated Pier Park TPS JV, entered into a $14.4 million loan (the “Pier Park TPS JV Loan”). The 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 loan is secured by the real and personal property and certain

other Security Interests. In connection with the 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, 2022 and 2021, $13.8 million and $14.1 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 2020, the Company’s unconsolidated Latitude Margaritaville Watersound JV, entered into a $25.0 million loan (the “Latitude Margaritaville Watersound JV Loan”). The loan bears interest at LIBOR plus 2.5%, with a floor of 3.3%. The loan provides for monthly interest payments with a final balloon payment at maturity in November 2023 and includes annual maturity extension rights for a total of three additional years, subject to bank approval. In December 2022, the Latitude Margaritaville Watersound JV entered into a loan amendment to increase the principal to $45.0 million and extend the maturity date to December 2025, with an option to extend the maturity date by one year, subject to bank approval. The amendment also adjusted the interest rate to SOFR plus 2.5%, with a floor of 3.0%. The loan is secured by the real and personal property and certain other Security Interests. In connection with the loan, the Company and the Company’s JV partner entered into an unconditional guaranty of completion of certain homes and related improvements in favor of the lender. As of December 31, 2022, $30.0 million was outstanding on the Latitude Margaritaville Watersound JV Loan. As of December 31, 2021, there was no principal balance 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 loan bears interest at LIBOR plus 2.0%, with a floor of 2.5%. The 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 loan includes an option for an extension of the maturity date by twelve months, subject to certain conditions, which would provide for continued monthly principal and interest payments with a final balloon payment at the extended maturity date. The loan is secured by the real property and certain other Security Interests. In connection with the 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 loan will be reduced to 50% of the outstanding 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, 2022 and 2021, $21.3 million and $0.1 million, respectively, was outstanding on the Watersound Fountains JV Loan.

In September 2022, the Company’s unconsolidated Electric Cart Watersound JV, entered into a $5.4 million loan (the “Electric Cart Watersound JV Loan”). The loan bears interest at SOFR plus 1.8%, with a floor of 2.1%. The 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 September 2032. The loan is secured by the real property and certain other Security Interests. In connection with the loan, the Company, a wholly-owned subsidiary of the Company and the Electric Cart Watersound JV entered into a joint and several payment and performance guarantee in favor of the lender. After the initial forty-eight months of the loan, the Company’s liability as guarantor under the loan will be reduced to 50% of the outstanding principal balance upon reaching a certain debt service coverage and other conditions. 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. As of December 31, 2022, $0.8 million was outstanding on the Electric Cart Watersound 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, 2022 and 2021. As of both December 31, 2022 and 2021,

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 2008 and 2014, the Company generated significant tax gains. The installment note’s structure allowed the Company to defer the resulting federal tax liability of $20.4 million until 2023 - 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.

Subsequent Event

12 Months Ended

Dec. 31, 2022

Subsequent Event.

Subsequent Event.

21. Subsequent Events

On February 22, 2023, the Board declared a cash dividend of $0.10 per share on the Company’s common stock, payable on March 28, 2023, to shareholders of record as of the close of business on March 6, 2023.

Schedule III (Consolidated) - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2022

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, 2022

(in thousands)


			Initial Cost to Company ^(b)						Gross Amount as of December 31, 2022
							Costs Capitalized
							Subsequent to								Accumulated		Date of
			Land &		Buildings &		Acquisition or		Land & Land		Buildings and				Depreciation and		Construction or
Description^(a)	Encumbrances		Improvements		Improvements		Construction ^(c)		Improvements		Improvements		Total*		Amortization^(d)		Acquisition
Residential developments
Bay County, FL	$	19	$	10,398	$	—	$	68,333	$	78,731	$	—	$	78,731	$	—	through 2022
Gulf County, FL		—		4,000		—		22,710		26,710		—		26,710		—	through 2022
Walton County, FL		—		—		—		56,268		56,268		—		56,268		—	through 2022
Franklin and Leon Counties, FL		634		8,789		—		1,007		9,796		—		9,796		—	through 2022
Residential operating property		—		5,953		9,447		(7,547)		5,913		1,940		7,853		2,446	2004 - 2007, 2011 - 2012, 2018
Hospitality
WaterColor Hospitality		—		1,137		19,520		11,466		2,915		29,208		32,123		12,340	2002, 2013, 2022
The Pearl Hotel		37,000		10,518		38,742		—		10,518		38,742		49,260		89	2022
Pier Park Resort Hotel JV		45,209		1,438		72,047		—		1,438		72,047		73,485		—	2022
The Lodge 30A JV		13,304		2,143		16,878		—		2,143		16,878		19,021		—	2022
Hotel Indigo/Harrison's Kitchen & Bar^(e)		10,427		268		28,440		—		268		28,440		28,708		32	2022
Hilton Garden Inn Panama City Airport		14,642		1,693		17,100		—		1,693		17,100		18,793		806	2021
Homewood Suites by Hilton Panama City Beach		16,376		1,952		20,194		—		1,952		20,194		22,146		524	2022
Home2 Suites by Hilton Santa Rosa Beach		5,199		817		15,637		—		817		15,637		16,454		—	2022
Watersound Club		13,131		34,608		75,563		(330)		36,287		73,554		109,841		22,948	2001 - 2007, 2018 - 2022
Marinas		—		16,698		18,084		(212)		16,940		17,630		34,570		996	2022
Other		3,501		3,994		12,509		847		4,752		12,598		17,350		3,539	2008, 2010, 2016, 2019 - 2020
Commercial
Leasing properties:
Pier Park North JV		42,555		13,175		35,243		4,064		13,601		38,881		52,482		14,545	2014 - 2017
VentureCrossings		—		7,199		29,823		(1,852)		5,717		29,453		35,170		7,746	2012, 2017, 2019
FSU/TMH Medical Campus		—		3,183		3,697		—		3,183		3,697		6,880		—	2022
Watersound Origins Crossings JV		44,015		6,853		33,912		—		6,853		33,912		40,765		1,932	2020 - 2021
Pier Park Crossings JV		35,180		8,456		28,662		—		8,456		28,662		37,118		3,685	2019 - 2020
Pier Park Crossings Phase II JV		22,623		3,567		15,586		—		3,567		15,586		19,153		1,166	2020
Mexico Beach Crossings		23,374		670		30,608		—		669		30,609		31,278		—	2022
North Bay Landing		18,222		1,924		30,102		—		1,924		30,102		32,026		156	2022
Origins Crossings Townhomes		—		2,425		15,953		1		2,426		15,953		18,379		298	2022
Watercrest JV		21,038		3,073		18,475		—		3,073		18,475		21,548		1,168	2020
Self-Storage		4,666		1,003		5,880		52		1,055		5,880		6,935		251	2021
Beckrich Office Park		5,020		2,200		13,298		360		2,223		13,635		15,858		1,563	2017, 2020

			Initial Cost to Company ^(b)						Gross Amount as of December 31, 2022
							Costs Capitalized
							Subsequent to								Accumulated		Date of
			Land &		Buildings &		Acquisition or		Land & Land		Buildings and				Depreciation and		Construction or
Description^(a)	Encumbrances		Improvements		Improvements		Construction ^(c)		Improvements		Improvements		Total*		Amortization^(d)		Acquisition
Watersound Town Center		11,379		10,185		39,367		—		10,185		39,367		49,552		886	2020, 2021, 2022
Watersound West Bay, WindMark Beach, WaterColor and WaterSound Gatehouse Town centers		—		64		16,391		2,571		71		18,955		19,026		11,510	2001 - 2007, 2016, 2022
Other		2,491		4,496		16,740		517		4,930		16,823		21,753		5,089	through 2022
Commercial developments		1,406		32,361		—		23,309		55,670		—		55,670		35	through 2022
Timberlands and other unimproved land		—		6,686		1,788		15,308		21,994		1,788		23,782		2,137	N/A
Mitigation banks and other		—		—		—		3,745		3,663		82		3,745		81	through 2022
Total	$	391,411	$	211,926	$	679,686	$	200,617	$	406,401	$	685,828	$	1,092,229	$	95,968

*	Excludes unconsolidated JVs.

(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.

(d)	Depreciation is computed based on the following estimated useful lives. See Note 2. Significant Accounting Policies for additional information.

(i)

Land improvements 15 – 20 years

(ii)

Buildings 20 – 40 years

(iii)

Building improvements 5 – 25 years

(iv)

Leasehold improvements 2 – 25 years (shorter of the minimum lease term or the estimated economic life)

(e)	Properties are located on leased land.

Notes:

(A)	The aggregate cost of real estate owned as of December 31, 2022 for federal income tax purposes is approximately $992.6 million.

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


	December 31,		December 31,		December 31,
	2022		2021		2020
Balance at beginning of the year	$	777,279	$	627,613	$	505,032
Amounts capitalized		379,183		222,303		167,258
Impairments		—		—		—
Cost of real estate sold		(48,646)		(55,932)		(33,324)
Amounts retired or adjusted^(a)		(15,587)		(16,705)		(11,353)
Balance at the end of the year	$	1,092,229	$	777,279	$	627,613

(a)	Includes transfers of operating property to property and equipment, net.

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


	December 31,		December 31,		December 31,
	2022		2021		2020
Balance at beginning of the year	$	87,168	$	75,960	$	74,256
Depreciation expense		13,886		11,730		8,298
Amounts retired or adjusted		(5,086)		(522)		(6,594)
Balance at the end of the year	$	95,968	$	87,168	$	75,960

Schedule IV (Consolidated) - Mortgage Loans on Real Estate

12 Months Ended

Dec. 31, 2022

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, 2022

(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)	$	—	$	—	$	—	$	—
Seller financing, residential homesites	5.5%	May 2023	P&I^(c)		—		814		814		—
Seller financing, residential homesites	5.5%	May 2023	P&I^(c)		—		482		482		—
Various other seller financing, rural land	4.8%	November 2023	P&I^(d)		—		19		19		—
Total^(e)				$	—	$	1,315	$	1,315	$	—

(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 8. 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,
	2022		2021		2020
Balance at beginning of the year	$	11,942	$	10,321	$	2,683
Additions during the year - new mortgage loans		—		7,798		9,615
Deductions during the year:
Collections of principal		10,699		6,005		1,949
Foreclosures		—		128		—
Other		(72)		44		28
Balance at the end of the year	$	1,315	$	11,942	$	10,321

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2022

Basis of Presentation and Principles of Consolidation

Use of Estimates

Investment in Real Estate, Net

indirect costs include construction and development administration, legal fees, project administration, interest (up to total interest expense) and real estate taxes.

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:

●

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.

Inventory

Timber Inventory

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

Receivables

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

Deferred Revenue

Advertising Costs

Income Taxes

Concentration of Risks and Uncertainties

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

Given our diverse portfolio of residential holdings, the mix of sales and pricing from different communities may also impact revenue and margins period over period.

Further discussion of the potential impacts on our business from the current macroeconomic environment are discussed in Part I. Item 1A. Risk Factors.

Earnings Per Share

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


	Year Ended December 31,
	2022		2021		2020

Income
Net income attributable to the Company	$	70,927	$	74,553	$	45,203

Shares
Weighted average shares outstanding - basic		58,720,050		58,882,549		59,009,865
Incremental shares from restricted stock		1,288		—		—
Weighted average shares outstanding - diluted		58,721,338		58,882,549		59,009,865

Net income per share attributable to the Company
Basic income per share	$	1.21	$	1.27	$	0.77
Diluted income per share	$	1.21	$	1.27	$	0.77

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, 2022
	Residential		Hospitality		Commercial		Other		Total
Revenue by Major Good/Service:
Real estate revenue	$	92,804	$	—	$	13,678	$	2,677	$	109,159
Hospitality revenue		—		96,731		529		—		97,260
Leasing revenue		82		505		38,466		143		39,196
Timber revenue		—		—		6,706		—		6,706
Total revenue	$	92,886	$	97,236	$	59,379	$	2,820	$	252,321

Timing of Revenue Recognition:
Recognized at a point in time	$	92,804	$	68,653	$	20,913	$	2,677	$	185,047
Recognized over time		—		28,078		—		—		28,078
Over lease term		82		505		38,466		143		39,196
Total revenue	$	92,886	$	97,236	$	59,379	$	2,820	$	252,321


	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		—		74,538		727		—		75,265
Leasing revenue		190		53		26,807		31		27,081
Timber revenue		—		—		6,021		—		6,021
Total revenue	$	144,854	$	74,591	$	45,557	$	1,994	$	266,996

Timing of Revenue Recognition:
Recognized at a point in time	$	144,664	$	55,181	$	18,750	$	1,963	$	220,558
Recognized over time		—		19,357		—		—		19,357
Over lease term		190		53		26,807		31		27,081
Total revenue	$	144,854	$	74,591	$	45,557	$	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		—		47,366		412		—		47,778
Leasing revenue		166		8		18,645		—		18,819
Timber revenue		—		—		6,331		—		6,331
Total revenue	$	74,303	$	47,374	$	37,077	$	1,801	$	160,555

Timing of Revenue Recognition:
Recognized at a point in time	$	74,137	$	36,262	$	18,432	$	1,801	$	130,632
Recognized over time		—		11,104		—		—		11,104
Over lease term		166		8		18,645		—		18,819
Total revenue	$	74,303	$	47,374	$	37,077	$	1,801	$	160,555

Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements

Recently Adopted Accounting Pronouncements

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

Recently Issued Accounting Pronouncements

Reference Rate Reform

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of computation of basic and diluted earnings per share

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


	Year Ended December 31,
	2022		2021		2020

Income
Net income attributable to the Company	$	70,927	$	74,553	$	45,203

Shares
Weighted average shares outstanding - basic		58,720,050		58,882,549		59,009,865
Incremental shares from restricted stock		1,288		—		—
Weighted average shares outstanding - diluted		58,721,338		58,882,549		59,009,865

Net income per share attributable to the Company
Basic income per share	$	1.21	$	1.27	$	0.77
Diluted income per share	$	1.21	$	1.27	$	0.77

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, 2022
	Residential		Hospitality		Commercial		Other		Total
Revenue by Major Good/Service:
Real estate revenue	$	92,804	$	—	$	13,678	$	2,677	$	109,159
Hospitality revenue		—		96,731		529		—		97,260
Leasing revenue		82		505		38,466		143		39,196
Timber revenue		—		—		6,706		—		6,706
Total revenue	$	92,886	$	97,236	$	59,379	$	2,820	$	252,321

Timing of Revenue Recognition:
Recognized at a point in time	$	92,804	$	68,653	$	20,913	$	2,677	$	185,047
Recognized over time		—		28,078		—		—		28,078
Over lease term		82		505		38,466		143		39,196
Total revenue	$	92,886	$	97,236	$	59,379	$	2,820	$	252,321


	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		—		74,538		727		—		75,265
Leasing revenue		190		53		26,807		31		27,081
Timber revenue		—		—		6,021		—		6,021
Total revenue	$	144,854	$	74,591	$	45,557	$	1,994	$	266,996

Timing of Revenue Recognition:
Recognized at a point in time	$	144,664	$	55,181	$	18,750	$	1,963	$	220,558
Recognized over time		—		19,357		—		—		19,357
Over lease term		190		53		26,807		31		27,081
Total revenue	$	144,854	$	74,591	$	45,557	$	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		—		47,366		412		—		47,778
Leasing revenue		166		8		18,645		—		18,819
Timber revenue		—		—		6,331		—		6,331
Total revenue	$	74,303	$	47,374	$	37,077	$	1,801	$	160,555

Timing of Revenue Recognition:
Recognized at a point in time	$	74,137	$	36,262	$	18,432	$	1,801	$	130,632
Recognized over time		—		11,104		—		—		11,104
Over lease term		166		8		18,645		—		18,819
Total revenue	$	74,303	$	47,374	$	37,077	$	1,801	$	160,555

Investment in real estate, net

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

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

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

12 Months Ended

Dec. 31, 2022

Real estate properties

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


	December 31,		December 31,
	2022		2021
Development property:
Residential	$	171,504	$	122,404
Hospitality		200,209		137,089
Commercial		131,133		85,931
Other		3,618		3,232
Total development property		506,464		348,656

Operating property:
Residential		7,854		7,854
Hospitality		221,542		124,449
Commercial		356,242		296,193
Other		127		127
Total operating property		585,765		428,623
Less: Accumulated depreciation		95,968		87,166
Total operating property, net		489,797		341,457
Investment in real estate, net	$	996,261	$	690,113

Operating property

Real estate properties

Schedule of operating property


		December 31,		December 31,
		2022		2021
Land and land improvements	$	146,257	$	111,698
Buildings and building improvements		425,347		303,335
Timber		14,161		13,590
		585,765		428,623
Less: Accumulated depreciation		95,968		87,166
Total operating property, net	$	489,797	$	341,457

Joint Ventures (Tables)

12 Months Ended

Dec. 31, 2022

Unconsolidated joint ventures

Investments

Schedule of financial information of unconsolidated joint ventures


	December 31,		December 31,
	2022		2021
Investment in unconsolidated joint ventures
Latitude Margaritaville Watersound JV	$	33,235	$	30,040
Sea Sound JV ^(a)		411		10,333
Watersound Fountains Independent Living JV		7,258		7,508
Pier Park TPS JV		1,451		1,961
Pier Park RI JV^(b)		4,263		—
Busy Bee JV		2,160		1,621
Electric Cart Watersound JV^(c)		703		—
Watersound Management JV		544		564
Total investment in unconsolidated joint ventures	$	50,025	$	52,027

Outstanding debt of unconsolidated JVs
Latitude Margaritaville Watersound JV^{(d) (e)}	$	30,001	$	7,147
Sea Sound JV^(a)		—		35,047
Watersound Fountains Independent Living JV^(e)		21,327		66
Pier Park TPS JV^(e)		13,822		14,124
Busy Bee JV		6,010		6,317
Electric Cart Watersound JV ^(e)		923		—
Total outstanding debt of unconsolidated JVs	$	72,083	$	62,701

(a)

(b)	JV was formed in May 2022.

(c)	JV was formed in February 2022.

(d)	See Note 8. 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.

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

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


	Year Ended December 31,
	2022		2021		2020
Equity in income (loss) from unconsolidated joint ventures
Latitude Margaritaville Watersound JV^(a)	$	3,859	$	(1,861)	$	(524)
Sea Sound JV^(b)		21,705		(15)		—
Watersound Fountains Independent Living JV^(c)		(250)		—		—
Pier Park TPS JV		33		551		(112)
Busy Bee JV		538		441		(30)
Electric Cart Watersound JV^(d)		18		—		—
Watersound Management JV^(e)		83		19		—
Total equity in income (loss) from unconsolidated joint ventures	$	25,986	$	(865)	$	(666)

(a)	The Latitude Margaritaville Watersound JV began completing home sale transactions in the fourth quarter of 2021.

(b)

(c)	JV was formed in April 2021.

(d)	JV was formed in February 2022.

(e)	JV was formed in June 2021.

Summarized balance sheets for unconsolidated JVs are as follows:


	December 31, 2022
	Latitude Margaritaville Watersound JV			Sea Sound JV^(b)		Watersound Fountains Independent Living JV		Pier Park TPS JV		Pier Park RI JV		Busy Bee JV		Electric Cart Watersound JV		Watersound Management JV		Total
ASSETS
Investment in real estate, net	$	125,231	^(a)	$	—	$	38,783	$	15,106	$	9,858	$	7,627	$	1,875	$	—	$	198,480
Cash and cash equivalents		10,633			327		190		775		580		1,081		259		98		13,943
Other assets		3,267			363		11		748		340		1,957		234		—		6,920
Total assets	$	139,131		$	690	$	38,984	$	16,629	$	10,778	$	10,665	$	2,368	$	98	$	219,343

LIABILITIES AND EQUITY
Debt, net	$	29,530		$	—	$	20,716	$	13,542	$	—	$	5,970	$	843	$	—	$	70,601
Other liabilities		76,506			5		4,776		186		2,252		376		147		—		84,248
Equity		33,095			685		13,492		2,901		8,526		4,319		1,378		98		64,494
Total liabilities and equity	$	139,131		$	690	$	38,984	$	16,629	$	10,778	$	10,665	$	2,368	$	98	$	219,343

(a)	Investment in real estate, net includes the land contributed to the Latitude Margaritaville Watersound JV at the Company’s historical cost basis and additional completed infrastructure improvements.

(b)	In November 2022, the Sea Sound JV sold its assets to an unrelated third party for $92.5 million, resulting in a total gain on sale of $36.1 million. As a result of the sale, the Sea Sound JV will no longer have activity from operations.


	December 31, 2021
	Latitude Margaritaville Watersound JV			Sea Sound JV^(b)		Watersound Fountains Independent Living JV		Pier Park TPS JV		Pier Park RI JV^(c)		Busy Bee JV		Electric Cart Watersound JV^(d)		Watersound Management JV		Total
ASSETS
Investment in real estate, net	$	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)	Investment in real estate, net includes the land contributed to the Latitude Margaritaville Watersound JV at the Company’s historical cost basis and additional completed infrastructure improvements.

(b)	In November 2022, the Sea Sound JV sold its assets to an unrelated third party and will no longer have activity from operations.

(c)	JV was formed in May 2022.

(d)	JV was formed in February 2022.

Summarized statements of operations for unconsolidated JVs are as follows:


	Year Ended December 31, 2022
	Latitude Margaritaville Watersound JV^(a)		Sea Sound JV			Watersound Fountains Independent Living JV		Pier Park TPS JV		Pier Park RI JV ^(c)		Busy Bee JV			Electric Cart Watersound JV		Watersound Management JV			Total
Total revenue	$	139,326	$	5,182		$	—	$	5,460	$	—	$	17,747		$	579	$	1,196	$	169,490
Expenses:
Cost of revenue		118,468		1,883			—		3,199		—		16,954			519		1,030		142,053
Other operating expenses		12,903		32			465		—		—		—			20		—		13,420
Depreciation and amortization		308		1,671			—		1,449		—		459			2		—		3,889
Total expenses		131,679		3,586			465		4,648		—		17,413			541		1,030		159,362
Operating income (loss)		7,647		1,596			(465)		812		—		334			38		166		10,128
Other (expense) income:
Interest expense		(235)		(1,560)			—		(752)		—		(190)			(3)		—		(2,740)
Other income, net		18		36,138	^(b)		—		17		—		957	^(d)		—		—		37,130
Total other (expense) income		(217)		34,578			—		(735)		—		767			(3)		—		34,390
Net income (loss)	$	7,430	$	36,174		$	(465)	$	77	$	—	$	1,101		$	35	$	166	$	44,518

(a)	The Latitude Margaritaville Watersound JV completed 316 home sale transactions during 2022.

(b)	In November 2022, the Sea Sound JV sold its assets to an unrelated third party for $92.5 million, resulting in a total gain on sale of $36.1 million. As a result of the sale, the Sea Sound JV will no longer have activity from operations.

(c)	The project is under construction with no income or loss for the year ended December 31, 2022.

(d)	Includes changes in the fair value of derivatives related to interest rate swaps entered into by the Busy Bee JV.


	Year Ended December 31, 2021
	Latitude Margaritaville Watersound JV^(a)		Sea Sound JV^(b)		Watersound Fountains Independent Living JV^(c)		Pier Park TPS JV		Pier Park RI JV^(d)		Busy Bee JV			Electric Cart Watersound JV^(f)		Watersound Management JV		Total
Total revenue	$	18,653	$	1,012	$	—	$	6,474	$	—	$	16,365		$	—	$	511	$	43,015
Expenses:
Cost of revenue		17,850		439		—		2,971		—		15,064			—		473		36,797
Other operating expenses		3,904		—		—		—		—		—			—		—		3,904
Depreciation and amortization		210		359		—		1,434		—		461			—		—		2,464
Total expenses		21,964		798		—		4,405		—		15,525			—		473		43,165
Operating (loss) income		(3,311)		214		—		2,069		—		840			—		38		(150)
Other (expense) income:
Interest expense		(165)		(239)		—		(735)		—		(192)			—		—		(1,331)
Other income, net		—		—		—		11		—		198	^(e)		—		—		209
Total other (expense) income		(165)		(239)		—		(724)		—		6			—		—		(1,122)
Net (loss) income	$	(3,476)	$	(25)	$	—	$	1,345	$	—	$	846		$	—	$	38	$	(1,272)

(a)	The Latitude Margaritaville Watersound JV began completing home sale transactions in the fourth quarter of 2021 and completed 47 home sale transactions during 2021.

(b)	In November 2022, the Sea Sound JV sold its assets to an unrelated third party and will no longer have activity from operations.

(c)	The project was under construction with no income or loss for the year ended December 31, 2021.

(d)	JV was formed in May 2022.

(e)	Includes changes in the fair value of derivatives related to interest rate swaps entered into by the Busy Bee JV.

(f)	JV was formed in February 2022.


	Year Ended December 31, 2020
	Latitude Margaritaville Watersound JV		Sea Sound JV^(a)		Watersound Fountains Independent Living JV^(b)		Pier Park TPS JV		Pier Park RI JV^(c)		Busy Bee JV		Electric Cart Watersound JV^(d)		Watersound Management JV^(e)		Total
Total revenue	$	—	$	—	$	—	$	2,338	$	—	$	5,892	$	—	$	—	$	8,230
Expenses:
Cost of revenue		—		—		—		1,370		—		5,467		—		—		6,837
Other operating expenses		980		—		—		—		—		—		—		—		980
Depreciation and amortization		—		—		—		951		—		228						1,179
Total expenses		980		—		—		2,321		—		5,695		—		—		8,996
Operating (loss) income		(980)		—		—		17		—		197		—		—		(766)
Other expense:
Interest expense		(25)		—		—		(232)		—		(99)		—		—		(356)
Other expense, net		—		—		—		(252)		—		(146)		—		—		(398)
Total other expense		(25)		—		—		(484)		—		(245)		—		—		(754)
Net loss	$	(1,005)	$	—	$	—	$	(467)	$	—	$	(48)	$	—	$	—	$	(1,520)

(a)	The project was under construction with no income or loss for the year ended December 31, 2020. In November 2022, the Sea Sound JV sold its assets to an unrelated third party and will no longer have activity from operations.

(b)	JV was formed in April 2021.

(c)	JV was formed in May 2022.

(d)	JV was formed in February 2022.

(e)	JV was formed in June 2021.

Investments (Tables)

12 Months Ended

Dec. 31, 2022

Investments

Schedule of Investments

December 31, 2022

Gross Unrealized

Amortized Cost

Gains

(Losses)

Fair Value

Investments - debt securities:

U.S. Treasury Bills

40,820

—

(244)

40,576

December 31, 2021

Gross Unrealized

Amortized Cost

Gains

(Losses)

Fair Value

Investments - debt securities:

U.S. Treasury Bills

88,966

(11)

88,956

Schedule of Unrealized Loss Position and Related Fair Value of Investments


	December 31, 2022								December 31, 2021
	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	$	37,578	$	244	$	—	$	—	$	43,959	$	11	$	—	$	—

Schedule of Contractual Maturities of Investments

Financial Instruments and Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

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, 2022
							Total Fair
	Level 1		Level 2		Level 3		Value
Cash equivalents:
Money market funds	$	19,233	$	—	$	—	$	19,233
		19,233		—		—		19,233

Investments - debt securities:
U.S. Treasury Bills		40,576		—		—		40,576
		40,576		—		—		40,576
	$	59,809	$	—	$	—	$	59,809


	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

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, 2022		December 31, 2022		December 31, 2021		Level	Balance Sheets

					In Millions	In Thousands
Pier Park Resort Hotel JV Loan^(a)	12/10/2022	4/12/2027	3.2%	$	42.0	$	4,609	$	558	2	Other assets
Watercrest JV Loan^{(a) (b)}	6/1/2021	6/1/2024	4.4%	$	—	$	—	$	(634)	2	Other liabilities
Pier Park TPS JV Loan^(c)	1/14/2021	1/14/2026	5.2%	$	13.8	$	273	$	(436)	2	Investment in unconsolidated joint ventures

(a)	See Note 10. Debt, Net for additional information.

(b)	In April 2022, the swap was terminated resulting in a gain of $0.1 million, included in interest expense on the consolidated statements of income for the year ended December 31, 2022.

(c)

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


	Year Ended December 31,
	2022		2021		2020

Amount of net gain (loss) recognized in other comprehensive income on derivatives	$	5,254	$	1,061	$	(1,657)
Amount of net loss reclassified into interest expense	$	52	$	247	$	—
Amount of net loss reclassified into equity in income (loss) from unconsolidated joint ventures	$	88	$	173	$	—

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


	December 31, 2022					December 31, 2021
	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	$	4,486	$	4,361	1	$	5,132	$	5,475	1

Senior Notes held by SPE	$	177,857	$	179,564	3	$	177,566	$	204,802	3

Debt
Fixed-rate debt	$	194,525	$	172,241	2	$	129,532	$	126,722	2
Variable-rate debt		196,886		196,886	2		97,942		97,942	2
Total debt	$	391,411	$	369,127		$	227,474	$	224,664

Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases

Schedule of components of leasing revenue


	Year Ended December 31,
	2022		2021		2020
Leasing revenue
Lease payments	$	33,600	$	22,256	$	14,710
Variable lease payments		5,596		4,825		4,109
Total leasing revenue	$	39,196	$	27,081	$	18,819

Schedule of minimum future base rental revenue


2023	$	22,524
2024		12,542
2025		9,414
2026		7,676
2027		6,448
Thereafter		28,441
	$	87,045

Schedule of lease cost



	Year Ended December 31,
	2022			2021			2020
Lease cost
Finance lease cost:
Amortization of right-of-use assets	$	122		$	114		$	57
Interest on lease liability		15			18			11
Operating lease cost		378			308			289
Variable and short-term lease cost		1,793			1,476			1,016
Total lease cost	$	2,308		$	1,916		$	1,373

Other information
Weighted-average remaining lease term - finance lease (in years)		3.3			3.6			3.9
Weighted-average remaining lease term - operating leases (in years)		2.9			3.3			3.9
Weighted-average discount rate - finance lease		5.2	%		4.6	%		5.0	%
Weighted-average discount rate - operating leases		4.8	%		4.9	%		4.9	%

Schedule of aggregate payments of finance lease liability

The aggregate payments of finance and operating lease liabilities subsequent to December 31, 2022, for the years ending December 31 are:


	Finance Leases		Operating Leases
2023	$	148	$	329
2024		99		178
2025		56		55
2026		12		12
2027		4		12
Thereafter		—		257
Total		319		843
Less imputed interest		(19)		(165)
Total lease liabilities	$	300	$	678

Schedule of aggregate payments of operating lease liabilities



	Year Ended December 31,
	2022			2021			2020
Lease cost
Finance lease cost:
Amortization of right-of-use assets	$	122		$	114		$	57
Interest on lease liability		15			18			11
Operating lease cost		378			308			289
Variable and short-term lease cost		1,793			1,476			1,016
Total lease cost	$	2,308		$	1,916		$	1,373

Other information
Weighted-average remaining lease term - finance lease (in years)		3.3			3.6			3.9
Weighted-average remaining lease term - operating leases (in years)		2.9			3.3			3.9
Weighted-average discount rate - finance lease		5.2	%		4.6	%		5.0	%
Weighted-average discount rate - operating leases		4.8	%		4.9	%		4.9	%

The aggregate payments of finance and operating lease liabilities subsequent to December 31, 2022, for the years ending December 31 are:


	Finance Leases		Operating Leases
2023	$	148	$	329
2024		99		178
2025		56		55
2026		12		12
2027		4		12
Thereafter		—		257
Total		319		843
Less imputed interest		(19)		(165)
Total lease liabilities	$	300	$	678

Other Assets (Tables)

12 Months Ended

Dec. 31, 2022

Other Assets

Schedule of Other Assets


	December 31,		December 31,
	2022		2021
Investments - equity securities	$	—	$	450
Accounts receivable, net		9,035		13,813
Homesite sales receivable		10,086		7,651
Notes receivable, net		1,742		12,377
Inventory		3,976		2,797
Prepaid expenses		9,393		7,175
Straight-line rent		2,546		2,489
Operating lease right-of-use assets		678		732
Other assets		13,138		5,987
Retained interest investments		8,197		13,826
Accrued interest receivable for Senior Notes held by SPE		2,938		2,938
Total other assets	$	61,729	$	70,235

Schedule of Lot Sales Receivable


	December 31, 2022		December 31, 2021
Balance at beginning of year	$	7,651	$	5,675
Increases due to revenue recognized for homesites sold		7,660		7,213
Decreases due to amounts received		(5,225)		(5,237)
Balance at end of year	$	10,086	$	7,651

Schedule of Notes Receivable, Net


	December 31,		December 31,
	2022		2021
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
Various interest-bearing homebuilder notes, secured by the real estate sold — bearing interest at a rate of 5.5%, due May 2023		1,296		4,824
Interest-bearing notes with JV partner, secured by the partner's membership interest in the JV — bearing interest at a rate of 8.0%, due May 2039		359		359
Non-interest-bearing note with a tenant for tenant improvements, due October 2025		68		76
Mortgage note, secured by certain real estate, bearing interest at a rate of 4.8% due November 2023		19		43
Total notes receivable, net	$	1,742	$	12,377

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2022

Property and equipment, net

Property, plant and equipment

Schedule of property and equipment, net


	December 31,		December 31,
	2022		2021
Railroad and equipment	$	33,627	$	33,627
Furniture and fixtures		28,659		25,556
Machinery and equipment		31,159		23,058
Office equipment		5,518		4,865
Autos, trucks and aircraft		7,033		6,773
		105,996		93,879
Less: Accumulated depreciation		67,133		64,251
		38,863		29,628
Construction in progress		775		1,517
Total property and equipment, net	$	39,638	$	31,145

Debt, Net (Tables)

12 Months Ended

Dec. 31, 2022

Debt, Net

Schedule of Debt


	Maturity Date	Interest Rate Terms	Effective Rate December 31, 2022		December 31, 2022		December 31, 2021
Pier Park Resort Hotel JV Loan	April 2027	LIBOR plus 2.2%^(a)	3.2	%	$	45,209	$	14,650
Watersound Origins Crossings JV Loan	May 2024	SOFR plus 2.8, floor 3.3%^(b)	7.1	%		44,015		37,897
PPN JV Loan	November 2025	Fixed	4.1	%		42,555		43,582
Pearl Hotel Loan	December 2032	Fixed	6.3	%		37,000		—
PPC JV Loan (insured by HUD)	June 2060	Fixed	3.1	%		35,180		35,670
Mexico Beach Crossings JV Loan (insured by HUD)	March 2064	Fixed	3.0	%		23,374		—
PPC II JV Loan (insured by HUD)^(c)	May 2057	Fixed	2.7	%		22,623		17,374
Watercrest JV Loan	June 2047	LIBOR plus 2.2%^(d)	6.6	%		21,038		20,053
North Bay Landing Loan	September 2024	LIBOR plus 2.5%, floor 3.2%	6.8	%		18,222		1,342
Breakfast Point Hotel Loan	November 2042	Fixed^(e)	6.0	%		16,376		11,843
Airport Hotel Loan	March 2025	LIBOR plus 2.0%, floor 3.0%	6.4	%		14,642		14,642
Lodge 30A JV Loan	January 2028	Fixed	3.8	%		13,304		7,474
Watersound Camp Creek Loan	December 2047	LIBOR plus 2.1%, floor 2.6%	6.5	%		13,131		3,437
Watersound Town Center Grocery Loan	August 2031	LIBOR plus 2.0%, floor 2.2%	6.3	%		11,379		620
Hotel Indigo Loan	October 2028	SOFR plus 2.7%, floor 2.7%	7.0	%		10,427		—
Topsail Hotel Loan	July 2027	SOFR plus 2.1%, floor 3.0%	6.4	%		5,199		—
Beckrich Building III Loan	August 2029	LIBOR plus 1.7%	6.1	%		5,020		5,188
Self-Storage Facility Loan	November 2025	LIBOR plus 2.4%, floor 2.9%	6.7	%		4,666		4,666
Community Development District debt	May 2023-May 2039	Fixed	3.6 to 6.0	%		4,113		4,909
Beach Homes Loan	May 2029	LIBOR plus 1.7%	6.1	%		1,447		1,492
Pier Park Outparcel Loan	March 2027	LIBOR plus 1.7%	6.1	%		1,300		1,370
WaterColor Crossings Loan	February 2029	LIBOR plus 1.7%	6.1	%		1,191		1,265
Total principal outstanding						391,411		227,474
Unamortized discount and debt issuance costs						(5,551)		(4,440)
Total debt, net					$	385,860	$	223,034

(a)

(b)	In January 2022, the Watersound Origins Crossings JV Loan interest rate was modified from a fixed rate of 5.0%. In January 2023, the Company began the process to refinance the Watersound Origins Crossings JV Loan with a loan commitment to be insured by HUD.

(c)	In April 2022, the PPC II JV Loan was refinanced from a rate of LIBOR plus 2.1% and maturity date of October 2024.

(d)	As of December 31, 2021, the interest rate was swapped to a fixed rate of 4.4% on the notional amount of related debt of $20.0 million. The interest rate swap was terminated in April 2022. See Note 6. Financial Instruments and Fair Value Measurements for additional information.

(e)

Schedule of Aggregate Maturities of Debt


2023	$	6,684
2024		69,956
2025		65,911
2026		6,935
2027		54,003
Thereafter		187,922
	$	391,411

Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2022

Other Liabilities

Schedule of Other Liabilities


	December 31,		December 31,
	2022		2021
Accounts payable	$	69,864	$	48,597
Income tax payable		3,470		681
Finance lease liabilities		300		380
Operating lease liabilities		678		732
Accrued compensation		5,731		4,877
Other accrued liabilities		3,641		4,126
Club membership deposits		3,422		3,602
Advance deposits		4,415		2,140
Accrued interest expense for Senior Notes held by SPE		2,850		2,850
Total other liabilities	$	94,371	$	67,985

Deferred Revenue (Tables)

12 Months Ended

Dec. 31, 2022

Deferred Revenue

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


	December 31, 2022		December 31, 2021
Balance at beginning of year	$	22,850	$	10,716
New club memberships		9,170		16,804
Revenue from amounts included in contract liability opening balance		(6,040)		(3,037)
Revenue from current period new memberships		(892)		(1,633)
Balance at end of year	$	25,088	$	22,850

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Taxes

Schedule of current and deferred income tax expense (benefit)


	Year Ended December 31,
	2022		2021		2020
Current:
Federal	$	19,067	$	9,005	$	5,146
State		832		—		—
Total		19,899		9,005		5,146
Deferred:
Federal		661		12,120		6,321
State		3,829		3,857		2,203
Total		4,490		15,977		8,524
Income tax expense	$	24,389	$	24,982	$	13,670

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


	Year Ended December 31,
	2022		2021		2020
Income tax expense	$	24,389	$	24,982	$	13,670
Income tax recorded in accumulated other comprehensive income (loss)
Income tax expense (benefit)		957		367		(386)
Total income tax expense	$	25,346	$	25,349	$	13,284

Schedule of effective income tax rate reconciliation


	Year Ended December 31,
	2022		2021		2020
Tax at the statutory federal rate	$	20,016	$	20,902	$	12,385
State income taxes (net of federal benefit)		4,495		3,581		2,203
(Decrease) increase in valuation allowance		(21)		275		—
Change in US and State tax rates		—		458		—
Income tax credits		(150)		(186)		(454)
Benefit of Qualified Opportunity Zone investments		—		(195)		(161)
Dividend received deduction		—		—		(33)
Other permanent items		49		147		(270)
Total income tax expense	$	24,389	$	24,982	$	13,670

Schedule of deferred tax assets and liabilities


	December 31,		December 31,
	2022		2021
Deferred tax assets:
State net operating loss carryforwards	$	5,965	$	10,617
Impairment losses		26,714		28,496
Prepaid income from land sales		6,871		6,177
Capital loss carryforwards		—		4,090
Capitalized costs		2,121		2,462
Reserves and accruals		1,975		1,950
Unrealized losses on investments		—		359
Other		2,685		1,446
Total gross deferred tax assets		46,331		55,597
Valuation allowance		(290)		(305)
Total net deferred tax assets		46,041		55,292
Deferred tax liabilities:
Investment in real estate and property and equipment basis differences		21,713		14,014
Deferred gain on land sales and involuntary conversions		36,977		33,643
Installment sales		67,418		83,498
Other		2,639		1,396
Total gross deferred tax liabilities		128,747		132,551
Net deferred tax liabilities	$	(82,706)	$	(77,259)

Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2022

Accumulated Other Comprehensive Income (Loss)

Summary of Changes in Accumulated Other Comprehensive Loss


	Unrealized Gain (Loss)		Unrealized
	on Available-for-		(Loss) Gain
	Sale Securities		Cash Flow Hedges		Total
Accumulated other comprehensive income (loss) as of 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 as of December 31, 2021	$	(7)	$	(382)	$	(389)
Other comprehensive (loss) income before reclassifications		(175)		4,272		4,097
Amounts reclassified from accumulated other comprehensive income		—		105		105
Other comprehensive (loss) income		(175)		4,377		4,202
Less: Other comprehensive income attributable to non-controlling interest		—		(1,383)		(1,383)
Accumulated other comprehensive (loss) income as of December 31, 2022	$	(182)	$	2,612	$	2,430

Summary of Tax Effects Allocated to Other Comprehensive Income


	Year Ended December 31, 2022
	Before-		Tax Benefit		Net-of-
	Tax Amount		(Expense)		Tax Amount
Unrealized loss on available-for-sale investments	$	(235)	$	60	$	(175)
Interest rate swaps		4,633		(825)		3,808
Interest rate swap - unconsolidated joint venture		621		(157)		464
Reclassification adjustment for net loss included in earnings		140		(35)		105
Net unrealized gain		5,159		(957)		4,202
Other comprehensive income	$	5,159	$	(957)	$	4,202


	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

Stock Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Stock Based Compensation

Stock-Based Compensation Recognized as Expense


	Year Ended December 31,
	2022		2021		2020
Stock compensation expense before tax benefit	$	364	$	—	$	45
Income tax benefit		(93)		—		(11)
	$	271	$	—	$	34

Other Income, Net (Tables)

12 Months Ended

Dec. 31, 2022

Other Income, Net

Schedule of Other Income (Expense), Net



	Year Ended December 31,
	2022		2021		2020
Investment income, net
Interest, dividend and accretion income	$	793	$	157	$	1,194
Net realized gain (loss) on the sale of investments		—		17		(48)
Unrealized loss on investments, net		(26)		(1,872)		(4,688)
Interest income from investments in SPEs		8,012		8,078		8,180
Interest earned on notes receivable and other interest		1,083		874		345
Total investment income, net		9,862		7,254		4,983
Interest expense
Interest expense and amortization of discount and issuance costs for Senior Notes issued by SPE		(8,841)		(8,827)		(8,813)
Other interest expense		(9,542)		(7,027)		(4,751)
Total interest expense		(18,383)		(15,854)		(13,564)
Gain on contributions to unconsolidated joint ventures		2,738		3,558		19,983
Equity in income (loss) from unconsolidated joint ventures		25,986		(865)		(666)
Other income (expense), net
Accretion income from retained interest investments		1,671		1,532		1,391
Gain on insurance recoveries		9,835		4,853		690
Loss from hurricane damage		(51)		(56)		(1,123)
Miscellaneous income, net		1,492		3,852		371
Other income, net		12,947		10,181		1,329
Total other income, net	$	33,150	$	4,274	$	12,065

Segment Information (Tables)

12 Months Ended

Dec. 31, 2022

Segment Information

Schedule of Information by Business Segment



	Year Ended December 31,
	2022		2021		2020
Operating revenue:
Residential	$	92,886	$	144,854	$	74,303
Hospitality		97,236		74,591		47,374
Commercial		59,379		45,557		37,077
Other		2,820		1,994		1,801
Consolidated operating revenue	$	252,321	$	266,996	$	160,555

Cost of revenue:
Cost of residential revenue	$	44,115	$	56,889	$	29,790
Cost of hospitality revenue^(a)		77,862		57,494		34,670
Cost of commercial revenue^(b)		21,786		15,393		12,797
Cost of other revenue		2,135		1,538		519
Consolidated cost of revenue	$	145,898	$	131,314	$	77,776

Corporate and other operating expenses:
Residential	$	3,994	$	4,883	$	5,272
Hospitality		1,086		919		1,180
Commercial		4,239		3,969		3,692
Other		12,749		13,252		12,762
Consolidated corporate and other operating expenses	$	22,068	$	23,023	$	22,906

Depreciation, depletion and amortization:
Residential	$	156	$	179	$	180
Hospitality		9,366		6,966		4,638
Commercial		12,968		10,662		7,125
Other		398		395		845
Consolidated depreciation, depletion and amortization	$	22,888	$	18,202	$	12,788

Investment income, net:
Residential and commercial	$	1,079	$	874	$	298
Other ^(c)		8,783		6,380		4,685
Consolidated investment income, net	$	9,862	$	7,254	$	4,983

Interest expense:
Residential	$	484	$	581	$	683
Hospitality		1,709		488		222
Commercial		7,343		5,949		3,836
Other ^(d)		8,847		8,836		8,823
Consolidated interest expense	$	18,383	$	15,854	$	13,564

Gain on contributions to unconsolidated joint ventures:
Residential^(e)	$	939	$	503	$	15,706
Commercial^{(f) (g) (h)}		1,799		3,055		3,949
Other		—		—		328
Consolidated gain on contributions to unconsolidated joint ventures	$	2,738	$	3,558	$	19,983

Equity in income (loss) from unconsolidated joint ventures:
Residential⁽ⁱ⁾	$	3,859	$	(1,861)	$	(524)
Commercial ^(j)		22,127		996		(142)
Consolidated equity in income (loss) from unconsolidated joint ventures	$	25,986	$	(865)	$	(666)

Other (expense) income, net:
Residential	$	(508)	$	113	$	(22)
Hospitality		1,807		635		575
Commercial^(k)		(687)		3,722		51
Other^(l)		12,335		5,711		725
Other income, net	$	12,947	$	10,181	$	1,329

Income (loss) before income taxes:
Residential^(e)	$	49,474	$	81,905	$	53,780
Hospitality^(a)		9,021		9,359		7,238
Commercial^{(b) (f) (g) (h) (j) (k)}		36,316		17,403		13,539
Other^{(c) (d) (l)}		(194)		(9,936)		(15,407)
Consolidated income before income taxes	$	94,617	$	98,731	$	59,150


Capital expenditures:
Residential	$	92,203	$	52,838	$	33,634
Hospitality^(m)		171,056		101,686		42,770
Commercial		92,992		45,843		85,070
Other		441		452		769
Total capital expenditures	$	356,692	$	200,819	$	162,243


	December 31,		December 31,
	2022		2021
Investment in unconsolidated joint ventures:
Residential	$	33,236	$	30,039
Commercial		16,789		21,988
Total investment in unconsolidated joint ventures	$	50,025	$	52,027

Total assets:
Residential	$	231,054	$	192,290
Hospitality		420,329		256,751
Commercial		470,629		378,118
Other		308,827		380,992
Total assets	$	1,430,839	$	1,208,151

(a)	Includes business interruption insurance proceeds for the marinas related to Hurricane Michael of $0.7 million and $1.3 million in 2021 and 2020, respectively. See Note 18. Other Income, Net for additional information.

(b)	Includes business interruption insurance proceeds for the Pier Park Crossings JV related to Hurricane Michael of $0.7 million in 2020.

(c)	Includes interest income from investments in SPEs of $8.0 million, $8.1 million and $8.2 million in 2022, 2021 and 2020, respectively.

(d)	Includes interest expense from Senior Notes issued by SPE of $8.8 million in each 2022, 2021 and 2020.

(e)	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.

(f)	Includes gains in 2022 of $1.4 million on land and impact fees contributed to the unconsolidated Pier Park RI JV and $0.4 million on land contributed to the unconsolidated Electric Cart Watersound JV. See Note 4. Joint Ventures and Note 18. Other Income, Net for additional information.

(g)	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.

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

(i)	Includes the Latitude Margaritaville Watersound JV, which began completing home sale transactions in the fourth quarter of 2021. See Note 4. Joint Ventures for additional information.

(j)	Includes a gain of $21.7 million in 2022 related to the sale of the Sea Sound JV assets. See Note 4. Joint Ventures and Note 18. Other Income, Net for additional information.

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

(l)

(m)	Includes acquisition of The Pearl Hotel. See Note 3. Investment in Real Estate, Net for additional information.

Nature of Operations - Real Estate Assets (Details)	12 Months Ended
Nature of Operations - Real Estate Assets (Details)	Dec. 31, 2022 segment item
Real estate
Number of reportable segments \| segment	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

Significant Accounting Policies - Investment in Real Estate (Details)	12 Months Ended
	Dec. 31, 2022
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

Significant Accounting Policies - Timber Inventory (Details)	12 Months Ended
	Dec. 31, 2022
Significant Accounting Policies
Timber holdings valuation sample (as a percent)	20.00%

Significant Accounting Policies - Receivables (Details)	12 Months Ended
Significant Accounting Policies - Receivables (Details)	Dec. 31, 2022
Significant Accounting Policies
Receivables, write off period	90 days

Significant Accounting Policies - Property and Equipment, Net (Details)	12 Months Ended
	Dec. 31, 2022
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

Significant Accounting Policies - Advertising Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Significant Accounting Policies
Advertising costs	$ 2.4	$ 2.0	$ 1.6

Significant Accounting Policies - Concentrations (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Concentration risk
Cash and cash equivalents	$ 37,747	$ 70,162	$ 106,794
Investments - debt securities	40,576	$ 88,956
Credit concentration risk \| Assets
Concentration risk
Cash amount not insured by FDIC	15,200
Credit concentration risk \| Assets \| Money market fund
Concentration risk
Cash and cash equivalents	19,200
Credit concentration risk \| Assets \| U.S. Treasury Bills
Concentration risk
Investments - debt securities	$ 40,600

Significant Accounting Policies - EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Significant Accounting Policies
Common stock equivalents (in shares)	29,955	0	0
Number of potentially dilutive common shares excluded from calculation of diluted income per share	29,955	0	0
Income
Net income attributable to the Company, Basic	$ 70,927	$ 74,553	$ 45,203
Net income attributable to the Company, Diluted	$ 70,927	$ 74,553	$ 45,203
Shares
Weighted-average shares outstanding - basic	58,720,050	58,882,549	59,009,865
Incremental shares from restricted stock	1,288
Weighted-average shares outstanding - diluted	58,721,338	58,882,549	59,009,865
Net income per share attributable to the Company
Basic income (in dollars per share)	$ 1.21	$ 1.27	$ 0.77
Diluted income (in dollars per share)	$ 1.21	$ 1.27	$ 0.77

Significant Accounting Policies - Revenue (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) restaurant	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Real Estate
Disaggregation of revenue
Revenue	$ 109,159	$ 158,629	$ 87,627
Homebuilder Homesite Sales, Lot Residuals
Disaggregation of revenue
Revenue	5,800	4,800	1,900
Homebuilder homesite sales, Certain products and services
Disaggregation of revenue
Revenue	1,900	2,400	1,900
Hospitality
Disaggregation of revenue
Revenue	$ 97,260	$ 75,265	$ 47,778
Number of standalone restaurants \| restaurant	2

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.

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Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of revenue
Leasing revenue	$ 39,196	$ 27,081	$ 18,819
Total revenue	252,321	266,996	160,555
Recognized at a point in time
Disaggregation of revenue
Revenue	185,047	220,558	130,632
Recognized over time
Disaggregation of revenue
Revenue	28,078	19,357	11,104
Real Estate
Disaggregation of revenue
Revenue	109,159	158,629	87,627
Homebuilder Homesite Sales, Lot Residuals
Disaggregation of revenue
Revenue	5,800	4,800	1,900
Homebuilder homesite sales, Certain products and services
Disaggregation of revenue
Revenue	1,900	2,400	1,900
Hospitality
Disaggregation of revenue
Revenue	97,260	75,265	47,778
Timber
Disaggregation of revenue
Revenue	6,706	6,021	6,331
Operating Segments \| Residential segment
Disaggregation of revenue
Leasing revenue	82	190	166
Total revenue	92,886	144,854	74,303
Operating Segments \| Residential segment \| Recognized at a point in time
Disaggregation of revenue
Revenue	92,804	144,664	74,137
Operating Segments \| Residential segment \| Real Estate
Disaggregation of revenue
Revenue	92,804	144,664	74,137
Operating Segments \| Hospitality segment
Disaggregation of revenue
Leasing revenue	505	53	8
Total revenue	97,236	74,591	47,374
Operating Segments \| Hospitality segment \| Recognized at a point in time
Disaggregation of revenue
Revenue	68,653	55,181	36,262
Operating Segments \| Hospitality segment \| Recognized over time
Disaggregation of revenue
Revenue	28,078	19,357	11,104
Operating Segments \| Hospitality segment \| Hospitality
Disaggregation of revenue
Revenue	96,731	74,538	47,366
Operating Segments \| Commercial segment
Disaggregation of revenue
Leasing revenue	38,466	26,807	18,645
Total revenue	59,379	45,557	37,077
Operating Segments \| Commercial segment \| Recognized at a point in time
Disaggregation of revenue
Revenue	20,913	18,750	18,432
Operating Segments \| Commercial segment \| Real Estate
Disaggregation of revenue
Revenue	13,678	12,002	11,689
Operating Segments \| Commercial segment \| Hospitality
Disaggregation of revenue
Revenue	529	727	412
Operating Segments \| Commercial segment \| Timber
Disaggregation of revenue
Revenue	6,706	6,021	6,331
Other reconciling items
Disaggregation of revenue
Leasing revenue	143	31
Total revenue	2,820	1,994	1,801
Other reconciling items \| Recognized at a point in time
Disaggregation of revenue
Revenue	2,677	1,963	1,801
Other reconciling items \| Real Estate
Disaggregation of revenue
Revenue	$ 2,677	$ 1,963	$ 1,801

Investment in Real Estate, Net - Real Estate by Property Type and Segment (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Real estate properties
Less: Accumulated depreciation	$ 95,968
Total operating property, net	996,261	$ 690,113
Operating property, net related to operating leases	285,100	230,000
Development property
Real estate properties
Total operating property, net	506,464	348,656
Development property \| Other
Real estate properties
Total operating property, net	3,618	3,232
Development property \| Residential segment \| Operating Segments
Real estate properties
Total operating property, net	171,504	122,404
Development property \| Hospitality \| Operating Segments
Real estate properties
Total operating property, net	200,209	137,089
Development property \| Commercial segment \| Operating Segments
Real estate properties
Total operating property, net	131,133	85,931
Operating property
Real estate properties
Operating property	585,765	428,623
Less: Accumulated depreciation	95,968	87,166
Total operating property, net	489,797	341,457
Operating property \| Other
Real estate properties
Operating property	127	127
Operating property \| Residential segment \| Operating Segments
Real estate properties
Operating property	7,854	7,854
Operating property \| Hospitality \| Operating Segments
Real estate properties
Operating property	221,542	124,449
Operating property \| Commercial segment \| Operating Segments
Real estate properties
Operating property	$ 356,242	$ 296,193

Investment in Real Estate, Net - Operating Property (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Real estate properties
Less: Accumulated depreciation	$ 95,968
Total operating property, net	996,261	$ 690,113
Operating property, net related to operating leases	285,100	230,000
Operating property
Real estate properties
Operating property	585,765	428,623
Less: Accumulated depreciation	95,968	87,166
Total operating property, net	489,797	341,457
Operating property \| Land and land improvements
Real estate properties
Operating property	146,257	111,698
Operating property \| Building and building improvements
Real estate properties
Operating property	425,347	303,335
Operating property \| Timberlands
Real estate properties
Operating property	$ 14,161	$ 13,590

Investment in Real Estate, Net - Asset Acquisition (Details) - USD ($) $ in Thousands	1 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Asset acquisition
Investment in real estate, net	$ 996,261	$ 690,113
Property and equipment, net	39,638	31,145
The Pearl Hotel
Asset acquisition
Purchase price	52,000
Property and equipment, net	3,000
Operating property
Asset acquisition
Investment in real estate, net	489,797	341,457
Operating property	585,765	$ 428,623
Operating property \| The Pearl Hotel
Asset acquisition
Investment in real estate, net	$ 49,300

Investment in Real Estate, Net - Depreciation, Depletion and Amortization (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Investment in Real Estate, Net
Depreciation expense related to real estate investments	$ 13.9	$ 11.7	$ 8.3
Depletion and amortization	$ 0.4	$ 0.3	$ 0.4

Joint Ventures - Consolidated Joint Ventures (Details) $ in Millions	1 Months Ended		3 Months Ended	12 Months Ended
	Nov. 30, 2022 USD ($)	Dec. 31, 2020 item	Dec. 31, 2021 item	Dec. 31, 2022 item room	Dec. 31, 2021
Mexico Beach Crossings JV
Variable interest entity
Variable interest entity, ownership percentage				75.00%
Mexico Beach Crossings JV \| Apartment
Variable interest entity
Number of units to be developed				216
The Lodge 30A JV
Variable interest entity
Variable interest entity, ownership percentage				52.80%	52.80%
The Lodge 30A JV \| Hotel
Variable interest entity
Number of units to be developed \| room				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
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 completed units				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
Pier Park North JV
Variable interest entity
Additional ownership interest purchased (as a percent)	30.00%
Amount of consideration for ownership interest purchased \| $	$ 7.7
Variable interest entity, ownership percentage				90.00%	60.00%

Joint Ventures - Unconsolidated JVs (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Nov. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Investments
Investment in unconsolidated joint ventures		$ 50,025	$ 52,027
Proceeds from sale of assets		49	34	$ 8
Latitude Margaritaville Watersound JV
Investments
Investment in unconsolidated joint ventures		33,235	30,040
Sea Sound JV
Investments
Investment in unconsolidated joint ventures		411	10,333
Gain on sale of assets	$ 21,700
Watersound Fountains Independent Living JV
Investments
Investment in unconsolidated joint ventures		7,258	7,508
Pier Park TPS JV
Investments
Investment in unconsolidated joint ventures		1,451	1,961
Pier Park RI JV
Investments
Investment in unconsolidated joint ventures		4,263
Busy Bee JV
Investments
Investment in unconsolidated joint ventures		2,160	1,621
Electric Cart Watersound JV
Investments
Investment in unconsolidated joint ventures		703
Watersound Management JV
Investments
Investment in unconsolidated joint ventures		$ 544	$ 564
Sea Sound JV
Investments
Proceeds from sale of assets	92,500
Gain on sale of assets	$ 36,100

Joint Ventures - Unconsolidated JV Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Jun. 30, 2020
Investments
Outstanding debt	$ 391,411	$ 227,474
Unconsolidated joint ventures
Investments
Maximum exposure to loss	87,800
Unconsolidated joint ventures
Investments
Outstanding debt	72,083	62,701
Latitude Margaritaville Watersound JV
Investments
Outstanding debt	30,001	7,147
Sea Sound JV
Investments
Outstanding debt		35,047
Watersound Fountains Independent Living JV
Investments
Outstanding debt	21,327	66
Pier Park TPS JV
Investments
Outstanding debt	13,822	14,124
Busy Bee JV
Investments
Outstanding debt	6,010	$ 6,317
Electric Cart Watersound JV
Investments
Outstanding debt	923
Latitude Margaritaville Watersound JV
Investments
Amount as lender of secured revolving promissory note	$ 10,000		$ 10,000

Joint Ventures - Equity in Income (Loss) from Unconsolidated JV (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Nov. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Investments
Equity in income (loss) from unconsolidated joint ventures		$ 25,986	$ (865)	$ (666)
Proceeds from sale of assets		49	34	8
Sea Sound JV
Investments
Proceeds from sale of assets	$ 92,500
Gain on sale of assets	36,100
Latitude Margaritaville Watersound JV
Investments
Equity in income (loss) from unconsolidated joint ventures		3,859	(1,861)	(524)
Sea Sound JV
Investments
Equity in income (loss) from unconsolidated joint ventures		21,705	(15)
Gain on sale of assets	$ 21,700
Watersound Fountains Independent Living JV
Investments
Equity in income (loss) from unconsolidated joint ventures		(250)
Pier Park TPS JV
Investments
Equity in income (loss) from unconsolidated joint ventures		33	551	(112)
Busy Bee JV
Investments
Equity in income (loss) from unconsolidated joint ventures		538	441	$ (30)
Electric Cart Watersound JV
Investments
Equity in income (loss) from unconsolidated joint ventures		18
Watersound Management JV
Investments
Equity in income (loss) from unconsolidated joint ventures		$ 83	$ 19

Joint Ventures - Unconsolidated JV - Balance Sheets (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Nov. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
ASSETS
Investment in real estate, net		$ 996,261	$ 690,113
Cash and cash equivalents		37,747	70,162	$ 106,794
Other assets		61,729	70,235
Total assets		1,430,839	1,208,151
LIABILITIES AND EQUITY
Debt, net		385,860	223,034
Other liabilities		94,371	67,985
Equity		651,109	626,100	568,170	$ 529,670
Total liabilities and equity		1,430,839	1,208,151
Proceeds from sale of assets		49	34	$ 8
Unconsolidated joint ventures
ASSETS
Investment in real estate, net		198,480	149,378
Cash and cash equivalents		13,943	16,447
Other assets		6,920	3,635
Total assets		219,343	169,460
LIABILITIES AND EQUITY
Debt, net		70,601	62,142
Other liabilities		84,248	44,032
Equity		64,494	63,286
Total liabilities and equity		219,343	169,460
Latitude Margaritaville Watersound JV
ASSETS
Investment in real estate, net		125,231	54,034
Cash and cash equivalents		10,633	12,541
Other assets		3,267	1,761
Total assets		139,131	68,336
LIABILITIES AND EQUITY
Debt, net		29,530	7,147
Other liabilities		76,506	36,419
Equity		33,095	24,770
Total liabilities and equity		139,131	68,336
Sea Sound JV
ASSETS
Investment in real estate, net			53,775
Cash and cash equivalents		327	760
Other assets		363	210
Total assets		690	54,745
LIABILITIES AND EQUITY
Debt, net			34,834
Other liabilities		5	2,653
Equity		685	17,258
Total liabilities and equity		690	54,745
Proceeds from sale of assets	$ 92,500
Gain on sale of assets	$ 36,100
Watersound Fountains Independent Living JV
ASSETS
Investment in real estate, net		38,783	17,003
Cash and cash equivalents		190	240
Other assets		11	187
Total assets		38,984	17,430
LIABILITIES AND EQUITY
Debt, net		20,716	66
Other liabilities		4,776	3,408
Equity		13,492	13,956
Total liabilities and equity		38,984	17,430
Pier Park TPS JV
ASSETS
Investment in real estate, net		15,106	16,561
Cash and cash equivalents		775	1,913
Other assets		748	433
Total assets		16,629	18,907
LIABILITIES AND EQUITY
Debt, net		13,542	13,839
Other liabilities		186	1,147
Equity		2,901	3,921
Total liabilities and equity		16,629	18,907
Pier Park RI JV
ASSETS
Investment in real estate, net		9,858
Cash and cash equivalents		580
Other assets		340
Total assets		10,778
LIABILITIES AND EQUITY
Other liabilities		2,252
Equity		8,526
Total liabilities and equity		10,778
Busy Bee JV
ASSETS
Investment in real estate, net		7,627	8,005
Cash and cash equivalents		1,081	855
Other assets		1,957	1,044
Total assets		10,665	9,904
LIABILITIES AND EQUITY
Debt, net		5,970	6,256
Other liabilities		376	405
Equity		4,319	3,243
Total liabilities and equity		10,665	9,904
Electric Cart Watersound JV
ASSETS
Investment in real estate, net		1,875
Cash and cash equivalents		259
Other assets		234
Total assets		2,368
LIABILITIES AND EQUITY
Debt, net		843
Other liabilities		147
Equity		1,378
Total liabilities and equity		2,368
Watersound Management JV
ASSETS
Cash and cash equivalents		98	138
Total assets		98	138
LIABILITIES AND EQUITY
Equity		98	138
Total liabilities and equity		$ 98	$ 138

Joint Ventures - Unconsolidated JV - Statements of Operations (Details)	1 Months Ended	12 Months Ended			15 Months Ended
	Nov. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) Transaction	Dec. 31, 2021 USD ($) Transaction	Dec. 31, 2020 USD ($)	Dec. 31, 2022 USD ($)
Summarized financial information
Total revenue		$ 252,321,000	$ 266,996,000	$ 160,555,000
Expenses:
Cost of revenue		145,898,000	131,314,000	77,776,000
Other operating expenses		22,068,000	23,023,000	22,906,000
Depreciation and amortization		22,888,000	18,202,000	12,788,000
Total expenses		190,854,000	172,539,000	113,470,000
Operating income (loss)		61,467,000	94,457,000	47,085,000
Other (expense) income:
Interest expense		(18,383,000)	(15,854,000)	(13,564,000)
Other (expense) income, net		12,947,000	10,181,000	1,329,000
Total other income, net		33,150,000	4,274,000	12,065,000
Net income		70,228,000	73,749,000	45,480,000
Proceeds from sale of assets		49,000	34,000	8,000
Unconsolidated joint ventures
Summarized financial information
Total revenue		169,490,000	43,015,000	8,230,000
Expenses:
Cost of revenue		142,053,000	36,797,000	6,837,000
Other operating expenses		13,420,000	3,904,000	980,000
Depreciation and amortization		3,889,000	2,464,000	1,179,000
Total expenses		159,362,000	43,165,000	8,996,000
Operating income (loss)		10,128,000	(150,000)	(766,000)
Other (expense) income:
Interest expense		(2,740,000)	(1,331,000)	(356,000)
Other (expense) income, net		37,130,000	209,000	(398,000)
Total other income, net		34,390,000	(1,122,000)	(754,000)
Net income		44,518,000	(1,272,000)	(1,520,000)
Latitude Margaritaville Watersound JV
Summarized financial information
Total revenue		139,326,000	18,653,000
Expenses:
Cost of revenue		118,468,000	17,850,000
Other operating expenses		12,903,000	3,904,000	980,000
Depreciation and amortization		308,000	210,000
Total expenses		131,679,000	21,964,000	980,000
Operating income (loss)		7,647,000	(3,311,000)	(980,000)
Other (expense) income:
Interest expense		(235,000)	(165,000)	(25,000)
Other (expense) income, net		18,000
Total other income, net		(217,000)	(165,000)	(25,000)
Net income		$ 7,430,000	$ (3,476,000)	(1,005,000)
Latitude Margaritaville Watersound JV \| Residential homes
Other (expense) income:
Number of home sale transactions		316	47		363
Sea Sound JV
Summarized financial information
Total revenue		$ 5,182,000	$ 1,012,000
Expenses:
Cost of revenue		1,883,000	439,000
Other operating expenses		32,000
Depreciation and amortization		1,671,000	359,000
Total expenses		3,586,000	798,000
Operating income (loss)		1,596,000	214,000
Other (expense) income:
Interest expense		(1,560,000)	(239,000)
Other (expense) income, net		36,138,000
Total other income, net		34,578,000	(239,000)
Net income		36,174,000	(25,000)	0
Proceeds from sale of assets	$ 92,500,000
Gain on sale of assets	$ 36,100,000
Watersound Fountains Independent Living JV
Expenses:
Other operating expenses		465,000
Total expenses		465,000
Operating income (loss)		(465,000)
Other (expense) income:
Net income		(465,000)	0
Pier Park TPS JV
Summarized financial information
Total revenue		5,460,000	6,474,000	2,338,000
Expenses:
Cost of revenue		3,199,000	2,971,000	1,370,000
Depreciation and amortization		1,449,000	1,434,000	951,000
Total expenses		4,648,000	4,405,000	2,321,000
Operating income (loss)		812,000	2,069,000	17,000
Other (expense) income:
Interest expense		(752,000)	(735,000)	(232,000)
Other (expense) income, net		17,000	11,000	(252,000)
Total other income, net		(735,000)	(724,000)	(484,000)
Net income		77,000	1,345,000	(467,000)
Pier Park RI JV
Other (expense) income:
Net income		0
Busy Bee JV
Summarized financial information
Total revenue		17,747,000	16,365,000	5,892,000
Expenses:
Cost of revenue		16,954,000	15,064,000	5,467,000
Depreciation and amortization		459,000	461,000	228,000
Total expenses		17,413,000	15,525,000	5,695,000
Operating income (loss)		334,000	840,000	197,000
Other (expense) income:
Interest expense		(190,000)	(192,000)	(99,000)
Other (expense) income, net		957,000	198,000	(146,000)
Total other income, net		767,000	6,000	(245,000)
Net income		1,101,000	846,000	$ (48,000)
Electric Cart Watersound JV
Summarized financial information
Total revenue		579,000
Expenses:
Cost of revenue		519,000
Other operating expenses		20,000
Depreciation and amortization		2,000
Total expenses		541,000
Operating income (loss)		38,000
Other (expense) income:
Interest expense		(3,000)
Total other income, net		(3,000)
Net income		35,000
Watersound Management JV
Summarized financial information
Total revenue		1,196,000	511,000
Expenses:
Cost of revenue		1,030,000	473,000
Total expenses		1,030,000	473,000
Operating income (loss)		166,000	38,000
Other (expense) income:
Net income		$ 166,000	$ 38,000

Joint Ventures - Unconsolidated JV - Latitude Margaritaville Watersound JV (Details)	1 Months Ended	12 Months Ended			15 Months Ended
	Jun. 30, 2020 USD ($)	Dec. 31, 2022 USD ($) Transaction home	Dec. 31, 2021 USD ($) Transaction	Dec. 31, 2020 USD ($)	Dec. 31, 2022 USD ($) home
Investments
Investment in unconsolidated joint ventures		$ 50,025,000	$ 52,027,000		$ 50,025,000
Capital contribution to unconsolidated joint ventures		2,505,000	9,389,000	$ 10,815,000
Latitude Margaritaville Watersound JV
Investments
Amount as lender of secured revolving promissory note	$ 10,000,000.0	10,000,000.0			10,000,000.0
Secured revolving promissory note with unconsolidated Latitude Margaritaville Watersound JV, homesite development - 5.0% interest rate, due June 2025
Investments
Note receivable		0	7,100,000		0
Latitude Margaritaville Watersound JV
Investments
Contractual value of land and improvements to be contributed	35,000,000.0
Investment in unconsolidated joint ventures		33,235,000	$ 30,040,000		33,235,000
Net present value of land contribution	$ 16,600,000
Imputed interest rate (as a percent)	5.80%
Amount of infrastructure improvements completed		$ 6,400,000			$ 6,400,000
Ownership percentage		50.00%	50.00%		50.00%
Average amount of land contribution returned per home		$ 10,000
Latitude Margaritaville Watersound JV \| Residential homes
Investments
Number of units under contract \| home		677			677
Number of home sale transactions		316	47		363
Number of units to be developed, including units completed \| home		3,500			3,500

Joint Ventures - Unconsolidated JV - Sea Sound JV (Details) $ in Thousands	1 Months Ended		12 Months Ended
	Nov. 30, 2022 USD ($)	Jan. 31, 2020 USD ($) item	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Investments
Capital contribution to unconsolidated joint ventures			$ 2,505	$ 9,389	$ 10,815
Proceeds from the disposition of assets			49	34	$ 8
Outstanding debt			$ 391,411	$ 227,474
Sea Sound JV
Investments
Ownership percentage			60.00%	60.00%
Gain on sale of assets	$ 21,700
Unconsolidated joint ventures
Investments
Outstanding debt			$ 72,083	$ 62,701
Sea Sound JV
Investments
Proceeds from the disposition of assets	92,500
Gain on sale of assets	36,100
Contingent gain	$ 500
Outstanding debt				35,047
Sea Sound JV \| Sea Sound JV Loan
Investments
Loan amount		$ 40,300
Outstanding debt				$ 35,000
Sea Sound JV \| LIBOR \| Sea Sound JV Loan
Investments
Basis spread on variable rate (as a percent)		2.20%
Sea Sound JV \| Apartment
Investments
Number of units to be developed \| item		300

Joint Ventures - Unconsolidated JV - Watersound Fountains Independent Living JV (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Apr. 30, 2021 USD ($) item	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Investments
Capital contribution to unconsolidated joint ventures		$ 2,505	$ 9,389	$ 10,815
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
Ownership percentage		53.80%	53.80%
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

Joint Ventures - Unconsolidated JV - Pier Park TPS JV (Details) - room	Dec. 31, 2022	Dec. 31, 2021
Pier Park TPS JV
Investments
Ownership percentage	50.00%	50.00%
Pier Park TPS JV \| Hotel
Investments
Number of completed units	124

Joint Ventures - Unconsolidated JV - Pier Park RI JV (Details)	1 Months Ended	12 Months Ended
	Sep. 30, 2022 USD ($) item	Dec. 31, 2022 USD ($) room	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Investments
Capital contribution to unconsolidated joint ventures		$ 2,505,000	$ 9,389,000	$ 10,815,000
Outstanding debt		385,860,000	$ 223,034,000
Pier Park RI JV \| Pier Park RI JV Loan
Investments
Loan amount	$ 25,000,000.0
Number of options to extend maturity date \| item	2
Debt instrument, period by which maturity date may be extended	24 months
Outstanding debt		$ 0
Pier Park RI JV \| SOFR \| Pier Park RI JV Loan
Investments
Basis spread on variable rate (as a percent)	2.50%
Pier Park RI JV \| Hotel
Investments
Number of units to be developed \| room		121
Pier Park RI JV
Investments
Value of land contributed	$ 1,800,000
Capital contribution to unconsolidated joint ventures		$ 2,500,000
Cash contributed by JV partner		4,300,000
Additional remaining capital contributions required		$ 1,900,000
Ownership percentage		50.00%

Joint Ventures - Unconsolidated JV - Busy Bee JV (Details) - USD ($) $ in Thousands	1 Months Ended
	Nov. 30, 2019	Nov. 12, 2035	Dec. 31, 2022	Dec. 31, 2021
Investments
Outstanding debt			$ 391,411	$ 227,474
Busy Bee JV
Investments
Ownership percentage			50.00%	50.00%
Unconsolidated joint ventures
Investments
Outstanding debt			$ 72,083	$ 62,701
Busy Bee JV
Investments
Outstanding debt			6,010	6,317
Busy Bee JV \| Busy Bee JV Construction and Equipment Loans \| LIBOR
Investments
Basis spread on variable rate (as a percent)	1.50%
Busy Bee JV \| Busy Bee JV Construction Loan, due November 2035
Investments
Loan amount	$ 5,400
Outstanding debt			5,100	5,300
Busy Bee JV \| Busy Bee JV Construction Loan, due November 2035 \| Interest Rate Swap
Investments
Notional amount	$ 5,400
Fixed interest rate (as a percent)	2.70%
Busy Bee JV \| Busy Bee JV Construction Loan, due November 2035 \| Interest Rate Swap \| Forecast
Investments
Notional amount		$ 2,800
Busy Bee JV \| Busy Bee JV Equipment Loan, due November 2027
Investments
Loan amount	$ 1,200
Outstanding debt			$ 900	$ 1,100
Busy Bee JV \| Busy Bee JV Equipment Loan, due November 2027 \| Interest Rate Swap
Investments
Notional amount	$ 1,200
Fixed interest rate (as a percent)	2.10%

Joint Ventures - Unconsolidated JV - Electric Cart Watersound JV (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Feb. 28, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Investments
Capital contribution to unconsolidated joint ventures		$ 2,505	$ 9,389	$ 10,815
Outstanding debt		$ 385,860	$ 223,034
Electric Cart Watersound JV Loan, Floorplan Line of Credit \| Minimum
Investments
Interest free period		3 months
Electric Cart Watersound JV Loan, Floorplan Line of Credit \| Maximum
Investments
Interest free period		6 months
Electric Cart Watersound JV
Investments
Value of land contributed	$ 500
Capital contribution to unconsolidated joint ventures		$ 200
Cash contributed by JV partner		$ 600
Ownership percentage		51.00%
Electric Cart Watersound JV \| Electric Cart Watersound JV Loan, Floorplan Line of Credit
Investments
Borrowing capacity		$ 1,700
Outstanding debt		$ 100

Joint Ventures - Unconsolidated JV - Watersound Management JV (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Investments
Payments for interest in unconsolidated joint venture		$ 495
Capital contribution to unconsolidated joint ventures	$ 2,505	9,389	$ 10,815
Watersound Management JV
Investments
Payments for interest in unconsolidated joint venture		$ 500
Ownership percentage	50.00%	50.00%
Watersound Management JV \| Maximum
Investments
Capital contribution to unconsolidated joint ventures		$ 100

Investments - Schedule of Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Available-for-sale securities
Fair Value	$ 40,576	$ 88,956
U.S. Treasury Bills
Available-for-sale securities
Amortized Cost	40,820	88,966
Gross Unrealized Gains		1
Gross Unrealized (Losses)	(244)	(11)
Fair Value	$ 40,576	$ 88,956

Investments - Gains and Proceeds (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Investments
Realized gain on sale of investments	$ 0
Realized loss on sale of investments	0
Net realized gains on sale of investments		$ 100
Proceeds from sale of available-for-sale debt securities	53,900	1,200
Maturities of investments - debt securities	92,000	117,000	$ 11,000
Purchases of available-for-sale securities	$ 97,100	$ 157,900

Investments - Unrealized Loss Position (Details) - U.S. Treasury Bills - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Investments
Less Than 12 Months, Fair Value	$ 37,578	$ 43,959
Less Than 12 Months, Unrealized Losses	244	$ 11
Unrealized losses	$ 200

Investments - Contractual Maturities of Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Available-for-sale, Debt securities
Amortized Cost
Amortized Cost, Due in one year or less	$ 40,820
Fair Value
Fair Value, Due in one year or less	40,576
U.S. Treasury Bills
Amortized Cost
Amortized Cost	$ 40,820	$ 88,966

Investments - Investment Management Agreement (Details)	Dec. 31, 2022
Investor \| Clients of FCM, including Mr. Berkowitz
Investments
Common stock ownership percentage	41.60%

Financial Instruments and Fair Value Measurements - Measurements on Recurring Basis (Details) - Recurring basis - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Financial instruments and fair value measurements
Total	$ 59,809	$ 133,818
Level 1
Financial instruments and fair value measurements
Total	59,809	133,368
Level 2
Financial instruments and fair value measurements
Total		450
Cash equivalents
Financial instruments and fair value measurements
Cash equivalents	19,233	44,412
Cash equivalents \| Level 1
Financial instruments and fair value measurements
Cash equivalents	19,233	44,412
Cash equivalents \| Money market fund
Financial instruments and fair value measurements
Cash equivalents	19,233	40,412
Cash equivalents \| Money market fund \| Level 1
Financial instruments and fair value measurements
Cash equivalents	19,233	40,412
Cash equivalents \| U.S. Treasury Bills
Financial instruments and fair value measurements
Cash equivalents		4,000
Cash equivalents \| U.S. Treasury Bills \| Level 1
Financial instruments and fair value measurements
Cash equivalents		4,000
Available-for-sale, Debt securities
Financial instruments and fair value measurements
Investments	40,576	88,956
Available-for-sale, Debt securities \| Level 1
Financial instruments and fair value measurements
Investments	40,576	88,956
Available-for-sale, Debt securities \| U.S. Treasury Bills
Financial instruments and fair value measurements
Investments	40,576	88,956
Available-for-sale, Debt securities \| U.S. Treasury Bills \| Level 1
Financial instruments and fair value measurements
Investments	$ 40,576	88,956
Equity securities
Financial instruments and fair value measurements
Investments		450
Equity securities \| Level 2
Financial instruments and fair value measurements
Investments		450
Equity securities \| Preferred stock
Financial instruments and fair value measurements
Investments		450
Equity securities \| Preferred stock \| Level 2
Financial instruments and fair value measurements
Investments		$ 450

Financial Instruments and Fair Value Measurements - Assets and Liabilities Measured at FV (Details) - Interest Rate Swap - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Apr. 30, 2022	Dec. 31, 2022	Dec. 10, 2022	Dec. 31, 2021	Jun. 01, 2021
Pier Park Resort Hotel JV Loan
Financial instruments and fair value measurements
Fixed interest rate (as a percent)			3.20%
Notional amount			$ 42,000
Watercrest JV Loan
Financial instruments and fair value measurements
Fixed interest rate (as a percent)				4.40%	4.40%
Notional amount				$ 20,000	$ 20,000
Gain on swap upon termination	$ 100	$ 100
Recurring basis \| Cash Flow Hedging \| Pier Park Resort Hotel JV Loan
Financial instruments and fair value measurements
Fixed interest rate (as a percent)		3.20%		3.20%
Notional amount		$ 42,000
Recurring basis \| Cash Flow Hedging \| Watercrest JV Loan
Financial instruments and fair value measurements
Fixed interest rate (as a percent)				4.40%
Recurring basis \| Cash Flow Hedging \| Pier Park TPS JV Loan
Financial instruments and fair value measurements
Fixed interest rate (as a percent)		5.20%		5.20%
Notional amount		$ 13,800
Recurring basis \| Level 2 \| Cash Flow Hedging \| Pier Park Resort Hotel JV Loan
Financial instruments and fair value measurements
Derivative assets		$ 4,609		$ 558
Derivative Asset, Statement of Financial Position		Other assets		Other assets
Recurring basis \| Level 2 \| Cash Flow Hedging \| Watercrest JV Loan
Financial instruments and fair value measurements
Derivative liabilities				$ (634)
Derivative Liability, Statement of Financial Position				Other liabilities
Recurring basis \| Level 2 \| Cash Flow Hedging \| Pier Park TPS JV Loan
Financial instruments and fair value measurements
Derivative assets		$ 273
Derivative Asset, Statement of Financial Position		Investment in unconsolidated joint ventures		Investment in unconsolidated joint ventures
Derivative liabilities				$ (436)

Financial Instruments and Fair Value Measurements - Effect of derivative instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Gain (loss) of derivative instruments
Amount of net gain (loss) recognized in other comprehensive income on derivatives	$ 5,254	$ 1,061	$ (1,657)
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 net loss reclassified into consolidated statements of income	$ 52	247
Equity in loss from unconsolidated joint ventures
Gain (loss) of derivative instruments
Amount of net loss reclassified into consolidated statements of income	$ 88	$ 173

Financial Instruments and Fair Value Measurements - Investment in Unconsolidated JVs and Long-lived assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
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

Financial Instruments and Fair Value Measurements - Carrying Amount and Fair Value (Details) - Nonrecurring - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Carrying Value
Financial instruments and fair value measurements
Debt	$ 391,411	$ 227,474
Fair Value
Financial instruments and fair value measurements
Debt	369,127	224,664
Level 1 \| Carrying Value \| U.S. Treasury Bills
Financial instruments and fair value measurements
Investments held by SPEs	4,486	5,132
Level 1 \| Fair Value \| U.S. Treasury Bills
Financial instruments and fair value measurements
Investments held by SPEs	4,361	5,475
Level 2 \| Carrying Value \| Fixed-rate debt
Financial instruments and fair value measurements
Debt	194,525	129,532
Level 2 \| Carrying Value \| Variable rate debt
Financial instruments and fair value measurements
Debt	196,886	97,942
Level 2 \| Fair Value \| Fixed-rate debt
Financial instruments and fair value measurements
Debt	172,241	126,722
Level 2 \| Fair Value \| Variable rate debt
Financial instruments and fair value measurements
Debt	196,886	97,942
Level 3 \| Carrying Value
Financial instruments and fair value measurements
Senior Notes held by SPE	177,857	177,566
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	179,564	204,802
Level 3 \| Fair Value \| Time deposit
Financial instruments and fair value measurements
Investments held by SPEs	$ 200,000	$ 200,000

Financial Instruments and Fair Value Measurements - Held by Special Purpose Entities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2022	Dec. 31, 2021
Financial instruments and fair value measurements
Investments held by special purpose entities		$ 204,863	$ 205,513
Senior Notes held by special purpose entity		177,857	177,566
Variable Interest Entity, Primary Beneficiary
Financial instruments and fair value measurements
Investments held by special purpose entities		204,863	205,513
Senior Notes held by special purpose entity		177,857	$ 177,566
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		$ 4,500
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		177,900
Unamortized discount and debt issuance costs		$ 2,100

Leases - Components of Lease Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leasing revenue
Lease payments	$ 33,600	$ 22,256	$ 14,710
Variable lease payments	5,596	4,825	4,109
Total leasing revenue	$ 39,196	$ 27,081	$ 18,819

Leases - Minimum Future Base Rental Revenue (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Minimum future base rental revenue:
2023	$ 22,524
2024	12,542
2025	9,414
2026	7,676
2027	6,448
Thereafter	28,441
Total	$ 87,045

Leases - Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Lease cost
Finance lease cost: Amortization of right-of-use assets	$ 122	$ 114	$ 57
Finance lease cost: Interest on lease liability	15	18	11
Operating lease cost	378	308	289
Variable and short-term lease cost	1,793	1,476	1,016
Total lease cost	$ 2,308	$ 1,916	$ 1,373

Leases - Lease Cost - Other Information (Details)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases
Weighted-average remaining lease term - finance lease (in years)	3 years 3 months 18 days	3 years 7 months 6 days	3 years 10 months 24 days
Weighted-average remaining lease term - operating leases (in years)	2 years 10 months 24 days	3 years 3 months 18 days	3 years 10 months 24 days
Weighted-average discount rate - finance lease (as a percent)	5.20%	4.60%	5.00%
Weighted-average discount rate - operating leases (as a percent)	4.80%	4.90%	4.90%

Leases - Aggregate Payments of Finance and Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Aggregate payments of finance lease liabilities:
2023	$ 148
2024	99
2025	56
2026	12
2027	4
Total	319
Less imputed interest	(19)
Total finance lease liabilities	300	$ 380
Aggregate payments of operating lease liabilities:
2023	329
2024	178
2025	55
2026	12
2027	12
Thereafter	257
Total	843
Less imputed interest	(165)
Total operating lease liabilities	$ 678	$ 732

Other Assets - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Other Assets
Investments - equity securities		$ 450
Accounts receivable, net	$ 9,035	13,813
Homesite sales receivable	10,086	7,651	$ 5,675
Notes receivable, net	1,742	12,377
Inventory	3,976	2,797
Prepaid expenses	9,393	7,175
Straight-line rent	2,546	2,489
Operating lease, right-of use assets	$ 678	$ 732
Operating Lease, Right-of-Use Asset, Statement of Financial Position	Total other assets	Total other assets
Other assets	$ 13,138	$ 5,987
Retained interest investments	8,197	13,826
Accrued interest receivable for Senior Notes held by SPE	2,938	2,938
Total other assets	$ 61,729	$ 70,235

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

Other Assets - Accounts Receivable, Net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Accounts Receivable, Net
Allowance for credit losses	$ 0.3	$ 0.4
Increase (decrease) in allowance for credit losses related to accounts receivable	(0.1)
Maximum
Accounts Receivable, Net
Allowance for lease related receivables	$ 0.1	$ 0.1

Other Assets - Homesite Sales Receivable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Changes in lot sales receivable
Homesite Sales Receivable, Balance at beginning of period	$ 7,651	$ 5,675
Increases due to revenue recognized for homesites sold	7,660	7,213
Decreases due to amounts received	(5,225)	(5,237)
Homesite Sales Receivable, Balance at end of period	$ 10,086	$ 7,651

Other Assets - Notes Receivable, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jun. 30, 2020
Accounts Receivable, Net
Notes receivable, net	$ 1,742	$ 12,377
Proceeds from collection of principal	10,699	6,005	$ 1,949
Allowance for credit losses, Notes receivable	100	100
Accrued interest receivable	2,938	2,938
Latitude Margaritaville Watersound JV
Accounts Receivable, Net
Amount as lender of secured revolving promissory note	10,000			$ 10,000
Notes Receivable
Accounts Receivable, Net
Accrued interest receivable	100	100
Secured revolving promissory note with unconsolidated Latitude Margaritaville Watersound JV, homesite development - 5.0% interest rate, due June 2025
Accounts Receivable, Net
Notes receivable, net		$ 7,075
Interest rate, note (as a percent)		5.00%
Various interest bearing homebuilder notes, secured by the real estate sold - bearing interest at a rate of 5.5%, due May 2023
Accounts Receivable, Net
Notes receivable, net	$ 1,296	$ 4,824
Interest rate, note (as a percent)	5.50%	5.50%
Interest bearing notes with JV partner, secured by the partner's membership interest in the JV - bearing interest at a rate of 8.0%, due May 2039
Accounts Receivable, Net
Notes receivable, net	$ 359	$ 359
Interest rate, note (as a percent)	8.00%	8.00%
Non-interest bearing note with a tenant for tenant improvements, due October 2025
Accounts Receivable, Net
Notes receivable, net	$ 68	$ 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
Accounts Receivable, Net
Notes receivable, net	$ 19	$ 43
Interest rate, mortgage (as a percent)	4.80%	4.80%

Other Assets - Other Assets (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Other Assets
Other assets, Escrow deposits	$ 7.3	$ 3.9
Other assets, Derivative assets	$ 4.6	$ 0.6

Other Assets - Retained Interest Investments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) installment	Dec. 31, 2008	Dec. 31, 2021 USD ($)
Investments
Retained interest investments	$ 8,197		$ 13,826
Retained interest investments
Investments
Expected amount to receive upon maturity of note after payment of note and any other liabilities	$ 10,200
Promissory notes maturity period		15 years
Number of installment notes matured \| installment	2
Principal received upon maturity of installment note	$ 6,900
Retained interest investments	$ 8,200		$ 13,800
Minimum \| Retained interest investments
Investments
Notes maturity year	2023
Maximum \| Retained interest investments
Investments
Notes maturity year	2024

Property and Equipment, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, plant and equipment
Property and equipment, gross	$ 105,996	$ 93,879
Less: Accumulated depreciation	67,133	64,251
Property, plant and equipment, excluding construction in progress, net	38,863	29,628
Construction in progress	775	1,517
Total	39,638	31,145
Depreciation expense	8,500	6,100	$ 4,000
Railroad and equipment
Property, plant and equipment
Property and equipment, gross	33,627	33,627
Furniture and fixtures
Property, plant and equipment
Property and equipment, gross	28,659	25,556
Machinery and equipment
Property, plant and equipment
Property and equipment, gross	31,159	23,058
Office equipment
Property, plant and equipment
Property and equipment, gross	5,518	4,865
Autos, trucks and aircraft
Property, plant and equipment
Property and equipment, gross	$ 7,033	$ 6,773

Debt, Net - Schedule of Debt (Details) - USD ($) $ in Thousands		1 Months Ended				12 Months Ended		180 Months Ended
	Feb. 10, 2023	Nov. 30, 2023	Jun. 30, 2022	Mar. 31, 2022	Jan. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Nov. 30, 2042	Dec. 31, 2027	Dec. 10, 2022	Nov. 30, 2022	Apr. 30, 2022	Jun. 01, 2021
Debt instruments
Outstanding debt						$ 391,411	$ 227,474
Unamortized discount and debt issuance costs						(5,551)	(4,440)
Debt, Net						$ 385,860	223,034
Weighted average effective interest rate of outstanding debt (as a percent)						5.10%
Percentage of debt outstanding at fixed interest rates						60.40%
Average remaining life of debt outstanding						13 years 9 months 18 days
Pier Park Resort Hotel JV Loan
Debt instruments
Effective interest rate (as a percent)						3.20%
Outstanding debt						$ 45,209	$ 14,650
Pier Park Resort Hotel JV Loan \| Interest Rate Swap
Debt instruments
Notional amount										$ 42,000
Fixed interest rate (as a percent)										3.20%
Pier Park Resort Hotel JV Loan \| SOFR \| Subsequent Event
Debt instruments
Basis spread on variable rate (as a percent)	2.10%
Pier Park Resort Hotel JV Loan \| LIBOR
Debt instruments
Basis spread on variable rate (as a percent)						2.20%
Watersound Origins Crossings JV Loan
Debt instruments
Floor rate (as a percent)					3.30%	3.30%
Debt interest rate (as a percent)							5.00%
Effective interest rate (as a percent)						7.10%
Outstanding debt						$ 44,015	$ 37,897
Watersound Origins Crossings JV Loan \| SOFR
Debt instruments
Basis spread on variable rate (as a percent)					2.80%	2.80%
PPN JV Loan
Debt instruments
Effective interest rate (as a percent)						4.10%
Outstanding debt						$ 42,555	43,582
Pearl Hotel Loan
Debt instruments
Effective interest rate (as a percent)						6.30%
Outstanding debt						$ 37,000
PPC JV Loan (insured by HUD)
Debt instruments
Effective interest rate (as a percent)						3.10%
Outstanding debt						$ 35,180	35,670
Mexico Beach Crossings JV Loan (insured by HUD)
Debt instruments
Effective interest rate (as a percent)						3.00%
Outstanding debt						$ 23,374
PPC II JV Loan (insured by HUD)
Debt instruments
Debt interest rate (as a percent)												2.70%
Effective interest rate (as a percent)						2.70%
Outstanding debt				$ 17,300		$ 22,623	17,374
PPC II JV Loan (insured by HUD) \| LIBOR
Debt instruments
Basis spread on variable rate (as a percent)				2.10%
Watercrest JV Loan
Debt instruments
Effective interest rate (as a percent)						6.60%
Outstanding debt						$ 21,038	20,053
Watercrest JV Loan \| Interest Rate Swap
Debt instruments
Notional amount							$ 20,000						$ 20,000
Fixed interest rate (as a percent)							4.40%						4.40%
Watercrest JV Loan \| LIBOR
Debt instruments
Basis spread on variable rate (as a percent)						2.20%
North Bay Landing Loan
Debt instruments
Floor rate (as a percent)						3.20%
Effective interest rate (as a percent)						6.80%
Outstanding debt						$ 18,222	$ 1,342
North Bay Landing Loan \| LIBOR
Debt instruments
Basis spread on variable rate (as a percent)						2.50%
Breakfast Point Hotel Loan
Debt instruments
Floor rate (as a percent)							3.80%
Debt interest rate (as a percent)											6.00%
Effective interest rate (as a percent)						6.00%
Outstanding debt						$ 16,376	$ 11,843
Breakfast Point Hotel Loan \| Minimum \| Forecast
Debt instruments
Debt interest rate (as a percent)									6.00%
Breakfast Point Hotel Loan \| LIBOR
Debt instruments
Basis spread on variable rate (as a percent)							2.80%
Breakfast Point Hotel Loan \| Treasury - 1 year Constant Maturity \| Forecast
Debt instruments
Basis spread on variable rate (as a percent)								3.30%
Breakfast Point Hotel Loan \| Treasury - 1 year Constant Maturity \| Minimum \| Forecast
Debt instruments
Interest rate during period (as a percent)								6.00%
Airport Hotel Loan
Debt instruments
Floor rate (as a percent)						3.00%
Effective interest rate (as a percent)						6.40%
Outstanding debt						$ 14,642	$ 14,642
Airport Hotel Loan \| LIBOR
Debt instruments
Basis spread on variable rate (as a percent)						2.00%
Lodge 30A JV Loan
Debt instruments
Effective interest rate (as a percent)						3.80%
Outstanding debt						$ 13,304	7,474
Watersound Camp Creek Loan
Debt instruments
Floor rate (as a percent)						2.60%
Effective interest rate (as a percent)						6.50%
Outstanding debt						$ 13,131	3,437
Watersound Camp Creek Loan \| LIBOR
Debt instruments
Basis spread on variable rate (as a percent)						2.10%
Watersound Town Center Grocery Loan
Debt instruments
Floor rate (as a percent)						2.20%
Effective interest rate (as a percent)						6.30%
Outstanding debt						$ 11,379	620
Watersound Town Center Grocery Loan \| LIBOR
Debt instruments
Basis spread on variable rate (as a percent)						2.00%
Hotel Indigo Loan
Debt instruments
Floor rate (as a percent)			2.70%			2.70%
Effective interest rate (as a percent)						7.00%
Outstanding debt						$ 10,427
Hotel Indigo Loan \| Forecast
Debt instruments
Floor rate (as a percent)		2.50%
Hotel Indigo Loan \| SOFR
Debt instruments
Basis spread on variable rate (as a percent)			2.70%			2.70%
Hotel Indigo Loan \| SOFR \| Forecast
Debt instruments
Basis spread on variable rate (as a percent)		2.50%
Topsail Hotel Loan
Debt instruments
Floor rate (as a percent)						3.00%
Effective interest rate (as a percent)						6.40%
Outstanding debt						$ 5,199
Topsail Hotel Loan \| SOFR
Debt instruments
Basis spread on variable rate (as a percent)						2.10%
Beckrich Building III Loan
Debt instruments
Effective interest rate (as a percent)						6.10%
Outstanding debt						$ 5,020	5,188
Beckrich Building III Loan \| LIBOR
Debt instruments
Basis spread on variable rate (as a percent)						1.70%
Self-Storage Facility Loan
Debt instruments
Floor rate (as a percent)						2.90%
Effective interest rate (as a percent)						6.70%
Outstanding debt						$ 4,666	4,666
Self-Storage Facility Loan \| LIBOR
Debt instruments
Basis spread on variable rate (as a percent)						2.40%
Community Development District debt
Debt instruments
Outstanding debt						$ 4,113	4,909
Community Development District debt \| Minimum
Debt instruments
Effective interest rate (as a percent)						3.60%
Community Development District debt \| Maximum
Debt instruments
Effective interest rate (as a percent)						6.00%
Beach Homes Loan
Debt instruments
Effective interest rate (as a percent)						6.10%
Outstanding debt						$ 1,447	1,492
Beach Homes Loan \| LIBOR
Debt instruments
Basis spread on variable rate (as a percent)						1.70%
Pier Park Outparcel Loan
Debt instruments
Effective interest rate (as a percent)						6.10%
Outstanding debt						$ 1,300	1,370
Pier Park Outparcel Loan \| LIBOR
Debt instruments
Basis spread on variable rate (as a percent)						1.70%
WaterColor Crossings Loan
Debt instruments
Effective interest rate (as a percent)						6.10%
Outstanding debt						$ 1,191	$ 1,265
WaterColor Crossings Loan \| LIBOR
Debt instruments
Basis spread on variable rate (as a percent)						1.70%

Debt, Net - Debt Agreements (Details) $ in Thousands		1 Months Ended															12 Months Ended			180 Months Ended
Debt, Net - Debt Agreements (Details) $ in Thousands	Feb. 10, 2023	Nov. 30, 2023	Dec. 31, 2022 USD ($)	Nov. 30, 2022	Jul. 31, 2022 USD ($)	Jun. 30, 2022	Apr. 30, 2022 USD ($)	Jan. 31, 2022 USD ($)	Oct. 31, 2021 USD ($)	Aug. 31, 2021 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Jan. 31, 2021 USD ($)	Nov. 30, 2020 USD ($)	Apr. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2018 USD ($) item	Nov. 30, 2042	Dec. 31, 2027	Dec. 10, 2022 USD ($)	Mar. 31, 2022 USD ($)	Jun. 01, 2021 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2015 USD ($)
Debt instruments
Outstanding debt			$ 391,411														$ 391,411	$ 227,474
Loss on extinguishment of debt																	130
Community Development District debt (CDD)			12,800														12,800	14,100
Assets			1,430,839														1,430,839	1,208,151
Asset Pledged as Collateral without Right
Debt instruments
Assets			$ 552,100														$ 552,100
Assets, Pledging Purpose			Outstanding debt														Outstanding debt
Pier Park Resort Hotel JV Loan
Debt instruments
Loan amount															$ 52,500
Outstanding debt			$ 45,209														$ 45,209	14,650
Debt instrument, period subject to interest payments only															36 months
Debt service coverage period															12 months
Pier Park Resort Hotel JV Loan \| Maximum
Debt instruments
Loan amount															$ 60,000
Pier Park Resort Hotel JV Loan \| Interest Rate Swap
Debt instruments
Notional amount																						$ 42,000
Fixed interest rate (as a percent)																						3.20%
Pier Park Resort Hotel JV Loan \| SOFR \| Subsequent Event
Debt instruments
Basis spread on variable rate (as a percent)	2.10%
Watersound Origins Crossings JV Loan
Debt instruments
Loan amount								$ 44,000																	$ 37,900
Outstanding debt			44,015														$ 44,015	$ 37,897
Debt interest rate (as a percent)																		5.00%
Floor rate (as a percent)								3.30%									3.30%
Company's liability as guarantor, upon reaching and maintaining a certain debt service coverage ratio (as a percent)																	25.00%
Watersound Origins Crossings JV Loan \| Maximum
Debt instruments
Loan costs			100														$ 100
Watersound Origins Crossings JV Loan \| SOFR
Debt instruments
Basis spread on variable rate (as a percent)								2.80%									2.80%
PPN JV Loan
Debt instruments
Loan amount																											$ 48,200
Outstanding debt			42,555														$ 42,555	$ 43,582
Pearl Hotel Loan
Debt instruments
Loan amount			37,000														37,000
Outstanding debt			$ 37,000														37,000
Pearl Hotel Loan \| Minimum
Debt instruments
Prepayment premium, as a percent of principal repaid			1.00%
Pearl Hotel Loan \| Maximum
Debt instruments
Prepayment premium, as a percent of principal repaid			5.00%
PPC JV Loan (insured by HUD)
Debt instruments
Loan amount																			$ 36,600
Outstanding debt			$ 35,180														35,180	35,670
PPC JV Loan (insured by HUD) \| Minimum
Debt instruments
Prepayment premium, as a percent of principal repaid																			2.00%
PPC JV Loan (insured by HUD) \| Maximum
Debt instruments
Prepayment premium, as a percent of principal repaid																			10.00%
Mexico Beach Crossings JV Loan (insured by HUD)
Debt instruments
Loan amount								$ 43,500
Outstanding debt			23,374														23,374
Debt instrument, period subject to interest payments only								27 months
Mexico Beach Crossings JV Loan (insured by HUD) \| Minimum
Debt instruments
Prepayment premium, as a percent of principal repaid								1.00%
Mexico Beach Crossings JV Loan (insured by HUD) \| Maximum
Debt instruments
Prepayment premium, as a percent of principal repaid								10.00%
PPC II JV Loan (insured by HUD)
Debt instruments
Loan amount							$ 22,900																		17,500
Outstanding debt			22,623														22,623	17,374					$ 17,300
Debt interest rate (as a percent)							2.70%
Additional loan cost from refinance																	200
Loss on extinguishment of debt																	100
PPC II JV Loan (insured by HUD) \| Minimum
Debt instruments
Prepayment premium, as a percent of principal repaid							1.00%
PPC II JV Loan (insured by HUD) \| Maximum
Debt instruments
Prepayment premium, as a percent of principal repaid							10.00%
Watercrest JV Loan
Debt instruments
Loan amount																									22,500
Outstanding debt			21,038														21,038	20,053
Watercrest JV Loan \| Interest Rate Swap
Debt instruments
Notional amount																		$ 20,000						$ 20,000
Fixed interest rate (as a percent)																		4.40%						4.40%
Gain on swap upon termination							$ 100										100
North Bay Landing Loan
Debt instruments
Loan amount												$ 26,800
Outstanding debt			18,222														$ 18,222	$ 1,342
Floor rate (as a percent)																	3.20%
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%
Breakfast Point Hotel Loan
Debt instruments
Loan amount														$ 16,800
Outstanding debt			16,376														$ 16,376	$ 11,843
Debt interest rate (as a percent)				6.00%
Floor rate (as a percent)																		3.80%
Breakfast Point Hotel Loan \| Minimum
Debt instruments
Prepayment premium, as a percent of principal repaid				1.00%
Breakfast Point Hotel Loan \| Minimum \| Forecast
Debt instruments
Debt interest rate (as a percent)																					6.00%
Breakfast Point Hotel Loan \| Maximum
Debt instruments
Prepayment premium, as a percent of principal repaid				3.00%
Breakfast Point Hotel Loan \| Treasury - 1 year Constant Maturity \| Forecast
Debt instruments
Basis spread on variable rate (as a percent)																				3.30%
Airport Hotel Loan
Debt instruments
Loan amount																$ 15,300
Outstanding debt			14,642														$ 14,642	$ 14,642
Debt instrument, period subject to interest payments only																36 months
Floor rate (as a percent)																	3.00%
Lodge 30A JV Loan
Debt instruments
Loan amount													$ 15,000
Outstanding debt			13,304														$ 13,304	7,474
Debt instrument, period subject to interest payments only													24 months
Debt service coverage period													24 months
Company's liability as guarantor, third year (as a percent)													75.00%
Company's liability as guarantor, period for lower liability percentage													12 months
Company's liability as guarantor, fourth year (as a percent)													50.00%
Company's liability as guarantor, fifth year (as a percent)													25.00%
Watersound Camp Creek Loan
Debt instruments
Loan amount											$ 28,000
Outstanding debt			13,131														$ 13,131	3,437
Floor rate (as a percent)																	2.60%
Company's liability as guarantor, upon reaching and maintaining a trailing six months of 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 Loan
Debt instruments
Loan amount										$ 12,000
Outstanding debt			11,379														$ 11,379	620
Debt instrument, period subject to interest payments only										24 months
Floor rate (as a percent)																	2.20%
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 Indigo Loan
Debt instruments
Loan amount									$ 21,200
Outstanding debt			10,427														$ 10,427
Debt instrument, period subject to interest payments only									24 months
Floor rate (as a percent)						2.70%											2.70%
Loan extension period									60 months
Hotel Indigo Loan \| Forecast
Debt instruments
Floor rate (as a percent)		2.50%
Hotel Indigo Loan \| SOFR
Debt instruments
Basis spread on variable rate (as a percent)						2.70%											2.70%
Hotel Indigo Loan \| SOFR \| Forecast
Debt instruments
Basis spread on variable rate (as a percent)		2.50%
Topsail Hotel Loan
Debt instruments
Loan amount					$ 13,700
Outstanding debt			5,199														$ 5,199
Debt instrument, period subject to interest payments only					36 months
Floor rate (as a percent)																	3.00%
Topsail Hotel Loan \| SOFR
Debt instruments
Basis spread on variable rate (as a percent)																	2.10%
Beckrich Building III Loan
Debt instruments
Loan amount																									$ 5,500
Outstanding debt			5,020														$ 5,020	5,188
Self-Storage Facility Loan
Debt instruments
Loan amount														$ 5,800
Outstanding debt			4,666														$ 4,666	4,666
Debt instrument, period subject to interest payments only														48 months
Floor rate (as a percent)																	2.90%
Self-Storage Facility Loan \| Maximum
Debt instruments
Amount of liability as guarantor														$ 2,900
Community Development District debt
Debt instruments
Outstanding debt			4,113														$ 4,113	4,909
Beach Homes Loan
Debt instruments
Loan amount																			$ 1,700
Outstanding debt			1,447														1,447	1,492
Number of homes financed \| item																			2
Pier Park Outparcel Loan
Debt instruments
Loan amount																										$ 1,600
Outstanding debt			1,300														1,300	1,370
WaterColor Crossings Loan
Debt instruments
Loan amount																			$ 1,900
Outstanding debt			$ 1,191														$ 1,191	$ 1,265

Debt, Net - Maturities of Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt, Net
2023	$ 6,684
2024	69,956
2025	65,911
2026	6,935
2027	54,003
Thereafter	187,922
Long term debt	$ 391,411	$ 227,474

Other Liabilities - Schedule of Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Other Liabilities
Accounts payable	$ 69,864	$ 48,597
Income tax payable	3,470	681
Finance lease liabilities	300	380
Operating lease liabilities	678	732
Accrued compensation	5,731	4,877
Other accrued liabilities	3,641	4,126
Club membership deposits	3,422	3,602
Advance deposits	4,415	2,140
Accrued interest expense for Senior Notes held by SPE	2,850	2,850
Total other liabilities	$ 94,371	$ 67,985
Finance Lease, Liability, Statement of Financial Position	Total other liabilities	Total other liabilities
Operating Lease, Liability, Statement of Financial Position	Total other liabilities	Total other liabilities
Retainage payable included within accounts payable	$ 27,700	$ 16,000

Deferred Revenue - Summary (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Deferred Revenue
Deferred revenue	$ 38,936	$ 36,207
Club Membership
Deferred Revenue
Deferred revenue	25,088	22,850	$ 10,716
Other
Deferred Revenue
Deferred revenue	$ 13,800	$ 13,400

Deferred Revenue - Changes in Club Initiation Fees (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Change in contract with customer liability
Balance at beginning of period	$ 36,207
Balance at end of period	38,936	$ 36,207
Club Membership
Change in contract with customer liability
Balance at beginning of period	22,850	10,716
New club memberships	9,170	16,804
Revenue from amounts included in contract liability opening balance	(6,040)	(3,037)
Revenue from current period new memberships	(892)	(1,633)
Balance at end of period	$ 25,088	$ 22,850

Deferred Revenue - Performance Obligations (Details) $ in Millions	Dec. 31, 2022 USD ($)
Performance obligations
Remaining performance obligations	$ 25.1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Performance obligations
Remaining performance obligations	$ 6.0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Performance obligations
Remaining performance obligations	$ 10.9
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Performance obligations
Remaining performance obligations	$ 7.5
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Performance obligations
Remaining performance obligations	$ 0.7
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period

Deferred Revenue - Additional Information (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred Revenue
Deferred revenue	$ 38,936	$ 36,207
Other
Deferred Revenue
Deferred revenue	13,800	13,400
Other \| Florida Department of Transportation
Deferred Revenue
Deferred revenue	$ 10,900	$ 10,900

Income Taxes - Provision for Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current:
Federal	$ 19,067	$ 9,005	$ 5,146
State	832
Total	19,899	9,005	5,146
Deferred:
Federal	661	12,120	6,321
State	3,829	3,857	2,203
Total	4,490	15,977	8,524
Total income tax expense	$ 24,389	$ 24,982	$ 13,670

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

+ References + Details

Income Taxes - Allocation of Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Taxes
Income tax expense	$ 24,389	$ 24,982	$ 13,670
Income tax recorded in accumulated other comprehensive income (loss), Income tax expense (benefit)	957	367	(386)
Total income tax expense	$ 25,346	$ 25,349	$ 13,284

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

+ References + Details

Income Taxes - Expense (Benefit) Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Taxes
Statutory federal income tax rate (as a percent)	21.00%	21.00%	21.00%
Tax at the statutory federal rate	$ 20,016	$ 20,902	$ 12,385
State income taxes (net of federal benefit)	4,495	3,581	2,203
(Decrease) increase in valuation allowance	(21)	275
Change in US and State tax rates		458
Income tax credits	(150)	(186)	(454)
Benefit of Qualified Opportunity Zone investments		(195)	(161)
Dividend received deduction			(33)
Other permanent items	49	147	(270)
Total income tax expense	$ 24,389	$ 24,982	$ 13,670

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
State net operating loss carryforwards	$ 5,965	$ 10,617
Impairment losses	26,714	28,496
Prepaid income from land sales	6,871	6,177
Capital loss carryforwards		4,090
Capitalized costs	2,121	2,462
Reserves and accruals	1,975	1,950
Unrealized losses on investments		359
Other	2,685	1,446
Total gross deferred tax assets	46,331	55,597
Valuation allowance	(290)	(305)
Total net deferred tax assets	46,041	55,292
Deferred tax liabilities:
Investment in real estate and property and equipment basis differences	21,713	14,014
Deferred gain on land sales and involuntary conversions	36,977	33,643
Installment sales	67,418	83,498
Other	2,639	1,396
Total gross deferred tax liabilities	128,747	132,551
Net deferred tax liabilities	$ (82,706)	$ (77,259)

Income Taxes - Operating Loss Carryforwards (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Operating loss carryforwards
Income tax payable	$ 3,470	$ 681
State and Local Jurisdiction
Operating loss carryforwards
Operating loss carryforwards	121,100	229,300
Domestic Tax Authority
Operating loss carryforwards
Operating loss carryforwards	$ 3,400	$ 3,100

Income Taxes - Valuation Allowances (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Income Taxes
Valuation allowance	$ 290	$ 305

Income Taxes - Tax Refund (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Income Taxes
Unrecognized tax benefits, income tax penalties accrued	$ 0.0	$ 0.0

Accumulated Other Comprehensive Income (Loss) - Summary of Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Summary of changes in accumulated other comprehensive loss (income)
Beginning Balance	$ 626,100	$ 568,170	$ 529,670
Amounts reclassified from accumulated other comprehensive income	105	303
Total other comprehensive income (loss), net of tax	4,202	1,083	(1,137)
Less: Other comprehensive income attributable to non-controlling interest	(20,307)	(18,691)
Ending Balance	651,109	626,100	568,170
Accumulated Other Comprehensive (Loss) Income, Including non-controlling interest
Summary of changes in accumulated other comprehensive loss (income)
Beginning Balance	(389)	(1,472)
Other comprehensive (loss) income before reclassifications	4,097	780
Amounts reclassified from accumulated other comprehensive income	105	303
Total other comprehensive income (loss), net of tax	4,202	1,083
Less: Other comprehensive income attributable to non-controlling interest	(1,383)
Ending Balance	2,430	(389)	(1,472)
Unrealized (Loss) Gain on Available-for-Sale Securities
Summary of changes in accumulated other comprehensive loss (income)
Beginning Balance	(7)	16
Other comprehensive (loss) income before reclassifications	(175)	(12)
Amounts reclassified from accumulated other comprehensive income		(11)
Total other comprehensive income (loss), net of tax	(175)	(23)
Ending Balance	(182)	(7)	16
Unrealized (Loss) Gain Cash Flow Hedges, Interest rate swap
Summary of changes in accumulated other comprehensive loss (income)
Beginning Balance	(382)	(1,488)
Other comprehensive (loss) income before reclassifications	4,272	792
Amounts reclassified from accumulated other comprehensive income	105	314
Total other comprehensive income (loss), net of tax	4,377	1,106
Less: Other comprehensive income attributable to non-controlling interest	(1,383)
Ending Balance	$ 2,612	$ (382)	$ (1,488)

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which is directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent (that is, noncontrolling interest, previously referred to as minority interest).

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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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