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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

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

For the quarterly period ended March 31, 2024

or

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

For the transition period from                      to                     .

Commission file number: 1-10466

The St. Joe Company

(Exact name of registrant as specified in its charter)

Florida

59-0432511

(State or other jurisdiction of

(I.R.S. Employer

incorporation or organization)

Identification No.)

130 Richard Jackson Boulevard, Suite 200

Panama City Beach, Florida

32407

(Address of principal executive offices)

(Zip Code)

(850) 231-6400

(Registrant’s telephone number, including area code)

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

Title of Each Class

Trading Symbol(s)

Name of Exchange on Which Registered

Common Stock, no par value

JOE

New York Stock Exchange

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

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

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

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

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

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

As of April 22, 2024, there were 58,397,506 shares of common stock, no par value, outstanding.

Table of Contents

THE ST. JOE COMPANY

INDEX

Page No.

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited)

3

Condensed Consolidated Balance Sheets - March 31, 2024 and December 31, 2023

3

Condensed Consolidated Statements of Income - Three Months Ended March 31, 2024 and 2023

5

Condensed Consolidated Statements of Comprehensive Income - Three Months Ended March 31, 2024 and 2023

6

Condensed Consolidated Statements of Changes in Stockholders’ Equity - Three Months Ended March 31, 2024 and 2023

7

Condensed Consolidated Statements of Cash Flows - Three Months Ended March 31, 2024 and 2023

8

Notes to the Condensed Consolidated Financial Statements

10

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

41

Item 3. Quantitative and Qualitative Disclosures About Market Risk

66

Item 4. Controls and Procedures

67

PART II - OTHER INFORMATION

Item 1. Legal Proceedings

67

Item 1A. Risk Factors

67

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

67

Item 3. Defaults Upon Senior Securities

67

Item 4. Mine Safety Disclosures

67

Item 5. Other Information

67

Item 6. Exhibits

68

SIGNATURES

69

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PART I - FINANCIAL INFORMATION

Item 1.         Financial Statements

THE ST. JOE COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

(Unaudited)

March 31, 

December 31, 

    

2024

    

2023

ASSETS

 

  

 

  

Investment in real estate, net

$

1,022,927

$

1,018,618

Investment in unconsolidated joint ventures

71,229

66,356

Cash and cash equivalents

 

89,768

 

86,068

Other assets

 

84,854

 

82,243

Property and equipment, net of accumulated depreciation of $82,635 and $80,423 as of March 31, 2024 and December 31, 2023, respectively

 

65,075

 

66,049

Investments held by special purpose entities

 

203,805

 

204,196

Total assets

$

1,537,658

$

1,523,530

LIABILITIES AND EQUITY

 

  

 

  

Liabilities:

 

  

 

  

Debt, net

$

451,990

$

453,640

Accounts payable and other liabilities

 

65,429

 

58,573

Deferred revenue

64,512

62,836

Deferred tax liabilities, net

 

72,616

 

71,829

Senior Notes held by special purpose entity

 

178,241

 

178,162

Total liabilities

 

832,788

 

825,040

Commitments and contingencies (Note 18)

Equity:

 

  

 

  

Common stock, no par value; 180,000,000 shares authorized; 58,397,506 and 58,372,040 issued and outstanding at March 31, 2024 and December 31, 2023, respectively

 

271,079

 

270,848

Retained earnings

 

417,280

 

410,371

Accumulated other comprehensive income

 

2,041

 

1,843

Total stockholders’ equity

 

690,400

 

683,062

Non-controlling interest

 

14,470

 

15,428

Total equity

 

704,870

 

698,490

Total liabilities and equity

$

1,537,658

$

1,523,530

See accompanying notes to the condensed consolidated financial statements.

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THE ST. JOE COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

(Unaudited)

The following presents the portion of the condensed consolidated balances attributable to the Company’s consolidated joint ventures (“JV”), which, as of March 31, 2024 and December 31, 2023, include the Pier Park North JV (“Pier Park North JV”), Pier Park Crossings LLC (“Pier Park Crossings JV”), Origins Crossings, LLC (“Watersound Origins Crossings JV”), SJWCSL, LLC (“Watercrest JV”), Watersound Closings & Escrow, LLC (“Watersound Closings JV”), Pier Park Crossings Phase II LLC (“Pier Park Crossings Phase II JV”), Mexico Beach Crossings, LLC (“Mexico Beach Crossings JV”), Pier Park Resort Hotel, LLC (“Pier Park Resort Hotel JV”), the 30A Greenway Hotel, LLC (“The Lodge 30A JV”), Panama City Timber Finance Company, LLC and Northwest Florida Timber Finance, LLC. See Note 2. Summary of Significant Accounting Policies. Basis of Presentation and Principles of Consolidation and Note 4. Joint Ventures for additional information. The following assets may only be used to settle obligations of the consolidated JVs and the following liabilities are only obligations of the consolidated JVs and do not have recourse to the general credit of the Company, except for covenants and guarantees discussed in Note 9. Debt, Net.

    

March 31, 

    

December 31, 

2024

2023

ASSETS

 

  

 

  

Investment in real estate, net

$

262,639

$

264,837

Cash and cash equivalents

 

3,873

 

4,851

Other assets

 

13,376

 

15,596

Property and equipment, net

21,038

22,241

Investments held by special purpose entities

 

203,805

 

204,196

Total assets

$

504,731

$

511,721

LIABILITIES

 

  

 

  

Debt, net

$

274,793

$

275,757

Accounts payable and other liabilities

 

6,617

 

8,384

Deferred revenue

178

307

Senior Notes held by special purpose entity

 

178,241

 

178,162

Total liabilities

$

459,829

$

462,610

See accompanying notes to the condensed consolidated financial statements.

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THE ST. JOE COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Dollars in thousands except per share amounts)

(Unaudited)

Three Months Ended

March 31, 

    

2024

    

2023

 

Revenue:

  

  

Real estate revenue

$

34,188

$

36,702

Hospitality revenue

 

39,257

 

24,499

Leasing revenue

 

14,342

 

11,790

Total revenue

 

87,787

 

72,991

Expenses:

 

  

 

  

Cost of real estate revenue

 

16,033

 

20,345

Cost of hospitality revenue

 

30,343

 

22,927

Cost of leasing revenue

 

7,175

 

5,372

Corporate and other operating expenses

 

7,102

 

5,721

Depreciation, depletion and amortization

 

11,182

 

7,322

Total expenses

 

71,835

 

61,687

Operating income

 

15,952

 

11,304

Other income (expense):

 

  

 

  

Investment income, net

 

3,441

 

2,921

Interest expense

 

(8,553)

 

(6,209)

Gain on contributions to unconsolidated joint ventures

 

14

 

530

Equity in income from unconsolidated joint ventures

7,360

3,663

Other (expense) income, net

 

(463)

 

713

Total other income, net

 

1,799

 

1,618

Income before income taxes

 

17,751

 

12,922

Income tax expense

 

(4,649)

 

(3,441)

Net income

 

13,102

 

9,481

Net loss attributable to non-controlling interest

 

813

 

909

Net income attributable to the Company

$

13,915

$

10,390

NET INCOME PER SHARE ATTRIBUTABLE TO THE COMPANY

 

  

 

  

Basic

$

0.24

$

0.18

Diluted

$

0.24

$

0.18

WEIGHTED AVERAGE SHARES OUTSTANDING

Basic

 

58,320,489

 

58,309,093

Diluted

 

58,341,335

 

58,309,093

See accompanying notes to the condensed consolidated financial statements.

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THE ST. JOE COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Dollars in thousands)

(Unaudited)

Three Months Ended

March 31, 

    

2024

    

2023

 

Net income:

$

13,102

$

9,481

Other comprehensive income (loss):

 

 

  

Net unrealized gain on available-for-sale investments

 

 

227

Interest rate swaps

751

(582)

Interest rate swap - unconsolidated joint venture

93

(37)

Reclassification of net realized gain included in earnings

 

(485)

 

(360)

Total before income taxes

 

359

 

(752)

Income tax (expense) benefit

 

(67)

 

121

Total other comprehensive income (loss), net of tax

 

292

 

(631)

Total comprehensive income, net of tax

13,394

8,850

Total comprehensive loss attributable to non-controlling interest

719

1,183

Total comprehensive income attributable to the Company

$

14,113

$

10,033

See accompanying notes to the condensed consolidated financial statements.

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THE ST. JOE COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(Dollars in thousands)

(Unaudited)

    

    

    

    

    

    

    

    

    

    

    

Common Stock

Accumulated Other

Outstanding

Retained

Comprehensive

Non-controlling

    

Shares

    

Amount

    

Earnings

    

Income

    

Interest

    

Total

Balance at December 31, 2023

 

58,372,040

$

270,848

$

410,371

$

1,843

$

15,428

$

698,490

Capital distributions to non-controlling interest

 

 

 

 

 

(239)

 

(239)

Issuance of restricted stock, net of forfeitures

25,466

Stock based compensation expense

 

 

231

 

 

 

 

231

Dividends ($0.12 per share)

(7,006)

(7,006)

Other comprehensive income, net of tax

 

 

 

 

198

 

94

 

292

Net income (loss)

 

 

 

13,915

 

 

(813)

 

13,102

Balance at March 31, 2024

 

58,397,506

$

271,079

$

417,280

$

2,041

$

14,470

$

704,870

    

    

    

    

    

    

    

    

    

    

    

Common Stock

Accumulated Other

Outstanding

Retained

Comprehensive

Non-controlling

    

Shares

    

Amount

    

Earnings

    

Income (Loss)

    

Interest

    

Total

Balance at December 31, 2022

58,335,541

$

270,028

$

358,344

$

2,430

$

20,307

$

651,109

Capital contributions from non-controlling interest

214

214

Capital distributions to non-controlling interest

(2,094)

(2,094)

Issuance of restricted stock

36,499

Stock based compensation expense

141

141

Dividends ($0.10 per share)

(5,837)

(5,837)

Other comprehensive loss, net of tax

(357)

(274)

(631)

Net income (loss)

10,390

(909)

9,481

Balance at March 31, 2023

58,372,040

$

270,169

$

362,897

$

2,073

$

17,244

$

652,383

See accompanying notes to the condensed consolidated financial statements.

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THE ST. JOE COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollars in thousands)

(Unaudited)

Three Months Ended

March 31, 

    

2024

    

2023

Cash flows from operating activities:

    

  

    

  

 

Net income

$

13,102

$

9,481

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

 

 

  

Depreciation, depletion and amortization

 

11,182

 

7,322

Stock based compensation

 

231

 

141

Equity in income from unconsolidated joint ventures, net of distributions

(3,212)

(2,432)

Deferred income tax

 

719

 

(4,328)

Cost of real estate sold

 

14,829

 

19,072

Expenditures for and acquisition of real estate to be sold

 

(17,180)

 

(25,557)

Accretion income and other

 

(206)

 

(414)

Loss (gain) on disposal of property and equipment

528

(3)

Gain on contributions to unconsolidated joint ventures

(14)

(530)

Gain on insurance for damage to property and equipment, net

(178)

Loss on extinguishment of debt

133

Changes in operating assets and liabilities:

 

  

 

Other assets

 

2,112

 

3,925

Deferred revenue

1,866

1,399

Accounts payable and other liabilities

 

3,829

 

10,963

Net cash provided by operating activities

 

27,608

 

19,172

Cash flows from investing activities:

 

  

 

  

Expenditures for operating property

 

(11,890)

 

(42,372)

Expenditures for property and equipment

 

(2,384)

 

(1,659)

Proceeds from the disposition of assets

 

74

 

9

Proceeds from insurance claims

178

Purchases of investments - debt securities

(9,766)

Maturities of investments - debt securities

28,000

Capital contributions to unconsolidated joint ventures

(1,156)

(1,893)

Capital distributions from unconsolidated joint ventures

75

75

Maturities of assets held by special purpose entities

 

414

 

415

Net cash used in investing activities

 

(14,689)

 

(27,191)

Cash flows from financing activities:

 

  

 

  

Capital contributions from non-controlling interest

 

 

214

Capital distributions to non-controlling interest

 

(239)

 

(2,094)

Dividends paid

(7,001)

(5,832)

Borrowings on debt

 

91

 

81,446

Principal payments for debt

 

(2,269)

 

(45,938)

Principal payments for finance leases

(43)

(34)

Debt issuance costs

 

 

(862)

Net cash (used in) provided by financing activities

 

(9,461)

 

26,900

Net increase in cash, cash equivalents and restricted cash

 

3,458

 

18,881

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

 

90,770

 

45,303

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

$

94,228

$

64,184

See accompanying notes to the condensed consolidated financial statements.

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THE ST. JOE COMPANY

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

(Dollars in thousands)

(Unaudited)

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

March 31, 

March 31, 

    

2024

    

2023

 

Cash and cash equivalents

$

89,768

 

$

57,152

Restricted cash included in other assets

 

4,460

 

7,032

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

 

$

94,228

 

$

64,184

Restricted cash includes amounts reserved as a requirement of financing, development, or advance draws on construction loans for certain of the Company’s projects.

Three Months Ended

March 31, 

2024

2023

Cash paid during the period for:

    

Interest, net of amounts capitalized

$

10,428

$

8,117

Federal income taxes

$

5,000

$

Non-cash investing and financing activities:

 

  

 

  

Non-cash contributions to unconsolidated joint ventures

$

(106)

$

(1,249)

Increase (decrease) in Community Development District debt, net

$

357

$

(141)

Transfers of expenditures for operating property to property and equipment

$

1,173

$

4,121

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

$

915

$

(4,595)

Unrealized gain (loss) on cash flow hedges

$

751

$

(705)

See accompanying notes to the condensed consolidated financial statements.

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THE ST. JOE COMPANY

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands, unless otherwise stated)

(Unaudited)

1. Nature of Operations

The St. Joe Company together with its consolidated subsidiaries (“St. Joe” or the “Company”) is a Florida real estate development, asset management and operating company with all of its real estate assets and operations in Northwest Florida. Approximately 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 17. Segment Information.

2. Summary of Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

The accompanying unaudited interim condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for reporting on Form 10-Q. Accordingly, certain information and footnotes required by United States generally accepted accounting principles (“GAAP”) for complete financial statements are not included herein. The unaudited interim condensed consolidated financial statements include the accounts of the Company and all of its majority-owned and controlled subsidiaries, voting interest entities where the Company has a majority voting interest or control and variable interest entities where the Company deems itself the primary beneficiary. Investments in 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. The December 31, 2023 condensed consolidated balance sheet amounts have been derived from the Company’s December 31, 2023 audited consolidated financial statements. Certain prior period amounts in the accompanying condensed consolidated financial statements have been reclassified to conform to the current year presentation. The reclassifications had no effect on the Company’s previously reported total assets and liabilities, stockholders’ equity or net income. Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2024.

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

The unaudited interim condensed consolidated financial statements reflect all normal recurring adjustments that, in the opinion of management, are necessary for fair presentation of the information contained herein. The unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. The Company adheres to the same accounting policies in preparation of its unaudited interim condensed consolidated financial statements as the Company’s December 31, 2023 annual financial statements, except for any recently adopted accounting pronouncements. As required under GAAP, interim accounting for certain expenses, including income taxes, are based on full year assumptions. For interim financial reporting purposes, income taxes are recorded based upon estimated annual income tax rates.

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Concentration of Risks and Uncertainties

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

Throughout the first three months of 2024, 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 due to the continued growth of Northwest Florida as a result of increased migration, which the Company attributes to the region’s high quality of life, natural beauty and outstanding amenities.

Despite the strong demand across the Company’s segments, the Company also continues to feel the impact from the aforementioned macroeconomic factors. In addition, inflation, higher insurance costs and elevated interest rates, have increased operating costs and loan rates, as compared to recent 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 our diverse portfolio of residential holdings, the mix of sales and pricing from different communities may impact revenue and margins period over period.

Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash, cash equivalents, 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 March 31, 2024, these balances exceeded the amount of F.D.I.C. insurance provided on such deposits. In addition, as of March 31, 2024, the Company had $59.9 million invested in short-term U.S. Treasury Bills and $2.1 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 three months ended March 31, 2024 and 2023, the Company had 65,688 and 57,923, respectively, unvested shares of restricted stock. For the three months ended March 31, 2024 and 2023, 44,842 and 57,923, 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. See Note 14. Stockholders’ Equity for additional information related to the issuance of common stock for employee compensation.

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

Three Months Ended March 31, 

2024

2023

Income

Net income attributable to the Company

$

13,915

$

10,390

Shares

Weighted average shares outstanding - basic

58,320,489

58,309,093

Incremental shares from restricted stock

20,846

Weighted average shares outstanding - diluted

58,341,335

58,309,093

Net income per share attributable to the Company

Basic income per share

$

0.24

$

0.18

Diluted income per share

$

0.24

$

0.18

Recently Adopted Accounting Pronouncements

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

Recently Issued Accounting Pronouncements

Business Combinations – Joint Venture Formations

In August 2023, the FASB issued ASU 2023-05, Business Combinations – Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement (“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, Segment Reporting (“Topic 280”) – Improvements to Reportable Segment Disclosures (“ASU 2023-07”) that requires an entity disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker (“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 annual periods in 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, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures (“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

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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.

3. Investment in Real Estate, Net

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

    

March 31, 

    

December 31, 

2024

2023

Development property:

 

  

 

  

Residential

$

139,391

$

141,145

Hospitality

 

27,595

 

23,633

Commercial

 

106,282

 

99,719

Other

 

3,048

 

2,924

Total development property

 

276,316

 

267,421

Operating property:

 

  

 

  

Residential

 

10,294

 

10,905

Hospitality

 

417,864

 

419,095

Commercial

 

440,870

 

439,671

Total operating property

 

869,028

 

869,671

Less: Accumulated depreciation

 

122,417