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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

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

For the quarterly period ended March 31, 2023

or

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

For the transition period from                      to                     .

Commission file number: 1-10466

The St. Joe Company

(Exact name of registrant as specified in its charter)

Florida

59-0432511

(State or other jurisdiction of

(I.R.S. Employer

incorporation or organization)

Identification No.)

130 Richard Jackson Boulevard, Suite 200

Panama City Beach, Florida

32407

(Address of principal executive offices)

(Zip Code)

(850) 231-6400

(Registrant’s telephone number, including area code)

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

Title of Each Class

Trading Symbol(s)

Name of Exchange on Which Registered

Common Stock, no par value

JOE

New York Stock Exchange

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

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

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

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

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

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

As of April 24, 2023, there were 58,372,040 shares of common stock, no par value, outstanding.

Table of Contents

THE ST. JOE COMPANY

INDEX

Page No.

PART I

Item 1. Financial Statements (Unaudited)

3

Condensed Consolidated Balance Sheets - March 31, 2023 and December 31, 2022

3

Condensed Consolidated Statements of Income - Three Months Ended March 31, 2023 and 2022

5

Condensed Consolidated Statements of Comprehensive Income - Three Months Ended March 31, 2023 and 2022

6

Condensed Consolidated Statements of Changes in Stockholders’ Equity - Three Months Ended March 31, 2023 and 2022

7

Condensed Consolidated Statements of Cash Flows - Three Months Ended March 31, 2023 and 2022

8

Notes to the Condensed Consolidated Financial Statements

10

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

44

Item 3. Quantitative and Qualitative Disclosures About Market Risk

71

Item 4. Controls and Procedures

72

PART II

Item 1. Legal Proceedings

72

Item 1A. Risk Factors

72

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

72

Item 3. Defaults Upon Senior Securities

72

Item 4. Mine Safety Disclosures

72

Item 5. Other Information

72

Item 6. Exhibits

73

SIGNATURES

74

2

Table of Contents

PART I - FINANCIAL INFORMATION

Item 1.         Financial Statements

THE ST. JOE COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

(Unaudited)

March 31, 

December 31, 

    

2023

    

2022

ASSETS

 

  

 

  

Investment in real estate, net

$

1,026,286

$

996,261

Investment in unconsolidated joint ventures

55,457

50,025

Cash and cash equivalents

 

57,152

 

37,747

Investments - debt securities

22,814

40,576

Other assets

 

57,660

 

61,729

Property and equipment, net of accumulated depreciation of $67,673 and $67,133 as of March 31, 2023 and December 31, 2022, respectively

 

42,414

 

39,638

Investments held by special purpose entities

 

204,476

 

204,863

Total assets

$

1,466,259

$

1,430,839

LIABILITIES AND EQUITY

 

  

 

  

Liabilities:

 

  

 

  

Debt, net

$

420,689

$

385,860

Other liabilities

 

96,139

 

94,371

Deferred revenue

40,860

38,936

Deferred tax liabilities, net

 

78,256

 

82,706

Senior Notes held by special purpose entity

 

177,932

 

177,857

Total liabilities

 

813,876

 

779,730

Commitments and contingencies (Note 18)

Equity:

 

  

 

  

Common stock, no par value; 180,000,000 shares authorized; 58,372,040 and 58,335,541 issued and outstanding at March 31, 2023 and December 31, 2022, respectively

 

270,169

 

270,028

Retained earnings

 

362,897

 

358,344

Accumulated other comprehensive income

 

2,073

 

2,430

Total stockholders’ equity

 

635,139

 

630,802

Non-controlling interest

 

17,244

 

20,307

Total equity

 

652,383

 

651,109

Total liabilities and equity

$

1,466,259

$

1,430,839

See accompanying notes to the condensed consolidated financial statements.

3

Table of Contents

THE ST. JOE COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

(Unaudited)

The following presents the portion of the condensed consolidated balances attributable to the Company’s consolidated joint ventures, which, as of March 31, 2023 and December 31, 2022, include the Pier Park North joint venture (“Pier Park North JV”), Pier Park Crossings LLC (“Pier Park Crossings JV”), Origins Crossings, LLC (“Watersound Origins Crossings JV”), SJWCSL, LLC (“Watercrest JV”), Watersound Closings & Escrow, LLC (“Watersound Closings JV”), Pier Park Crossings Phase II LLC (“Pier Park Crossings Phase II JV”), Mexico Beach Crossings, LLC (“Mexico Beach Crossings JV”), Pier Park Resort Hotel, LLC (“Pier Park Resort Hotel JV”), the 30A Greenway Hotel, LLC (“The Lodge 30A JV”), Panama City Timber Finance Company, LLC and Northwest Florida Timber Finance, LLC. See Note 2. Summary of Significant Accounting Policies. Basis of Presentation and Principles of Consolidation and Note 4. Joint Ventures for additional information. The following assets may only be used to settle obligations of the consolidated joint ventures and the following liabilities are only obligations of the consolidated joint ventures and do not have recourse to the general credit of the Company, except for covenants and guarantees discussed in Note 9. Debt, Net.

    

March 31, 

    

December 31, 

2023

2022

ASSETS

 

  

 

  

Investment in real estate, net

$

275,886

$

272,395

Cash and cash equivalents

 

10,616

 

7,353

Other assets

 

13,600

 

16,804

Property and equipment, net

10,410

7,219

Investments held by special purpose entities

 

204,476

 

204,863

Total assets

$

514,988

$

508,634

LIABILITIES

 

  

 

  

Debt, net

$

268,231

$

243,447

Other liabilities

 

12,217

 

18,834

Deferred revenue

321

234

Senior Notes held by special purpose entity

 

177,932

 

177,857

Total liabilities

$

458,701

$

440,372

See accompanying notes to the condensed consolidated financial statements.

4

Table of Contents

THE ST. JOE COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Dollars in thousands except per share amounts)

(Unaudited)

Three Months Ended

March 31, 

    

2023

    

2022

Revenue:

  

  

Real estate revenue

$

35,004

$

36,774

Hospitality revenue

 

24,499

 

16,321

Leasing revenue

 

11,790

 

8,822

Timber revenue

 

1,698

 

2,954

Total revenue

 

72,991

 

64,871

Expenses:

 

  

 

  

Cost of real estate revenue

 

20,182

 

15,295

Cost of hospitality revenue

 

22,927

 

14,868

Cost of leasing revenue

 

5,372

 

3,652

Cost of timber revenue

 

163

 

150

Corporate and other operating expenses

 

5,721

 

5,656

Depreciation, depletion and amortization

 

7,322

 

5,026

Total expenses

 

61,687

 

44,647

Operating income

 

11,304

 

20,224

Other income (expense):

 

  

 

  

Investment income, net

 

2,921

 

2,300

Interest expense

 

(6,209)

 

(4,153)

Gain on contributions to unconsolidated joint ventures

 

530

 

482

Equity in income (loss) from unconsolidated joint ventures

3,663

(495)

Other income (expense), net

 

713

 

(369)

Total other income (expense), net

 

1,618

 

(2,235)

Income before income taxes

 

12,922

 

17,989

Income tax expense

 

(3,441)

 

(4,536)

Net income

 

9,481

 

13,453

Net loss (income) attributable to non-controlling interest

 

909

 

(41)

Net income attributable to the Company

$

10,390

$

13,412

NET INCOME PER SHARE ATTRIBUTABLE TO THE COMPANY

 

  

 

  

Basic

$

0.18

$

0.23

Diluted

$

0.18

$

0.23

WEIGHTED AVERAGE SHARES OUTSTANDING

Basic

 

58,309,093

 

58,882,549

Diluted

 

58,309,093

 

58,886,931

See accompanying notes to the condensed consolidated financial statements.

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THE ST. JOE COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Dollars in thousands)

(Unaudited)

Three Months Ended

March 31, 

    

2023

    

2022

Net income:

$

9,481

$

13,453

Other comprehensive income (loss):

 

 

  

Net unrealized gain (loss) on available-for-sale investments

 

227

 

(322)

Interest rate swaps

(582)

2,308

Interest rate swap - unconsolidated joint venture

(37)

313

Reclassification of net realized (gain) loss included in earnings

 

(360)

 

147

Total before income taxes

 

(752)

 

2,446

Income tax benefit (expense)

 

121

 

(445)

Total other comprehensive (loss) income, net of tax

 

(631)

 

2,001

Total comprehensive income, net of tax

8,850

15,454

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

1,183

(733)

Total comprehensive income attributable to the Company

$

10,033

$

14,721

See accompanying notes to the condensed consolidated financial statements.

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THE ST. JOE COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(Dollars in thousands)

(Unaudited)

    

    

    

    

    

    

    

    

    

    

    

Common Stock

Accumulated Other

Outstanding

Retained

Comprehensive

Non-controlling

    

Shares

    

Amount

    

Earnings

    

Income (Loss)

    

Interest

    

Total

Balance at December 31, 2022

 

58,335,541

$

270,028

$

358,344

$

2,430

$

20,307

$

651,109

Capital contributions from non-controlling interest

 

 

 

 

 

214

 

214

Capital distributions to non-controlling interest

 

 

 

 

 

(2,094)

 

(2,094)

Issuance of restricted stock

36,499

Stock based compensation expense

 

 

141

 

 

 

 

141

Dividends ($0.10 per share)

(5,837)

(5,837)

Other comprehensive loss, net of tax

 

 

 

 

(357)

 

(274)

 

(631)

Net income (loss)

 

 

 

10,390

 

 

(909)

 

9,481

Balance at March 31, 2023

 

58,372,040

$

270,169

$

362,897

$

2,073

$

17,244

$

652,383

    

    

    

    

    

    

    

    

    

    

    

Common Stock

Accumulated Other

Outstanding

Retained

Comprehensive

Non-controlling

    

Shares

    

Amount

    

Earnings

    

(Loss) Income

    

Interest

    

Total

Balance at December 31, 2021

58,882,549

$

296,873

$

310,925

$

(389)

$

18,691

$

626,100

Capital contributions from non-controlling interest

2,035

2,035

Capital distributions to non-controlling interest

(710)

(710)

Issuance of restricted stock

25,594

Stock based compensation expense

42

42

Dividends ($0.10 per share)

(5,889)

(5,889)

Other comprehensive income, net of tax

1,309

692

2,001

Net income

13,412

41

13,453

Balance at March 31, 2022

58,908,143

$

296,915

$

318,448

$

920

$

20,749

$

637,032

See accompanying notes to the condensed consolidated financial statements.

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THE ST. JOE COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollars in thousands)

(Unaudited)

Three Months Ended

March 31, 

    

2023

    

2022

Cash flows from operating activities:

    

  

    

  

Net income

$

9,481

$

13,453

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

 

 

  

Depreciation, depletion and amortization

 

7,322

 

5,026

Stock based compensation

 

141

 

42

Unrealized gain on investments, net

(25)

Equity in (income) loss from unconsolidated joint ventures, net of distributions

(2,432)

528

Deferred income tax (benefit) expense

 

(4,328)

 

2,042

Cost of real estate sold

 

19,072

 

14,064

Expenditures for and acquisition of real estate to be sold

 

(25,557)

 

(25,937)

Accretion income and other

 

(414)

 

(259)

Gain on disposal of property and equipment

(3)

(10)

Gain on contributions to unconsolidated joint ventures

(530)

(482)

Gain on insurance for damage to property and equipment, net

(723)

Loss on extinguishment of debt

133

Changes in operating assets and liabilities:

 

  

 

Other assets

 

3,925

 

8,427

Deferred revenue

1,399

1,133

Other liabilities

 

10,963

 

2,534

Net cash provided by operating activities

 

19,172

 

19,813

Cash flows from investing activities:

 

  

 

  

Expenditures for operating property

 

(42,372)

 

(51,633)

Expenditures for property and equipment

 

(1,659)

 

(1,440)

Proceeds from the disposition of assets

 

9

 

10

Proceeds from insurance claims

723

Purchases of investments - debt securities

(9,766)

(74,476)

Maturities of investments - debt securities

28,000

45,000

Capital contributions to unconsolidated joint ventures

(1,893)

(142)

Capital distributions from unconsolidated joint ventures

75

206

Maturities of assets held by special purpose entities

 

415

 

413

Net cash used in investing activities

 

(27,191)

 

(81,339)

Cash flows from financing activities:

 

  

 

  

Capital contributions from non-controlling interest

 

214

 

2,035

Capital distributions to non-controlling interest

 

(2,094)

 

(710)

Dividends paid

(5,832)

(5,889)

Borrowings on debt

 

81,446

 

35,168

Principal payments for debt

 

(45,938)

 

(536)

Principal payments for finance leases

(34)

(35)

Debt issuance costs

 

(862)

 

(1,105)

Net cash provided by financing activities

 

26,900

 

28,928

Net increase (decrease) in cash, cash equivalents and restricted cash

 

18,881

 

(32,598)

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

 

45,303

 

74,400

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

$

64,184

$

41,802

See accompanying notes to the condensed consolidated financial statements.

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THE ST. JOE COMPANY

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

(Dollars in thousands)

(Unaudited)

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

March 31, 

March 31, 

    

2023

    

2022

Cash and cash equivalents

$

57,152

 

$

33,115

Restricted cash included in other assets

 

7,032

 

8,687

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

 

$

64,184

 

$

41,802

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

Three Months Ended

March 31, 

2023

2022

Cash paid during the period for:

Interest, net of amounts capitalized

$

8,117

$

5,692

Income taxes

$

$

Non-cash investing and financing activities:

 

  

 

  

Non-cash contributions to unconsolidated joint ventures

$

(1,249)

$

(831)

Decrease in Community Development District debt, net

$

(141)

$

(15)

Transfers of operating property to property and equipment

$

4,121

$

4,960

(Decrease) increase in expenditures for operating properties and property and equipment financed through accounts payable

$

(4,595)

$

1,070

Unrealized (loss) gain on cash flow hedges

$

(705)

$

2,621

See notes to the condensed consolidated financial statements.

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THE ST. JOE COMPANY

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands, unless otherwise stated)

(Unaudited)

1. Nature of Operations

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

The Company conducts primarily all of its business in the following three reportable segments: 1) residential, 2) hospitality and 3) commercial. See Note 17. Segment Information.

2. Summary of Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

The accompanying unaudited interim condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for reporting on Form 10-Q. Accordingly, certain information and footnotes required by United States generally accepted accounting principles (“GAAP”) for complete financial statements are not included herein. The unaudited interim condensed consolidated financial statements include the accounts of the Company and all of its majority-owned and controlled subsidiaries, voting interest entities where the Company has a majority voting interest or control and variable interest entities where the Company deems itself the primary beneficiary. Investments in joint ventures (“JV”) 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. The December 31, 2022 condensed consolidated balance sheet amounts have been derived from the Company’s December 31, 2022 audited consolidated financial statements. Certain prior period amounts in the accompanying condensed consolidated financial statements have been reclassified to conform to the current year presentation. These reclassifications had no effect on the Company’s previously reported total assets and liabilities, stockholders’ equity or net income. Operating results for the three months ended March 31, 2023 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2023.

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

The unaudited interim condensed consolidated financial statements reflect all normal recurring adjustments that, in the opinion of management, are necessary for fair presentation of the information contained herein. The unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. The Company adheres to the same accounting policies in preparation of its unaudited interim condensed consolidated financial statements as the Company’s December 31, 2022 annual financial statements, except for any recently adopted accounting pronouncements. As required under GAAP, interim accounting for certain expenses, including income taxes, are based on full year assumptions. For interim financial reporting purposes, income taxes are recorded based upon estimated annual income tax rates.

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Concentration of Risks and Uncertainties

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

Throughout the first quarter of 2023, the Company continued to generate positive financial results. While macroeconomic factors such as inflation, rising interest rates, supply chain disruptions, financial institution disruptions and geopolitical conflicts, 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 extended the time to complete hospitality and commercial projects. In addition, inflation and rising interest rates, have increased operating costs and loan rates, as compared to prior periods. 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.

Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash, cash equivalents, investments, other receivables, investments held by special purpose entity or entities (“SPE”) and investments in retained interests. The Company deposits and invests cash with local, regional and national financial institutions, and as of March 31, 2023, these balances exceeded the amount of F.D.I.C. insurance provided on such deposits. In addition, as of March 31, 2023, the Company had $29.8 million invested in short-term U.S. Treasury Bills and $6.3 million invested in U.S. Treasury Money Market Funds classified as cash and cash equivalents and $22.8 million invested in U.S. Treasury Bills classified as investments – debt securities.

Earnings Per Share

Basic earnings per share is calculated by dividing net income attributable to the Company by the basic weighted average number of common shares outstanding for the period. Diluted earnings per share is calculated by dividing net income attributable to the Company by the weighted average number of shares of common stock outstanding for the period, including potential dilutive common shares. The treasury stock method is used to determine the effect on diluted earnings. For the three months ended March 31, 2023 and 2022, the Company had 57,923 and 25,594, respectively, unvested shares of restricted stock. For the three months ended March 31, 2023, 57,923 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. See Note 14. Stockholders’ Equity for additional information related to the issuance of common stock for employee compensation.

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

Three Months Ended March 31, 

2023

2022

(Dollars in thousands except per share amounts)

Income

Net income attributable to the Company

$

10,390

$

13,412

Shares

Weighted average shares outstanding - basic

58,309,093

58,882,549

Incremental shares from restricted stock

4,382

Weighted average shares outstanding - diluted

58,309,093

58,886,931

Net income per share attributable to the Company

Basic income per share

$

0.18

$

0.23

Diluted income per share

$

0.18

$

0.23

Recently Adopted Accounting Pronouncements

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

Recently Issued Accounting Pronouncements

Leases Common Control Arrangements

In March 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-01, Leases (Topic 842): Common Control Arrangements that improves accounting guidance for arrangements between entities under common control. The new guidance requires that leasehold improvements associated with common control leases be amortized by the lessee over the useful life of the leasehold improvements to the common control group, as long as the lessee controls the use of the underlying asset through a lease. When the lessee no longer controls the use of the underlying asset the leasehold improvements are accounted for as a transfer between entities under common control through an adjustment to equity. The new guidance will be effective for fiscal years beginning after December 15, 2023, with early adoption permitted. The guidance can be applied prospectively to all new leasehold improvements recognized on or after adoption, prospectively to all new leasehold improvements recognized on or after adoption and any remaining unamortized balance of existing leasehold improvements amortized over their remaining useful life to the common control group, or retrospectively to the beginning of the period in which the entity first applied Leases Topic 842 through a cumulative-effect adjustment to the opening balance of retained earnings. The Company is currently evaluating the impact that the adoption of this guidance will have on its financial condition, results of operations and cash flows.

Reference Rate Reform

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (“Topic 848”): Facilitation of the Effects of Reference Rate Reform on Financial Reporting that provides temporary optional guidance to ease the potential burden in accounting for or recognizing the effects of reference rate reform on financial reporting. The guidance provides expedients and exceptions for applying GAAP to contract modifications and hedging relationships affected by reference rate reform if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference London Interbank Offered Rate (“LIBOR”) or another reference rate that is expected to be discontinued due to reference rate reform. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848) which clarifies the original guidance that certain optional expedients and exceptions in contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848) - Deferral of the Sunset Date of Topic 848 that extends the temporary reference rate reform guidance under Topic 848 from December 31, 2022 to December 31, 2024. This guidance was effective upon issuance and may be applied prospectively through December 31, 2024, as reference rate activities occur. In 2022 and

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2023, some of the Company’s debt agreements that referenced LIBOR were amended to an alternative rate, Topic 848 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. 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 when there are additional modifications to existing agreements.

3. Investment in Real Estate, Net

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

    

March 31, 

    

December 31, 

2023

2022

Development property:

 

  

 

  

Residential

$

168,591

$

171,504

Hospitality

 

191,143

 

200,209

Commercial

 

144,321

 

131,133

Other

 

3,647

 

3,618

Total development property

 

507,702

 

506,464

Operating property:

 

  

 

  

Residential

 

7,899

 

7,854

Hospitality