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Segment Information (Tables) | 12 Months Ended
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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.
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-25 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
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