0001558370-24-001435 | 10-K | XBRL Viewer

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Joint Ventures - Unconsolidated JV - Balance Sheets (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Nov. 30, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
ASSETS
Investment in real estate, net		$ 1,018,618	$ 996,261
Cash and cash equivalents		86,068	37,747	$ 70,162
Other assets		82,243	61,729
Total assets		1,523,530	1,430,839
LIABILITIES AND EQUITY
Debt, net		453,640	385,860
Accounts payable and other liabilities		58,573	94,371
Equity		698,490	651,109	626,100	$ 568,170
Total liabilities and equity		1,523,530	1,430,839
Proceeds from sale of assets		71	49	$ 34
Unconsolidated joint ventures
ASSETS
Investment in real estate, net		261,262	199,603
Cash and cash equivalents		30,886	13,943
Other assets		5,953	6,921
Total assets		298,101	220,467
LIABILITIES AND EQUITY
Debt, net		114,071	70,601
Accounts payable and other liabilities		80,990	85,372
Equity		103,040	64,494
Total liabilities and equity		298,101	220,467
Latitude Margaritaville Watersound JV
ASSETS
Investment in real estate, net		149,253	126,354
Cash and cash equivalents		28,235	10,633
Other assets		2,883	3,268
Total assets		180,371	140,255
LIABILITIES AND EQUITY
Debt, net		37,155	29,530
Accounts payable and other liabilities		72,872	77,630
Equity		70,344	33,095
Total liabilities and equity		180,371	140,255
Sea Sound JV
ASSETS
Cash and cash equivalents			327
Other assets			363
Total assets			690
LIABILITIES AND EQUITY
Accounts payable and other liabilities			5
Equity			685
Total liabilities and equity			690
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		52,301	38,783
Cash and cash equivalents		215	190
Other assets		67	11
Total assets		52,583	38,984
LIABILITIES AND EQUITY
Debt, net		37,493	20,716
Accounts payable and other liabilities		2,947	4,776
Equity		12,143	13,492
Total liabilities and equity		52,583	38,984
Pier Park TPS JV
ASSETS
Investment in real estate, net		13,666	15,106
Cash and cash equivalents		719	775
Other assets		617	748
Total assets		15,002	16,629
LIABILITIES AND EQUITY
Debt, net		13,408	13,542
Accounts payable and other liabilities		181	186
Equity		1,413	2,901
Total liabilities and equity		15,002	16,629
Pier Park RI JV
ASSETS
Investment in real estate, net		32,053	9,858
Cash and cash equivalents		44	580
Other assets		25	340
Total assets		32,122	10,778
LIABILITIES AND EQUITY
Debt, net		15,681
Accounts payable and other liabilities		4,128	2,252
Equity		12,313	8,526
Total liabilities and equity		32,122	10,778
Busy Bee JV
ASSETS
Investment in real estate, net		8,605	7,627
Cash and cash equivalents		613	1,081
Other assets		1,965	1,957
Total assets		11,183	10,665
LIABILITIES AND EQUITY
Debt, net		5,673	5,970
Accounts payable and other liabilities		439	376
Equity		5,071	4,319
Total liabilities and equity		11,183	10,665
Electric Cart Watersound JV
ASSETS
Investment in real estate, net		5,384	1,875
Cash and cash equivalents		902	259
Other assets		396	234
Total assets		6,682	2,368
LIABILITIES AND EQUITY
Debt, net		4,661	843
Accounts payable and other liabilities		423	147
Equity		1,598	1,378
Total liabilities and equity		6,682	2,368
Watersound Management JV
ASSETS
Cash and cash equivalents		158	98
Total assets		158	98
LIABILITIES AND EQUITY
Equity		158	98
Total liabilities and equity		$ 158	$ 98

Leases - Lease Cost - Other Information (Details)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases
Weighted-average remaining lease term - finance lease (in years)	2 years 9 months 18 days	3 years 3 months 18 days	3 years 7 months 6 days
Weighted-average remaining lease term - operating leases (in years)	1 year 6 months	2 years 10 months 24 days	3 years 3 months 18 days
Weighted-average discount rate - finance lease (as a percent)	5.30%	5.20%	4.60%
Weighted-average discount rate - operating leases (as a percent)	4.90%	4.80%	4.90%

Segment Information (Tables)

12 Months Ended

Dec. 31, 2023

Segment Information

Schedule of Information by Business Segment



	Year Ended December 31,
	2023		2022		2021
Operating revenue:
Residential	$	155,820	$	92,886	$	144,854
Hospitality		154,574		97,236		74,591
Commercial		74,437		59,379		45,557
Other		4,454		2,820		1,994
Consolidated operating revenue	$	389,285	$	252,321	$	266,996

Cost of revenue:
Cost of residential revenue	$	77,946	$	44,115	$	56,889
Cost of hospitality revenue		124,813		77,862		57,494
Cost of commercial revenue		30,300		21,786		15,393
Cost of other revenue		2,920		2,135		1,538
Consolidated cost of revenue	$	235,979	$	145,898	$	131,314

Corporate and other operating expenses:
Residential	$	4,501	$	3,901	$	4,799
Hospitality		1,820		1,179		1,003
Commercial		4,321		4,239		3,969
Other		13,155		12,749		13,252
Consolidated corporate and other operating expenses	$	23,797	$	22,068	$	23,023

	Year Ended December 31,
	2023		2022		2021
Depreciation, depletion and amortization:
Residential	$	211	$	156	$	179
Hospitality		22,101		9,366		6,966
Commercial		16,056		12,968		10,662
Other		408		398		395
Consolidated depreciation, depletion and amortization	$	38,776	$	22,888	$	18,202

Investment income, net:
Residential	$	1,691	$	1,046	$	828
Hospitality		265		—		—
Commercial		49		33		46
Other ^(a)		11,277		8,783		6,380
Consolidated investment income, net	$	13,282	$	9,862	$	7,254

Interest expense:
Residential	$	421	$	484	$	581
Hospitality		9,657		1,709		488
Commercial		11,680		7,343		5,949
Other ^(b)		8,860		8,847		8,836
Consolidated interest expense	$	30,618	$	18,383	$	15,854

Gain on contributions to unconsolidated joint ventures:
Residential	$	718	$	939	$	503
Commercial^{(c) (d)}		—		1,799		3,055
Consolidated gain on contributions to unconsolidated joint ventures	$	718	$	2,738	$	3,558

Equity in income (loss) from unconsolidated joint ventures:
Residential^(e)	$	23,627	$	3,859	$	(1,861)
Commercial ^(f)		(926)		22,127		996
Consolidated equity in income (loss) from unconsolidated joint ventures	$	22,701	$	25,986	$	(865)

Other income (expense), net:
Residential	$	202	$	(508)	$	113
Hospitality		(82)		1,807		635
Commercial^(g)		30		(687)		3,722
Other^(h)		3,095		12,335		5,711
Other income, net	$	3,245	$	12,947	$	10,181

Income (loss) before income taxes:
Residential^(e)	$	98,978	$	49,566	$	81,989
Hospitality		(3,635)		8,929		9,275
Commercial^{(c) (d) (f) (g)}		11,233		36,316		17,403
Other ^{(a) (b) (h)}		(6,515)		(194)		(9,936)
Consolidated income before income taxes	$	100,061	$	94,617	$	98,731

	Year Ended December 31,
	2023		2022		2021
Capital expenditures:
Residential	$	74,362	$	92,203	$	52,838
Hospitality⁽ⁱ⁾		72,275		171,056		101,686
Commercial		70,077		92,992		45,843
Other		1,047		441		452
Total capital expenditures	$	217,761	$	356,692	$	200,819


	December 31,		December 31,
	2023		2022
Investment in unconsolidated joint ventures:
Residential	$	49,036	$	33,236
Commercial		17,320		16,789
Total investment in unconsolidated joint ventures	$	66,356	$	50,025

Total assets:
Residential	$	233,957	$	225,854
Hospitality		465,828		425,529
Commercial		511,978		470,629
Other		311,767		308,827
Total assets	$	1,523,530	$	1,430,839

(a)	Includes interest income from investments in SPEs of $8.0 million in each 2023 and 2022 and $8.1 million in 2021.

(b)	Includes interest expense from Senior Notes issued by SPE of $8.9 million in 2023 and $8.8 million in each 2022 and 2021.

(c)	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.

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

(e)

Includes $23.6 million and $3.9 million of equity in income from unconsolidated joint ventures during 2023 and 2022, respectively, and $1.9 million of equity in loss from unconsolidated joint ventures in 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.

(f)	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.

(g)	Includes $1.1 million and $3.6 million in 2023 and 2021, respectively, received from the Florida Division of Emergency Management’s TRBG program. See Note 18. Other Income, Net for additional information.

(h)	Includes gain on insurance recovery of $9.7 million and $4.9 million in 2022 and 2021, respectively, related to Hurricane Michael. See Note 18. Other Income, Net for additional information.

(i)	Includes acquisition of The Pearl Hotel in 2022. See Note 3. Investment in Real Estate, Net for additional information.

Nature of Operations

12 Months Ended

Dec. 31, 2023

Nature of Operations

Nature of Operations

1. Nature of Operations

The St. Joe Company, together with its consolidated subsidiaries, is a Florida real estate development, asset management and operating company with all of its real estate assets and operations in Northwest Florida. Approximately 87% 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 19. Segment Information.

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

Accumulated Other Comprehensive Income (Tables)

12 Months Ended

Dec. 31, 2023

Accumulated Other Comprehensive Income

Summary of changes in accumulated other comprehensive (loss) income


	Unrealized		Unrealized
	(Loss) Gain on		(Loss) Gain on
	Available-for-		Cash Flow
	Sale Securities		Hedges		Total
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 (loss) 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
Other comprehensive income before reclassifications		182		266		448
Amounts reclassified from accumulated other comprehensive (loss) income		—		(1,442)		(1,442)
Other comprehensive income (loss)		182		(1,176)		(994)
Less: Other comprehensive loss attributable to non-controlling interest		—		407		407
Accumulated other comprehensive income as of December 31, 2023	$	—	$	1,843	$	1,843

Summary of tax effects allocated to other comprehensive (loss) income


	Year Ended December 31, 2023
	Before-		Tax (Expense)		Net-of-
	Tax Amount		Benefit		Tax Amount
Unrealized gain on available-for-sale investments	$	244	$	(62)	$	182
Interest rate swaps		250		(44)		206
Interest rate swap - unconsolidated joint venture		80		(20)		60
Reclassification adjustment for net gain included in earnings		(1,767)		325		(1,442)
Net unrealized loss		(1,193)		199		(994)
Other comprehensive loss	$	(1,193)	$	199	$	(994)


	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

Other Assets - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other Assets
Accounts receivable, net	$ 20,322	$ 9,035
Homesite sales receivable	29,862	10,086	$ 7,651
Notes receivable, net	416	1,742
Inventory	4,250	3,976
Prepaid expenses	12,086	9,393
Straight-line rent	2,755	2,546
Operating lease, right-of use assets	$ 858	$ 678
Operating Lease, Right-of-Use Asset, Statement of Financial Position	Total other assets	Total other assets
Other assets	$ 8,756	$ 13,138
Retained interest investments		8,197
Accrued interest receivable for Senior Notes held by SPE	2,938	2,938
Total other assets	$ 82,243	$ 61,729

Financial Instruments and Fair Value Measurements - Effect of derivative instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Gain (loss) of derivative instruments
Amount of net gain recognized in other comprehensive income on derivatives	$ 330	$ 5,254	$ 1,061
Amount expected to be reclassified during next twelve months	$ 1,600
Period over which losses are expected to be reclassified	12 months
Interest expense
Gain (loss) of derivative instruments
Amount of net (gain) loss reclassified into consolidated statements of income	$ (1,605)	52	247
Equity in loss from unconsolidated joint ventures
Gain (loss) of derivative instruments
Amount of net (gain) loss reclassified into consolidated statements of income	$ (162)	$ 88	$ 173

Stock Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Stock Based Compensation

Stock-Based Compensation Recognized as Expense


	Year Ended December 31,
	2023		2022		2021
Stock compensation expense before tax benefit	$	820	$	364	$	—
Income tax benefit		(206)		(93)		—
	$	614	$	271	$	—

Stockholders' Equity - Stock Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Stockholders' Equity
Average purchase price per share for share repurchase (in dollars per share)			$ 34.81
Aggregate purchase price			$ 19,972
Authorized repurchase amount		$ 80,000
Common Stock
Stockholders' Equity
Shares repurchased during the period (in shares)		0	576,963
Treasury stock, shares, retired (in shares)	576,963
Retirement of treasury stock	$ 20,000		$ 19,972

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Investments - Gains and Proceeds (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Investments
Realized gain on sale of investments	$ 0	$ 0
Realized loss on sale of investments	0	0
Proceeds from sale of available-for-sale debt securities	0	53,900
Maturities of investments - debt securities	79,000	92,000	$ 117,000
Purchases of available-for-sale securities	$ 37,400	$ 97,100

Related Party Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Party Transactions
Revenue	$ 389,285	$ 252,321	$ 266,996
Accounts receivable, net	20,322	9,035
Cost of revenue	235,979	145,898	131,314
Leasing
Related Party Transactions
Cost of revenue	25,828	17,589	11,620
Related Party \| Certain unconsolidated JVs \| Mitigation bank credits, impact fees and services
Related Party Transactions
Revenue	1,000	1,600	600
Accounts receivable, net	0	0	0
Related Party \| Watersound Management JV \| Leasing \| Leasing management services
Related Party Transactions
Cost of revenue	$ 2,000	$ 1,200	$ 500

Leases - Components of Lease Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leasing revenue
Lease payments	$ 43,756	$ 33,600	$ 22,256
Variable lease payments	7,080	5,596	4,825
Total leasing revenue	$ 50,836	$ 39,196	$ 27,081

Joint Ventures - Unconsolidated JVs (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Investments
Investment in unconsolidated joint ventures	$ 66,356	$ 50,025
Latitude Margaritaville Watersound JV
Investments
Investment in unconsolidated joint ventures	49,036	33,235
Sea Sound JV
Investments
Investment in unconsolidated joint ventures		411
Watersound Fountains Independent Living JV
Investments
Investment in unconsolidated joint ventures	6,533	7,258
Pier Park TPS JV
Investments
Investment in unconsolidated joint ventures	707	1,451
Pier Park RI JV
Investments
Investment in unconsolidated joint ventures	6,156	4,263
Busy Bee JV
Investments
Investment in unconsolidated joint ventures	2,535	2,160
Electric Cart Watersound JV
Investments
Investment in unconsolidated joint ventures	815	703
Watersound Management JV
Investments
Investment in unconsolidated joint ventures	$ 574	$ 544

Segment Information - Reportable Segments (Details)	12 Months Ended
Segment Information - Reportable Segments (Details)	Dec. 31, 2023 segment
Segment Information
Number of reportable segments	3

Accumulated Other Comprehensive Income

12 Months Ended

Dec. 31, 2023

Accumulated Other Comprehensive Income

Accumulated Other Comprehensive Loss

14. Accumulated Other Comprehensive Income

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


	Unrealized		Unrealized
	(Loss) Gain on		(Loss) Gain on
	Available-for-		Cash Flow
	Sale Securities		Hedges		Total
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 (loss) 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
Other comprehensive income before reclassifications		182		266		448
Amounts reclassified from accumulated other comprehensive (loss) income		—		(1,442)		(1,442)
Other comprehensive income (loss)		182		(1,176)		(994)
Less: Other comprehensive loss attributable to non-controlling interest		—		407		407
Accumulated other comprehensive income as of December 31, 2023	$	—	$	1,843	$	1,843

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


	Year Ended December 31, 2023
	Before-		Tax (Expense)		Net-of-
	Tax Amount		Benefit		Tax Amount
Unrealized gain on available-for-sale investments	$	244	$	(62)	$	182
Interest rate swaps		250		(44)		206
Interest rate swap - unconsolidated joint venture		80		(20)		60
Reclassification adjustment for net gain included in earnings		(1,767)		325		(1,442)
Net unrealized loss		(1,193)		199		(994)
Other comprehensive loss	$	(1,193)	$	199	$	(994)


	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

Stock Based Compensation - Restricted stock (Details) - Restricted Stock - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Number of Units
Granted (in shares)	36,499	29,955
Vested (in shares)	8,531
Unvested shares (in shares)	57,923	29,955
Weighted Average Grant Date Fair Value
Granted (in dollars per share)	$ 42.59	$ 48.04
Fair value of stock units that vested during period	$ 0.4
Unrecognized compensation cost	$ 1.8	$ 1.1
Recognition period	2 years 9 months 18 days
Awards granted, 2023
Number of Units
Vested (in shares)	0
Awards granted, 2022
Number of Units
Vested (in shares)	8,531

Significant Accounting Policies - Concentrations (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Concentration risk
Cash and cash equivalents	$ 86,068	$ 37,747	$ 70,162
Investments - debt securities		40,576
U.S. Treasury Bills
Concentration risk
Investments - debt securities		$ 40,576
Credit concentration risk \| Assets
Concentration risk
Cash amount not insured by FDIC	18,700
Credit concentration risk \| Assets \| Money market fund
Concentration risk
Cash and cash equivalents	1,400
Credit concentration risk \| Assets \| U.S. Treasury Bills
Concentration risk
Cash and cash equivalents	$ 59,800

Joint Ventures - Consolidated Joint Ventures (Details) $ in Millions	1 Months Ended	3 Months Ended		12 Months Ended
	Nov. 30, 2022 USD ($)	Jun. 30, 2023 room	Mar. 31, 2023 room	Dec. 31, 2023 item	Dec. 31, 2022
Mexico Beach Crossings JV
Variable interest entity
Variable interest entity, ownership percentage				75.00%	75.00%
Mexico Beach Crossings JV \| Apartment
Variable interest entity
Number of units to be developed, including units completed				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 completed in period \| 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 completed in period \| room		255
Pier Park Crossings Phase II JV
Variable interest entity
Variable interest entity, ownership percentage				75.00%	75.00%
Pier Park Crossings Phase II JV \| Apartment
Variable interest entity
Number of completed units				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 completed units				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%	90.00%

Financial Instruments and Fair Value Measurements - Held by Special Purpose Entities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2023	Dec. 31, 2022
Financial instruments and fair value measurements
Investments held by special purpose entities		$ 204,196	$ 204,863
Senior Notes held by special purpose entity		178,162	177,857
Consolidated Joint Ventures
Financial instruments and fair value measurements
Investments held by special purpose entities		204,196	204,863
Senior Notes held by special purpose entity		178,162	$ 177,857
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		$ 3,800
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		178,200
Unamortized discount and debt issuance costs		$ 1,800

Significant Accounting Policies - Basis of Presentation and Principles of Consolidation (Details)	12 Months Ended
	Dec. 31, 2023
Product \| Revenue \| Timber \| Maximum
Concentration risk
Concentration risk (as a percent)	2.00%

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
ASSETS
Investment in real estate, net	$ 1,018,618	$ 996,261
Investment in unconsolidated joint ventures	66,356	50,025
Cash and cash equivalents	86,068	37,747
Investments - debt securities		40,576
Other assets	82,243	61,729
Property and equipment, net	66,049	39,638
Investments held by special purpose entities	204,196	204,863
Total assets	1,523,530	1,430,839
Liabilities:
Debt, net	453,640	385,860
Accounts payable and other liabilities	58,573	94,371
Deferred revenue	62,836	38,936
Deferred tax liabilities, net	71,829	82,706
Senior Notes held by special purpose entity	178,162	177,857
Total liabilities	825,040	779,730
Commitments and contingencies (Note 20)
Equity:
Common stock, no par value; 180,000,000 shares authorized; 58,372,040 and 58,335,541 issued and outstanding at December 31, 2023 and December 31, 2022, respectively	270,848	270,028
Retained earnings	410,371	358,344
Accumulated other comprehensive income	1,843	2,430
Total stockholders' equity	683,062	630,802
Non-controlling interest	15,428	20,307
Total equity	698,490	651,109
Total liabilities and equity	$ 1,523,530	$ 1,430,839

Income Taxes - Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current:
Federal	$ 32,103	$ 19,067	$ 9,005
State	4,584	832
Total	36,687	19,899	9,005
Deferred:
Federal	(11,413)	661	12,120
State	735	3,829	3,857
Total	(10,678)	4,490	15,977
Total income tax expense	$ 26,009	$ 24,389	$ 24,982

- Definition

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

+ References + Details

Schedule IV (Consolidated) - Mortgage Loans on Real Estate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Mortgage Loans on Real Estate
Carrying amount of mortgages		$ 1,315	$ 11,942	$ 10,321
Secured revolving promissory note with unconsolidated Latitude Margaritaville Watersound JV, homesite development - 5.0% interest rate, due June 2025
Mortgage Loans on Real Estate
Interest rate, mortgage (as a percent)	5.00%

Significant Accounting Policies - Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Real Estate
Disaggregation of revenue
Revenue	$ 186,008	$ 115,865	$ 164,650
Homebuilder homesite sales, Residuals
Disaggregation of revenue
Revenue	24,000	5,800	4,800
Homebuilder homesite sales, Related fees
Disaggregation of revenue
Revenue	5,000	1,900	2,400
Hospitality
Disaggregation of revenue
Revenue	$ 152,441	$ 97,260	$ 75,265

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Financial Instruments and Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

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, 2023
							Total Fair
	Level 1		Level 2		Level 3		Value
Cash equivalents:
Money market funds	$	1,383	$	—	$	—	$	1,383
U.S. Treasury Bills		59,802		—		—		59,802
	$	61,185	$	—	$	—	$	61,185


	December 31, 2022
							Total Fair
	Level 1		Level 2		Level 3		Value
Cash equivalents:
Money market funds	$	19,233	$	—	$	—	$	19,233

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

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

Fixed

Notional

Fair

Location in

Effective

Maturity

Interest

Amount as of

Derivative Asset Fair Value

Value

Consolidated

Description

Date

Rate

December 31, 2023

December 31, 2022

Level

Balance Sheets

In Millions

In Thousands

Pier Park Resort Hotel JV Loan^(a)

December 2022

April 2027

3.2%

41.5

3,254

4,609

Other assets

Pier Park TPS JV Loan^(b)

January 2021

January 2026

5.2%

13.5

191

273

Investment in unconsolidated joint ventures

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

(b)

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

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


	Year Ended December 31,
	2023		2022		2021
Amount of net gain recognized in other comprehensive income on derivatives	$	330	$	5,254	$	1,061
Amount of net (gain) loss reclassified into interest expense	$	(1,605)	$	52	$	247
Amount of net (gain) loss reclassified into equity in income (loss) from unconsolidated joint ventures	$	(162)	$	88	$	173

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


	December 31, 2023					December 31, 2022
	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	$	3,824	$	3,750	1	$	4,486	$	4,361	1

Senior Notes held by SPE	$	178,162	$	181,286	3	$	177,857	$	179,564	3

Debt
Fixed-rate debt	$	262,484	$	215,522	2	$	194,525	$	172,241	2
Variable-rate debt		196,737		196,737	2		196,886		196,886	2
Total debt	$	459,221	$	412,259		$	391,411	$	369,127

Joint Ventures - Unconsolidated JV - Watersound Management JV (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Investments
Payments for interest in unconsolidated joint venture			$ 495
Capital contribution to unconsolidated joint ventures	$ 2,305	$ 2,505	9,389
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

Significant Accounting Policies - Timber Inventory (Details)	12 Months Ended
	Dec. 31, 2023
Summary of Significant Accounting Policies
Timber holdings valuation sample (as a percent)	20.00%

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Significant Accounting Policies

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,
	2023		2022		2021

Income
Net income attributable to the Company	$	77,712	$	70,927	$	74,553

Shares
Weighted average shares outstanding - basic		58,312,878		58,720,050		58,882,549
Incremental shares from restricted stock		11,376		1,288		—
Weighted average shares outstanding - diluted		58,324,254		58,721,338		58,882,549

Net income per share attributable to the Company
Basic income per share	$	1.33	$	1.21	$	1.27
Diluted income per share	$	1.33	$	1.21	$	1.27

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, 2023
	Residential		Hospitality		Commercial		Other		Total
Revenue by Major Good/Service:
Real estate revenue	$	155,702	$	—	$	26,180	$	4,126	$	186,008
Hospitality revenue		—		152,437		4		—		152,441
Leasing revenue		118		2,137		48,253		328		50,836
Total revenue	$	155,820	$	154,574	$	74,437	$	4,454	$	389,285

Timing of Revenue Recognition:
Recognized at a point in time	$	155,702	$	117,982	$	26,184	$	4,126	$	303,994
Recognized over time		—		34,455		—		—		34,455
Over lease term		118		2,137		48,253		328		50,836
Total revenue	$	155,820	$	154,574	$	74,437	$	4,454	$	389,285


	Year Ended December 31, 2022
	Residential		Hospitality		Commercial		Other		Total
Revenue by Major Good/Service:
Real estate revenue	$	92,804	$	—	$	20,384	$	2,677	$	115,865
Hospitality revenue		—		96,731		529		—		97,260
Leasing revenue		82		505		38,466		143		39,196
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	$	—	$	18,023	$	1,963	$	164,650
Hospitality revenue		—		74,538		727		—		75,265
Leasing revenue		190		53		26,807		31		27,081
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

Investment in real estate, net

Significant Accounting Policies

Schedule of estimated economic life


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

Property and equipment, net

Significant Accounting Policies

Schedule of estimated economic life


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

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2023

Stockholders' Equity

Schedule of non-vested restricted share activity


	Year Ended December 31, 2023			Year Ended December 31, 2022
			Weighted Average			Weighted Average
			Grant Date			Grant Date
	Number of		Fair Value	Number of		Fair Value
Non-Vested Restricted Shares	Shares		Per Share	Shares		Per Share
Balance at beginning of period	29,955	$	48.04	—	$	—
Granted	36,499	$	42.59	29,955	$	48.04
Vested	(8,531)	$	46.73	—	$	—
Forfeited	—	$	—	—	$	—
Balance at end of period	57,923	$	44.80	29,955	$	48.04

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Retained Earnings	Accumulated Other Comprehensive (Loss) Income	Treasury Stock	Non-controlling Interest	Total
Beginning Balance at Dec. 31, 2020	$ 296,873	$ 255,216	$ (1,472)		$ 17,553	$ 568,170
Beginning Balance (in shares) at Dec. 31, 2020	58,882,549
Increase (Decrease) in Stockholders' Equity
Capital contributions from non-controlling interest					3,189	3,189
Capital distributions to non-controlling interest					(1,247)	(1,247)
Dividends		(18,844)				(18,844)
Other comprehensive (loss) income, net of tax			1,083			1,083
Net income (loss)		74,553			(804)	73,749
Ending Balance at Dec. 31, 2021	$ 296,873	310,925	(389)		18,691	626,100
Ending Balance (in shares) at Dec. 31, 2021	58,882,549
Increase (Decrease) in Stockholders' Equity
Additional ownership interest acquired in Pier Park North JV	$ (7,237)				(458)	(7,695)
Capital contributions from non-controlling interest					3,823	3,823
Capital distributions to non-controlling interest					(2,433)	(2,433)
Issuance of restricted stock (in shares)	29,955
Stock based compensation expense	$ 364					364
Repurchase of common shares				$ (19,972)		(19,972)
Repurchase of common shares (in shares)	(576,963)
Retirement of treasury stock	$ (19,972)			$ 19,972
Dividends		(23,508)				(23,508)
Other comprehensive (loss) income, net of tax			2,819		1,383	4,202
Net income (loss)		70,927			(699)	70,228
Ending Balance at Dec. 31, 2022	$ 270,028	358,344	2,430		20,307	$ 651,109
Ending Balance (in shares) at Dec. 31, 2022	58,335,541					58,335,541
Increase (Decrease) in Stockholders' Equity
Capital contributions from non-controlling interest					1,430	$ 1,430
Capital distributions to non-controlling interest					(2,242)	(2,242)
Issuance of restricted stock (in shares)	36,499
Stock based compensation expense	$ 820					820
Repurchase of common shares (in shares)	0
Dividends		(25,685)				(25,685)
Other comprehensive (loss) income, net of tax			(587)		(407)	(994)
Net income (loss)		77,712			(3,660)	74,052
Ending Balance at Dec. 31, 2023	$ 270,848	$ 410,371	$ 1,843		$ 15,428	$ 698,490
Ending Balance (in shares) at Dec. 31, 2023	58,372,040					58,372,040

Deferred Revenue (Tables)

12 Months Ended

Dec. 31, 2023

Deferred Revenue

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


	December 31,		December 31,
	2023		2022
Balance at beginning of year	$	25,088	$	22,850
New club memberships		33,200		9,170
Revenue from amounts included in contract liability opening balance		(6,989)		(6,040)
Revenue from current period new memberships		(2,557)		(892)
Balance at end of year	$	48,742	$	25,088

Stock Based Compensation

12 Months Ended

Dec. 31, 2023

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, 2023, 1,397,089 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,
	2023		2022		2021
Stock compensation expense before tax benefit	$	820	$	364	$	—
Income tax benefit		(206)		(93)		—
	$	614	$	271	$	—

In 2023, the Company granted 36,499 shares of restricted stock awards to certain of the Company’s employees pursuant to the 2015 Plan, of which none vested during 2023. The weighted average grant date fair value of restricted stock units during 2023 was $42.59 per share.

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 8,531 vested during 2023. The weighted average grant date fair value of restricted stock units during 2022 was $48.04 per share. The total fair value of restricted stock units that vested during 2023 was $0.4 million.

As of December 31, 2023 and 2022, there were 57,923 and 29,955, respectively, unvested restricted stock units outstanding. As of December 31, 2023 and 2022, there was $1.8 million and $1.1 million, respectively, of unrecognized compensation cost, related to non-vested restricted shares. As of December 31, 2023, unrecognized compensation costs will be recognized over a weighted average period of 2.8 years.

Other Income, Net - Other Income, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other Income, Net
Gain on insurance recoveries		$ 9,835	$ 4,853
Loss from hurricane damage		51	56
Amount of lost income recovered from Florida Division of Emergency Management's TRBG program	$ 1,100	0	3,600
Gain on retained interest investment	400	1,000
Expense for cleanup of damaged timber as a result of Hurricane Michael	$ 600
Income from Pier Park CDD associated with repayment of subordinated note		2,600	900
Design costs for projects no longer pursued		1,100
Homeowners association special assessment		600
Hurricane Michael
Other Income, Net
Gain on insurance recoveries		9,700	4,900
Hurricane Michael \| Maximum
Other Income, Net
Loss from hurricane damage		$ 100	$ 100

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
Dividends (in dollars per share)	$ 0.44	$ 0.40	$ 0.32

CONSOLIDATED BALANCE SHEETS - Consolidated Joint Ventures - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
ASSETS
Investment in real estate, net	$ 1,018,618	$ 996,261
Cash and cash equivalents	86,068	37,747
Other assets	82,243	61,729
Property and equipment, net	66,049	39,638
Investments held by special purpose entities	204,196	204,863
Total assets	1,523,530	1,430,839
LIABILITIES
Debt, net	453,640	385,860
Accounts payable and other liabilities	58,573	94,371
Deferred revenue	62,836	38,936
Senior Notes held by special purpose entity	178,162	177,857
Total liabilities	825,040	779,730
Consolidated Joint Ventures
ASSETS
Investment in real estate, net	264,837	272,395
Cash and cash equivalents	4,851	7,353
Other assets	15,596	16,804
Property and equipment, net	22,241	7,219
Investments held by special purpose entities	204,196	204,863
Total assets	511,721	508,634
LIABILITIES
Debt, net	275,757	243,447
Accounts payable and other liabilities	8,384	18,834
Deferred revenue	307	234
Senior Notes held by special purpose entity	178,162	177,857
Total liabilities	$ 462,610	$ 440,372

Joint Ventures - Unconsolidated JV - Electric Cart Watersound JV (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Investments
Capital contribution to unconsolidated joint ventures	$ 2,305	$ 2,505	$ 9,389
Outstanding debt principal	459,221	391,411
Outstanding debt	$ 453,640	385,860
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%	51.00%
Unconsolidated joint ventures
Investments
Outstanding debt principal	$ 115,456	$ 72,083
Electric Cart Watersound JV
Investments
Outstanding debt principal	4,732	923
Electric Cart Watersound JV \| Electric Cart Watersound JV Loan
Investments
Outstanding debt principal	4,400	800
Electric Cart Watersound JV \| Electric Cart Watersound JV Loan, Floorplan Line of Credit
Investments
Borrowing capacity	2,400	1,700
Outstanding debt principal	$ 400	$ 100

Subsequent Event (Details) - $ / shares			12 Months Ended
Subsequent Event (Details) - $ / shares	Mar. 27, 2024	Feb. 21, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Subsequent Event
Dividends declared (in dollars per share)			$ 0.44	$ 0.40	$ 0.32
Dividends paid (in dollars per share)			$ 0.44	$ 0.40	$ 0.32
Forecast
Subsequent Event
Dividends paid (in dollars per share)	$ 0.12
Subsequent Event
Subsequent Event
Dividends declared (in dollars per share)		$ 0.12

Deferred Revenue - Summary (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Deferred Revenue
Deferred revenue	$ 62,836	$ 38,936
Club Membership
Deferred Revenue
Deferred revenue	48,742	25,088	$ 22,850
Other
Deferred Revenue
Deferred revenue	$ 14,100	$ 13,800

Other Income, Net

12 Months Ended

Dec. 31, 2023

Other Income, Net

Other Income, Net

18. Other Income, Net

Other income (expense) consists of the following:



	Year Ended December 31,
	2023		2022		2021
Investment income, net
Interest, dividend and accretion income	$	2,856	$	793	$	157
Net realized gain on the sale of investments		—		—		17
Unrealized loss on investments, net		—		(26)		(1,872)
Interest income from investments in SPEs		8,012		8,012		8,078
Interest earned on notes receivable and other interest		2,414		1,083		874
Total investment income, net		13,282		9,862		7,254
Interest expense
Interest incurred for project financing and other interest expense		(21,762)		(9,542)		(7,027)
Interest expense and amortization of discount and issuance costs for Senior Notes issued by SPE		(8,856)		(8,841)		(8,827)
Total interest expense		(30,618)		(18,383)		(15,854)
Gain on contributions to unconsolidated joint ventures		718		2,738		3,558
Equity in income (loss) from unconsolidated joint ventures		22,701		25,986		(865)
Other income (expense), net
Accretion income from retained interest investments		2,594		1,671		1,532
Gain on insurance recoveries		—		9,835		4,853
Loss from hurricane damage		—		(51)		(56)
Miscellaneous income, net		651		1,492		3,852
Other income, net		3,245		12,947		10,181
Total other income, net	$	9,328	$	33,150	$	4,274

Investment Income, Net

Interest, dividend and accretion income includes interest income accrued or received on the Company’s cash equivalents and 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 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. See Note 6. Financial Instruments and Fair Value Measurements for additional information.

Interest earned on the Company’s notes receivable and other interest includes interest earned on notes receivable and on the Company’s unimproved land contribution to the unconsolidated Latitude Margaritaville Watersound JV as home sales are transacted in the community. See Note 4. Joint Ventures and Note 8. Other Assets for additional information.

Interest Expense

Interest expense includes interest incurred related to the Company’s project financing, Senior Notes issued by Northwest Florida Timber Finance, LLC, 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%. See Note 6. Financial Instruments and Fair Value Measurements for additional information.

During 2023, 2022 and 2021 the Company capitalized $2.7 million, $3.0 million and $1.0 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 during 2023, 2022 and 2021, include a gain of $0.7 million, $0.9 million and $0.5 million, respectively, on additional infrastructure improvements contributed to the Company’s unconsolidated Latitude Margaritaville Watersound JV. Gain on contributions to unconsolidated joint ventures during 2022, also include a gain of $1.4 million on land and impact fees contributed to the Company’s unconsolidated Pier Park RI JV and 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 during 2021, also include a gain of $3.1 million on land contributed to the Company’s unconsolidated Watersound Fountains Independent Living 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. Equity in income (loss) from unconsolidated joint ventures includes $23.6 million and $3.9 million of income during 2023 and 2022, respectively, and $1.9 million 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. 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 includes $21.7 million during 2022 related to the Company’s proportionate share of the gain on sale. 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. Prior to optional prepayment, in full, of the installment notes in August 2023, the Company recorded the accretion of investment income from its retained interest investment over the life of the retained interest using the effective yield method. See Note 8. Other Assets for additional information. During 2022 and 2021, the Company had a gain on insurance recovery of $9.7 million and $4.9 million, respectively, and incurred loss from hurricane damage of less than $0.1 million, during each period, related to Hurricane Michael. In November 2022, the Company closed out the insurance claim related to Hurricane Michael.

Miscellaneous income, net during the year ended December 31, 2023 and 2021, includes $1.1 million and $3.6 million, respectively, the Company received from the Florida Division of Emergency Management’s TRBG program for recovery of lost income related to timber crop that was destroyed as a result of Hurricane Michael. The Company did not receive income related to the Florida Division of Emergency Management’s TRBG program during 2022. The Company has met all requirements related to the TRBG program as of December 31, 2023. Miscellaneous income, net during 2023 and 2022, also includes income of $0.4 million and $1.0 million, respectively, related to a gain on retained interest investment. Miscellaneous income, net during 2023, also includes $0.6 million of expense for cleanup of damaged timber as a result of Hurricane Michael. Miscellaneous income, net also includes $2.6 million and $0.9 million in 2022 and 2021, 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.

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net income	$ 74,052	$ 70,228	$ 73,749
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	38,776	22,888	18,202
Stock based compensation	820	364
Gain on sale of investments			(17)
Unrealized loss on investments, net		26	1,872
Equity in (income) loss from unconsolidated joint ventures, net of distributions	(12,913)	(2,758)	1,298
Deferred income tax	(10,677)	4,490	15,977
Cost of real estate sold	82,610	46,384	55,933
Expenditures for and acquisition of real estate to be sold	(77,796)	(97,535)	(47,318)
Accretion income and other	(2,513)	(1,274)	(810)
Loss on disposal of property and equipment	16	181	270
Gain on contributions to unconsolidated joint ventures	(718)	(2,738)	(3,558)
Gain on insurance for damage to property and equipment, net		(9,835)	(4,853)
Loss on extinguishment of debt	133	130
Changes in operating assets and liabilities:
Other assets	(9,178)	15,317	(6,372)
Deferred revenue	11,149	2,684	8,568
Accounts payable and other liabilities	10,088	(331)	(1,144)
Net cash provided by operating activities	103,849	48,221	111,797
Cash flows from investing activities:
Expenditures for operating property	(133,783)	(251,809)	(149,199)
Expenditures for property and equipment	(6,182)	(7,348)	(4,302)
Proceeds from the disposition of assets	71	49	34
Proceeds from insurance claims		9,835	4,853
Purchases of investments - debt securities	(37,407)	(97,133)	(157,928)
Maturities of investments - debt securities	79,000	92,000	117,000
Sales of investments - debt securities		53,901	36
Sales of investments - equity securities		424	325
Sales of restricted investments			1,173
Capital contributions to unconsolidated joint ventures	(2,305)	(2,505)	(9,389)
Capital distributions from unconsolidated joint ventures	676	12,025	1,020
Payments for interest in unconsolidated joint venture			(495)
Maturities of assets held by special purpose entities	787	785	787
Net cash used in investing activities	(99,143)	(189,776)	(196,085)
Cash flows from financing activities:
Capital contributions from non-controlling interest	1,430	3,823	3,189
Capital distributions to non-controlling interest	(2,242)	(2,433)	(1,247)
Additional ownership interest acquired in Pier Park North JV		(7,695)
Repurchase of common shares		(19,972)
Dividends paid	(25,664)	(23,497)	(18,844)
Borrowings on debt	121,839	184,476	69,300
Principal payments for debt	(53,491)	(20,228)	(2,327)
Principal payments for finance leases	(153)	(121)	(104)
Debt issuance costs	(958)	(1,895)	(1,398)
Net cash provided by financing activities	40,761	112,458	48,569
Net increase (decrease) in cash, cash equivalents and restricted cash	45,467	(29,097)	(35,719)
Cash, cash equivalents and restricted cash at beginning of the year	45,303	74,400	110,119
Cash, cash equivalents and restricted cash at end of the year	$ 90,770	$ 45,303	$ 74,400

Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of revenue
Leasing revenue	$ 50,836	$ 39,196	$ 27,081
Total revenue	389,285	252,321	266,996
Recognized at a point in time
Disaggregation of revenue
Revenue	303,994	185,047	220,558
Recognized over time
Disaggregation of revenue
Revenue	34,455	28,078	19,357
Real Estate
Disaggregation of revenue
Revenue	186,008	115,865	164,650
Hospitality
Disaggregation of revenue
Revenue	152,441	97,260	75,265
Operating Segments \| Residential segment
Disaggregation of revenue
Leasing revenue	118	82	190
Total revenue	155,820	92,886	144,854
Operating Segments \| Residential segment \| Recognized at a point in time
Disaggregation of revenue
Revenue	155,702	92,804	144,664
Operating Segments \| Residential segment \| Real Estate
Disaggregation of revenue
Revenue	155,702	92,804	144,664
Operating Segments \| Hospitality segment
Disaggregation of revenue
Leasing revenue	2,137	505	53
Total revenue	154,574	97,236	74,591
Operating Segments \| Hospitality segment \| Recognized at a point in time
Disaggregation of revenue
Revenue	117,982	68,653	55,181
Operating Segments \| Hospitality segment \| Recognized over time
Disaggregation of revenue
Revenue	34,455	28,078	19,357
Operating Segments \| Hospitality segment \| Hospitality
Disaggregation of revenue
Revenue	152,437	96,731	74,538
Operating Segments \| Commercial segment
Disaggregation of revenue
Leasing revenue	48,253	38,466	26,807
Total revenue	74,437	59,379	45,557
Operating Segments \| Commercial segment \| Recognized at a point in time
Disaggregation of revenue
Revenue	26,184	20,913	18,750
Operating Segments \| Commercial segment \| Real Estate
Disaggregation of revenue
Revenue	26,180	20,384	18,023
Operating Segments \| Commercial segment \| Hospitality
Disaggregation of revenue
Revenue	4	529	727
Other reconciling items
Disaggregation of revenue
Leasing revenue	328	143	31
Total revenue	4,454	2,820	1,994
Other reconciling items \| Recognized at a point in time
Disaggregation of revenue
Revenue	4,126	2,677	1,963
Other reconciling items \| Real Estate
Disaggregation of revenue
Revenue	$ 4,126	$ 2,677	$ 1,963

Segment Information - Information by Business Segment (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Nov. 30, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segments
Total revenue		$ 389,285	$ 252,321	$ 266,996
Cost of revenue		235,979	145,898	131,314
Corporate and other operating expenses		23,797	22,068	23,023
Depreciation, depletion and amortization		38,776	22,888	18,202
Investment income, net		13,282	9,862	7,254
Interest expense		30,618	18,383	15,854
Gain on contributions to unconsolidated joint ventures		718	2,738	3,558
Equity in income (loss) from unconsolidated joint ventures		22,701	25,986	(865)
Other income (expense), net		3,245	12,947	10,181
Income before income taxes		100,061	94,617	98,731
Capital expenditures		217,761	356,692	200,819
Investment in unconsolidated joint ventures		66,356	50,025
Total assets		1,523,530	1,430,839
Interest income from investments in SPEs		8,012	8,012	8,078
Interest expense from Senior Notes issued by SPE		(8,856)	(8,841)	(8,827)
Gain on insurance recoveries			9,835	4,853
Loss from hurricane damage			51	56
Hospitality
Segments
Cost of revenue		122,185	77,518	58,314
Consolidated Joint Ventures
Segments
Total assets		511,721	508,634
Hurricane Michael
Segments
Gain on insurance recoveries			9,700	4,900
Maximum \| Hurricane Michael
Segments
Loss from hurricane damage			100	100
Latitude Margaritaville Watersound JV
Segments
Equity in income (loss) from unconsolidated joint ventures		23,627	3,859	(1,861)
Investment in unconsolidated joint ventures		49,036	33,235
Watersound Fountains Independent Living JV
Segments
Equity in income (loss) from unconsolidated joint ventures		(725)	(250)
Investment in unconsolidated joint ventures		6,533	7,258
Gain on land contributed				3,100
Sea Sound JV
Segments
Equity in income (loss) from unconsolidated joint ventures		(35)	21,705	(15)
Investment in unconsolidated joint ventures			411
Gain on sale of assets	$ 21,700		21,700
Busy Bee JV
Segments
Equity in income (loss) from unconsolidated joint ventures		(36)	538	441
Investment in unconsolidated joint ventures		2,535	2,160
Pier Park TPS JV
Segments
Equity in income (loss) from unconsolidated joint ventures		(362)	33	551
Investment in unconsolidated joint ventures		707	1,451
Pier Park RI JV
Segments
Investment in unconsolidated joint ventures		6,156	4,263
Gain on land and impact fees contributed			1,400
Electric Cart Watersound JV
Segments
Equity in income (loss) from unconsolidated joint ventures		112	18
Investment in unconsolidated joint ventures		815	703
Gain on land contributed			400
Residential segment
Segments
Equity in income (loss) from unconsolidated joint ventures		23,627	3,859	(1,861)
Investment in unconsolidated joint ventures		49,036	33,236
Residential segment \| Latitude Margaritaville Watersound JV
Segments
Equity in income (loss) from unconsolidated joint ventures		23,600	3,900	(1,900)
Commercial segment
Segments
Equity in income (loss) from unconsolidated joint ventures		(926)	22,127	996
Investment in unconsolidated joint ventures		17,320	16,789
Operating Segments \| Residential segment
Segments
Total revenue		155,820	92,886	144,854
Cost of revenue		77,946	44,115	56,889
Corporate and other operating expenses		4,501	3,901	4,799
Depreciation, depletion and amortization		211	156	179
Investment income, net		1,691	1,046	828
Interest expense		421	484	581
Gain on contributions to unconsolidated joint ventures		718	939	503
Other income (expense), net		202	(508)	113
Income before income taxes		98,978	49,566	81,989
Capital expenditures		74,362	92,203	52,838
Total assets		233,957	225,854
Operating Segments \| Hospitality segment
Segments
Total revenue		154,574	97,236	74,591
Cost of revenue		124,813	77,862	57,494
Corporate and other operating expenses		1,820	1,179	1,003
Depreciation, depletion and amortization		22,101	9,366	6,966
Investment income, net		265
Interest expense		9,657	1,709	488
Other income (expense), net		(82)	1,807	635
Income before income taxes		(3,635)	8,929	9,275
Capital expenditures		72,275	171,056	101,686
Total assets		465,828	425,529
Operating Segments \| Commercial segment
Segments
Total revenue		74,437	59,379	45,557
Cost of revenue		30,300	21,786	15,393
Corporate and other operating expenses		4,321	4,239	3,969
Depreciation, depletion and amortization		16,056	12,968	10,662
Investment income, net		49	33	46
Interest expense		11,680	7,343	5,949
Gain on contributions to unconsolidated joint ventures			1,799	3,055
Other income (expense), net		30	(687)	3,722
Income before income taxes		11,233	36,316	17,403
Capital expenditures		70,077	92,992	45,843
Total assets		511,978	470,629
Operating Segments \| Commercial segment \| Watersound Fountains Independent Living JV
Segments
Gain on land contributed				3,100
Operating Segments \| Commercial segment \| Sea Sound JV
Segments
Gain on sale of assets			21,700
Operating Segments \| Commercial segment \| Pier Park RI JV
Segments
Gain on land and impact fees contributed			1,400
Operating Segments \| Commercial segment \| Electric Cart Watersound JV
Segments
Gain on land contributed			400
Operating Segments \| Commercial segment \| Florida Division of Emergency Management's Florida Timber Recovery Block Grant Program
Segments
Other income (expense), net		1,100		3,600
Other reconciling items
Segments
Total revenue		4,454	2,820	1,994
Cost of revenue		2,920	2,135	1,538
Corporate and other operating expenses		13,155	12,749	13,252
Depreciation, depletion and amortization		408	398	395
Investment income, net		11,277	8,783	6,380
Interest expense		8,860	8,847	8,836
Other income (expense), net		3,095	12,335	5,711
Income before income taxes		(6,515)	(194)	(9,936)
Capital expenditures		1,047	441	452
Total assets		311,767	308,827
Interest income from investments in SPEs		8,000	8,000	8,100
Interest expense from Senior Notes issued by SPE		$ (8,900)	(8,800)	(8,800)
Other reconciling items \| Hurricane Michael
Segments
Gain on insurance recoveries			$ 9,700	$ 4,900

Investments

12 Months Ended

Dec. 31, 2023

Investments

Investments

5. Investments

Available-For-Sale Investments

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

December 31, 2023

December 31, 2022

Gross

Amortized

Unrealized

Amortized

Unrealized

Cost

Gains

(Losses)

Fair Value

Cost

Gains

(Losses)

Fair Value

Investments - debt securities:

U.S. Treasury Bills

—

40,820

—

(244)

40,576

During 2023 and 2022, the Company did not have any realized gains or losses from the sale of available-for-sale securities. During 2023, there were no proceeds from the sale of available-for-sale securities. During 2023, maturities of available-for-sale securities were $79.0 million and purchases of available-for-sale securities were $37.4 million. 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.

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


	December 31, 2023								December 31, 2022
	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	$	—	$	—

As of December 31, 2023, the Company did not have any unrealized losses. As of December 31, 2022, the Company had $0.2 million unrealized losses related to U.S. Treasury Bills. As of December 31, 2022, 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.

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, 2023, clients of FCM, including Mr. Berkowitz, beneficially owned approximately 38.9% 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.

Leases - Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Lease cost
Finance lease cost: Amortization of right-of-use assets	$ 149	$ 122	$ 114
Finance lease cost: Interest on lease liability	15	15	18
Operating lease cost	439	378	308
Variable and short-term lease cost	1,940	1,793	1,476
Total lease cost	$ 2,543	$ 2,308	$ 1,916

Segment Information

12 Months Ended

Dec. 31, 2023

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 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,
	2023		2022		2021
Operating revenue:
Residential	$	155,820	$	92,886	$	144,854
Hospitality		154,574		97,236		74,591
Commercial		74,437		59,379		45,557
Other		4,454		2,820		1,994
Consolidated operating revenue	$	389,285	$	252,321	$	266,996

Cost of revenue:
Cost of residential revenue	$	77,946	$	44,115	$	56,889
Cost of hospitality revenue		124,813		77,862		57,494
Cost of commercial revenue		30,300		21,786		15,393
Cost of other revenue		2,920		2,135		1,538
Consolidated cost of revenue	$	235,979	$	145,898	$	131,314

Corporate and other operating expenses:
Residential	$	4,501	$	3,901	$	4,799
Hospitality		1,820		1,179		1,003
Commercial		4,321		4,239		3,969
Other		13,155		12,749		13,252
Consolidated corporate and other operating expenses	$	23,797	$	22,068	$	23,023

	Year Ended December 31,
	2023		2022		2021
Depreciation, depletion and amortization:
Residential	$	211	$	156	$	179
Hospitality		22,101		9,366		6,966
Commercial		16,056		12,968		10,662
Other		408		398		395
Consolidated depreciation, depletion and amortization	$	38,776	$	22,888	$	18,202

Investment income, net:
Residential	$	1,691	$	1,046	$	828
Hospitality		265		—		—
Commercial		49		33		46
Other ^(a)		11,277		8,783		6,380
Consolidated investment income, net	$	13,282	$	9,862	$	7,254

Interest expense:
Residential	$	421	$	484	$	581
Hospitality		9,657		1,709		488
Commercial		11,680		7,343		5,949
Other ^(b)		8,860		8,847		8,836
Consolidated interest expense	$	30,618	$	18,383	$	15,854

Gain on contributions to unconsolidated joint ventures:
Residential	$	718	$	939	$	503
Commercial^{(c) (d)}		—		1,799		3,055
Consolidated gain on contributions to unconsolidated joint ventures	$	718	$	2,738	$	3,558

Equity in income (loss) from unconsolidated joint ventures:
Residential^(e)	$	23,627	$	3,859	$	(1,861)
Commercial ^(f)		(926)		22,127		996
Consolidated equity in income (loss) from unconsolidated joint ventures	$	22,701	$	25,986	$	(865)

Other income (expense), net:
Residential	$	202	$	(508)	$	113
Hospitality		(82)		1,807		635
Commercial^(g)		30		(687)		3,722
Other^(h)		3,095		12,335		5,711
Other income, net	$	3,245	$	12,947	$	10,181

Income (loss) before income taxes:
Residential^(e)	$	98,978	$	49,566	$	81,989
Hospitality		(3,635)		8,929		9,275
Commercial^{(c) (d) (f) (g)}		11,233		36,316		17,403
Other ^{(a) (b) (h)}		(6,515)		(194)		(9,936)
Consolidated income before income taxes	$	100,061	$	94,617	$	98,731

	Year Ended December 31,
	2023		2022		2021
Capital expenditures:
Residential	$	74,362	$	92,203	$	52,838
Hospitality⁽ⁱ⁾		72,275		171,056		101,686
Commercial		70,077		92,992		45,843
Other		1,047		441		452
Total capital expenditures	$	217,761	$	356,692	$	200,819


	December 31,		December 31,
	2023		2022
Investment in unconsolidated joint ventures:
Residential	$	49,036	$	33,236
Commercial		17,320		16,789
Total investment in unconsolidated joint ventures	$	66,356	$	50,025

Total assets:
Residential	$	233,957	$	225,854
Hospitality		465,828		425,529
Commercial		511,978		470,629
Other		311,767		308,827
Total assets	$	1,523,530	$	1,430,839

(a)	Includes interest income from investments in SPEs of $8.0 million in each 2023 and 2022 and $8.1 million in 2021.

(b)	Includes interest expense from Senior Notes issued by SPE of $8.9 million in 2023 and $8.8 million in each 2022 and 2021.

(c)	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.

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

(e)

(f)	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.

(g)	Includes $1.1 million and $3.6 million in 2023 and 2021, respectively, received from the Florida Division of Emergency Management’s TRBG program. See Note 18. Other Income, Net for additional information.

(h)	Includes gain on insurance recovery of $9.7 million and $4.9 million in 2022 and 2021, respectively, related to Hurricane Michael. See Note 18. Other Income, Net for additional information.

(i)	Includes acquisition of The Pearl Hotel in 2022. See Note 3. Investment in Real Estate, Net for additional information.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Joint Ventures - Unconsolidated JV - Sea Sound JV (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Nov. 30, 2022 USD ($)	Dec. 31, 2023 USD ($) item	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Investments
Proceeds from the disposition of assets		$ 71	$ 49	$ 34
Distributions from unconsolidated JVs		$ 12,100	$ 36,100
Sea Sound JV
Investments
Ownership percentage		60.00%	60.00%
Gain on sale of assets	$ 21,700		$ 21,700
Distributions from unconsolidated JVs			$ 31,600
Sea Sound JV
Investments
Proceeds from the disposition of assets	92,500
Gain on sale of assets	36,100
Contingent gain	$ 500
Sea Sound JV \| Apartment
Investments
Number of completed units \| item		300

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Summary of 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 presentation. Commencing in the fourth quarter of 2023, due to timber revenue representing less than 2% of total consolidated revenue for the year ended December 31, 2023, revenue previously reported as “Timber revenue” has been reclassified to “Real estate revenue” on the consolidated statements of income. 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. 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, 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 may also capitalize 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:

●

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

●

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

●

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

●

continuing operating or cash flow loss for an operating property;

●

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

●

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

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

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

●

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

●

estimated pricing and projected price appreciation over time;

●

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

●

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

●

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

●

holding costs to be incurred over the selling period;

●

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

●

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

●

whether liquidity is available to fund continued development.

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

●

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

●

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

●

for investments in club, marina and retail assets, use of revenue from membership dues, future golf rounds and greens fees, boat slip rentals and boat storage fees, merchandise and other hospitality operations, operating expenses and capital expenditures, and the amount of proceeds to be realized upon eventual disposition of such properties at a multiple of terminal year cash flows.

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

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

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

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

Inventory

Timber Inventory

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

Inventory

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

Investment in Unconsolidated Joint Ventures

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

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

Cash and Cash Equivalents

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

Investments

Investments – debt securities 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 (loss) income. 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 are 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. 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 (loss) income 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 homesite sales receivable, a revolving promissory note with an unconsolidated JV, leasing receivables, membership 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. The Company does not measure an allowance for credit losses for accrued interest receivables and will write off uncollectible balances in a timely manner, which is within 90 days from when it is determined uncollectible.

Property and Equipment, net

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


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

Leases - The Company as Lessee

Finance lease right-of-use assets are included within property and equipment, net 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 accounts payable and 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. Right-of-use assets and liabilities are recognized at lease commencement date based on the present value of future minimum lease payments over the lease term. 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 does not separate lease components from non-lease components, which are presented as a single component when allocating contract consideration. 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.

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 $3.8 million, $2.4 million and $2.0 million for the years ended December 31, 2023, 2022 and 2021, 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 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 2023, the Company continued to generate positive financial results. While macroeconomic factors such as inflation, elevated interest rates, higher insurance costs, supply chain disruptions, labor shortages, financial institution disruptions and geopolitical conflicts, among other things, continued to produce 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 the time to complete residential, hospitality and commercial projects. In addition, inflation, higher insurance costs and elevated interest rates, have increased operating costs and loan rates, as compared to prior years. While elevated interest rates have negatively impacted buyers’ ability to obtain financing and the housing market generally, the impact has been offset by the net migration into the Company’s markets, limited housing supply relative to demand and the number of cash buyers. Market conditions have not caused an increase in cancellation rates as homebuilders have continued to perform on their contractual obligations with the Company.

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

Further discussion of the potential impacts on the Company’s 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 and investments held by special purpose entity or entities (“SPE”). The Company deposits and invests cash with local, regional and national financial institutions and as of December 31, 2023 these balances exceed the amount of FDIC insurance provided on such deposits by $18.7 million. In addition, as of December 31, 2023, the Company had $59.8 million invested in short-term U.S. Treasury Bills and $1.4 million invested in U.S. Treasury Money Market Funds classified as cash and cash equivalents.

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 years ended December 31, 2023 and 2022, the Company had 57,923 and 29,955, respectively, unvested shares of restricted stock. For the years ended December 31, 2023 and 2022, 46,547 and 27,577, respectively, potentially

dilutive restricted stock units 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 year ended December 31, 2021, 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,
	2023		2022		2021

Income
Net income attributable to the Company	$	77,712	$	70,927	$	74,553

Shares
Weighted average shares outstanding - basic		58,312,878		58,720,050		58,882,549
Incremental shares from restricted stock		11,376		1,288		—
Weighted average shares outstanding - diluted		58,324,254		58,721,338		58,882,549

Net income per share attributable to the Company
Basic income per share	$	1.33	$	1.21	$	1.27
Diluted income per share	$	1.33	$	1.21	$	1.27

Revenue and Revenue Recognition

Revenue consists primarily of real estate sales, hospitality operations and leasing operations. 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, parcels of entitled or undeveloped land 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.

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; and (vii) other fees on certain transactions.

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, 2023, 2022 and 2021, real estate revenue includes $24.0 million, $5.8 million and $4.8 million, respectively, of estimated homesite residuals and $5.0 million, $1.9 million and $2.4 million, respectively, of estimated fees related to homebuilder homesite sales.

Timber 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.

Other real estate revenue includes title insurance business revenue which is recognized at the point in time services are provided and represents a single performance obligation with a fixed transaction price. Other real estate revenue also includes the sale of mitigation bank credits, which is recognized at a point in time.

Hospitality Revenue

The Company’s hospitality segment features the Watersound Club, hotel operations, food and beverage operations, golf courses, beach clubs, retail outlets, gulf-front vacation rentals, management services, marinas and other entertainment assets. The Company’s hospitality operations generate revenue from membership sales, golf courses, lodging at the Company’s hotels, short-term vacation rentals, management of The Pearl Hotel (prior to acquisition in December 2022), food and beverage operations, merchandise sales, marina operations that includes fuel sales, 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. Lodging at the Company’s hotels, short-term vacation rentals owned by the Company 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. Daily play at the golf courses, food and beverage operations, merchandise sales, marina storage and fuel sales, charter flights, other resort and entertainment activities, and other service fees are recognized at the point of sale.

Hospitality revenue recognized over time includes non-refundable club membership initiation fees, club membership dues, management fees and other membership fees. Non-refundable initiation fees are deferred and recognized ratably over time, which is the estimated membership period. Club membership revenue consists of monthly dues, which are recognized monthly over time as access is provided for the period. Revenue generated from the Company’s management services is recognized over time as time elapses and the Company’s performance obligations are met.

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 Watersound Town Center, Beckrich Office Park, North Bay Landing apartment community, consolidated Pier Park North JV, Pier Park Crossings JV, Pier Park Crossings Phase II JV, Watersound Origins Crossings JV, Mexico Beach 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.

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


	Year Ended December 31, 2023
	Residential		Hospitality		Commercial		Other		Total
Revenue by Major Good/Service:
Real estate revenue	$	155,702	$	—	$	26,180	$	4,126	$	186,008
Hospitality revenue		—		152,437		4		—		152,441
Leasing revenue		118		2,137		48,253		328		50,836
Total revenue	$	155,820	$	154,574	$	74,437	$	4,454	$	389,285

Timing of Revenue Recognition:
Recognized at a point in time	$	155,702	$	117,982	$	26,184	$	4,126	$	303,994
Recognized over time		—		34,455		—		—		34,455
Over lease term		118		2,137		48,253		328		50,836
Total revenue	$	155,820	$	154,574	$	74,437	$	4,454	$	389,285


	Year Ended December 31, 2022
	Residential		Hospitality		Commercial		Other		Total
Revenue by Major Good/Service:
Real estate revenue	$	92,804	$	—	$	20,384	$	2,677	$	115,865
Hospitality revenue		—		96,731		529		—		97,260
Leasing revenue		82		505		38,466		143		39,196
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	$	—	$	18,023	$	1,963	$	164,650
Hospitality revenue		—		74,538		727		—		75,265
Leasing revenue		190		53		26,807		31		27,081
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

Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Reference Rate Reform

In March 2020, the FASB issued ASU 2020-04, that provided temporary optional guidance to ease the potential burden in accounting for or recognizing the effects of reference rate reform on financial reporting. This guidance provided expedients and exceptions for applying GAAP to contract modifications and hedging relationships affected by reference rate reform if certain criteria were met. The amendments applied only to contracts and hedging relationships that referenced LIBOR or another reference rate that was expected to be discontinued due to reference rate reform. In January 2021, the FASB issued ASU 2021-01, which clarified 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 extended 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 could be applied prospectively through December 31, 2024, as reference rate activities occurred. In 2022 and the first half of 2023, some of the Company’s debt agreements that referenced LIBOR were amended to an alternative rate and on July 1, 2023, the remainder of the Company’s debt agreements that referenced a benchmark interest rate index based on LIBOR automatically transitioned to SOFR. 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.

Leases Common Control Arrangements

In March 2023, the FASB issued ASU 2023-01, that improved accounting guidance for arrangements between entities under common control. The new guidance required 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 Company adopted this guidance as of December 31, 2023 and will apply the guidance prospectively to all new leasehold improvements recognized on or after adoption. As of December 31, 2023, there were no leasehold improvements associated with common control leases. The adoption of this guidance had no impact on the Company’s financial condition, results of operations and cash flows.

Recently Issued Accounting Pronouncements

Business Combinations – Joint Venture Formations

In August 2023, the FASB issued ASU 2023-05, that requires a JV to apply a new basis of accounting upon formation by recognizing and initially measuring its assets and liabilities at fair value. This guidance will be effective prospectively for all JVs with a formation date on or after January 1, 2025, with early adoption permitted. A JV formed before January 1, 2025 may elect to apply the guidance retrospectively if sufficient information is available. The Company is currently evaluating the impact that the adoption of this guidance will have on its financial condition, results of operations, cash flows and related disclosures.

Segment Reporting

In November 2023, the FASB issued ASU 2023-07, that requires an entity disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the CODM and included within each reported measure of segment profit or loss. This guidance also requires that an entity disclose an amount and description of other segment items, provide all annual disclosures currently required by Topic 280 in interim periods and disclose the title and position of the CODM and how the CODM uses the reported measure of segment profit or loss in assessing segment performance and deciding how to allocate resources. This guidance will be effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The guidance should be applied retrospectively to all prior periods presented. The Company is currently

evaluating the impact that the adoption of this guidance will have on its financial condition, results of operations, cash flows and related disclosures.

Income Taxes

In December 2023, the FASB issued ASU 2023-09, that increases transparency about income tax information by requiring consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid, disaggregated by jurisdiction. This guidance will be effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact that the adoption of this guidance will have on its financial condition, results of operations, cash flows and related disclosures.

Joint Ventures - Unconsolidated JV - Pier Park RI JV (Details)	1 Months Ended	12 Months Ended
	Sep. 30, 2022 USD ($) item	Dec. 31, 2023 USD ($) room	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Investments
Capital contribution to unconsolidated joint ventures		$ 2,305,000	$ 2,505,000	$ 9,389,000
Outstanding debt principal		459,221,000	391,411,000
Outstanding debt		453,640,000	385,860,000
Unconsolidated joint ventures
Investments
Outstanding debt principal		115,456,000	72,083,000
Pier Park RI JV
Investments
Outstanding debt principal		16,021,000
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 principal		$ 16,000,000.0	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		$ 4,400,000
Cash contributed by JV partner		$ 6,200,000
Ownership percentage		50.00%	50.00%

Stockholders' Equity - Issuance of Common Stock for Employee Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands					12 Months Ended
	Mar. 24, 2023	Feb. 21, 2023	Apr. 08, 2022	Feb. 22, 2022	Dec. 31, 2023	Dec. 31, 2022
Weighted Average Grant Date Fair Value Per Share
Stock awards expense					$ 820	$ 364
Restricted Stock
Summary of non-vested restricted share activity
Balance at beginning of period (in shares)					29,955
Granted (in shares)					36,499	29,955
Vested (in shares)					(8,531)
Balance at end of period (in shares)					57,923	29,955
Weighted Average Grant Date Fair Value Per Share
Balance at beginning of period (in dollars per share)					$ 48.04
Granted (in dollars per share)					42.59	$ 48.04
Vested (in dollars per share)					46.73
Balance at end of period (in dollars per share)					$ 44.80	$ 48.04
Stock awards expense					$ 800	$ 400
Unrecognized compensation cost					$ 1,800	$ 1,100
Recognition period					2 years 9 months 18 days
Restricted Stock \| Award granted, March 24, 2023
Summary of non-vested restricted share activity
Granted (in shares)	12,796
Weighted Average Grant Date Fair Value Per Share
Granted (in dollars per share)	$ 39.42
Percentage of stock awards vesting each year	33.30%
Restricted Stock \| Awards granted, February 21, 2023
Weighted Average Grant Date Fair Value Per Share
Granted (in dollars per share)		$ 44.30
Percentage of stock awards vesting each year		33.30%
Restricted Stock \| Awards granted, April 8, 2022
Summary of non-vested restricted share activity
Granted (in shares)			4,361
Weighted Average Grant Date Fair Value Per Share
Granted (in dollars per share)			$ 55.73
Restricted Stock \| Awards granted February 22, 2022
Summary of non-vested restricted share activity
Granted (in shares)				25,594
Vested (in shares)					(8,531)
Weighted Average Grant Date Fair Value Per Share
Granted (in dollars per share)				$ 46.73
Percentage of stock awards vesting each year				33.30%
Certain employees \| Restricted Stock \| Awards granted, February 21, 2023
Summary of non-vested restricted share activity
Granted (in shares)		17,943
One employee \| Restricted Stock \| Awards granted, February 21, 2023
Summary of non-vested restricted share activity
Granted (in shares)		5,760

Other Assets - Retained Interest Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Other Assets
Amount of principal received from retained interest investment	$ 10,600
Retained interest investments		$ 8,197

Debt, Net - Debt Agreements (Details) $ in Thousands	1 Months Ended									10 Months Ended	12 Months Ended					180 Months Ended
Debt, Net - Debt Agreements (Details) $ in Thousands	Mar. 31, 2023 USD ($)	Feb. 28, 2023 USD ($)	Jul. 31, 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 ($)	Oct. 31, 2023	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($) item	Nov. 30, 2042	Apr. 30, 2027 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2015 USD ($)
Debt instruments
Outstanding debt principal											$ 459,221	$ 391,411
Loss on extinguishment of debt											133	130
Community Development District debt (CDD)											10,700	12,800
Assets											1,523,530	1,430,839
Asset Pledged as Collateral without Right
Debt instruments
Assets											$ 580,300
Assets, Pledging Purpose											Outstanding debt
Watersound Origins Crossings JV Loan (insured by HUD)
Debt instruments
Loan amount		$ 44,000												$ 44,000
Outstanding debt principal	$ 52,900										$ 52,546	$ 44,015
Debt interest rate (as a percent)	5.00%
Loss on extinguishment of debt											100
Loan costs											900
Watersound Origins Crossings JV Loan (insured by HUD) \| Minimum
Debt instruments
Prepayment premium, as a percent of principal repaid	1.00%
Watersound Origins Crossings JV Loan (insured by HUD) \| Maximum
Debt instruments
Prepayment premium, as a percent of principal repaid	10.00%
Watersound Origins Crossings JV Loan (insured by HUD) \| SOFR
Debt instruments
Basis spread on variable rate (as a percent)												2.80%
Pier Park Resort Hotel JV Loan
Debt instruments
Loan amount													$ 52,500
Outstanding debt principal											51,888	$ 45,209
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 \| Interest rate swap \| Forecast
Debt instruments
Notional amount																	$ 38,700
Pier Park Resort Hotel JV Loan \| SOFR
Debt instruments
Basis spread on variable rate (as a percent)		2.10%									2.10%
Mexico Beach Crossings JV Loan (insured by HUD)
Debt instruments
Loan amount				$ 43,500
Outstanding debt principal											$ 42,405	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%
PPN JV Loan
Debt instruments
Loan amount																			$ 48,200
Outstanding debt principal											41,485	42,555
Pearl Hotel Loan
Debt instruments
Loan amount												37,000
Outstanding debt principal											35,520	$ 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												4.00%
PPC JV Loan (insured by HUD)
Debt instruments
Loan amount															$ 36,600
Outstanding debt principal											34,675	$ 35,180
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															9.00%
Watersound Camp Creek Loan
Debt instruments
Loan amount							$ 28,000
Outstanding debt principal											$ 27,999	13,131
Floor rate (as a percent)		2.60%									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 Camp Creek Loan \| SOFR
Debt instruments
Basis spread on variable rate (as a percent)		2.10%									2.10%
North Bay Landing Loan
Debt instruments
Loan amount								$ 26,800
Outstanding debt principal											$ 26,750	18,222
Floor rate (as a percent)											3.30%
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%
North Bay Landing Loan \| SOFR
Debt instruments
Basis spread on variable rate (as a percent)											2.60%
PPC II JV Loan (insured by HUD)
Debt instruments
Loan amount														$ 22,900
Outstanding debt principal											$ 22,215	22,623
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														9.00%
Hotel Indigo Loan
Debt instruments
Loan amount					$ 21,200
Outstanding debt principal											$ 20,690	10,427
Floor rate (as a percent)										2.70%	2.50%
Loan extension period					60 months
Hotel Indigo Loan \| SOFR
Debt instruments
Basis spread on variable rate (as a percent)										2.70%	2.50%
Watercrest JV Loan
Debt instruments
Loan amount														$ 22,500
Outstanding debt principal											$ 20,074	21,038
Watercrest JV Loan \| SOFR
Debt instruments
Basis spread on variable rate (as a percent)											2.20%
Breakfast Point Hotel Loan
Debt instruments
Loan amount													$ 16,800
Outstanding debt principal											$ 15,937	16,376
Breakfast Point Hotel Loan \| Minimum
Debt instruments
Prepayment premium, as a percent of principal repaid													1.00%
Breakfast Point Hotel Loan \| Maximum
Debt instruments
Prepayment premium, as a percent of principal repaid													2.00%
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%
Lodge 30A JV Loan
Debt instruments
Loan amount									$ 15,000
Outstanding debt principal											14,655	13,304
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%
Airport Hotel Loan
Debt instruments
Loan amount													$ 15,300
Outstanding debt principal											$ 13,010	14,642
Floor rate (as a percent)											3.00%
Airport Hotel Loan \| SOFR
Debt instruments
Basis spread on variable rate (as a percent)											2.10%
Topsail Hotel Loan
Debt instruments
Loan amount			$ 13,700
Outstanding debt principal											$ 12,307	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%
Watersound Town Center Grocery Loan
Debt instruments
Loan amount						$ 12,000
Outstanding debt principal											$ 10,531	11,379
Floor rate (as a percent)											2.30%
Company's liability as guarantor (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
Watersound Town Center Grocery 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 principal											$ 5,014	5,020
Beckrich Building III Loan \| SOFR
Debt instruments
Basis spread on variable rate (as a percent)											1.80%
Self-Storage Facility Loan
Debt instruments
Loan amount													$ 5,800
Outstanding debt principal											$ 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
Self-Storage Facility Loan \| SOFR
Debt instruments
Basis spread on variable rate (as a percent)											2.50%
Community Development District debt
Debt instruments
Outstanding debt principal											$ 3,046	4,113
Beach Homes Loan
Debt instruments
Loan amount															$ 1,700
Outstanding debt principal											$ 1,416	1,447
Number of homes financed \| item															2
Beach Homes Loan \| SOFR
Debt instruments
Basis spread on variable rate (as a percent)											1.70%
Pier Park Outparcel Loan
Debt instruments
Loan amount																		$ 1,600
Outstanding debt principal											$ 1,275	1,300
Pier Park Outparcel Loan \| SOFR
Debt instruments
Basis spread on variable rate (as a percent)											1.80%
WaterColor Crossings Loan
Debt instruments
Loan amount															$ 1,900
Outstanding debt principal											$ 1,117	$ 1,191
WaterColor Crossings Loan \| SOFR
Debt instruments
Basis spread on variable rate (as a percent)											1.80%

Other Assets

12 Months Ended

Dec. 31, 2023

Other Assets

Other Assets

8. Other Assets

Other assets consist of the following:


	December 31,		December 31,
	2023		2022
Accounts receivable, net	$	20,322	$	9,035
Homesite sales receivable		29,862		10,086
Notes receivable, net		416		1,742
Inventory		4,250		3,976
Prepaid expenses		12,086		9,393
Straight-line rent		2,755		2,546
Operating lease right-of-use assets		858		678
Other assets		8,756		13,138
Retained interest investments		—		8,197
Accrued interest receivable for Senior Notes held by SPE		2,938		2,938
Total other assets	$	82,243	$	61,729

Accounts Receivable, Net

Accounts receivable, net primarily includes leasing receivables, membership fees, hospitality receivables and other receivables. As of December 31, 2023 and 2022, accounts receivable includes $12.1 million and $1.8 million, respectively, of club membership initiation fee installments receivable. As of December 31, 2023 and 2022, accounts receivable were presented net of allowance for credit losses of $0.2 million and $0.3 million, respectively. As of December 31, 2023, accounts receivable were presented net of allowance for lease related receivables of less than $0.1 million. As of December 31, 2022, there was no allowance for lease related receivables. During both 2023 and 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,		December 31,
	2023		2022
Balance at beginning of year	$	10,086	$	7,651
Increases due to revenue recognized for homesites sold		29,005		7,660
Decreases due to amounts received		(9,229)		(5,225)
Balance at end of year	$	29,862	$	10,086

Notes Receivable, Net

Notes receivable, net consist of the following:


	December 31,		December 31,
	2023		2022
Various interest-bearing homebuilder notes, secured by the real estate sold — bearing interest at a rate of 5.5%, paid in full May 2023	$	—	$	1,296
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		57		68
Mortgage note, secured by certain real estate, paid in full November 2023		—		19
Total notes receivable, net	$	416	$	1,742

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 receivable and the need for an allowance for credit losses at each reporting period. As of both December 31, 2023 and 2022, notes receivable were presented net of allowance for credit losses of less than $0.1 million. As of both December 31, 2023 and 2022, accrued interest receivable related to notes receivable was $0.1 million, which is included within other assets on the consolidated balance sheets.

Prepaid Expenses

Prepaid expenses as of December 31, 2023 and 2022, include $4.4 million and $2.8 million, respectively, related to prepaid insurance.

Other Assets

Other assets as of December 31, 2023 and 2022, include $4.7 million and $7.6 million, respectively, of restricted cash and escrow deposits primarily related to requirements for financing and development, or advance draws on construction loans for certain of the Company’s projects. Other assets as of December 31, 2023 and 2022, also include $3.3 million and $4.6 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 had a beneficial interest in a bankruptcy-remote qualified SPE used in the installment sale monetization of certain sales of timberlands in 2008. During 2023, the installment notes were prepaid, in full, and the Company received $10.6 million of remaining principal. As of December 31, 2022, the Company had beneficial or retained interest investment related to the SPEs of $8.2 million recorded in other assets on the Company’s consolidated balance sheets.

Employee Benefit Plan

12 Months Ended

Dec. 31, 2023

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 $0.8 million, $0.7 million and $0.1 million in 2023, 2022 and 2021, respectively. As part of the Pension Plan termination in 2014, the Company also recorded an expense of $1.2 million during 2021, related to the final allocation of the Pension Plan’s surplus assets to 401(k) plan participants.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Accounts Payable and Other Liabilities - Schedule of Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accounts Payable and Other Liabilities
Accounts payable	$ 24,340	$ 69,864
Income tax payable	9,239	3,470
Finance lease liabilities	298	300
Operating lease liabilities	793	678
Accrued compensation	6,037	5,731
Other accrued liabilities	4,100	3,641
Club membership deposits	3,314	3,422
Advance deposits	7,602	4,415
Accrued interest expense for Senior Notes held by SPE	2,850	2,850
Total accounts payable and other liabilities	$ 58,573	$ 94,371
Finance Lease, Liability, Statement of Financial Position	Total accounts payable and other liabilities	Total accounts payable and other liabilities
Operating Lease, Liability, Statement of Financial Position	Total accounts payable and other liabilities	Total accounts payable and other liabilities

Investments - Unrealized Loss Position (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Investments
Unrealized losses	$ 0
U.S. Treasury Bills
Investments
Less Than 12 Months, Fair Value		$ 37,578
Less Than 12 Months, Unrealized Losses		244
Unrealized losses		$ 200

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Net operating loss carryforwards	$ 2,862	$ 5,965
Impairment losses	23,867	26,714
Deferred revenue	12,594	9,631
Capitalized costs	3,272	2,121
Reserves and accruals	1,432	1,975
Other	921	2,664
Total gross deferred tax assets	44,948	49,070
Valuation allowance	(312)	(290)
Total net deferred tax assets	44,636	48,780
Deferred tax liabilities:
Investment in real estate and property and equipment basis differences	31,165	21,713
Deferred gain on land sales and involuntary conversions	36,988	36,977
Installment sales	45,597	70,178
Other	2,715	2,618
Total gross deferred tax liabilities	116,465	131,486
Net deferred tax liabilities	$ (71,829)	$ (82,706)

Investment in Real Estate, Net - Asset Acquisition (Details) - USD ($) $ in Thousands	1 Months Ended
	Dec. 31, 2022	Dec. 31, 2023
Asset acquisition
Investment in real estate, net	$ 996,261	$ 1,018,618
Property and equipment, net	39,638	66,049
Hospitality, 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	751,197
Operating property	585,765	$ 869,671
Operating property \| Hospitality, The Pearl Hotel
Asset acquisition
Investment in real estate, net	$ 49,300

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Taxes

Income Taxes

13. Income Taxes

Income tax expense consist of the following:


	Year Ended December 31,
	2023		2022		2021
Current:
Federal	$	32,103	$	19,067	$	9,005
State		4,584		832		—
Total		36,687		19,899		9,005
Deferred:
Federal		(11,413)		661		12,120
State		735		3,829		3,857
Total		(10,678)		4,490		15,977
Income tax expense	$	26,009	$	24,389	$	24,982

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


	Year Ended December 31,
	2023		2022		2021
Income tax expense	$	26,009	$	24,389	$	24,982
Income tax recorded in accumulated other comprehensive income
Income tax (benefit) expense		(199)		957		367
Total income tax expense	$	25,810	$	25,346	$	25,349

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, 2023, 2022 and 2021 to pre-tax income as a result of the following:


	Year Ended December 31,
	2023				2022				2021
U.S. federal statutory tax rate	$	21,781	21.0	%	$	20,016	21.0	%	$	20,902	21.0	%
State and local income taxes, net of federal income tax effect^(a)		4,223	4.1	%		4,495	4.7	%		3,581	3.6	%
Effect of changes in tax laws or rates enacted		—	—	%		—	—	%		458	0.5	%
Energy related tax credits		(450)	(0.4)	%		(150)	(0.2)	%		(186)	(0.2)	%
Benefit of Qualified Opportunity Zone investments		—	—	%		—	—	%		(195)	(0.2)	%
Changes in valuation allowance		22	—	%		(21)	—	%		275	0.3	%
Nontaxable or nondeductible items		230	0.2	%		49	0.1	%		147	0.1	%
Other items		203	0.2	%		—	—	%		—	—	%
Total income tax expense	$	26,009	25.1	%	$	24,389	25.6	%	$	24,982	25.1	%

(a)	State taxes in Florida make up the majority of the tax effect in this category.

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,
	2023		2022
Deferred tax assets:
Net operating loss carryforwards	$	2,862	$	5,965
Impairment losses		23,867		26,714
Deferred revenue		12,594		9,631
Capitalized costs		3,272		2,121
Reserves and accruals		1,432		1,975
Other		921		2,664
Total gross deferred tax assets		44,948		49,070
Valuation allowance		(312)		(290)
Total net deferred tax assets		44,636		48,780
Deferred tax liabilities:
Investment in real estate and property and equipment basis differences		31,165		21,713
Deferred gain on land sales and involuntary conversions		36,988		36,977
Installment sales		45,597		70,178
Other		2,715		2,618
Total gross deferred tax liabilities		116,465		131,486
Net deferred tax liabilities	$	(71,829)	$	(82,706)

As of December 31, 2023 and 2022, the Company had $11.0 million and $3.4 million, respectively, of federal NOLs. The federal NOLs are specific to the Company’s QOF entity and do not expire. As of December 31, 2023 and 2022, the Company had state NOLs of $12.9 million and $121.1 million, respectively. The majority of these state NOLs are available to offset future taxable income through 2042 and will begin expiring in 2025. As of both December 31, 2023 and 2022, the Company’s valuation allowance was $0.3 million against approximately $7.2 million of certain state NOLs. As of December 31, 2023 and 2022, the Company had income tax payable of $9.2 million and $3.5 million, respectively, included within accounts payable and other liabilities on the consolidated balance sheets.

Income tax payments, net of refunds, by jurisdiction are presented below:


	Year Ended December 31,
	2023		2022		2021
U.S. Federal	$	26,400	$	16,361	$	11,070
State of Florida		4,600		—		—
State of Georgia		(82)		750		—
Total income tax payments, net	$	30,918	$	17,111	$	11,070

The Inflation Reduction Act (“IRA”) was signed into law in August 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.

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.

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

determining the financial statement recognition and measurement of a tax position taken or expected to be taken in the tax returns. The Company has not identified any material unrecognized tax benefits as of December 31, 2023 or 2022. There were no penalties required to be accrued as of December 31, 2023 and 2022. 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 2020 through 2022.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Schedule III (Consolidated) - Real Estate and Accumulated Depreciation - Reconciliation of Real Estate Owned (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule III, Reconciliation of real estate owned
Balance at beginning of the year	$ 1,092,229	$ 777,279	$ 627,613
Amounts capitalized	165,474	379,183	222,303
Cost of real estate sold	(82,610)	(48,646)	(55,932)
Amounts retired or adjusted	(38,001)	(15,587)	(16,705)
Balance at the end of the year	$ 1,137,092	$ 1,092,229	$ 777,279

Joint Ventures - Unconsolidated JV - Latitude Margaritaville Watersound JV (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) Transaction home	Dec. 31, 2022 USD ($) Transaction	Dec. 31, 2021 USD ($) Transaction	Dec. 31, 2020 USD ($)
Investments
Investment in unconsolidated joint ventures	$ 66,356	$ 50,025
Distributions from unconsolidated JVs	12,100	36,100
Capital contribution to unconsolidated joint ventures	2,305	2,505	$ 9,389
Latitude Margaritaville Watersound JV
Investments
Amount as lender of secured revolving promissory note	10,000			$ 10,000
Secured revolving promissory note with unconsolidated Latitude Margaritaville Watersound JV, homesite development - 5.0% interest rate, due June 2025
Investments
Note receivable	0	0
Latitude Margaritaville Watersound JV
Investments
Investment in unconsolidated joint ventures	49,036	33,235
Distributions from unconsolidated JVs	11,400	$ 3,100
Amount of infrastructure improvements completed	8,300
Amount of infrastructure improvements agreed upon to be made	$ 9,200
Ownership percentage	50.00%	50.00%
Average amount of land contribution returned per home	$ 10
Basis difference	18,300	$ 24,600
Amounts returned	$ 6,400	$ 3,100	$ 400
Latitude Margaritaville Watersound JV \| Residential homes
Investments
Number of units under contract \| home	609
Number of completed home sale transactions \| Transaction	1,004
Number of home sale transactions \| Transaction	641	316	47
Number of units to be developed, including units completed \| home	3,500

Accumulated Other Comprehensive Income - Summary of Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Summary of changes in accumulated other comprehensive (loss) income
Beginning Balance	$ 651,109	$ 626,100	$ 568,170
Amounts reclassified from accumulated other comprehensive (loss) income	(1,442)	105
Total other comprehensive income (loss), net of tax	(994)	4,202	1,083
Ending Balance	698,490	651,109	626,100
Accumulated Other Comprehensive (Loss) Income, Including non-controlling interest
Summary of changes in accumulated other comprehensive (loss) income
Beginning Balance	2,430	(389)
Other comprehensive income before reclassifications	448	4,097
Amounts reclassified from accumulated other comprehensive (loss) income	(1,442)	105
Total other comprehensive income (loss), net of tax	(994)	4,202
Less: Other comprehensive loss attributable to non-controlling interest	407	(1,383)
Ending Balance	1,843	2,430	(389)
Unrealized (Loss) Gain on Available-for-Sale Securities
Summary of changes in accumulated other comprehensive (loss) income
Beginning Balance	(182)	(7)
Other comprehensive income before reclassifications	182	(175)
Total other comprehensive income (loss), net of tax	182	(175)
Ending Balance		(182)	(7)
Unrealized (Loss) Gain on Cash Flow Hedges
Summary of changes in accumulated other comprehensive (loss) income
Beginning Balance	2,612	(382)
Other comprehensive income before reclassifications	266	4,272
Amounts reclassified from accumulated other comprehensive (loss) income	(1,442)	105
Total other comprehensive income (loss), net of tax	(1,176)	4,377
Less: Other comprehensive loss attributable to non-controlling interest	407	(1,383)
Ending Balance	$ 1,843	$ 2,612	$ (382)

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-SubTopic 10
-Topic 505
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147481674/830-30-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
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-Section 45
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481694/830-30-45-17

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
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+ Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

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+ Details

Financial Instruments and Fair Value Measurements

12 Months Ended

Dec. 31, 2023

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, 2023
							Total Fair
	Level 1		Level 2		Level 3		Value
Cash equivalents:
Money market funds	$	1,383	$	—	$	—	$	1,383
U.S. Treasury Bills		59,802		—		—		59,802
	$	61,185	$	—	$	—	$	61,185


	December 31, 2022
							Total Fair
	Level 1		Level 2		Level 3		Value
Cash equivalents:
Money market funds	$	19,233	$	—	$	—	$	19,233

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

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.

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 Fair Value

Value

Consolidated

Description

Date

Rate

December 31, 2023

December 31, 2022

Level

Balance Sheets

In Millions

In Thousands

Pier Park Resort Hotel JV Loan^(a)

December 2022

April 2027

3.2%

41.5

3,254

4,609

Other assets

Pier Park TPS JV Loan^(b)

January 2021

January 2026

5.2%

13.5

191

273

Investment in unconsolidated joint ventures

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

(b)

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


	Year Ended December 31,
	2023		2022		2021
Amount of net gain recognized in other comprehensive income on derivatives	$	330	$	5,254	$	1,061
Amount of net (gain) loss reclassified into interest expense	$	(1,605)	$	52	$	247
Amount of net (gain) loss reclassified into equity in income (loss) from unconsolidated joint ventures	$	(162)	$	88	$	173

As of December 31, 2023, based on current value, the Company expects to reclassify $1.6 million of derivative instruments from accumulated other comprehensive income to earnings during the next twelve months. See Note 14. Accumulated Other Comprehensive Income for additional information.

Investment in Unconsolidated Joint Ventures

The fair value of the Company’s investment in unconsolidated joint ventures 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 joint ventures 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 2023, 2022 or 2021. 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 2023, 2022 and 2021 the Company did not record any impairment charges related to long-lived assets.

Fair Value of Financial Instruments

The carrying value of the Company’s cash and cash equivalents, restricted cash, receivables, other assets, accounts payable and other liabilities approximate fair value due to the short-term nature of these 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, 2023					December 31, 2022
	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	$	3,824	$	3,750	1	$	4,486	$	4,361	1

Senior Notes held by SPE	$	178,162	$	181,286	3	$	177,857	$	179,564	3

Debt
Fixed-rate debt	$	262,484	$	215,522	2	$	194,525	$	172,241	2
Variable-rate debt		196,737		196,737	2		196,886		196,886	2
Total debt	$	459,221	$	412,259		$	391,411	$	369,127

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, 2023, 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 $3.8 million and cash of $0.4 million. The Senior Notes held by Northwest Florida Timber Finance, LLC as of December 31, 2023, consist of $178.2 million, net of the $1.8 million discount and debt issuance costs. Panama City Timber Finance Company, LLC and Northwest Florida Timber Finance, LLC are VIEs, which the Company consolidates as the primary beneficiary of each entity.

- Definition

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

+ References + Details

Financial Instruments and Fair Value Measurements - Investment in Unconsolidated JVs and Long-lived assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Financial Instruments and Fair Value Measurements
Impairment loss on investment in unconsolidated joint ventures	$ 0.0	$ 0.0	$ 0.0
Impairment loss on long-lived assets	$ 0.0	$ 0.0	$ 0.0

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases

Schedule of components of leasing revenue


	Year Ended December 31,
	2023		2022		2021
Leasing revenue
Lease payments	$	43,756	$	33,600	$	22,256
Variable lease payments		7,080		5,596		4,825
Total leasing revenue	$	50,836	$	39,196	$	27,081

Schedule of minimum future base rental revenue


2024	$	26,485
2025		12,812
2026		10,768
2027		9,416
2028		6,686
Thereafter		35,026
	$	101,193

Schedule of lease cost



	Year Ended December 31,
	2023			2022			2021
Lease cost
Finance lease cost:
Amortization of right-of-use assets	$	149		$	122		$	114
Interest on lease liability		15			15			18
Operating lease cost		439			378			308
Variable and short-term lease cost		1,940			1,793			1,476
Total lease cost	$	2,543		$	2,308		$	1,916

Other information
Weighted-average remaining lease term - finance lease (in years)		2.8			3.3			3.6
Weighted-average remaining lease term - operating leases (in years)		1.5			2.9			3.3
Weighted-average discount rate - finance lease		5.3	%		5.2	%		4.6	%
Weighted-average discount rate - operating leases		4.9	%		4.8	%		4.9	%

Schedule of aggregate payments of finance lease liability

The aggregate payments of finance and operating lease liabilities subsequent to December 31, 2023, for the years ending December 31 are:


	Finance Leases		Operating Leases
2024	$	137	$	322
2025		94		120
2026		50		59
2027		32		55
2028		9		55
Thereafter		—		330
Total		322		941
Less imputed interest		(24)		(148)
Total lease liabilities	$	298	$	793

Schedule of aggregate payments of operating lease liabilities



	Year Ended December 31,
	2023			2022			2021
Lease cost
Finance lease cost:
Amortization of right-of-use assets	$	149		$	122		$	114
Interest on lease liability		15			15			18
Operating lease cost		439			378			308
Variable and short-term lease cost		1,940			1,793			1,476
Total lease cost	$	2,543		$	2,308		$	1,916

Other information
Weighted-average remaining lease term - finance lease (in years)		2.8			3.3			3.6
Weighted-average remaining lease term - operating leases (in years)		1.5			2.9			3.3
Weighted-average discount rate - finance lease		5.3	%		5.2	%		4.6	%
Weighted-average discount rate - operating leases		4.9	%		4.8	%		4.9	%

The aggregate payments of finance and operating lease liabilities subsequent to December 31, 2023, for the years ending December 31 are:


	Finance Leases		Operating Leases
2024	$	137	$	322
2025		94		120
2026		50		59
2027		32		55
2028		9		55
Thereafter		—		330
Total		322		941
Less imputed interest		(24)		(148)
Total lease liabilities	$	298	$	793

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 74,052	$ 70,228	$ 73,749
Other comprehensive income (loss):
Net unrealized gain (loss) on available-for-sale investments	244	(235)	(16)
Interest rate swap	250	4,633	848
Interest rate swap - unconsolidated joint venture	80	621	213
Reclassification of net realized (gain) loss included in earnings	(1,767)	140	405
Total before income taxes	(1,193)	5,159	1,450
Income tax benefit (expense)	199	(957)	(367)
Total other comprehensive income (loss), net of tax	(994)	4,202	1,083
Total comprehensive income, net of tax	73,058	74,430	74,832
Total comprehensive loss (income) attributable to non-controlling interest	4,067	(684)	804
Total comprehensive income attributable to the Company	$ 77,125	$ 73,746	$ 75,636

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	12 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue:
Leasing revenue	$ 50,836	$ 39,196	$ 27,081
Total revenue	389,285	252,321	266,996
Expenses:
Cost of revenue	235,979	145,898	131,314
Corporate and other operating expenses	23,797	22,068	23,023
Depreciation, depletion and amortization	38,776	22,888	18,202
Total expenses	298,552	190,854	172,539
Operating income	90,733	61,467	94,457
Other income (expense):
Investment income, net	13,282	9,862	7,254
Interest expense	(30,618)	(18,383)	(15,854)
Gain on contributions to unconsolidated joint ventures	718	2,738	3,558
Equity in income (loss) from unconsolidated joint ventures	22,701	25,986	(865)
Other income, net	3,245	12,947	10,181
Total other income (expense), net	9,328	33,150	4,274
Income before income taxes	100,061	94,617	98,731
Income tax expense	(26,009)	(24,389)	(24,982)
Net income	74,052	70,228	73,749
Net loss attributable to non-controlling interest	3,660	699	804
Net income attributable to the Company	$ 77,712	$ 70,927	$ 74,553
NET INCOME PER SHARE ATTRIBUTABLE TO THE COMPANY
Basic (in dollars per share)	$ 1.33	$ 1.21	$ 1.27
Diluted (in dollars per share)	$ 1.33	$ 1.21	$ 1.27
WEIGHTED AVERAGE SHARES OUTSTANDING
Basic (in shares)	58,312,878	58,720,050	58,882,549
Diluted (in shares)	58,324,254	58,721,338	58,882,549
Real Estate
Revenue:
Revenue	$ 186,008	$ 115,865	$ 164,650
Expenses:
Cost of revenue	87,966	50,791	61,380
Hospitality
Revenue:
Revenue	152,441	97,260	75,265
Expenses:
Cost of revenue	122,185	77,518	58,314
Leasing
Expenses:
Cost of revenue	$ 25,828	$ 17,589	$ 11,620

Other Income, Net - Components (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Investment income, net
Interest, dividend and accretion income	$ 2,856	$ 793	$ 157
Net realized gain on the sale of investments			17
Unrealized loss on investments, net		(26)	(1,872)
Interest income from investments in SPEs	8,012	8,012	8,078
Interest earned on notes receivable and other interest	2,414	1,083	874
Total investment income, net	13,282	9,862	7,254
Interest expense
Interest incurred for project financing and other interest expense	(21,762)	(9,542)	(7,027)
Interest expense and amortization of discount and issuance costs for Senior Notes issued by SPE	(8,856)	(8,841)	(8,827)
Total interest expense	(30,618)	(18,383)	(15,854)
Gain on contributions to unconsolidated joint ventures	718	2,738	3,558
Equity in income (loss) from unconsolidated joint ventures	22,701	25,986	(865)
Other income (expense), net
Accretion income from retained interest investments	2,594	1,671	1,532
Gain on insurance recoveries		9,835	4,853
Loss from hurricane damage		(51)	(56)
Miscellaneous income, net	651	1,492	3,852
Other income, net	3,245	12,947	10,181
Total other income (expense), net	$ 9,328	$ 33,150	$ 4,274

Nature of Operations - Real Estate Assets (Details)	12 Months Ended
Nature of Operations - Real Estate Assets (Details)	Dec. 31, 2023 item segment
Real estate
Number of reportable segments \| segment	3
Florida's Bay, Gulf, and Walton counties
Real estate
Percentage of real estate within geographical region	87.00%
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

Commitments and Contingencies - (Details) - USD ($) $ in Thousands	1 Months Ended		12 Months Ended
	Sep. 30, 2022	Apr. 30, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2023	Dec. 31, 2022
Obligations
Accrued liabilities for other litigation, claims, other disputes and governmental proceedings					$ 400	$ 400
Amount of letters of credit outstanding					200	17,300
Purchase obligations, total					48,600
Outstanding debt					459,221	391,411
Deferred tax liabilities					116,465	131,486
Allowance for credit losses					100	100
Tax Year 2014
Obligations
Deferred tax liabilities					45,600
Secured revolving promissory note with unconsolidated Latitude Margaritaville Watersound JV, homesite development - 5.0% interest rate, due June 2025
Obligations
Note receivable					0	0
Latitude Margaritaville Watersound JV Loan, due December 2025
Obligations
Debt instrument, period by which maturity date may be extended			1 year
Latitude Margaritaville Watersound JV
Obligations
Amount as lender of secured revolving promissory note			$ 10,000		10,000
Surety bonds
Obligations
Commitment obligations					40,000	38,100
Pier Park TPS JV \| Pier Park TPS JV Loan
Obligations
Guarantor liability, Scenario 2 (as a percent)				25.00%
Watersound Fountains Independent Living JV \| Watersound Fountains JV Loan, due April 2026
Obligations
Guarantor liability, Scenario 1 (as a percent)		50.00%
Guarantor liability, Scenario 2 (as a percent)		25.00%
Guarantor liability, Scenario 3 (as a percent)		0.00%
Electric Cart Watersound JV \| Electric Cart Watersound JV Loan
Obligations
Guarantor liability, Scenario 1 (as a percent)	50.00%
Initial period of loan after which the Company's liability as guarantor under the loan will be reduced upon reaching certain conditions	48 months
Unconsolidated joint ventures
Obligations
Outstanding debt					115,456	72,083
Pier Park TPS JV
Obligations
Outstanding debt					13,503	13,822
Pier Park TPS JV \| Pier Park TPS JV Loan
Obligations
Loan amount				$ 14,400
Outstanding debt					13,500	13,800
Pier Park TPS JV \| Pier Park TPS JV Loan \| SOFR
Obligations
Basis spread on variable rate (as a percent)				2.60%
Pier Park TPS JV \| Interest rate swap
Obligations
Notional amount				$ 14,400
Pier Park TPS JV \| Interest rate swap \| Pier Park TPS JV Loan
Obligations
Fixed interest rate (as a percent)				5.20%
Latitude Margaritaville Watersound JV
Obligations
Outstanding debt					37,445	30,001
Latitude Margaritaville Watersound JV \| Latitude Margaritaville Watersound JV Loan, due December 2025
Obligations
Loan amount			$ 45,000
Outstanding debt					37,400	30,000
Floor rate (as a percent)			3.00%
Latitude Margaritaville Watersound JV \| Latitude Margaritaville Watersound JV Loan, due December 2025 \| SOFR
Obligations
Basis spread on variable rate (as a percent)			2.50%
Watersound Fountains Independent Living JV
Obligations
Outstanding debt					38,062	21,327
Watersound Fountains Independent Living JV \| Watersound Fountains JV Loan, due April 2026
Obligations
Loan amount		$ 41,900
Outstanding debt					38,100	21,300
Floor rate (as a percent)		2.60%
Debt instrument, period subject to interest payments only		48 months
Debt instrument, period by which maturity date may be extended		12 months
Watersound Fountains Independent Living JV \| Watersound Fountains JV Loan, due April 2026 \| SOFR
Obligations
Basis spread on variable rate (as a percent)		2.10%
Electric Cart Watersound JV
Obligations
Outstanding debt					4,732	923
Electric Cart Watersound JV \| Electric Cart Watersound JV Loan
Obligations
Loan amount	$ 5,400
Outstanding debt					$ 4,400	$ 800
Floor rate (as a percent)	2.10%
Debt instrument, period subject to interest payments only	24 months
Electric Cart Watersound JV \| Electric Cart Watersound JV Loan \| SOFR
Obligations
Basis spread on variable rate (as a percent)	1.80%

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
CONSOLIDATED BALANCE SHEETS
Common stock, par value	$ 0	$ 0
Common stock, shares authorized (in shares)	180,000,000	180,000,000
Common stock, issued (in shares)	58,372,040	58,335,541
Common stock, outstanding (in shares)	58,372,040	58,335,541

Investment in Real Estate, Net

12 Months Ended

Dec. 31, 2023

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,
	2023		2022
Development property:
Residential	$	141,145	$	166,304
Hospitality		23,633		205,409
Commercial		99,719		131,133
Other		2,924		3,618
Total development property		267,421		506,464

Operating property:
Residential		10,905		7,854
Hospitality		419,095		221,542
Commercial		439,671		356,242
Other		—		127
Total operating property		869,671		585,765
Less: Accumulated depreciation		118,474		95,968
Total operating property, net		751,197		489,797
Investment in real estate, net	$	1,018,618	$	996,261

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, as well as development costs related to additional club amenities and improvements to existing properties. 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,
		2023		2022
Land and land improvements	$	206,089	$	146,257
Buildings and building improvements		648,655		425,347
Timber		14,927		14,161
		869,671		585,765
Less: Accumulated depreciation		118,474		95,968
Total operating property, net	$	751,197	$	489,797

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 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, 2023 and 2022, operating property, net related to operating leases was $367.3 million and $285.1 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, depletion and amortization expense related to real estate investments was $23.0 million, $14.3 million and $12.0 million in 2023, 2022 and 2021, respectively.

Accounts Payable and Other Liabilities

12 Months Ended

Dec. 31, 2023

Accounts Payable and Other Liabilities

Other Liabilities

11. Accounts Payable and Other Liabilities

Accounts payable and other liabilities consist of the following:


	December 31,		December 31,
	2023		2022
Accounts payable	$	24,340	$	69,864
Income tax payable		9,239		3,470
Finance lease liabilities		298		300
Operating lease liabilities		793		678
Accrued compensation		6,037		5,731
Other accrued liabilities		4,100		3,641
Club membership deposits		3,314		3,422
Advance deposits		7,602		4,415
Accrued interest expense for Senior Notes held by SPE		2,850		2,850
Total accounts payable and other liabilities	$	58,573	$	94,371

Accounts payable as of December 31, 2023 and 2022, primarily includes payables and retainage related to the Company’s development and construction projects.

Advance deposits consist of deposits received on hotel rooms and related hospitality activities. Advance deposits are recorded as accounts payable and 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.

Investment in Real Estate, Net - Operating Property (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Real estate properties
Less: Accumulated depreciation	$ 118,474
Investment in real estate, net	1,018,618	$ 996,261
Operating property, net related to operating leases	367,300	285,100
Operating property
Real estate properties
Operating property	869,671	585,765
Less: Accumulated depreciation	118,474	95,968
Investment in real estate, net	751,197	489,797
Operating property \| Land and land improvements
Real estate properties
Operating property	206,089	146,257
Operating property \| Building and building improvements
Real estate properties
Operating property	648,655	425,347
Operating property \| Timberlands
Real estate properties
Operating property	$ 14,927	$ 14,161

Income Taxes - Expense (Benefit) Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Effective Income Tax Rate Reconciliation, Amount
U.S. federal statutory tax rate (in dollars)	$ 21,781	$ 20,016	$ 20,902
State and local income taxes, net of federal income tax effect (in dollars)	4,223	4,495	3,581
Effect of changes in tax laws or rates enacted (in dollars)			458
Energy related tax credits (in dollars)	(450)	(150)	(186)
Benefit of Qualified Opportunity Zone investments (in dollars)			(195)
Changes in valuation allowance (in dollars)	22	(21)	275
Nontaxable or nondeductible items (in dollars)	230	49	147
Other items (in dollars)	203
Total income tax expense	$ 26,009	$ 24,389	$ 24,982
Effective Income Tax Rate Reconciliation, Percent
U.S. federal statutory tax rate (as a percent)	21.00%	21.00%	21.00%
State and local income taxes, net of federal income tax effect (as a percent)	4.10%	4.70%	3.60%
Effect of changes in tax laws or rates enacted (as a percent)			0.50%
Energy related tax credit (as a percent)	(0.40%)	(0.20%)	(0.20%)
Benefit of Qualified Opportunity Zone investments (as a percent)			(0.20%)
Changes in valuation allowance (as a percent)			0.30%
Nontaxable or nondeductible items (as a percent)	0.20%	0.10%	0.10%
Other items (as a percent)	0.20%
Total income tax expense (as a percent)	25.10%	25.60%	25.10%

Debt, Net - Schedule of Debt (Details) - USD ($) $ in Thousands	1 Months Ended	10 Months Ended	12 Months Ended		180 Months Ended
	Feb. 28, 2023	Oct. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Nov. 30, 2042	Apr. 30, 2027	Mar. 31, 2023
Debt instruments
Outstanding debt principal			$ 459,221	$ 391,411
Unamortized discount and debt issuance costs			(5,581)	(5,551)
Debt, Net			$ 453,640	385,860
Weighted average effective interest rate of outstanding debt (as a percent)			5.30%
Percentage of debt outstanding at fixed interest rates			66.20%
Average remaining life of debt outstanding			17 years 2 months 12 days
Watersound Origins Crossings JV Loan (insured by HUD)
Debt instruments
Debt interest rate (as a percent)							5.00%
Effective interest rate (as a percent)			5.00%
Outstanding debt principal			$ 52,546	$ 44,015			$ 52,900
Watersound Origins Crossings JV Loan (insured by HUD) \| SOFR
Debt instruments
Basis spread on variable rate (as a percent)				2.80%
Pier Park Resort Hotel JV Loan
Debt instruments
Effective interest rate (as a percent)			4.10%
Outstanding debt principal			$ 51,888	$ 45,209
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 \| Interest rate swap \| Forecast
Debt instruments
Notional amount						$ 38,700
Pier Park Resort Hotel JV Loan \| SOFR
Debt instruments
Basis spread on variable rate (as a percent)	2.10%		2.10%
Pier Park Resort Hotel JV Loan \| LIBOR
Debt instruments
Basis spread on variable rate (as a percent)				2.20%
Mexico Beach Crossings JV Loan (insured by HUD)
Debt instruments
Effective interest rate (as a percent)			3.00%
Outstanding debt principal			$ 42,405	$ 23,374
PPN JV Loan
Debt instruments
Effective interest rate (as a percent)			4.10%
Outstanding debt principal			$ 41,485	42,555
Pearl Hotel Loan
Debt instruments
Effective interest rate (as a percent)			6.30%
Outstanding debt principal			$ 35,520	37,000
PPC JV Loan (insured by HUD)
Debt instruments
Effective interest rate (as a percent)			3.10%
Outstanding debt principal			$ 34,675	35,180
Watersound Camp Creek Loan
Debt instruments
Floor rate (as a percent)	2.60%		2.60%
Effective interest rate (as a percent)			7.50%
Outstanding debt principal			$ 27,999	$ 13,131
Watersound Camp Creek Loan \| SOFR
Debt instruments
Basis spread on variable rate (as a percent)	2.10%		2.10%
Watersound Camp Creek Loan \| LIBOR
Debt instruments
Basis spread on variable rate (as a percent)				2.10%
North Bay Landing Loan
Debt instruments
Floor rate (as a percent)			3.30%
Effective interest rate (as a percent)			7.90%
Outstanding debt principal			$ 26,750	$ 18,222
North Bay Landing Loan \| Upon reaching certain debt service coverage ratio
Debt instruments
Floor rate (as a percent)			3.10%
North Bay Landing Loan \| SOFR
Debt instruments
Basis spread on variable rate (as a percent)			2.60%
North Bay Landing Loan \| SOFR \| Upon reaching certain debt service coverage ratio
Debt instruments
Basis spread on variable rate (as a percent)			2.40%
PPC II JV Loan (insured by HUD)
Debt instruments
Effective interest rate (as a percent)			2.70%
Outstanding debt principal			$ 22,215	22,623
Hotel Indigo Loan
Debt instruments
Floor rate (as a percent)		2.70%	2.50%
Effective interest rate (as a percent)			7.80%
Outstanding debt principal			$ 20,690	10,427
Hotel Indigo Loan \| SOFR
Debt instruments
Basis spread on variable rate (as a percent)		2.70%	2.50%
Watercrest JV Loan
Debt instruments
Effective interest rate (as a percent)			7.60%
Outstanding debt principal			$ 20,074	21,038
Watercrest JV Loan \| SOFR
Debt instruments
Basis spread on variable rate (as a percent)			2.20%
Breakfast Point Hotel Loan
Debt instruments
Effective interest rate (as a percent)			6.00%
Outstanding debt principal			$ 15,937	16,376
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%
Lodge 30A JV Loan
Debt instruments
Effective interest rate (as a percent)			3.80%
Outstanding debt principal			$ 14,655	13,304
Airport Hotel Loan
Debt instruments
Floor rate (as a percent)			3.00%
Effective interest rate (as a percent)			7.50%
Outstanding debt principal			$ 13,010	14,642
Airport Hotel Loan \| SOFR
Debt instruments
Basis spread on variable rate (as a percent)			2.10%
Topsail Hotel Loan
Debt instruments
Floor rate (as a percent)			3.00%
Effective interest rate (as a percent)			7.50%
Outstanding debt principal			$ 12,307	5,199
Topsail Hotel Loan \| SOFR
Debt instruments
Basis spread on variable rate (as a percent)			2.10%
Watersound Town Center Grocery Loan
Debt instruments
Floor rate (as a percent)			2.30%
Effective interest rate (as a percent)			7.40%
Outstanding debt principal			$ 10,531	11,379
Watersound Town Center Grocery 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)			7.20%
Outstanding debt principal			$ 5,014	5,020
Beckrich Building III Loan \| SOFR
Debt instruments
Basis spread on variable rate (as a percent)			1.80%
Self-Storage Facility Loan
Debt instruments
Floor rate (as a percent)			2.90%
Effective interest rate (as a percent)			7.80%
Outstanding debt principal			$ 4,666	4,666
Self-Storage Facility Loan \| SOFR
Debt instruments
Basis spread on variable rate (as a percent)			2.50%
Community Development District debt
Debt instruments
Outstanding debt principal			$ 3,046	4,113
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)			7.10%
Outstanding debt principal			$ 1,416	1,447
Beach Homes Loan \| SOFR
Debt instruments
Basis spread on variable rate (as a percent)			1.70%
Pier Park Outparcel Loan
Debt instruments
Effective interest rate (as a percent)			7.20%
Outstanding debt principal			$ 1,275	1,300
Pier Park Outparcel Loan \| SOFR
Debt instruments
Basis spread on variable rate (as a percent)			1.80%
WaterColor Crossings Loan
Debt instruments
Effective interest rate (as a percent)			7.20%
Outstanding debt principal			$ 1,117	$ 1,191
WaterColor Crossings Loan \| SOFR
Debt instruments
Basis spread on variable rate (as a percent)			1.80%

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
Document and Entity Information - USD ($) $ in Billions	Dec. 31, 2023	Feb. 19, 2024	Jun. 30, 2023
Document and Entity Information [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Entity File Number	1-10466
Entity Registrant Name	The St. Joe Company
Entity Incorporation, State or Country Code	FL
Entity Tax Identification Number	59-0432511
Entity Address, Address Line One	130 Richard Jackson Boulevard
Entity Address, Address Line Two	Suite 200
Entity Address, City or Town	Panama City Beach
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32407
City Area Code	850
Local Phone Number	231-6400
Title of 12(b) Security	Common Stock
Trading Symbol	JOE
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 1.7
Entity Common Stock, Shares Outstanding		58,372,040
Auditor Firm ID	248
Auditor Name	Grant Thornton LLP
Auditor Location	Tampa, Florida
Entity Central Index Key	0000745308
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false

Other Assets - Accounts Receivable, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Accounts Receivable, Net
Accounts receivable, net	$ 20,322	$ 9,035
Allowance for credit losses	200	300
Allowance for lease related receivables		0
Increase (decrease) in allowance for credit losses related to accounts receivable	(100)	(100)
Maximum
Accounts Receivable, Net
Allowance for lease related receivables	100
Club Membership
Accounts Receivable, Net
Accounts receivable	$ 12,100	$ 1,800

Other Income, Net - Gain on Contributions and Equity in Income from Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Nov. 30, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other Income, Net
Proceeds from sale of assets		$ 71	$ 49	$ 34
Equity in income (loss) from unconsolidated joint ventures		22,701	25,986	(865)
Sea Sound JV
Other Income, Net
Proceeds from sale of assets	$ 92,500
Gain on sale of assets	36,100
Latitude Margaritaville Watersound JV
Other Income, Net
Gain on additional infrastructure improvements contributed		700	900	500
Equity in income (loss) from unconsolidated joint ventures		23,627	3,859	(1,861)
Pier Park RI JV
Other Income, Net
Gain on land and impact fees contributed			1,400
Electric Cart Watersound JV
Other Income, Net
Gain on land contributed			400
Equity in income (loss) from unconsolidated joint ventures		112	18
Watersound Fountains Independent Living JV
Other Income, Net
Gain on land contributed				3,100
Equity in income (loss) from unconsolidated joint ventures		(725)	(250)
Sea Sound JV
Other Income, Net
Gain on sale of assets	$ 21,700		21,700
Equity in income (loss) from unconsolidated joint ventures		$ (35)	$ 21,705	$ (15)

Significant Accounting Policies - EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Stock awards
Number of potentially dilutive common shares excluded from calculation of diluted income per share	46,547	27,577
Number of outstanding common stock equivalents or potential dilutive instruments			0
Income
Net income attributable to the Company, Basic	$ 77,712	$ 70,927	$ 74,553
Net income attributable to the Company, Diluted	$ 77,712	$ 70,927	$ 74,553
Shares
Weighted-average shares outstanding - basic	58,312,878	58,720,050	58,882,549
Incremental shares from restricted stock	11,376	1,288
Weighted-average shares outstanding - diluted	58,324,254	58,721,338	58,882,549
Net income per share attributable to the Company
Basic income (in dollars per share)	$ 1.33	$ 1.21	$ 1.27
Diluted income (in dollars per share)	$ 1.33	$ 1.21	$ 1.27
Restricted Stock
Stock awards
Unvested shares (in shares)	57,923	29,955

Investment in Real Estate, Net - Depreciation, Depletion and Amortization (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, plant and equipment
Depreciation, depletion and amortization	$ 38,776	$ 22,888	$ 18,202
Operating property related to real estate investments
Property, plant and equipment
Depreciation, depletion and amortization	$ 23,000	$ 14,300	$ 12,000

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2023

Property and equipment, net

Property, plant and equipment

Schedule of property and equipment, net


	December 31,		December 31,
	2023		2022
Railroad and equipment	$	33,627	$	33,627
Furniture and fixtures		50,311		28,659
Machinery and equipment		46,783		31,159
Office equipment		7,692		5,518
Autos, trucks and aircraft		7,108		7,033
		145,521		105,996
Less: Accumulated depreciation		80,423		67,133
		65,098		38,863
Construction in progress		951		775
Total property and equipment, net	$	66,049	$	39,638

Joint Ventures - Unconsolidated JV - Pier Park TPS JV (Details) - room	Dec. 31, 2023	Dec. 31, 2022
Pier Park TPS JV
Investments
Ownership percentage	50.00%	50.00%
Pier Park TPS JV \| Hotel
Investments
Number of completed units	124

Financial Instruments and Fair Value Measurements - Measurements on Recurring Basis (Details) - Recurring basis - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Financial instruments and fair value measurements
Cash equivalents	$ 61,185
Total		$ 59,809
Money market fund
Financial instruments and fair value measurements
Cash equivalents	1,383	19,233
U.S. Treasury Bills
Financial instruments and fair value measurements
Cash equivalents	59,802
Investments - debt securities		40,576
Level 1
Financial instruments and fair value measurements
Cash equivalents	61,185
Total		59,809
Level 1 \| Money market fund
Financial instruments and fair value measurements
Cash equivalents	1,383	19,233
Level 1 \| U.S. Treasury Bills
Financial instruments and fair value measurements
Cash equivalents	$ 59,802
Investments - debt securities		$ 40,576

Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies

Commitments and Contingencies

20. Commitments and Contingencies

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

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

known and unknown uncertainties. The matters underlying the estimated range will change from time to time, and actual results may vary significantly from the current estimate.

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

The Company is subject to costs arising out of environmental laws and regulations, which include obligations to remove or limit the effects on the environment of the disposal or release of certain wastes or substances at various sites, including sites which have been previously sold. It is the Company’s policy to accrue and charge against earnings environmental cleanup costs when it is probable that a liability has been incurred and 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, 2023 and 2022, 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 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 both December 31, 2023 and 2022, there was no balance 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 for additional information.

As of December 31, 2023 and 2022, 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 $40.0 million and $38.1 million, respectively, as well as standby letters of credit in the amount of $0.2 million and $17.3 million, respectively, which may potentially result in liability to the Company if certain obligations of the Company are not met.

As of December 31, 2023, the Company had a total of $48.6 million primarily in construction and development related contractual obligations.

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 SOFR plus 2.6% 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 SOFR. The interest rate swap matures in January 2026 and fixed the variable rate on the related debt, initially at $14.4 million, to a rate of 5.2%. Effective July 2023, the benchmark interest rate index based on LIBOR transitioned to SOFR. As of December 31, 2023 and 2022, $13.5 million and $13.8 million, respectively, was outstanding on the Pier Park TPS JV Loan. See Note 4. Joint Ventures and Note 6. Financial Instruments and Fair Value Measurements for additional information.

In 2020, the Company’s unconsolidated Latitude Margaritaville Watersound JV, entered into a $45.0 million loan, as amended (the “Latitude Margaritaville Watersound JV Loan”). The loan bears interest at SOFR plus 2.5%, with a floor of 3.0%. The loan provides for monthly interest payments with a final balloon payment at maturity in December 2025, with an option to extend the maturity date by one year, subject to bank approval. 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, 2023 and 2022, $37.4 million and $30.0 million, respectively, was outstanding on the Latitude Margaritaville Watersound JV Loan. See Note 4. Joint Ventures for additional information.

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 SOFR plus 2.1%, with a floor of 2.6%. Effective July 2023, the benchmark interest rate index based on LIBOR transitioned to SOFR. 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 other required permits 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, 2023 and 2022, $38.1 million and $21.3 million, respectively, was outstanding on the Watersound Fountains JV Loan. See Note 4. Joint Ventures for additional information.

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, 2023 and 2022, $4.4 million and $0.8 million, respectively, was outstanding on the Electric Cart Watersound JV Loan. See Note 4. Joint Ventures for additional information.

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, 2023 and 2022. As of both December 31, 2023 and 2022, 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 accounts payable and other liabilities on the consolidated balance sheets.

As part of a certain sale of timberlands in 2014, the Company generated significant tax gains. The installment note’s structure allowed the Company to defer the resulting federal and state tax liability of $45.6 million until 2029, the maturity date for the installment note. The Company has a deferred tax liability related to the gain in connection with the sale.

Income Taxes - Income tax payments by jurisdiction (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income taxes
Income tax payments, net	$ 30,918	$ 17,111	$ 11,070
Federal
Income taxes
Income tax payments, net	26,400	16,361	$ 11,070
State
Income taxes
Income tax payments, net	4,518	750
State \| Florida
Income taxes
Income tax payments, net	4,600
State \| Georgia
Income taxes
Income tax payments, net	$ (82)	$ 750

Property and Equipment, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, plant and equipment
Property and equipment, gross	$ 145,521	$ 105,996
Less: Accumulated depreciation	80,423	67,133
Property, plant and equipment, excluding construction in progress, net	65,098	38,863
Construction in progress	951	775
Total	66,049	39,638
Depreciation, depletion and amortization	38,776	22,888	$ 18,202
Property and equipment
Property, plant and equipment
Depreciation, depletion and amortization	15,700	8,500	$ 6,100
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	50,311	28,659
Machinery and equipment
Property, plant and equipment
Property and equipment, gross	46,783	31,159
Office equipment
Property, plant and equipment
Property and equipment, gross	7,692	5,518
Autos, trucks and aircraft
Property, plant and equipment
Property and equipment, gross	$ 7,108	$ 7,033

Investments (Tables)

12 Months Ended

Dec. 31, 2023

Investments

Schedule of Investments

December 31, 2023

December 31, 2022

Gross

Amortized

Unrealized

Amortized

Unrealized

Cost

Gains

(Losses)

Fair Value

Cost

Gains

(Losses)

Fair Value

Investments - debt securities:

U.S. Treasury Bills

—

40,820

—

(244)

40,576

Schedule of Unrealized Loss Position and Related Fair Value of Investments


	December 31, 2023								December 31, 2022
	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	$	—	$	—

Stock Based Compensation - Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Stock Based Compensation
Stock compensation expense before tax benefit	$ 820	$ 364
Income tax benefit	(206)	(93)
Stock compensation expense after tax benefit	$ 614	$ 271

Accounts Payable and Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Accounts Payable and Other Liabilities

Schedule of accounts payable and other liabilities


	December 31,		December 31,
	2023		2022
Accounts payable	$	24,340	$	69,864
Income tax payable		9,239		3,470
Finance lease liabilities		298		300
Operating lease liabilities		793		678
Accrued compensation		6,037		5,731
Other accrued liabilities		4,100		3,641
Club membership deposits		3,314		3,422
Advance deposits		7,602		4,415
Accrued interest expense for Senior Notes held by SPE		2,850		2,850
Total accounts payable and other liabilities	$	58,573	$	94,371

Schedule III (Consolidated) - Real Estate and Accumulated Depreciation - Reconciliation of Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule III, Reconciliation of accumulated depreciation
Balance at beginning of the year	$ 95,968	$ 87,168	$ 75,960
Depreciation expense	22,734	13,886	11,730
Amounts retired or adjusted	(228)	(5,086)	(522)
Balance at the end of the year	$ 118,474	$ 95,968	$ 87,168

Other Assets - Notes Receivable, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounts Receivable, Net
Notes receivable, net	$ 416	$ 1,742
Proceeds from collection of principal	1,315	10,699	$ 6,005
Accrued interest receivable	2,938	2,938
Maximum
Accounts Receivable, Net
Allowance for credit losses, Notes receivable	100	100
Notes Receivable
Accounts Receivable, Net
Accrued interest receivable	100	100
Various interest-bearing homebuilder notes, secured by the real estate sold - bearing interest at a rate of 5.5%, paid in full May 2023
Accounts Receivable, Net
Notes receivable, net		$ 1,296
Interest rate, note (as a percent)		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	$ 57	$ 68
Mortgage note, secured by certain real estate
Accounts Receivable, Net
Notes receivable, net		$ 19

Schedule IV (Consolidated) - Mortgage Loans on Real Estate

12 Months Ended

Dec. 31, 2023

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, 2023

(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)	$	—	$	—	$	—	$	—
Total^(c)				$	—	$	—	$	—	$	—

(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 4. Joint Ventures and Note 20. Commitments and Contingencies for additional information related to the revolving promissory note.

(c)	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,
	2023		2022		2021
Balance at beginning of the year	$	1,315	$	11,942	$	10,321
Additions during the year - new mortgage loans		—		—		7,798
Deductions during the year:
Collections of principal		1,315		10,699		6,005
Foreclosures		—		—		128
Other		—		(72)		44
Balance at the end of the year	$	—	$	1,315	$	11,942

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes

Schedule of current and deferred income tax expense (benefit)


	Year Ended December 31,
	2023		2022		2021
Current:
Federal	$	32,103	$	19,067	$	9,005
State		4,584		832		—
Total		36,687		19,899		9,005
Deferred:
Federal		(11,413)		661		12,120
State		735		3,829		3,857
Total		(10,678)		4,490		15,977
Income tax expense	$	26,009	$	24,389	$	24,982

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


	Year Ended December 31,
	2023		2022		2021
Income tax expense	$	26,009	$	24,389	$	24,982
Income tax recorded in accumulated other comprehensive income
Income tax (benefit) expense		(199)		957		367
Total income tax expense	$	25,810	$	25,346	$	25,349

Schedule of effective income tax rate reconciliation


	Year Ended December 31,
	2023				2022				2021
U.S. federal statutory tax rate	$	21,781	21.0	%	$	20,016	21.0	%	$	20,902	21.0	%
State and local income taxes, net of federal income tax effect^(a)		4,223	4.1	%		4,495	4.7	%		3,581	3.6	%
Effect of changes in tax laws or rates enacted		—	—	%		—	—	%		458	0.5	%
Energy related tax credits		(450)	(0.4)	%		(150)	(0.2)	%		(186)	(0.2)	%
Benefit of Qualified Opportunity Zone investments		—	—	%		—	—	%		(195)	(0.2)	%
Changes in valuation allowance		22	—	%		(21)	—	%		275	0.3	%
Nontaxable or nondeductible items		230	0.2	%		49	0.1	%		147	0.1	%
Other items		203	0.2	%		—	—	%		—	—	%
Total income tax expense	$	26,009	25.1	%	$	24,389	25.6	%	$	24,982	25.1	%

(a)	State taxes in Florida make up the majority of the tax effect in this category.

Schedule of deferred tax assets and liabilities


	December 31,		December 31,
	2023		2022
Deferred tax assets:
Net operating loss carryforwards	$	2,862	$	5,965
Impairment losses		23,867		26,714
Deferred revenue		12,594		9,631
Capitalized costs		3,272		2,121
Reserves and accruals		1,432		1,975
Other		921		2,664
Total gross deferred tax assets		44,948		49,070
Valuation allowance		(312)		(290)
Total net deferred tax assets		44,636		48,780
Deferred tax liabilities:
Investment in real estate and property and equipment basis differences		31,165		21,713
Deferred gain on land sales and involuntary conversions		36,988		36,977
Installment sales		45,597		70,178
Other		2,715		2,618
Total gross deferred tax liabilities		116,465		131,486
Net deferred tax liabilities	$	(71,829)	$	(82,706)

Schedule of income tax payments, net by jurisdiction


	Year Ended December 31,
	2023		2022		2021
U.S. Federal	$	26,400	$	16,361	$	11,070
State of Florida		4,600		—		—
State of Georgia		(82)		750		—
Total income tax payments, net	$	30,918	$	17,111	$	11,070

Significant Accounting Policies - Property and Equipment, Net (Details)	Dec. 31, 2023
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

Leases

12 Months Ended

Dec. 31, 2023

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, marinas, cell towers and other assets, which is recognized as earned, using the straight-line method over the life of each lease. Variable lease payments primarily include property taxes, insurance, utilities and common area maintenance or payments based on a percent of sales over specified levels and senior living services. 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,
	2023		2022		2021
Leasing revenue
Lease payments	$	43,756	$	33,600	$	22,256
Variable lease payments		7,080		5,596		4,825
Total leasing revenue	$	50,836	$	39,196	$	27,081

Minimum future base rental revenue on non-cancelable leases subsequent to December 31, 2023, for the years ending December 31 are:


2024	$	26,485
2025		12,812
2026		10,768
2027		9,416
2028		6,686
Thereafter		35,026
	$	101,193

The Company as Lessee

As of December 31, 2023, 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.

The components of lease expense are as follows:



	Year Ended December 31,
	2023			2022			2021
Lease cost
Finance lease cost:
Amortization of right-of-use assets	$	149		$	122		$	114
Interest on lease liability		15			15			18
Operating lease cost		439			378			308
Variable and short-term lease cost		1,940			1,793			1,476
Total lease cost	$	2,543		$	2,308		$	1,916

Other information
Weighted-average remaining lease term - finance lease (in years)		2.8			3.3			3.6
Weighted-average remaining lease term - operating leases (in years)		1.5			2.9			3.3
Weighted-average discount rate - finance lease		5.3	%		5.2	%		4.6	%
Weighted-average discount rate - operating leases		4.9	%		4.8	%		4.9	%

The aggregate payments of finance and operating lease liabilities subsequent to December 31, 2023, for the years ending December 31 are:


	Finance Leases		Operating Leases
2024	$	137	$	322
2025		94		120
2026		50		59
2027		32		55
2028		9		55
Thereafter		—		330
Total		322		941
Less imputed interest		(24)		(148)
Total lease liabilities	$	298	$	793

Related Party Transactions

12 Months Ended

Dec. 31, 2023

Related Party Transactions

21. Related Party Transactions

The Company provides mitigation bank credits, impact fees and services to certain unconsolidated JVs. During the years ended December 31, 2023, 2022 and 2021, the Company recognized $1.0 million, $1.6 million and $0.6 million, respectively, related to revenues from these transactions. There were no receivables with these unconsolidated JVs as of December 31, 2023 and 2022. The Watersound Management JV provides leasing management services for most of the Company’s multi-family communities. During the years ended December 31, 2023, 2022 and 2021, the Company incurred $2.0 million, $1.2 million and $0.5 million, respectively, related to expense from these transactions. See Note 4. Joint Ventures for additional information.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Significant Accounting Policies - Investment in Real Estate (Details)	Dec. 31, 2023
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

Joint Ventures - Unconsolidated JV - Busy Bee JV (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Nov. 30, 2035	Dec. 31, 2023	Dec. 31, 2022
Investments
Outstanding debt			$ 459,221	$ 391,411
Busy Bee JV
Investments
Ownership percentage			50.00%	50.00%
Unconsolidated joint ventures
Investments
Outstanding debt			$ 115,456	$ 72,083
Busy Bee JV
Investments
Outstanding debt			5,693	6,010
Busy Bee JV \| Busy Bee JV Construction and Equipment Loans \| SOFR
Investments
Basis spread on variable rate (as a percent)	1.60%
Busy Bee JV \| Busy Bee JV Construction Loan, due November 2035
Investments
Loan amount	$ 5,400
Outstanding debt			5,000	5,100
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			$ 700	$ 900
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%

Income Taxes - Tax Refund (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Income Taxes
Unrecognized tax benefits, income tax penalties accrued	$ 0.0	$ 0.0

Stockholders' Equity - Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Stockholders' Equity
Dividends paid (in dollars per share)	$ 0.44	$ 0.40	$ 0.32
Amount of dividends paid	$ 25,664	$ 23,497	$ 18,844

Joint Ventures

12 Months Ended

Dec. 31, 2023

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 10. Debt, Net and Note 20. Commitments and Contingencies for additional information. The Company provides mitigation bank credits, impact fees and services to certain unconsolidated JVs and incurs expense for leasing management services from the Watersound Management JV, see Note 21. Related Party Transactions for additional information.

Consolidated Joint Ventures

Mexico Beach Crossings JV

The Mexico Beach Crossings JV was formed in January 2022, when the Company entered into a JV agreement to develop, manage and lease a 216-unit apartment community in Mexico Beach, Florida. Construction of the community was completed in the fourth quarter of 2023. The community is located on land that was contributed to the JV by the Company. As of December 31, 2023 and 2022, 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 Mexico Beach Crossings JV is a voting interest entity and that the Company has a majority voting interest as of December 31, 2023 and 2022.

The Lodge 30A JV

The Lodge 30A JV was formed in 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. Construction of the 85-room hotel was completed in the first quarter of 2023. As of December 31, 2023 and 2022, the Company owned a 52.8% interest in the consolidated JV. A wholly-owned subsidiary of the Company manages the day-to-day operations of the hotel. The Company approves all major decisions, including project development, 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, 2023 and 2022.

Pier Park Resort Hotel JV

The Pier Park Resort Hotel JV was formed in 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. Construction of the 255-room hotel was completed in the second quarter of 2023. As of December 31, 2023 and 2022, the Company owned a 70.0% interest in the consolidated JV. A wholly-owned subsidiary of the Company manages 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, 2023 and 2022.

Pier Park Crossings Phase II JV

The 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. As of December 31, 2023 and 2022, 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, 2023 and 2022.

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, 2023 and 2022, 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, 2023 and 2022.

Watercrest JV

The 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. As of December 31, 2023 and 2022, 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, 2023 and 2022.

Watersound Origins Crossings JV

The Watersound Origins Crossings JV was formed in 2019, when the Company entered into a JV agreement to develop, manage and lease a 217-unit apartment community near the entrance to the Watersound Origins residential community. Construction of the community was completed in the fourth quarter of 2021. As of December 31, 2023 and 2022, 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, 2023 and 2022.

Pier Park Crossings JV

The Pier Park Crossing 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, 2023 and 2022, 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, 2023 and 2022.

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, 2023 and 2022, the Company owned a 90.0% interest in the consolidated JV. A wholly-owned subsidiary of the Company’s JV s partner is responsible for the day-to-day activities of the retail center. 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, 2023 and 2022.

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,
	2023		2022
Investment in unconsolidated joint ventures
Latitude Margaritaville Watersound JV	$	49,036	$	33,235
Sea Sound JV ^(a)		—		411
Watersound Fountains Independent Living JV		6,533		7,258
Pier Park TPS JV		707		1,451
Pier Park RI JV		6,156		4,263
Busy Bee JV		2,535		2,160
Electric Cart Watersound JV		815		703
Watersound Management JV		574		544
Total investment in unconsolidated joint ventures	$	66,356	$	50,025

Outstanding debt principal of unconsolidated JVs
Latitude Margaritaville Watersound JV^{(b) (c)}	$	37,445	$	30,001
Watersound Fountains Independent Living JV^(c)		38,062		21,327
Pier Park TPS JV^(c)		13,503		13,822
Pier Park RI JV		16,021		—
Busy Bee JV		5,693		6,010
Electric Cart Watersound JV ^(c)		4,732		923
Total outstanding debt principal of unconsolidated JVs	$	115,456	$	72,083

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

(b)	See Note 20. Commitments and Contingencies for additional information on the $10.0 million secured revolving promissory note the Company entered into with the unconsolidated Latitude Margaritaville Watersound JV.

(c)	See Note 20. Commitments and Contingencies for additional information related to outstanding debt.

The Company had approximately $16.0 million in cumulative undistributed earnings from its unconsolidated JVs included within investment in unconsolidated joint ventures as of December 31, 2023. During 2023 and 2022, the Company received distributions from unconsolidated JVs totaling $12.1 million and $36.1 million, respectively, which included a distribution from the Sea Sound JV related to the sale of its assets during 2022. The Company's maximum exposure to loss due to involvement with the unconsolidated JVs as of December 31, 2023, was $122.4 million, which includes the carrying amounts of the investments, guarantees, promissory note receivable, other receivables and derivative instruments.

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


	Year Ended December 31,
	2023		2022		2021
Equity in income (loss) from unconsolidated joint ventures
Latitude Margaritaville Watersound JV^(a)	$	23,627	$	3,859	$	(1,861)
Sea Sound JV^(b)		(35)		21,705		(15)
Watersound Fountains Independent Living JV^(c)		(725)		(250)		—
Pier Park TPS JV		(362)		33		551
Busy Bee JV^(d)		(36)		538		441
Electric Cart Watersound JV^(e)		112		18		—
Watersound Management JV		120		83		19
Total equity in income (loss) from unconsolidated joint ventures	$	22,701	$	25,986	$	(865)

(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 no longer has activity from operations.

(c)	The project is under construction.

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

(e)	JV was formed in February 2022. The permanent sales and service facility located in the Watersound West Bay Center was completed in the fourth quarter of 2023.

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


	December 31, 2023
	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	$	149,253	^(a)	$	—	$	52,301	$	13,666	$	32,053	$	8,605	$	5,384	$	—	$	261,262
Cash and cash equivalents		28,235			—		215		719		44		613		902		158		30,886
Other assets		2,883			—		67		617		25		1,965		396		—		5,953
Total assets	$	180,371		$	—	$	52,583	$	15,002	$	32,122	$	11,183	$	6,682	$	158	$	298,101

LIABILITIES AND EQUITY
Debt, net	$	37,155		$	—	$	37,493	$	13,408	$	15,681	$	5,673	$	4,661	$	—	$	114,071
Accounts payable and other liabilities		72,872			—		2,947		181		4,128		439		423		—		80,990
Equity		70,344			—		12,143		1,413		12,313		5,071		1,598		158		103,040
Total liabilities and equity	$	180,371		$	—	$	52,583	$	15,002	$	32,122	$	11,183	$	6,682	$	158	$	298,101

(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 no longer has activity from operations.


	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	$	126,354	^(a)	$	—	$	38,783	$	15,106	$	9,858	$	7,627	$	1,875	$	—	$	199,603
Cash and cash equivalents		10,633			327		190		775		580		1,081		259		98		13,943
Other assets		3,268			363		11		748		340		1,957		234		—		6,921
Total assets	$	140,255		$	690	$	38,984	$	16,629	$	10,778	$	10,665	$	2,368	$	98	$	220,467

LIABILITIES AND EQUITY
Debt, net	$	29,530		$	—	$	20,716	$	13,542	$	—	$	5,970	$	843	$	—	$	70,601
Accounts payable and other liabilities		77,630			5		4,776		186		2,252		376		147		—		85,372
Equity		33,095			685		13,492		2,901		8,526		4,319		1,378		98		64,494
Total liabilities and equity	$	140,255		$	690	$	38,984	$	16,629	$	10,778	$	10,665	$	2,368	$	98	$	220,467

(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 no longer has activity from operations.

Summarized statements of operations for unconsolidated JVs are as follows:


	Year Ended December 31, 2023
	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		Watersound Management JV			Total
Total revenue	$	323,881	$	—	$	—	$	4,716	$	—	$	17,170		$	3,235	$	1,956	$	350,958
Expenses:
Cost of revenue		259,199		—		—		3,118		—		16,449			2,796		1,717		283,279
Other operating expenses		17,079		62		1,330		—		—		—			104		—		18,575
Depreciation and amortization		613		—		14		1,443		—		499			33		—		2,602
Total expenses		276,891		62		1,344		4,561		—		16,948			2,933		1,717		304,456
Operating income (loss)		46,990		(62)		(1,344)		155		—		222			302		239		46,502
Other (expense) income:
Interest expense		—		—		(4)		(906)		—		(176)			(82)		—		(1,168)
Other income (expense), net		264		—		—		28		—		(115)	^(e)		—		—		177
Total other income (expense), net		264		—		(4)		(878)		—		(291)			(82)		—		(991)
Net income (loss)	$	47,254	$	(62)	$	(1,348)	$	(723)	$	—	$	(69)		$	220	$	239	$	45,511

(a)	The Latitude Margaritaville Watersound JV completed 641 home sale transactions during 2023.

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

(c)	The project is under construction.

(d)	The project is under construction with no income or loss for the year ended December 31, 2023.

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


	Year Ended December 31, 2022
	Latitude Margaritaville Watersound JV^(a)		Sea Sound JV			Watersound Fountains Independent Living JV^(c)		Pier Park TPS JV		Pier Park RI JV ^(d)		Busy Bee JV			Electric Cart Watersound JV		Watersound Management JV		Total
Total revenue	$	139,297	$	5,182		$	—	$	5,460	$	—	$	17,747		$	579	$	1,196	$	169,461
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		543		1,671			—		1,449		—		459			2		—		4,124
Total expenses		131,914		3,586			465		4,648		—		17,413			541		1,030		159,597
Operating income (loss)		7,383		1,596			(465)		812		—		334			38		166		9,864
Other (expense) income:
Interest expense		—		(1,560)			—		(752)		—		(190)			(3)		—		(2,505)
Other income, net		47		36,138	^(b)		—		17		—		957	^(e)		—		—		37,159
Total other income (expense), net		47		34,578			—		(735)		—		767			(3)		—		34,654
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 no longer has activity from operations.

(c)	The project is under construction.

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

(e)	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		14,931		439		—		2,971		—		15,064			—		473		33,878
Other operating expenses		6,802		—		—		—		—		—			—		—		6,802
Depreciation and amortization		396		359		—		1,434		—		461			—		—		2,650
Total expenses		22,129		798		—		4,405		—		15,525			—		473		43,330
Operating (loss) income		(3,476)		214		—		2,069		—		840			—		38		(315)
Other (expense) income:
Interest expense		—		(239)		—		(735)		—		(192)			—		—		(1,166)
Other income, net		—		—		—		11		—		198	^(e)		—		—		209
Total other (expense) income, net		—		(239)		—		(724)		—		6			—		—		(957)
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 no longer has 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.

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. The town center amenities opened in June 2023. As of December 31, 2023, the Latitude Margaritaville Watersound JV had 609 homes under contract and has completed 1,004 home sale transactions of the total estimated 3,500 homes planned in the community. As of December 31, 2023 and 2022, the Company’s investment in the unconsolidated Latitude Margaritaville Watersound JV was $49.0 million and $33.2 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 and other distributions. During 2023 and 2022, the Company received $11.4 million and $3.1 million, respectively, of cash distributions from the JV. As of December 31, 2023, the Company completed $8.3 million of the $9.2 million total 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, 2023 and 2022, the Company owned a 50.0% voting interest in the JV. 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.

The Company’s Latitude Margaritaville Watersound JV has met the conditions of a significant subsidiary under Rule 1-02(w) of Regulation S-X for the year ended December 31, 2023, but not the years ended December 31, 2022 and 2021. Therefore, separate financial statements of the Latitude Margaritaville Watersound JV, as required pursuant to Rule 3-09 of Regulation S-X, are filed as Exhibit 99.1 of this Form 10-K. The basis difference of $18.3 million and $24.6 million as of December 31, 2023 and 2022, respectively, is due to the Company maintaining the land and additional completed infrastructure improvements contributed to the JV at its historical cost basis, while the JV recorded these contributions at market value. The basis difference is being reduced with the pro-rata return of land contribution as each home is sold by the JV. The amounts returned totaled $6.4 million, $3.1 million and $0.4 million in 2023, 2022 and 2021, respectively.

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 both December 31, 2023 and 2022, there was no balance outstanding on the Latitude JV Note. Future advances, if any, will be repaid by the JV as each home is sold. 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 revolving promissory note and guaranty by the Company.

Sea Sound JV

FDSJ Eventide, LLC was formed in 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, 2023 and 2022, 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. During 2022, the Company also received a cash distribution of $31.6 million from the JV. As a result of the sale, the Sea Sound JV no longer has activity from operations. The Sea Sound JV had a contingent gain related to the sale for a $0.5 million indemnity holdback liability, which was received in October 2023. 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 was accounted for using the equity method.

Watersound Fountains Independent Living JV

WOSL, LLC was formed in 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 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, 2023 and 2022, 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, 2023 and 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 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 2022, with a fair value of $1.8 million. In addition, as of December 31, 2023, the Company contributed cash and impact fees of $4.4 million, and the JV partner contributed cash of $6.2 million. As of December 31, 2023 and 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, 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 RI 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, 2023, $16.0 million was outstanding on the Pier Park RI JV Loan. 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, which includes a Starbucks, in Panama City Beach, Florida. As of December 31, 2023 and 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 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 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 SOFR plus 1.6%. 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 SOFR for the Busy Bee JV Construction Loan and the Busy Bee JV Equipment Loan. The Busy Bee JV Construction Loan interest rate swap matures in November 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 in November 2027 and fixed the variable rate debt, initially at $1.2 million to maturity, to a rate of 2.1%. Effective July 1, 2023, the benchmark interest rate index based on LIBOR transitioned to SOFR. As of December 31, 2023 and 2022, $5.0 million and $5.1 million, respectively, was outstanding on the Busy Bee JV Construction Loan. As of December 31, 2023 and 2022, $0.7 million and $0.9 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. The land was contributed to the JV by the Company in 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 JV operated out of a temporary facility while its permanent Watersound West Bay Center location was being constructed. The Watersound West Bay Center Facility opened in October 2023 and provides sales and service. 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, 2023 and 2022, the Company owned a 51% interest in the JV. 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, 2023 and 2022, the Electric Cart Watersound JV had $2.4 million and $1.7 million, respectively, 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, 2023 and 2022, the JV had an outstanding principal balance of $0.4 million and $0.1 million, respectively, 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 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. All activity of Watersound Management JV is related to multi-family housing developments owned by the Company or by consolidated JVs of the Company. During 2021 the Company and its JV partner each contributed cash of less than $0.1 million. As of December 31, 2023 and 2022, 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. See Note 21. Related Party Transactions for additional information.

Joint Ventures - Equity in Income (Loss) from Unconsolidated JV (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Nov. 30, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Investments
Distributions from unconsolidated JVs		$ 12,100	$ 36,100
Equity in income (loss) from unconsolidated joint ventures		22,701	25,986	$ (865)
Proceeds from sale of assets		71	49	34
Sea Sound JV
Investments
Proceeds from sale of assets	$ 92,500
Gain on sale of assets	36,100
Investment, Unconsolidated joint ventures
Investments
Cumulative undistributed earnings		16,000
Maximum exposure to loss		122,400
Latitude Margaritaville Watersound JV
Investments
Distributions from unconsolidated JVs		11,400	3,100
Equity in income (loss) from unconsolidated joint ventures		23,627	3,859	(1,861)
Sea Sound JV
Investments
Distributions from unconsolidated JVs			31,600
Equity in income (loss) from unconsolidated joint ventures		(35)	21,705	(15)
Gain on sale of assets	$ 21,700		21,700
Watersound Fountains Independent Living JV
Investments
Equity in income (loss) from unconsolidated joint ventures		(725)	(250)
Pier Park TPS JV
Investments
Equity in income (loss) from unconsolidated joint ventures		(362)	33	551
Busy Bee JV
Investments
Equity in income (loss) from unconsolidated joint ventures		(36)	538	441
Electric Cart Watersound JV
Investments
Equity in income (loss) from unconsolidated joint ventures		112	18
Watersound Management JV
Investments
Equity in income (loss) from unconsolidated joint ventures		$ 120	$ 83	$ 19

Stockholders' Equity

12 Months Ended

Dec. 31, 2023

Stockholders' Equity

Stockholders' Equity

15. Stockholders’ Equity

Dividends

During 2023, 2022 and 2021, the Company paid cash dividends of $0.44, $0.40 and $0.32, respectively, per share on the Company’s common stock for a total of $25.7 million, $23.5 million and $18.8 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, 2023, the Company did not repurchase shares of its common stock outstanding. 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. As of December 31, 2023, 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 March 24, 2023, the Company granted 12,796 restricted stock awards to certain employees pursuant to the Company’s 2015 Performance and Equity Incentive Plan (the “2015 Plan”). The restricted shares 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 $39.42 per share.

On February 21, 2023, the Company granted 17,943 restricted stock awards to certain employees pursuant to the 2015 Plan. The restricted shares 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. On February 21, 2023, the Company also granted 5,760 restricted stock awards to an employee pursuant to the 2015 Plan. The restricted shares 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 $44.30 per share.

On April 8, 2022, the Company granted 4,361 restricted stock awards to an employee pursuant to the 2015 Plan. The restricted shares 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 per share.

On February 22, 2022, the Company granted 25,594 restricted stock awards to certain employees pursuant to the 2015 Plan. The restricted shares 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. During 2023, 8,531 of the restricted shares vested on the first annual anniversary. The weighted average grant date fair value of the restricted shares was $46.73 per share.

Following is a summary of non-vested restricted share activity:


	Year Ended December 31, 2023			Year Ended December 31, 2022
			Weighted Average			Weighted Average
			Grant Date			Grant Date
	Number of		Fair Value	Number of		Fair Value
Non-Vested Restricted Shares	Shares		Per Share	Shares		Per Share
Balance at beginning of period	29,955	$	48.04	—	$	—
Granted	36,499	$	42.59	29,955	$	48.04
Vested	(8,531)	$	46.73	—	$	—
Forfeited	—	$	—	—	$	—
Balance at end of period	57,923	$	44.80	29,955	$	48.04

During 2023 and 2022, the Company recorded expense of $0.8 million and $0.4 million, respectively, related to restricted stock awards for employee compensation. During 2021, the Company did not have expense related to restricted stock awards.

Significant Accounting Policies - Receivables (Details)	12 Months Ended
Significant Accounting Policies - Receivables (Details)	Dec. 31, 2023
Summary of Significant Accounting Policies
Receivables, write off period	90 days

Other Assets - Prepaid Expenses and Other Assets (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Other Assets
Prepaid insurance	$ 4.4	$ 2.8
Other assets, Restricted cash and escrow deposits	4.7	7.6
Other assets, Derivative assets	$ 3.3	$ 4.6

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

12 Months Ended

Dec. 31, 2023

Real estate properties

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


	December 31,		December 31,
	2023		2022
Development property:
Residential	$	141,145	$	166,304
Hospitality		23,633		205,409
Commercial		99,719		131,133
Other		2,924		3,618
Total development property		267,421		506,464

Operating property:
Residential		10,905		7,854
Hospitality		419,095		221,542
Commercial		439,671		356,242
Other		—		127
Total operating property		869,671		585,765
Less: Accumulated depreciation		118,474		95,968
Total operating property, net		751,197		489,797
Investment in real estate, net	$	1,018,618	$	996,261

Operating property

Real estate properties

Schedule of operating property


		December 31,		December 31,
		2023		2022
Land and land improvements	$	206,089	$	146,257
Buildings and building improvements		648,655		425,347
Timber		14,927		14,161
		869,671		585,765
Less: Accumulated depreciation		118,474		95,968
Total operating property, net	$	751,197	$	489,797

Other Income, Net - Interest Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other Income, Net
Capitalized interest cost	$ 2.7	$ 3.0	$ 1.0
Senior Notes held by special purpose entity
Other Income, Net
Effective interest rate (as a percent)	4.90%

Leases - Minimum Future Base Rental Revenue (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Minimum future base rental revenue:
2024	$ 26,485
2025	12,812
2026	10,768
2027	9,416
2028	6,686
Thereafter	35,026
Total	$ 101,193

Deferred Revenue - Performance Obligations (Details) $ in Millions	Dec. 31, 2023 USD ($)
Performance obligations
Remaining performance obligations	$ 48.7
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	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Performance obligations
Remaining performance obligations	$ 20.5
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Performance obligations
Remaining performance obligations	$ 14.2
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01
Performance obligations
Remaining performance obligations	$ 3.1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period

Debt, Net (Tables)

12 Months Ended

Dec. 31, 2023

Debt, Net

Schedule of Debt


			Effective Rate
			December 31,		December 31,		December 31,
	Maturity Date	Interest Rate Terms	2023		2023		2022
Watersound Origins Crossings JV Loan (insured by HUD)^(a)	April 2058	Fixed	5.0	%	$	52,546	$	44,015
Pier Park Resort Hotel JV Loan	April 2027	SOFR plus 2.1%^(b)	4.1	%		51,888		45,209
Mexico Beach Crossings JV Loan (insured by HUD)	March 2064	Fixed	3.0	%		42,405		23,374
PPN JV Loan	November 2025	Fixed	4.1	%		41,485		42,555
Pearl Hotel Loan	December 2032	Fixed	6.3	%		35,520		37,000
PPC JV Loan (insured by HUD)	June 2060	Fixed	3.1	%		34,675		35,180
Watersound Camp Creek Loan	December 2047	SOFR plus 2.1%, floor 2.6%^(c)	7.5	%		27,999		13,131
North Bay Landing Loan	September 2024	SOFR plus 2.6%, floor 3.3%^{(d) (e)}	7.9	%		26,750		18,222
PPC II JV Loan (insured by HUD)	May 2057	Fixed	2.7	%		22,215		22,623
Hotel Indigo Loan	October 2028	SOFR plus 2.5%, floor 2.5%^(f)	7.8	%		20,690		10,427
Watercrest JV Loan	June 2047	SOFR plus 2.2%^(e)	7.6	%		20,074		21,038
Breakfast Point Hotel Loan	November 2042	Fixed^(g)	6.0	%		15,937		16,376
Lodge 30A JV Loan	January 2028	Fixed	3.8	%		14,655		13,304
Airport Hotel Loan	March 2025	SOFR plus 2.1%, floor 3.0%^(e)	7.5	%		13,010		14,642
Topsail Hotel Loan	July 2027	SOFR plus 2.1%, floor 3.0%	7.5	%		12,307		5,199
Watersound Town Center Grocery Loan	August 2031	SOFR plus 2.1%, floor 2.3%^(e)	7.4	%		10,531		11,379
Beckrich Building III Loan	August 2029	SOFR plus 1.8%^(e)	7.2	%		5,014		5,020
Self-Storage Facility Loan	November 2025	SOFR plus 2.5%, floor 2.9%^(e)	7.8	%		4,666		4,666
Community Development District debt	May 2024-May 2039	Fixed	3.6 to 6.0	%		3,046		4,113
Beach Homes Loan	May 2029	SOFR plus 1.7%^(e)	7.1	%		1,416		1,447
Pier Park Outparcel Loan	March 2027	SOFR plus 1.8%^(e)	7.2	%		1,275		1,300
WaterColor Crossings Loan	February 2029	SOFR plus 1.8%^(e)	7.2	%		1,117		1,191
Total principal outstanding						459,221		391,411
Unamortized discount and debt issuance costs						(5,581)		(5,551)
Total debt, net					$	453,640	$	385,860

(a)	In March 2023, the Watersound Origins Crossings JV Loan was refinanced. The previous loan had an interest rate of SOFR plus 2.8% and maturity date of May 2024.

(b)

The Pier Park Resort Hotel JV entered into an interest rate swap that matures in April 2027 and fixed the variable rate on the notional amount of related debt, initially at $42.0 million, amortizing to $38.7 million at swap maturity, to a rate of 3.2%. See Note 6. Financial Instruments and Fair Value Measurements for additional information. Effective February 2023, the Pier Park Resort Hotel JV Loan was amended from an interest rate of LIBOR plus 2.2%.

(c)	In February 2023, the Watersound Camp Creek Loan was amended from an interest rate of LIBOR plus 2.1%.

(d)	Upon reaching a certain debt service coverage ratio, the North Bay Landing Loan will bear interest at a rate of SOFR plus 2.4%, with a floor of 3.1%.

(e)	Effective July 1, 2023, the benchmark interest rate index based on LIBOR transitioned to SOFR.

(f)	Prior to November 2023, The Hotel Indigo Loan interest rate was SOFR plus 2.7%, with a floor of 2.7%.

(g)	The Breakfast Point Hotel Loan interest 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.

Schedule of Aggregate Maturities of Debt


2024	$	36,250
2025		65,968
2026		8,601
2027		69,380
2028		35,960
Thereafter		243,062
	$	459,221

Joint Ventures (Tables)

12 Months Ended

Dec. 31, 2023

Unconsolidated joint ventures

Investments

Schedule of financial information of unconsolidated joint ventures


	December 31,		December 31,
	2023		2022
Investment in unconsolidated joint ventures
Latitude Margaritaville Watersound JV	$	49,036	$	33,235
Sea Sound JV ^(a)		—		411
Watersound Fountains Independent Living JV		6,533		7,258
Pier Park TPS JV		707		1,451
Pier Park RI JV		6,156		4,263
Busy Bee JV		2,535		2,160
Electric Cart Watersound JV		815		703
Watersound Management JV		574		544
Total investment in unconsolidated joint ventures	$	66,356	$	50,025

Outstanding debt principal of unconsolidated JVs
Latitude Margaritaville Watersound JV^{(b) (c)}	$	37,445	$	30,001
Watersound Fountains Independent Living JV^(c)		38,062		21,327
Pier Park TPS JV^(c)		13,503		13,822
Pier Park RI JV		16,021		—
Busy Bee JV		5,693		6,010
Electric Cart Watersound JV ^(c)		4,732		923
Total outstanding debt principal of unconsolidated JVs	$	115,456	$	72,083

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

(b)	See Note 20. Commitments and Contingencies for additional information on the $10.0 million secured revolving promissory note the Company entered into with the unconsolidated Latitude Margaritaville Watersound JV.

(c)	See Note 20. Commitments and Contingencies for additional information related to outstanding debt.

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


	Year Ended December 31,
	2023		2022		2021
Equity in income (loss) from unconsolidated joint ventures
Latitude Margaritaville Watersound JV^(a)	$	23,627	$	3,859	$	(1,861)
Sea Sound JV^(b)		(35)		21,705		(15)
Watersound Fountains Independent Living JV^(c)		(725)		(250)		—
Pier Park TPS JV		(362)		33		551
Busy Bee JV^(d)		(36)		538		441
Electric Cart Watersound JV^(e)		112		18		—
Watersound Management JV		120		83		19
Total equity in income (loss) from unconsolidated joint ventures	$	22,701	$	25,986	$	(865)

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

(b)

(c)	The project is under construction.

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

(e)	JV was formed in February 2022. The permanent sales and service facility located in the Watersound West Bay Center was completed in the fourth quarter of 2023.

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


	December 31, 2023
	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	$	149,253	^(a)	$	—	$	52,301	$	13,666	$	32,053	$	8,605	$	5,384	$	—	$	261,262
Cash and cash equivalents		28,235			—		215		719		44		613		902		158		30,886
Other assets		2,883			—		67		617		25		1,965		396		—		5,953
Total assets	$	180,371		$	—	$	52,583	$	15,002	$	32,122	$	11,183	$	6,682	$	158	$	298,101

LIABILITIES AND EQUITY
Debt, net	$	37,155		$	—	$	37,493	$	13,408	$	15,681	$	5,673	$	4,661	$	—	$	114,071
Accounts payable and other liabilities		72,872			—		2,947		181		4,128		439		423		—		80,990
Equity		70,344			—		12,143		1,413		12,313		5,071		1,598		158		103,040
Total liabilities and equity	$	180,371		$	—	$	52,583	$	15,002	$	32,122	$	11,183	$	6,682	$	158	$	298,101

(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 no longer has activity from operations.


	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	$	126,354	^(a)	$	—	$	38,783	$	15,106	$	9,858	$	7,627	$	1,875	$	—	$	199,603
Cash and cash equivalents		10,633			327		190		775		580		1,081		259		98		13,943
Other assets		3,268			363		11		748		340		1,957		234		—		6,921
Total assets	$	140,255		$	690	$	38,984	$	16,629	$	10,778	$	10,665	$	2,368	$	98	$	220,467

LIABILITIES AND EQUITY
Debt, net	$	29,530		$	—	$	20,716	$	13,542	$	—	$	5,970	$	843	$	—	$	70,601
Accounts payable and other liabilities		77,630			5		4,776		186		2,252		376		147		—		85,372
Equity		33,095			685		13,492		2,901		8,526		4,319		1,378		98		64,494
Total liabilities and equity	$	140,255		$	690	$	38,984	$	16,629	$	10,778	$	10,665	$	2,368	$	98	$	220,467

(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 no longer has activity from operations.

Summarized statements of operations for unconsolidated JVs are as follows:


	Year Ended December 31, 2023
	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		Watersound Management JV			Total
Total revenue	$	323,881	$	—	$	—	$	4,716	$	—	$	17,170		$	3,235	$	1,956	$	350,958
Expenses:
Cost of revenue		259,199		—		—		3,118		—		16,449			2,796		1,717		283,279
Other operating expenses		17,079		62		1,330		—		—		—			104		—		18,575
Depreciation and amortization		613		—		14		1,443		—		499			33		—		2,602
Total expenses		276,891		62		1,344		4,561		—		16,948			2,933		1,717		304,456
Operating income (loss)		46,990		(62)		(1,344)		155		—		222			302		239		46,502
Other (expense) income:
Interest expense		—		—		(4)		(906)		—		(176)			(82)		—		(1,168)
Other income (expense), net		264		—		—		28		—		(115)	^(e)		—		—		177
Total other income (expense), net		264		—		(4)		(878)		—		(291)			(82)		—		(991)
Net income (loss)	$	47,254	$	(62)	$	(1,348)	$	(723)	$	—	$	(69)		$	220	$	239	$	45,511

(a)	The Latitude Margaritaville Watersound JV completed 641 home sale transactions during 2023.

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

(c)	The project is under construction.

(d)	The project is under construction with no income or loss for the year ended December 31, 2023.

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


	Year Ended December 31, 2022
	Latitude Margaritaville Watersound JV^(a)		Sea Sound JV			Watersound Fountains Independent Living JV^(c)		Pier Park TPS JV		Pier Park RI JV ^(d)		Busy Bee JV			Electric Cart Watersound JV		Watersound Management JV		Total
Total revenue	$	139,297	$	5,182		$	—	$	5,460	$	—	$	17,747		$	579	$	1,196	$	169,461
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		543		1,671			—		1,449		—		459			2		—		4,124
Total expenses		131,914		3,586			465		4,648		—		17,413			541		1,030		159,597
Operating income (loss)		7,383		1,596			(465)		812		—		334			38		166		9,864
Other (expense) income:
Interest expense		—		(1,560)			—		(752)		—		(190)			(3)		—		(2,505)
Other income, net		47		36,138	^(b)		—		17		—		957	^(e)		—		—		37,159
Total other income (expense), net		47		34,578			—		(735)		—		767			(3)		—		34,654
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 no longer has activity from operations.

(c)	The project is under construction.

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

(e)	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		14,931		439		—		2,971		—		15,064			—		473		33,878
Other operating expenses		6,802		—		—		—		—		—			—		—		6,802
Depreciation and amortization		396		359		—		1,434		—		461			—		—		2,650
Total expenses		22,129		798		—		4,405		—		15,525			—		473		43,330
Operating (loss) income		(3,476)		214		—		2,069		—		840			—		38		(315)
Other (expense) income:
Interest expense		—		(239)		—		(735)		—		(192)			—		—		(1,166)
Other income, net		—		—		—		11		—		198	^(e)		—		—		209
Total other (expense) income, net		—		(239)		—		(724)		—		6			—		—		(957)
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 no longer has 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.

Debt, Net - Maturities of Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt, Net
2024	$ 36,250
2025	65,968
2026	8,601
2027	69,380
2028	35,960
Thereafter	243,062
Long term debt	$ 459,221	$ 391,411

Schedule III (Consolidated) - Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule III, Real Estate
Encumbrances	$ 459,221
Initial Cost to Company, Land & Improvements	267,366
Initial Cost to Company, Buildings & Improvements	690,773
Costs Capitalized Subsequent to Acquisition or Construction	178,953
Land & Land Improvements	451,605
Buildings and Improvements	685,487
Total	1,137,092	$ 1,092,229	$ 777,279	$ 627,613
Accumulated Depreciation and Amortization	118,474
Aggregate cost of real estate owned for federal income tax purposes	$ 1,055,300
Land improvements \| Minimum
Schedule III, Real Estate
Depreciation Life (in years)	15 years
Land improvements \| Maximum
Schedule III, Real Estate
Depreciation Life (in years)	20 years
Buildings \| Minimum
Schedule III, Real Estate
Depreciation Life (in years)	20 years
Buildings \| Maximum
Schedule III, Real Estate
Depreciation Life (in years)	40 years
Building improvements \| Minimum
Schedule III, Real Estate
Depreciation Life (in years)	5 years
Building improvements \| Maximum
Schedule III, Real Estate
Depreciation Life (in years)	25 years
Leasehold Improvements \| Minimum
Schedule III, Real Estate
Depreciation Life (in years)	2 years
Leasehold Improvements \| Maximum
Schedule III, Real Estate
Depreciation Life (in years)	25 years
Residential development, Bay County, FL
Schedule III, Real Estate
Encumbrances	$ 17
Initial Cost to Company, Land & Improvements	2,626
Costs Capitalized Subsequent to Acquisition or Construction	68,998
Land & Land Improvements	71,624
Total	71,624
Residential development, Gulf County, FL
Schedule III, Real Estate
Initial Cost to Company, Land & Improvements	4,000
Costs Capitalized Subsequent to Acquisition or Construction	28,411
Land & Land Improvements	32,411
Total	32,411
Residential development, Walton County, FL
Schedule III, Real Estate
Costs Capitalized Subsequent to Acquisition or Construction	32,355
Land & Land Improvements	32,355
Total	32,355
Residential development, Franklin and Leon Counties, FL
Schedule III, Real Estate
Encumbrances	1,114
Initial Cost to Company, Land & Improvements	8,873
Costs Capitalized Subsequent to Acquisition or Construction	(4,145)
Land & Land Improvements	4,728
Total	4,728
Residential operating property
Schedule III, Real Estate
Initial Cost to Company, Land & Improvements	6,287
Initial Cost to Company, Buildings & Improvements	12,110
Costs Capitalized Subsequent to Acquisition or Construction	(7,465)
Land & Land Improvements	6,329
Buildings and Improvements	4,603
Total	10,932
Accumulated Depreciation and Amortization	2,636
Hospitality, WaterColor Hospitality
Schedule III, Real Estate
Initial Cost to Company, Land & Improvements	1,137
Initial Cost to Company, Buildings & Improvements	19,520
Costs Capitalized Subsequent to Acquisition or Construction	13,802
Land & Land Improvements	4,399
Buildings and Improvements	30,060
Total	34,459
Accumulated Depreciation and Amortization	13,530
Hospitality, The Pearl Hotel
Schedule III, Real Estate
Encumbrances	35,520
Initial Cost to Company, Land & Improvements	10,518
Initial Cost to Company, Buildings & Improvements	38,742
Land & Land Improvements	10,518
Buildings and Improvements	38,742
Total	49,260
Accumulated Depreciation and Amortization	1,136
Hospitality, Pier Park Resort Hotel JV
Schedule III, Real Estate
Encumbrances	51,888
Initial Cost to Company, Land & Improvements	5,500
Initial Cost to Company, Buildings & Improvements	57,803
Land & Land Improvements	5,500
Buildings and Improvements	57,803
Total	63,303
Accumulated Depreciation and Amortization	1,347
Hospitality, The Lodge 30A JV
Schedule III, Real Estate
Encumbrances	14,655
Initial Cost to Company, Land & Improvements	3,303
Initial Cost to Company, Buildings & Improvements	12,339
Land & Land Improvements	3,303
Buildings and Improvements	12,339
Total	15,642
Accumulated Depreciation and Amortization	363
Hospitality, Hotel Indigo/Harrison's Kitchen & Bar
Schedule III, Real Estate
Encumbrances	20,690
Initial Cost to Company, Land & Improvements	2,426
Initial Cost to Company, Buildings & Improvements	30,758
Costs Capitalized Subsequent to Acquisition or Construction	92
Land & Land Improvements	2,518
Buildings and Improvements	30,758
Total	33,276
Accumulated Depreciation and Amortization	633
Hospitality, Hilton Garden Inn Panama City Airport
Schedule III, Real Estate
Encumbrances	13,010
Initial Cost to Company, Land & Improvements	1,693
Initial Cost to Company, Buildings & Improvements	17,101
Land & Land Improvements	1,693
Buildings and Improvements	17,101
Total	18,794
Accumulated Depreciation and Amortization	1,341
Hospitality, Homewood Suites by Hilton Panama City Beach
Schedule III, Real Estate
Encumbrances	15,937
Initial Cost to Company, Land & Improvements	1,953
Initial Cost to Company, Buildings & Improvements	20,193
Costs Capitalized Subsequent to Acquisition or Construction	22
Land & Land Improvements	1,975
Buildings and Improvements	20,193
Total	22,168
Accumulated Depreciation and Amortization	1,151
Hospitality, Home2 Suites by Hilton Santa Rosa Beach
Schedule III, Real Estate
Encumbrances	12,307
Initial Cost to Company, Land & Improvements	2,304
Initial Cost to Company, Buildings & Improvements	14,958
Land & Land Improvements	2,304
Buildings and Improvements	14,958
Total	17,262
Accumulated Depreciation and Amortization	285
Hospitality, Watersound Club - Camp Creek Inn, amenity and golf course
Schedule III, Real Estate
Encumbrances	27,999
Initial Cost to Company, Land & Improvements	34,475
Initial Cost to Company, Buildings & Improvements	45,830
Costs Capitalized Subsequent to Acquisition or Construction	456
Land & Land Improvements	34,931
Buildings and Improvements	45,830
Total	80,761
Accumulated Depreciation and Amortization	9,036
Hospitality, Watersound Club, other
Schedule III, Real Estate
Initial Cost to Company, Land & Improvements	20,906
Initial Cost to Company, Buildings & Improvements	29,483
Costs Capitalized Subsequent to Acquisition or Construction	(92)
Land & Land Improvements	34,439
Buildings and Improvements	15,858
Total	50,297
Accumulated Depreciation and Amortization	16,805
Hospitality, Marinas
Schedule III, Real Estate
Initial Cost to Company, Land & Improvements	24,252
Initial Cost to Company, Buildings & Improvements	10,623
Costs Capitalized Subsequent to Acquisition or Construction	202
Land & Land Improvements	24,936
Buildings and Improvements	10,141
Total	35,077
Accumulated Depreciation and Amortization	2,327
Hospitality, Other
Schedule III, Real Estate
Encumbrances	3,331
Initial Cost to Company, Land & Improvements	11,684
Initial Cost to Company, Buildings & Improvements	12,983
Costs Capitalized Subsequent to Acquisition or Construction	(2,238)
Land & Land Improvements	9,904
Buildings and Improvements	12,525
Total	22,429
Accumulated Depreciation and Amortization	3,928
Commercial Leasing properties, Pier Park North JV
Schedule III, Real Estate
Encumbrances	41,485
Initial Cost to Company, Land & Improvements	13,175
Initial Cost to Company, Buildings & Improvements	35,243
Costs Capitalized Subsequent to Acquisition or Construction	4,064
Land & Land Improvements	13,320
Buildings and Improvements	39,162
Total	52,482
Accumulated Depreciation and Amortization	16,294
Commercial Leasing properties, VentureCrossings
Schedule III, Real Estate
Initial Cost to Company, Land & Improvements	7,199
Initial Cost to Company, Buildings & Improvements	29,823
Costs Capitalized Subsequent to Acquisition or Construction	(1,790)
Land & Land Improvements	5,717
Buildings and Improvements	29,515
Total	35,232
Accumulated Depreciation and Amortization	8,931
Commercial Leasing properties, US FSU/TMH Medical Campus
Schedule III, Real Estate
Initial Cost to Company, Land & Improvements	1,724
Initial Cost to Company, Buildings & Improvements	22,970
Land & Land Improvements	1,724
Buildings and Improvements	22,970
Total	24,694
Commercial Leasing properties, Watersound Origins Crossings JV.
Schedule III, Real Estate
Encumbrances	52,546
Initial Cost to Company, Land & Improvements	6,853
Initial Cost to Company, Buildings & Improvements	33,912
Costs Capitalized Subsequent to Acquisition or Construction	12
Land & Land Improvements	6,859
Buildings and Improvements	33,918
Total	40,777
Accumulated Depreciation and Amortization	3,149
Commercial Leasing properties, Pier Park Crossings JV
Schedule III, Real Estate
Encumbrances	34,675
Initial Cost to Company, Land & Improvements	8,456
Initial Cost to Company, Buildings & Improvements	28,663
Land & Land Improvements	8,456
Buildings and Improvements	28,663
Total	37,119
Accumulated Depreciation and Amortization	4,807
Commercial Leasing properties, Pier Park Crossings Phase II JV
Schedule III, Real Estate
Encumbrances	22,215
Initial Cost to Company, Land & Improvements	3,567
Initial Cost to Company, Buildings & Improvements	15,587
Land & Land Improvements	3,567
Buildings and Improvements	15,587
Total	19,154
Accumulated Depreciation and Amortization	1,725
Commercial Leasing properties, Mexico Beach Crossings
Schedule III, Real Estate
Encumbrances	42,405
Initial Cost to Company, Land & Improvements	10,929
Initial Cost to Company, Buildings & Improvements	33,787
Land & Land Improvements	10,928
Buildings and Improvements	33,788
Total	44,716
Accumulated Depreciation and Amortization	452
Commercial Leasing properties, North Bay Landing
Schedule III, Real Estate
Encumbrances	26,750
Initial Cost to Company, Land & Improvements	3,502
Initial Cost to Company, Buildings & Improvements	34,383
Costs Capitalized Subsequent to Acquisition or Construction	19
Land & Land Improvements	3,521
Buildings and Improvements	34,383
Total	37,904
Accumulated Depreciation and Amortization	1,123
Commercial Leasing properties, Origins Crossings Townhomes
Schedule III, Real Estate
Initial Cost to Company, Land & Improvements	2,944
Initial Cost to Company, Buildings & Improvements	18,352
Land & Land Improvements	2,944
Buildings and Improvements	18,352
Total	21,296
Accumulated Depreciation and Amortization	959
Commercial Leasing properties, Watercrest JV
Schedule III, Real Estate
Encumbrances	20,074
Initial Cost to Company, Land & Improvements	3,074
Initial Cost to Company, Buildings & Improvements	18,475
Costs Capitalized Subsequent to Acquisition or Construction	11
Land & Land Improvements	3,085
Buildings and Improvements	18,475
Total	21,560
Accumulated Depreciation and Amortization	1,778
Commercial Leasing properties, Self-Storage
Schedule III, Real Estate
Encumbrances	4,666
Initial Cost to Company, Land & Improvements	1,003
Initial Cost to Company, Buildings & Improvements	6,180
Land & Land Improvements	1,303
Buildings and Improvements	5,880
Total	7,183
Accumulated Depreciation and Amortization	439
Commercial Leasing properties, Beckrich Office Park
Schedule III, Real Estate
Encumbrances	5,014
Initial Cost to Company, Land & Improvements	2,200
Initial Cost to Company, Buildings & Improvements	13,298
Costs Capitalized Subsequent to Acquisition or Construction	360
Land & Land Improvements	2,223
Buildings and Improvements	13,635
Total	15,858
Accumulated Depreciation and Amortization	1,994
Commercial Leasing properties, Watersound Town Center
Schedule III, Real Estate
Encumbrances	10,531
Initial Cost to Company, Land & Improvements	12,827
Initial Cost to Company, Buildings & Improvements	46,433
Costs Capitalized Subsequent to Acquisition or Construction	16
Land & Land Improvements	12,843
Buildings and Improvements	46,433
Total	59,276
Accumulated Depreciation and Amortization	2,182
Watersound West Bay, WindMark Commercial Leasing properties, Beach, WaterColor And WaterSound Gatehouse Town Centers
Schedule III, Real Estate
Initial Cost to Company, Land & Improvements	5,505
Initial Cost to Company, Buildings & Improvements	12,655
Costs Capitalized Subsequent to Acquisition or Construction	2,571
Land & Land Improvements	5,513
Buildings and Improvements	15,218
Total	20,731
Accumulated Depreciation and Amortization	12,139
Commercial Leasing properties, Other leasing
Schedule III, Real Estate
Encumbrances	2,392
Initial Cost to Company, Land & Improvements	4,575
Initial Cost to Company, Buildings & Improvements	16,795
Costs Capitalized Subsequent to Acquisition or Construction	449
Land & Land Improvements	4,996
Buildings and Improvements	16,823
Total	21,819
Accumulated Depreciation and Amortization	5,740
Commercial developments
Schedule III, Real Estate
Initial Cost to Company, Land & Improvements	31,247
Costs Capitalized Subsequent to Acquisition or Construction	23,873
Land & Land Improvements	55,120
Total	55,120
Accumulated Depreciation and Amortization	35
Timberlands and other unimproved land
Schedule III, Real Estate
Initial Cost to Company, Land & Improvements	6,649
Initial Cost to Company, Buildings & Improvements	1,774
Costs Capitalized Subsequent to Acquisition or Construction	16,046
Land & Land Improvements	22,695
Buildings and Improvements	1,774
Total	24,469
Accumulated Depreciation and Amortization	2,209
Mitigation banks and other
Schedule III, Real Estate
Costs Capitalized Subsequent to Acquisition or Construction	2,924
Land & Land Improvements	2,924
Total	$ 2,924

Joint Ventures - Unconsolidated JV - Statements of Operations (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Nov. 30, 2022 USD ($)	Dec. 31, 2023 USD ($) Transaction	Dec. 31, 2022 USD ($) Transaction	Dec. 31, 2021 USD ($) Transaction
Summarized financial information
Total revenue		$ 389,285	$ 252,321	$ 266,996
Expenses:
Cost of revenue		235,979	145,898	131,314
Other operating expenses		23,797	22,068	23,023
Depreciation and amortization		38,776	22,888	18,202
Total expenses		298,552	190,854	172,539
Operating income		90,733	61,467	94,457
Other (expense) income:
Interest expense		(30,618)	(18,383)	(15,854)
Other income (expense), net		3,245	12,947	10,181
Total other income (expense), net		9,328	33,150	4,274
Net income		74,052	70,228	73,749
Proceeds from sale of assets		71	49	34
Unconsolidated joint ventures
Summarized financial information
Total revenue		350,958	169,461	43,015
Expenses:
Cost of revenue		283,279	142,053	33,878
Other operating expenses		18,575	13,420	6,802
Depreciation and amortization		2,602	4,124	2,650
Total expenses		304,456	159,597	43,330
Operating income		46,502	9,864	(315)
Other (expense) income:
Interest expense		(1,168)	(2,505)	(1,166)
Other income (expense), net		177	37,159	209
Total other income (expense), net		(991)	34,654	(957)
Net income		45,511	44,518	(1,272)
Latitude Margaritaville Watersound JV
Summarized financial information
Total revenue		323,881	139,297	18,653
Expenses:
Cost of revenue		259,199	118,468	14,931
Other operating expenses		17,079	12,903	6,802
Depreciation and amortization		613	543	396
Total expenses		276,891	131,914	22,129
Operating income		46,990	7,383	(3,476)
Other (expense) income:
Other income (expense), net		264	47
Total other income (expense), net		264	47
Net income		$ 47,254	$ 7,430	$ (3,476)
Latitude Margaritaville Watersound JV \| Residential homes
Other (expense) income:
Number of home sale transactions \| Transaction		641	316	47
Sea Sound JV
Summarized financial information
Total revenue			$ 5,182	$ 1,012
Expenses:
Cost of revenue			1,883	439
Other operating expenses		$ 62	32
Depreciation and amortization			1,671	359
Total expenses		62	3,586	798
Operating income		(62)	1,596	214
Other (expense) income:
Interest expense			(1,560)	(239)
Other income (expense), net			36,138
Total other income (expense), net			34,578	(239)
Net income		(62)	36,174	(25)
Proceeds from sale of assets	$ 92,500
Gain on sale of assets	$ 36,100
Watersound Fountains Independent Living JV
Expenses:
Other operating expenses		1,330	465
Depreciation and amortization		14
Total expenses		1,344	465
Operating income		(1,344)	(465)
Other (expense) income:
Interest expense		(4)
Total other income (expense), net		(4)
Net income		(1,348)	(465)	0
Pier Park TPS JV
Summarized financial information
Total revenue		4,716	5,460	6,474
Expenses:
Cost of revenue		3,118	3,199	2,971
Depreciation and amortization		1,443	1,449	1,434
Total expenses		4,561	4,648	4,405
Operating income		155	812	2,069
Other (expense) income:
Interest expense		(906)	(752)	(735)
Other income (expense), net		28	17	11
Total other income (expense), net		(878)	(735)	(724)
Net income		(723)	77	1,345
Pier Park RI JV
Other (expense) income:
Net income		0	0
Busy Bee JV
Summarized financial information
Total revenue		17,170	17,747	16,365
Expenses:
Cost of revenue		16,449	16,954	15,064
Depreciation and amortization		499	459	461
Total expenses		16,948	17,413	15,525
Operating income		222	334	840
Other (expense) income:
Interest expense		(176)	(190)	(192)
Other income (expense), net		(115)	957	198
Total other income (expense), net		(291)	767	6
Net income		(69)	1,101	846
Electric Cart Watersound JV
Summarized financial information
Total revenue		3,235	579
Expenses:
Cost of revenue		2,796	519
Other operating expenses		104	20
Depreciation and amortization		33	2
Total expenses		2,933	541
Operating income		302	38
Other (expense) income:
Interest expense		(82)	(3)
Total other income (expense), net		(82)	(3)
Net income		220	35
Watersound Management JV
Summarized financial information
Total revenue		1,956	1,196	511
Expenses:
Cost of revenue		1,717	1,030	473
Total expenses		1,717	1,030	473
Operating income		239	166	38
Other (expense) income:
Net income		$ 239	$ 166	$ 38

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

Stock Based Compensation - Plans (Details)	Dec. 31, 2023 shares
Stock Based Compensation
Shares available for future issuance	1,397,089

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Deferred Revenue - Changes in Club Initiation Fees (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Change in contract with customer liability
Balance at beginning of period	$ 38,936
Balance at end of period	62,836	$ 38,936
Club Membership
Change in contract with customer liability
Balance at beginning of period	25,088	22,850
New club memberships	33,200	9,170
Revenue from amounts included in contract liability opening balance	(6,989)	(6,040)
Revenue from current period new memberships	(2,557)	(892)
Balance at end of period	$ 48,742	$ 25,088

Investment in Real Estate, Net - Real Estate by Property Type and Segment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Real estate properties
Less: Accumulated depreciation	$ 118,474
Investment in real estate, net	1,018,618	$ 996,261
Operating property, net related to operating leases	367,300	285,100
Development property
Real estate properties
Investment in real estate, net	267,421	506,464
Development property \| Other reconciling items
Real estate properties
Investment in real estate, net	2,924	3,618
Development property \| Residential segment \| Operating Segments
Real estate properties
Investment in real estate, net	141,145	166,304
Development property \| Hospitality segment \| Operating Segments
Real estate properties
Investment in real estate, net	23,633	205,409
Development property \| Commercial segment \| Operating Segments
Real estate properties
Investment in real estate, net	99,719	131,133
Operating property
Real estate properties
Operating property	869,671	585,765
Less: Accumulated depreciation	118,474	95,968
Investment in real estate, net	751,197	489,797
Operating property \| Other reconciling items
Real estate properties
Operating property		127
Operating property \| Residential segment \| Operating Segments
Real estate properties
Operating property	10,905	7,854
Operating property \| Hospitality segment \| Operating Segments
Real estate properties
Operating property	419,095	221,542
Operating property \| Commercial segment \| Operating Segments
Real estate properties
Operating property	$ 439,671	$ 356,242

Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

2. Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

Use of Estimates

Investment in Real Estate, Net

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:

●

Timber Inventory

Investment in Unconsolidated Joint Ventures

Cash and Cash Equivalents

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

Investments

Fair Value Measurements

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

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

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

Comprehensive Income

Derivatives and Hedging

Receivables

Inventory

Property and Equipment, net


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

Leases - The Company as Lessee

Deferred Revenue

Advertising Costs

Income Taxes

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.

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 the Company’s diverse portfolio of residential holdings, the mix of sales and pricing from different communities may impact revenue and margins period over period.

Further discussion of the potential impacts on the Company’s 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,
	2023		2022		2021

Income
Net income attributable to the Company	$	77,712	$	70,927	$	74,553

Shares
Weighted average shares outstanding - basic		58,312,878		58,720,050		58,882,549
Incremental shares from restricted stock		11,376		1,288		—
Weighted average shares outstanding - diluted		58,324,254		58,721,338		58,882,549

Net income per share attributable to the Company
Basic income per share	$	1.33	$	1.21	$	1.27
Diluted income per share	$	1.33	$	1.21	$	1.27

Revenue and Revenue Recognition

Real Estate Revenue

Hospitality Revenue

Leasing Revenue

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


	Year Ended December 31, 2023
	Residential		Hospitality		Commercial		Other		Total
Revenue by Major Good/Service:
Real estate revenue	$	155,702	$	—	$	26,180	$	4,126	$	186,008
Hospitality revenue		—		152,437		4		—		152,441
Leasing revenue		118		2,137		48,253		328		50,836
Total revenue	$	155,820	$	154,574	$	74,437	$	4,454	$	389,285

Timing of Revenue Recognition:
Recognized at a point in time	$	155,702	$	117,982	$	26,184	$	4,126	$	303,994
Recognized over time		—		34,455		—		—		34,455
Over lease term		118		2,137		48,253		328		50,836
Total revenue	$	155,820	$	154,574	$	74,437	$	4,454	$	389,285


	Year Ended December 31, 2022
	Residential		Hospitality		Commercial		Other		Total
Revenue by Major Good/Service:
Real estate revenue	$	92,804	$	—	$	20,384	$	2,677	$	115,865
Hospitality revenue		—		96,731		529		—		97,260
Leasing revenue		82		505		38,466		143		39,196
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	$	—	$	18,023	$	1,963	$	164,650
Hospitality revenue		—		74,538		727		—		75,265
Leasing revenue		190		53		26,807		31		27,081
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

Recently Adopted Accounting Pronouncements

Reference Rate Reform

Leases Common Control Arrangements

Recently Issued Accounting Pronouncements

Business Combinations – Joint Venture Formations

Segment Reporting

evaluating the impact that the adoption of this guidance will have on its financial condition, results of operations, cash flows and related disclosures.

Income Taxes

Leases - Aggregate Payments of Finance and Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Aggregate payments of finance lease liabilities:
2024	$ 137
2025	94
2026	50
2027	32
2028	9
Total	322
Less imputed interest	(24)
Total finance lease liabilities	298	$ 300
Aggregate payments of operating lease liabilities:
2024	322
2025	120
2026	59
2027	55
2028	55
Thereafter	330
Total	941
Less imputed interest	(148)
Total operating lease liabilities	$ 793	$ 678

Financial Instruments and Fair Value Measurements - Assets and Liabilities Measured at FV (Details) - Recurring basis - Interest rate swap - Cash Flow Hedging - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Pier Park Resort Hotel JV Loan
Financial instruments and fair value measurements
Fixed interest rate (as a percent)	3.20%
Notional amount	$ 41,500
Pier Park TPS JV Loan
Financial instruments and fair value measurements
Fixed interest rate (as a percent)	5.20%
Notional amount	$ 13,500
Level 2 \| Pier Park Resort Hotel JV Loan
Financial instruments and fair value measurements
Derivative assets	$ 3,254	$ 4,609
Derivative Asset, Statement of Financial Position	Other assets	Other assets
Level 2 \| Pier Park TPS JV Loan
Financial instruments and fair value measurements
Derivative assets	$ 191	$ 273
Derivative Asset, Statement of Financial Position	Investment in unconsolidated joint ventures	Investment in unconsolidated joint ventures

Debt, Net

12 Months Ended

Dec. 31, 2023

Debt, Net

Debt, Net

10. Debt, Net

Debt consists of the following:


			Effective Rate
			December 31,		December 31,		December 31,
	Maturity Date	Interest Rate Terms	2023		2023		2022
Watersound Origins Crossings JV Loan (insured by HUD)^(a)	April 2058	Fixed	5.0	%	$	52,546	$	44,015
Pier Park Resort Hotel JV Loan	April 2027	SOFR plus 2.1%^(b)	4.1	%		51,888		45,209
Mexico Beach Crossings JV Loan (insured by HUD)	March 2064	Fixed	3.0	%		42,405		23,374
PPN JV Loan	November 2025	Fixed	4.1	%		41,485		42,555
Pearl Hotel Loan	December 2032	Fixed	6.3	%		35,520		37,000
PPC JV Loan (insured by HUD)	June 2060	Fixed	3.1	%		34,675		35,180
Watersound Camp Creek Loan	December 2047	SOFR plus 2.1%, floor 2.6%^(c)	7.5	%		27,999		13,131
North Bay Landing Loan	September 2024	SOFR plus 2.6%, floor 3.3%^{(d) (e)}	7.9	%		26,750		18,222
PPC II JV Loan (insured by HUD)	May 2057	Fixed	2.7	%		22,215		22,623
Hotel Indigo Loan	October 2028	SOFR plus 2.5%, floor 2.5%^(f)	7.8	%		20,690		10,427
Watercrest JV Loan	June 2047	SOFR plus 2.2%^(e)	7.6	%		20,074		21,038
Breakfast Point Hotel Loan	November 2042	Fixed^(g)	6.0	%		15,937		16,376
Lodge 30A JV Loan	January 2028	Fixed	3.8	%		14,655		13,304
Airport Hotel Loan	March 2025	SOFR plus 2.1%, floor 3.0%^(e)	7.5	%		13,010		14,642
Topsail Hotel Loan	July 2027	SOFR plus 2.1%, floor 3.0%	7.5	%		12,307		5,199
Watersound Town Center Grocery Loan	August 2031	SOFR plus 2.1%, floor 2.3%^(e)	7.4	%		10,531		11,379
Beckrich Building III Loan	August 2029	SOFR plus 1.8%^(e)	7.2	%		5,014		5,020
Self-Storage Facility Loan	November 2025	SOFR plus 2.5%, floor 2.9%^(e)	7.8	%		4,666		4,666
Community Development District debt	May 2024-May 2039	Fixed	3.6 to 6.0	%		3,046		4,113
Beach Homes Loan	May 2029	SOFR plus 1.7%^(e)	7.1	%		1,416		1,447
Pier Park Outparcel Loan	March 2027	SOFR plus 1.8%^(e)	7.2	%		1,275		1,300
WaterColor Crossings Loan	February 2029	SOFR plus 1.8%^(e)	7.2	%		1,117		1,191
Total principal outstanding						459,221		391,411
Unamortized discount and debt issuance costs						(5,581)		(5,551)
Total debt, net					$	453,640	$	385,860

(a)	In March 2023, the Watersound Origins Crossings JV Loan was refinanced. The previous loan had an interest rate of SOFR plus 2.8% and maturity date of May 2024.

(b)

(c)	In February 2023, the Watersound Camp Creek Loan was amended from an interest rate of LIBOR plus 2.1%.

(d)	Upon reaching a certain debt service coverage ratio, the North Bay Landing Loan will bear interest at a rate of SOFR plus 2.4%, with a floor of 3.1%.

(e)	Effective July 1, 2023, the benchmark interest rate index based on LIBOR transitioned to SOFR.

(f)	Prior to November 2023, The Hotel Indigo Loan interest rate was SOFR plus 2.7%, with a floor of 2.7%.

(g)	The Breakfast Point Hotel Loan interest 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 and fixtures. The specific Security Interests vary from loan to loan. As of December 31, 2023, the weighted average effective interest rate of outstanding debt was 5.3%, of which 66.2% of the debt outstanding includes fixed or swapped interest rates, and the average remaining life of debt outstanding was 17.2 years.

In 2019, the Watersound Origins Crossings JV entered into a $44.0 million loan, as amended, to finance the construction of apartments located near the entrance to the Watersound Origins residential community. In March 2023, the Watersound Origins Crossings JV refinanced the Watersound Origins Crossings JV Loan that increased the principal amount of the loan, which had a balance of $44.0 million at the time of the refinance, to $52.9 million, fixed the interest rate to 5.0% and provides for monthly payments of principal and interest through maturity in April 2058. The refinanced loan terms include a prepayment premium due to the lender of 1% - 10% for any principal that is prepaid through April 2033. The refinanced loan is insured by HUD and is secured by the real property and certain other Security Interests. During 2023, the Company incurred $0.9 million of additional loan cost due to the refinance. As a result of the refinance, 2023 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 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 monthly principal and interest payments with a final balloon payment at maturity in April 2027. In December 2022, the Pier Park Resort Hotel JV Loan was amended, effective February 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, which was amended to SOFR in February 2023. The interest rate swap matures in April 2027 and fixed the variable rate on the notional amount of related debt, initially at $42.0 million, amortizing to $38.7 million at swap maturity, to a rate of 3.2%. See Note 6. Financial Instruments and Fair Value Measurements for additional information.

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 2024 and if any additional principal is prepaid from April 2024 through March 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 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% - 4% 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% - 9% for any additional principal that is prepaid through August 2031. The loan is secured by the real property and certain other Security Interests.

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 monthly principal and interest payments through maturity in December 2047. In February 2023, the Watersound Camp Creek Loan was amended, which modified the interest rate to SOFR plus 2.1%, with a floor of 2.6%. 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 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 loan has been reduced to 50% of the principal amount upon satisfaction of final advance conditions and will be further 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 May 2023, the Company began the process to make available the option to refinance the North Bay Landing Loan by seeking a loan commitment to be insured by HUD.

In 2019, the Pier Park Crossings Phase II JV entered into a $22.9 million loan, insured by HUD, as amended, to finance the construction of apartments in Panama City Beach, Florida. The PPC II JV Loan provides for monthly payments of principal and interest through maturity in May 2057. The loan includes a prepayment premium due to the lender of 1% - 9% for any additional principal that is prepaid through May 2032. The loan is secured by the real property and certain other Security Interests.

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 monthly principal and interest payments 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. The loan is secured by the leasehold property and certain other Security Interests.

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 Watercrest JV 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.

In 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. The loan includes a prepayment premium due to the lender of 1% - 2% 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 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 monthly principal and interest payments 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 2020, a wholly-owned subsidiary of the Company entered into a $15.3 million loan, which is guaranteed by the Company, to finance construction of the Hilton Garden Inn Panama City Airport. The Airport Hotel Loan provides for monthly principal and interest payments with a final balloon payment at maturity in March 2025. The loan is secured by the real 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 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 monthly principal and interest payments 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 has been reduced to 50% of the outstanding principal amount and will be further 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 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 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, with the project maintaining a 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 $10.7 million and $12.8 million as of December 31, 2023 and 2022, 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, 2023 and 2022, the Company was in compliance with the financial debt covenants.

As of December 31, 2023, property, receivables and inventory that were pledged as collateral related to the Company’s debt agreements, including unfunded commitments, had an approximate carrying amount of $580.3 million. These assets are included within investment in real estate, net and property and equipment, net and other assets on the consolidated balance sheets.

The aggregate maturities of debt subsequent to December 31, 2023 are:


2024	$	36,250
2025		65,968
2026		8,601
2027		69,380
2028		35,960
Thereafter		243,062
	$	459,221

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Income Taxes - NOLs (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Operating loss carryforwards
Valuation allowance	$ (312)	$ (290)
State NOLs contributing to valuation allowance	7,200
Income tax payable	9,239	3,470
Federal
Operating loss carryforwards
NOLs	11,000	3,400
State
Operating loss carryforwards
NOLs	$ 12,900	$ 121,100

Employee Benefit Plan (Details) - USD ($) $ in Millions	12 Months Ended
Employee Benefit Plan (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Employee Benefit Plan
Employee defined contribution plan expense	$ 0.8	$ 0.7	$ 0.1
Compensation expense for assets allocated to participants			$ 1.2
First 3% of employee contributions
Employee Benefit Plan
Percentage employer matches of the employee's percentage contribution	100.00%
Percentage of employee's gross pay for which the employer contributes a matching contribution (as a percent)	3.00%
3% - 5% of employee contributions
Employee Benefit Plan
Percentage employer matches of the employee's percentage contribution	50.00%
Percentage of employee's gross pay for which the employer contributes a matching contribution (as a percent)	2.00%
Low end of gross pay (as a percent)	3.00%
High end of gross pay (as a percent)	5.00%

Other Assets - Homesite Sales Receivable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Changes in lot sales receivable
Homesite Sales Receivable, Balance at beginning of period	$ 10,086	$ 7,651
Increases due to revenue recognized for homesites sold	29,005	7,660
Decreases due to amounts received	(9,229)	(5,225)
Homesite Sales Receivable, Balance at end of period	$ 29,862	$ 10,086

Deferred Revenue

12 Months Ended

Dec. 31, 2023

Deferred Revenue

Deferred Revenue

12. Deferred Revenue

As of December 31, 2023 and 2022, deferred revenue includes club initiation fees of $48.7 million and $25.1 million, respectively, and other deferred revenue of $14.1 million and $13.8 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,		December 31,
	2023		2022
Balance at beginning of year	$	25,088	$	22,850
New club memberships		33,200		9,170
Revenue from amounts included in contract liability opening balance		(6,989)		(6,040)
Revenue from current period new memberships		(2,557)		(892)
Balance at end of year	$	48,742	$	25,088

Remaining performance obligations represent contracted revenue that has not been recognized related to club initiation fees. As of December 31, 2023, remaining performance obligations were $48.7 million, of which the Company expects to recognize as revenue $10.9 million in 2024, $20.5 million in 2025 through 2026, $14.2 million in 2027 through 2028 and $3.1 million thereafter.

Other deferred revenue as of both December 31, 2023 and 2022, 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.

Financial Instruments and Fair Value Measurements - Carrying Amount and Fair Value (Details) - Nonrecurring - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Carrying Value
Financial instruments and fair value measurements
Debt	$ 459,221	$ 391,411
Fair Value
Financial instruments and fair value measurements
Debt	412,259	369,127
Level 1 \| Carrying Value \| U.S. Treasury Bills
Financial instruments and fair value measurements
Investments held by SPEs	3,824	4,486
Level 1 \| Fair Value \| U.S. Treasury Bills
Financial instruments and fair value measurements
Investments held by SPEs	3,750	4,361
Level 2 \| Carrying Value \| Fixed-rate debt
Financial instruments and fair value measurements
Debt	262,484	194,525
Level 2 \| Carrying Value \| Variable rate debt
Financial instruments and fair value measurements
Debt	196,737	196,886
Level 2 \| Fair Value \| Fixed-rate debt
Financial instruments and fair value measurements
Debt	215,522	172,241
Level 2 \| Fair Value \| Variable rate debt
Financial instruments and fair value measurements
Debt	196,737	196,886
Level 3 \| Carrying Value
Financial instruments and fair value measurements
Senior Notes held by SPE	178,162	177,857
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	181,286	179,564
Level 3 \| Fair Value \| Time deposit
Financial instruments and fair value measurements
Investments held by SPEs	$ 200,000	$ 200,000

Joint Ventures - Unconsolidated JV Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2020
Investments
Outstanding debt principal	$ 459,221	$ 391,411
Unconsolidated joint ventures
Investments
Outstanding debt principal	115,456	72,083
Latitude Margaritaville Watersound JV
Investments
Outstanding debt principal	37,445	30,001
Watersound Fountains Independent Living JV
Investments
Outstanding debt principal	38,062	21,327
Pier Park TPS JV
Investments
Outstanding debt principal	13,503	13,822
Pier Park RI JV
Investments
Outstanding debt principal	16,021
Busy Bee JV
Investments
Outstanding debt principal	5,693	6,010
Electric Cart Watersound JV
Investments
Outstanding debt principal	4,732	$ 923
Latitude Margaritaville Watersound JV
Investments
Amount as lender of secured revolving promissory note	$ 10,000		$ 10,000

Joint Ventures - Unconsolidated JV - Watersound Fountains Independent Living JV (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) item	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Investments
Capital contribution to unconsolidated joint ventures	$ 2,305	$ 2,505	$ 9,389
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 parties \| item	3
Watersound Fountains Independent Living JV \| Senior living community
Investments
Number of units to be developed \| item	148

Other Assets (Tables)

12 Months Ended

Dec. 31, 2023

Other Assets

Schedule of Other Assets


	December 31,		December 31,
	2023		2022
Accounts receivable, net	$	20,322	$	9,035
Homesite sales receivable		29,862		10,086
Notes receivable, net		416		1,742
Inventory		4,250		3,976
Prepaid expenses		12,086		9,393
Straight-line rent		2,755		2,546
Operating lease right-of-use assets		858		678
Other assets		8,756		13,138
Retained interest investments		—		8,197
Accrued interest receivable for Senior Notes held by SPE		2,938		2,938
Total other assets	$	82,243	$	61,729

Schedule of Lot Sales Receivable


	December 31,		December 31,
	2023		2022
Balance at beginning of year	$	10,086	$	7,651
Increases due to revenue recognized for homesites sold		29,005		7,660
Decreases due to amounts received		(9,229)		(5,225)
Balance at end of year	$	29,862	$	10,086

Schedule of Notes Receivable, Net


	December 31,		December 31,
	2023		2022
Various interest-bearing homebuilder notes, secured by the real estate sold — bearing interest at a rate of 5.5%, paid in full May 2023	$	—	$	1,296
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		57		68
Mortgage note, secured by certain real estate, paid in full November 2023		—		19
Total notes receivable, net	$	416	$	1,742

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash, cash equivalents and restricted cash:
Cash and cash equivalents	$ 86,068	$ 37,747	$ 70,162
Restricted cash included in other assets	$ 4,702	$ 7,556	$ 4,238
Restricted Cash and Cash Equivalents, Statement of Financial Position	Other assets	Other assets	Other assets
Total cash, cash equivalents and restricted cash shown in the accompanying consolidated statements of cash flows	$ 90,770	$ 45,303	$ 74,400
Cash paid during the period for:
Interest, net of amounts capitalized	29,602	17,152	13,621
Income taxes	30,918	17,111	11,070
Non-cash investing and financing activities:
Non-cash contributions to unconsolidated joint ventures	(1,844)	(4,044)	(6,136)
Decrease in Community Development District debt, net	(539)	(311)	(900)
Transfers of expenditures for operating property to property and equipment	35,812	9,594	12,012
(Decrease) increase in expenditures for operating properties and property and equipment financed through accounts payable	(30,325)	13,205	19,223
Unrealized (loss) gain on cash flow hedges	(215)	5,243	1,481
Federal
Cash paid during the period for:
Income taxes	26,400	16,361	$ 11,070
State
Cash paid during the period for:
Income taxes	$ 4,518	$ 750

Schedule IV (Consolidated) - Mortgage Loans on Real Estate - Carrying Amount of Mortgage Loans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Changes in carrying amount of mortgage loans
Balance at beginning of the year	$ 1,315	$ 11,942	$ 10,321
Additions during the year - new mortgage loans			7,798
Collections of principal	$ 1,315	10,699	6,005
Foreclosures			128
Other additions		(72)
Other			44
Balance at the end of the year		$ 1,315	$ 11,942

Other Income, Net (Tables)

12 Months Ended

Dec. 31, 2023

Other Income, Net

Schedule of Other Income (Expense), Net



	Year Ended December 31,
	2023		2022		2021
Investment income, net
Interest, dividend and accretion income	$	2,856	$	793	$	157
Net realized gain on the sale of investments		—		—		17
Unrealized loss on investments, net		—		(26)		(1,872)
Interest income from investments in SPEs		8,012		8,012		8,078
Interest earned on notes receivable and other interest		2,414		1,083		874
Total investment income, net		13,282		9,862		7,254
Interest expense
Interest incurred for project financing and other interest expense		(21,762)		(9,542)		(7,027)
Interest expense and amortization of discount and issuance costs for Senior Notes issued by SPE		(8,856)		(8,841)		(8,827)
Total interest expense		(30,618)		(18,383)		(15,854)
Gain on contributions to unconsolidated joint ventures		718		2,738		3,558
Equity in income (loss) from unconsolidated joint ventures		22,701		25,986		(865)
Other income (expense), net
Accretion income from retained interest investments		2,594		1,671		1,532
Gain on insurance recoveries		—		9,835		4,853
Loss from hurricane damage		—		(51)		(56)
Miscellaneous income, net		651		1,492		3,852
Other income, net		3,245		12,947		10,181
Total other income, net	$	9,328	$	33,150	$	4,274

Schedule III (Consolidated) - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2023

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, 2023

(in thousands)


			Initial Cost to Company ^(b)						Gross Amount as of December 31, 2023
							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	$	17	$	2,626	$	—	$	68,998	$	71,624	$	—	$	71,624	$	—	through 2023
Gulf County, FL		—		4,000		—		28,411		32,411		—		32,411		—	through 2023
Walton County, FL		—		—		—		32,355		32,355		—		32,355		—	through 2023
Franklin and Leon Counties, FL		1,114		8,873		—		(4,145)		4,728		—		4,728		—	through 2022
Residential operating property		—		6,287		12,110		(7,465)		6,329		4,603		10,932		2,636	2004 - 2007, 2011 - 2012, 2018, 2023
Hospitality
WaterColor Hospitality		—		1,137		19,520		13,802		4,399		30,060		34,459		13,530	2002, 2013, 2022
The Pearl Hotel		35,520		10,518		38,742		—		10,518		38,742		49,260		1,136	2022
Pier Park Resort Hotel JV		51,888		5,500		57,803		—		5,500		57,803		63,303		1,347	2023
The Lodge 30A JV		14,655		3,303		12,339		—		3,303		12,339		15,642		363	2023
Hotel Indigo/Harrison's Kitchen & Bar^(e)		20,690		2,426		30,758		92		2,518		30,758		33,276		633	2022-2023
Hilton Garden Inn Panama City Airport		13,010		1,693		17,101		—		1,693		17,101		18,794		1,341	2021
Homewood Suites by Hilton Panama City Beach		15,937		1,953		20,193		22		1,975		20,193		22,168		1,151	2022
Home2 Suites by Hilton Santa Rosa Beach		12,307		2,304		14,958		—		2,304		14,958		17,262		285	2023
Watersound Club - Camp Creek Inn, amenity and golf course		27,999		34,475		45,830		456		34,931		45,830		80,761		9,036	2001, 2023
Watersound Club other		—		20,906		29,483		(92)		34,439		15,858		50,297		16,805	2006, 2007, 2018, 2019
Marinas		—		24,252		10,623		202		24,936		10,141		35,077		2,327	2022
Other		3,331		11,684		12,983		(2,238)		9,904		12,525		22,429		3,928	2008, 2010, 2016, 2019 - 2020
Commercial
Leasing properties:
Pier Park North JV		41,485		13,175		35,243		4,064		13,320		39,162		52,482		16,294	2014 - 2017
VentureCrossings		—		7,199		29,823		(1,790)		5,717		29,515		35,232		8,931	2012, 2017, 2019
FSU/TMH Medical Campus		—		1,724		22,970		—		1,724		22,970		24,694		—	2022-2023
Watersound Origins Crossings JV		52,546		6,853		33,912		12		6,859		33,918		40,777		3,149	2020 - 2021
Pier Park Crossings JV		34,675		8,456		28,663		—		8,456		28,663		37,119		4,807	2019 - 2020
Pier Park Crossings Phase II JV		22,215		3,567		15,587		—		3,567		15,587		19,154		1,725	2020
Mexico Beach Crossings JV		42,405		10,929		33,787		—		10,928		33,788		44,716		452	2023
North Bay Landing		26,750		3,502		34,383		19		3,521		34,383		37,904		1,123	2022-2023
Origins Crossings Townhomes		—		2,944		18,352		—		2,944		18,352		21,296		959	2022-2023
Watercrest JV		20,074		3,074		18,475		11		3,085		18,475		21,560		1,778	2020
Self-Storage		4,666		1,003		6,180		—		1,303		5,880		7,183		439	2021

			Initial Cost to Company ^(b)						Gross Amount as of December 31, 2023
							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
Beckrich Office Park		5,014		2,200		13,298		360		2,223		13,635		15,858		1,994	2017, 2020
Watersound Town Center		10,531		12,827		46,433		16		12,843		46,433		59,276		2,182	2020, 2021, 2022, 2023
Watersound West Bay, WindMark Beach, WaterColor and WaterSound Gatehouse Town centers		—		5,505		12,655		2,571		5,513		15,218		20,731		12,139	2001 - 2007, 2016, 2022-2023
Other leasing		2,392		4,575		16,795		449		4,996		16,823		21,819		5,740	through 2023
Commercial developments		—		31,247		—		23,873		55,120		—		55,120		35	through 2023
Timberlands and other unimproved land		—		6,649		1,774		16,046		22,695		1,774		24,469		2,209	N/A
Mitigation banks and other		—		—		—		2,924		2,924		—		2,924		—	through 2023
Total	$	459,221	$	267,366	$	690,773	$	178,953	$	451,605	$	685,487	$	1,137,092	$	118,474

*	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, 2023 for federal income tax purposes is approximately $1,055.3 million.

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


	December 31, 2023		December 31, 2022		December 31, 2021
Balance at beginning of the year	$	1,092,229	$	777,279	$	627,613
Amounts capitalized		165,474		379,183		222,303
Impairments		—		—		—
Cost of real estate sold		(82,610)		(48,646)		(55,932)
Amounts retired or adjusted^(a)		(38,001)		(15,587)		(16,705)
Balance at the end of the year	$	1,137,092	$	1,092,229	$	777,279

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

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


	December 31, 2023		December 31, 2022		December 31, 2021
Balance at beginning of the year	$	95,968	$	87,168	$	75,960
Depreciation expense		22,734		13,886		11,730
Amounts retired or adjusted		(228)		(5,086)		(522)
Balance at the end of the year	$	118,474	$	95,968	$	87,168

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss)	$ 77,712	$ 70,927	$ 74,553

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
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+ Details

Significant Accounting Policies - Advertising Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Summary of Significant Accounting Policies
Advertising costs	$ 3.8	$ 2.4	$ 2.0

Income Taxes - Allocation of Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Taxes
Income tax expense	$ 26,009	$ 24,389	$ 24,982
Income tax recorded in accumulated other comprehensive income	(199)	957	367
Total income tax expense	$ 25,810	$ 25,346	$ 25,349

- Definition

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

+ References + Details

Investments - Investment Management Agreement (Details)	Dec. 31, 2023
Investor \| Clients of FCM, including Mr. Berkowitz
Investments
Common stock ownership percentage	38.90%

Property and Equipment, Net

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment, Net

Property and Equipment, Net

9. Property and Equipment, Net

Property and equipment, net consists of the following:


	December 31,		December 31,
	2023		2022
Railroad and equipment	$	33,627	$	33,627
Furniture and fixtures		50,311		28,659
Machinery and equipment		46,783		31,159
Office equipment		7,692		5,518
Autos, trucks and aircraft		7,108		7,033
		145,521		105,996
Less: Accumulated depreciation		80,423		67,133
		65,098		38,863
Construction in progress		951		775
Total property and equipment, net	$	66,049	$	39,638

Depreciation expense on property and equipment was $15.7 million, $8.5 million and $6.1 million in 2023, 2022 and 2021, respectively.

Accumulated Other Comprehensive Income (Loss) - Summary of the Tax Effects Allocated to Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss)
Reclassification adjustment for net (gain) loss included in earnings, before-tax amount	$ (1,767)	$ 140	$ 405
Reclassification adjustment for net (gain) loss included in earnings, Tax (expense) benefit	325	(35)
Reclassification adjustment for net (gain) loss included in earnings, net-of-tax amount	(1,442)	105
Total before income taxes	(1,193)	5,159	1,450
Other comprehensive loss, Tax (expense) benefit	199	(957)	(367)
Total other comprehensive income (loss), net of tax	(994)	4,202	$ 1,083
Accumulated Other Comprehensive (Loss) Income, Including non-controlling interest
Accumulated Other Comprehensive Income (Loss)
Unrealized gain (loss) on investments, Net-of-tax amount	448	4,097
Reclassification adjustment for net (gain) loss included in earnings, net-of-tax amount	(1,442)	105
Total other comprehensive income (loss), net of tax	(994)	4,202
Unrealized (Loss) Gain on Available-for-Sale Securities
Accumulated Other Comprehensive Income (Loss)
Unrealized gain (loss) on investments, Net-of-tax amount	182	(175)
Total other comprehensive income (loss), net of tax	182	(175)
Unrealized (Loss) Gain on Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss)
Unrealized gain (loss) on investments, Net-of-tax amount	266	4,272
Reclassification adjustment for net (gain) loss included in earnings, net-of-tax amount	(1,442)	105
Total other comprehensive income (loss), net of tax	(1,176)	4,377
Available-for-sale, Debt securities \| Unrealized (Loss) Gain on Available-for-Sale Securities
Accumulated Other Comprehensive Income (Loss)
Unrealized gain (loss) on investments, Before-tax amount	244	(235)
Unrealized gain (loss) on investments, Tax (expense) benefit	(62)	60
Unrealized gain (loss) on investments, Net-of-tax amount	182	(175)
Interest rate swaps \| Unrealized (Loss) Gain on Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss)
Unrealized gain (loss) on investments, Before-tax amount	250	4,633
Unrealized gain (loss) on investments, Tax (expense) benefit	(44)	(825)
Unrealized gain (loss) on investments, Net-of-tax amount	206	3,808
Interest rate swap - unconsolidated joint venture \| Unrealized (Loss) Gain on Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss)
Unrealized gain (loss) on investments, Before-tax amount	80	621
Unrealized gain (loss) on investments, Tax (expense) benefit	(20)	(157)
Unrealized gain (loss) on investments, Net-of-tax amount	$ 60	$ 464

Deferred Revenue - Additional Information (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred Revenue
Deferred revenue	$ 62,836	$ 38,936
Other
Deferred Revenue
Deferred revenue	14,100	13,800
Other \| Florida Department of Transportation
Deferred Revenue
Deferred revenue	$ 10,900	$ 10,900

Subsequent Event

12 Months Ended

Dec. 31, 2023

Subsequent Event.

Subsequent Event.

22. Subsequent Events

On February 21, 2024, the Board declared a cash dividend of $0.12 per share on the Company’s common stock, payable on March 27, 2024, to shareholders of record as of the close of business on March 4, 2024.