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Table of Contents

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-K

(Mark One)

​ | ​
☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

​

For the fiscal year ended December 31, 2023

​ | ​
☐ | 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 incorporation or organization) | ​ | (I.R.S. Employer Identification No.)
​
130 Richard Jackson Boulevard, Suite 200 Panama City Beach, Florida | ​ | 32407
(Address of principal executive offices) | ​ | (Zip Code)

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(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
Securities Registered Pursuant to Section 12(g) of the Act: NONE

​

Indicate by check mark whether the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. YES ☐ NO ☑

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. YES ☐ NO ☑

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 þ 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 | ☐

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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 has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☑

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

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

The aggregate market value of the registrant’s Common Stock held by non-affiliates based on the closing price on June 30, 2023, was approximately $1.7 billion.

As of February 19, 2024, there were 58,372,040 shares of common stock, no par value, issued of which 58,372,040 were outstanding.

Documents Incorporated By Reference

Portions of the Registrant’s definitive proxy statement for its 2024 Annual Meeting of Shareholders, which proxy statement will be filed no later than 120 days after the close of the Registrant’s fiscal year ended December 31, 2023, are hereby incorporated by reference in Part III of this Annual Report on Form 10-K.

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Table of Contents

THE ST. JOE COMPANY

INDEX

​ | ​
​ | Page No.
PART I | ​
Item 1. Business | 3
Item 1A. Risk Factors | 7
Item 1B. Unresolved Staff Comments | 20
Item 1C. Cybersecurity | 20
Item 2. Properties | 21
Item 3. Legal Proceedings | 22
Item 4. Mine Safety Disclosures | 22
PART II | ​
Item 5. Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | 23
Item 6. Reserved | 24
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations | 24
Item 7A. Quantitative and Qualitative Disclosures about Market Risk | 56
Item 8. Financial Statements and Supplementary Data | 56
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure | 56
Item 9A. Controls and Procedures | 57
Item 9B. Other Information | 58
Item 9C. Disclosure Regarding Foreign Jurisdiction that Prevent Inspections | 58
PART III | ​
Item 10. Directors, Executive Officers and Corporate Governance | 59
Item 11. Executive Compensation | 59
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | 59
Item 13. Certain Relationships and Related Transactions and Director Independence | 59
Item 14. Principal Accounting Fees and Services | 59
PART IV | ​
Item 15. Exhibits, Financial Statement Schedules | 60
SIGNATURES | 62

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2

Table of Contents

PART I

Item 1. Business

As used throughout this Annual Report on Form 10-K, the terms “St. Joe,” the “Company,” “we,” “our,” or “us” include The St. Joe Company, its consolidated subsidiaries and consolidated joint ventures unless the context indicates otherwise.

Description

St. Joe was incorporated in the State of Florida in 1936. We are a real estate development, asset management and operating company. As of December 31, 2023, we owned 168,000 acres of land in Northwest Florida, compared to 169,000 acres and 170,000 acres as of December 31, 2022 and 2021, respectively. A portion of our land is within The Bay-Walton Sector Plan (“Sector Plan”), that entitles, or gives legal rights, for us to originally develop over 170,000 residential dwelling units, over 22 million square feet of retail, commercial and industrial space and over 3,000 hotel rooms on lands within Florida’s Bay and Walton counties. We also have additional entitlements, or legal rights, to develop acreage outside of the Sector Plan. Approximately 87% of our real estate is located in Florida’s Bay, Gulf, and Walton counties. Approximately 90% of our real estate land holdings are located within fifteen miles of the Gulf of Mexico.

Strategy

St. Joe believes its long-term, owner-oriented capital and management allows us to optimize the value of Northwest Florida real estate by developing residential, hospitality, and commercial projects that meet growing market demands. This strategy is designed to provide opportunities to build recurring revenues and enterprise value for the foreseeable future. We may partner with or explore the sale of discrete assets when we and/or others can better deploy resources.

Capital is invested to achieve risk-adjusted rates of return and support future business initiatives that create value. New projects are planned for stand-alone profitably and to benefit other enterprise activities. Investments, which include investments in joint ventures (“JVs”) and limited partnerships, are funded with cash proceeds from completed projects, existing cash, owned-land, partner capital and financing arrangements. Actual investments may vary from planned capital investments for various reasons. We do not anticipate immediate benefits from investments. We may choose to operate rather than lease assets, lease rather than sell assets, or sell improved rather than unimproved land that may delay revenue and profits. We continue to maintain low fixed expenses, low corporate debt and high liquidity for sustainability in all environments.

We distribute cash in excess of expected operating needs to shareholders through cash dividends and common stock repurchases, as approved by the Board of Directors (the “Board”). A cash dividend of $0.10 per share on our common stock was paid in each of the first and second quarters of 2023 and $0.12 per share on our common stock was paid in each of the third and fourth quarters of 2023. A quarterly cash dividend of $0.10 and $0.08 per share on our common stock was paid in each quarter of 2022 and 2021, respectively. During the year ended December 31, 2023, we did not repurchase shares of our common stock. During the year ended December 31, 2022, we repurchased 576,963 shares of our common stock for an aggregate purchase price of $20.0 million. As of December 31, 2023, we have a total of $80.0 million available for the repurchase of shares pursuant to our Stock Repurchase Program (the “Stock Repurchase Program”). See Item 5. Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities and Note 15. Stockholders’ Equity included in Item 15 of this Form 10-K.

Reportable Segments

St. Joe operations are reported in three segments: (1) residential, (2) hospitality and (3) commercial. For financial information about our reportable segments, see Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, as well as Note 19. Segment Information included in Item 15 of this Form 10-K.

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Investments in Joint Ventures and Limited Partnerships

As part of our core business strategy, we have created a meaningful portion of our business through JVs and limited partnerships over the past several years. We enter into these arrangements for the purposes of developing real estate and other business activities, which we believe allows us to complement our growth strategy, leverage industry expertise and diversify our business.

These entities produce meaningful revenue. However, in the case of our unconsolidated JVs, the revenue generated by these entities is not included in our revenue. Instead, investments in JVs in which we are not the primary beneficiary, or a voting interest entity where we do not have a majority voting interest or control, but have significant influence are unconsolidated and accounted for by the equity method. Equity method investments are recorded initially at cost and adjusted subsequently to recognize the investor’s share of earnings, losses and changes in capital of the investee which are included in investment in unconsolidated joint ventures in the accompanying consolidated balance sheets and equity in income (loss) from unconsolidated joint ventures in the accompanying consolidated statements of income. See Note 4. Joint Ventures included in Item 15 of this Form 10-K for additional information.

Additionally, we have determined that as of December 31, 2023, our unconsolidated LMWS, LLC JV (the “Latitude Margaritaville Watersound JV”) has met the conditions of a significant subsidiary under Rule 1-02(w) of Regulation S-X. The Latitude Margaritaville Watersound JV did not meet the significant subsidiary test under Rule 1-02(w) of Regulation S-X as of December 31, 2022 or as of December 31, 2021. The 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 in Item 15 of this Form 10-K.

Seasonality and Market Variability

St. Joe’s operations may be affected by seasonal fluctuations. The revenues and earnings from our business segments may vary significantly from period to period. Homebuilders tend to buy multiple homesites in sporadic transactions. In addition, homesite prices vary significantly by community, which further impacts period over period results. Therefore, there may be reporting periods in which we have no, or significantly less, revenue from residential or commercial real estate sales. We may also choose to operate rather than lease assets, lease rather than sell assets, or sell improved rather than unimproved land that may delay revenue and profits.

Hospitality revenues are typically higher in the second and third quarters, and vary depending on the timing of holidays and school breaks. Commercial real estate sales tend to be non-recurring. Projects depend on uncertain demand. Extraordinary events such as hurricanes or public health emergencies may dramatically change demand and pricing for products and services.

Competition

St. Joe competes with local, regional and national real estate related companies; some of which may have greater financial, marketing, sales and other resources than us. Competition may adversely affect our ability to attract tenants to lease our commercial, multi-family and senior living properties or to attract purchasers of our residential and commercial real estate. In addition to the strong competition we face in our residential and commercial segments, highly competitive companies participate in the hospitality business. Our ability to remain competitive and to attract new and repeat guests, customers and club members depends on our success in distinguishing the quality and value of our products and services from those offered by others. We compete based on location, price and amenities. The principal methods of competition are price and quality. Labor markets in the industries in which we operate are also competitive. We must attract, train and retain a large number of qualified employees while controlling related labor costs. We face significant competition for these employees from the industries in which we operate as well as from other industries. There can be no assurance we will be able to compete successfully against competitors or that competitive pressures will not have a material adverse effect on our business, results of operations, cash flows and financial condition.

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Regulations

St. Joe operations are subject to federal, state and local government laws and regulations that affect every aspect of our business, including environmental and land use laws relating to, among other things, water, air, solid waste, hazardous substances, zoning, construction permits or entitlements, building codes and the requirements of the Federal Occupational Safety and Health Act and comparable state statutes relating to the health and safety of our employees. Although we believe that we are in material compliance with these requirements, there can be no assurance that we will not incur significant costs, civil and criminal penalties, and liabilities, including those relating to claims for damages to property or natural resources, resulting from our operations. We maintain environmental and safety compliance programs for our facilities and timberlands to monitor compliance with these laws and regulations. Enactment of new laws or regulations, or changes in existing laws or regulations or the interpretation and enforcement of these laws or regulations, might require significant expenditures.

Human Capital Management

At The St. Joe Company, we believe our employees are our greatest asset. We strive to attract, retain and develop the highest quality talent. As of February 19, 2024, we employed 810 full-time employees and 168 part-time and seasonal employees.

Recruitment and Retention

Success depends upon our ability to attract and retain skilled employees. As such, we are committed to recruiting top talent and offer competitive benefits, wages and a rewarding work environment.

We have a demonstrated history of investing in our workforce by offering competitive salaries and wages, which we continuously evaluate based on the business environment and labor market. We have consistently made enhancements in wages in order to attract talent to support our growth strategy and enhance the customer experience. At times, we rely on the J-1 and H-2B visa programs to bring workers to the United States (“U.S.”) to fill seasonal staffing needs of our hospitality operations and ensure that we have the appropriate workforce in place. These programs allow students participating in internship programs to expand their cultural experience outside of their home country through employment opportunities within the hospitality environment.

In addition to competitive wages, we offer our employees and eligible family members a comprehensive and valuable benefits program. Our suite of benefits offered to all full-time employees include group health plans, which include medical, dental, vision, life and disability benefits with Company sharing of premiums for certain coverages. We also offer a 401(k) retirement savings plan with Company match, paid vacation and holidays, jury pay, bereavement leave, an employee referral bonus program, tuition reimbursement program and discounted gym memberships. From time to time we provide team members with health care screenings and vaccinations on our properties. Our employees also enjoy discounts at our Company-owned properties and amenities, as well as other exclusive discounts and special offers which may include access to preferred seating and tickets to top attractions, theme parks, shows, sporting events, movie tickets, hotels and more.

As well as being a tool for improving our human capital management strategies, we evaluate employee engagement and satisfaction annually. We focus on our employees’ opinions and collect data through focus groups. Our executive team reviews feedback from our team and, based on the response, action plans are developed to focus on areas of opportunity throughout the course of the year. We are pleased to report that our most recent annual engagement results were favorable overall and have shown that our employees are proud to work for the Company. The results of focus groups help us to continuously improve our human capital strategies and find ways to foster engagement and growth for our team members.

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Diversity and Inclusion

We believe that a diverse and inclusive workplace is key to our success, and that it is our responsibility to advance racial and social equity. We strive to foster a diverse and inclusive environment where each of our team members are valued and respected while working to build a workplace, community and Company that reflects our core values.

As of February 19, 2024, approximately 32% of our workforce identify as racially diverse and approximately 47% of our workforce, including 50% of our executive management team, is comprised of female employees.

Health and Safety

The health and safety of our team members is a top priority. We are committed to providing a safe and injury-free workplace. We continually invest in programs designed to improve physical, mental and social well-being, and provide access to a variety of innovative, flexible and convenient health and wellness programs.

Community Engagement

We are actively engaged in and committed to supporting the communities we serve. Our community engagement efforts seek to bring our core values to life and make a difference in the places where we live and work. We maintain strong connections to these communities, creating positive impact through outreach, recruitment, advocacy, philanthropy, pro bono service, and volunteerism. In addition, our developments positively impact the communities in which they are located, including by creating jobs in the Northwest Florida region and improving the overall quality of life in the area.

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Sustainability

We are committed to the development of sustainable and efficient operations and business practices that enhance and protect our people, our communities and our planet. Our goal is to generate shareholder value while aligning our business practices to support the interests of our stakeholders and the communities we serve, including the sustainable development of Northwest Florida. Our process of defining sustainability priorities focuses on the simultaneous improvement of the environmental, social and financial position of the Company, and our strong leadership and governance practices that strive to integrate sustainability into our business strategy and corporate culture.

The acreage we own is located in Northwest Florida and the majority is managed in our forestry operations under our commercial segment. Many of Northwest Florida's state parks, state forests and wildlife refuges were created in part with St. Joe land.

The guiding principles of our sustainable forest management practices include complying with laws and regulations, developing a long-term sustainable timber harvest plan, and understanding the economic and social impacts on the surrounding region. We take a holistic approach to managing our resources – timber, land, water, soil and wildlife – with the goal of sustainability. We are leading by example and protecting the best of Florida by working closely with environmental agencies, community leaders and leading environmental and conservation organizations. Our sustainable forest management practices take many forms, including eradication of invasive plant species, restoring wetlands, thinning forests, replanting trees and conducting prescribed burns. We carry out prescribed burns annually, which helps restore natural ecosystems, improves wildlife habitats and reduces wildfire hazards. Additionally, we are engaged in the operation of two mitigation banks, which pursuant to mitigation plans approved by the applicable state and federal authorities, produce mitigation credits that are marketed and sold to developers of land in the Bay County, Florida and Walton County, Florida areas for the purpose of enabling the developers to obtain certain regulatory permits.

Additional information regarding our sustainability efforts is available in the Stewardship section of our website at https://www.joe.com/stewardship. The content of the Stewardship section of our website is not incorporated by reference into this Form 10-K or in any other report or document filed with the U.S. Securities and Exchange Commission (“SEC”), unless expressly noted.

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Information

St. Joe’s most recent Annual Report on Form 10-K (“Form 10-K”), Quarterly Reports on Form 10-Q (“Form 10-Q”), Current Reports on Form 8-K (“Form 8-K”), and amendments to those reports may be viewed or downloaded electronically, free of charge, from our website at www.joe.com as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC. In addition, you may review any materials we file with the SEC on the SEC’s website at www.sec.gov. Our recent press releases are also available to be viewed or downloaded electronically from the Investor Relations section of our website at www.joe.com. St. Joe will provide electronic copies of our SEC filings free of charge upon request. Any information posted on or linked from our website is not incorporated by reference into this Form 10-K.

Item 1A. Risk Factors

Forward-Looking Statements

This annual report contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These statements include, among other things, information about possible or assumed future results of the business and our financial condition, liquidity, results of operations, plans, strategies, prospects and objectives. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as "may," "will," "expect," "intend," "anticipate," "estimate," "believe," "continue" or other similar expressions concerning matters that are not historical facts. The Company cautions that its forward-looking statements involve risks and uncertainties, and while we believe that our expectations for the future are reasonable in view of currently available information, you are cautioned not to place undue reliance on our forward-looking statements. All business decisions involve assessing known risks. However, some risks may be unknown with changing socio-economic, market conditions and interest rates. Estimates are used to assess, among other things, capital allocation decisions. Actual results or events may differ materially from estimates and those indicated in our forward-looking statements as a result of various important factors. Such factors include, but are not limited to, those discussed below.

Forward-looking statements are only as of the date they are made, and the Company undertakes no duty to update its forward-looking statements except as required by law. You are advised, however, to review any further disclosures we make on related subjects in our subsequent Form 10-Q, Form 8-K and other reports filed with the SEC.

You should carefully consider the risks described below, together with all of the other information in this Form 10-K. The risks described below are not the only risks facing us. Moreover, we operate in a very competitive and rapidly changing environment. New risk factors emerge from time to time and it is not possible for us to predict all such risk factors, nor can we assess the impact of all such risk factors on our business or the extent to which any factor, or combination of factors, may affect our business. Additional risks and uncertainties not currently known to us, or that we currently deem to be immaterial, may also materially and adversely affect our business. If any of these risks actually occur, our business, financial condition, results of operations, cash flows, strategies and prospects may be materially adversely affected and could cause our actual results to differ materially from the results contemplated by the forward-looking statements in this report and in the other public statements we make.

Strategic and Competitive Risks

We may not be able to successfully implement our business strategy. Our business strategy consists of developing our residential real estate and expanding the scope of our hospitality assets and services, our commercial portfolio of income producing properties and our other ventures to build recurring revenues and enhance enterprise value, while always maintaining sufficient enterprise liquidity. Management may fail in assessing risks related to this strategy, profitably maintaining and growing operations and allocating capital. We may also face risks from unidentified issues not discovered in due diligence of operations and investments. Management may fail in estimating and most efficiently allocating cash in excess of operational and strategic investment needs, including to shareholders by dividends and the repurchase of common stock.

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Management may also fail to accurately forecast financial results, and, as a result, actual results may vary greatly from management estimates. As of December 31, 2023, we had approximately $1,018.6 million of real estate investments, $66.4 million of investment in unconsolidated joint ventures and $66.0 million of property and equipment, net recorded on our books at depreciated cost basis subject to impairment testing. If market conditions were to deteriorate, our estimate of undiscounted future cash flows may fall below their carrying value and we may be required to take impairments, which would have an adverse effect on our results of operations and financial condition. Existing and planned operations utilize estimates of revenue, costs, profits, growth, and real estate market values.

We face significant competition across our business units. We compete with local, regional and national real estate leasing and development companies and homebuilders, some of which may have greater financial, marketing, sales and other resources than we do. Hospitality operations are subject to significant competition from other hospitality providers and lodging alternatives. Our ability to remain competitive and to attract new and repeat guests, customers and club members depends on our success in distinguishing the quality and value of our products and services from those offered by others. Competition from real estate leasing and development companies and homebuilders may adversely affect our ability to attract tenants and lease our commercial, multi-family and senior living properties, attract purchasers and sell residential homesites and commercial real estate and attract and retain experienced real estate leasing and development personnel. Labor markets in the industries in which we operate are also competitive, which have led to increased labor costs in recent years. We must attract, train and retain a large number of qualified employees while controlling related labor costs. In addition, we face competition for tenants from other retail shopping centers and commercial facilities, as well as for our multi-family and senior living communities. There can be no assurance we will be able to compete successfully against current or future competitors or that competitive pressures will not have a material adverse effect on our business, results of operations, cash flows and financial condition.

A decline in general economic conditions, particularly in our primary market locations, could lead to reduced consumer demand for our products and services. Demand for our products and services is sensitive to changes in economic conditions over which we have no control, including the level of employment, consumer confidence, consumer income, consumer discretionary spending, consumer preferences, inflation, the availability of financing, changes in fiscal monetary policy and interest rate levels. In addition, the real estate market is subject to downturns, and our business is especially sensitive to economic conditions in Northwest Florida, where our developments and assets are located, and, more broadly, the Southeast region of the U.S., which in the past has produced a high percentage of customers for our products. If market conditions experience volatility or worsen, tenant and other customers’ demand may materially decline. For example, over the past several years, we have faced macroeconomic headwinds caused by, among other things, inflation, elevated interest rates, higher insurance costs, supply chain disruptions, financial institution disruptions and geopolitical conflicts, which impacted buyer sentiment. While demand across our segments remained strong despite these challenges, our business was impacted from the aforementioned macroeconomic factors, including insurance costs, supply chain disruptions, financial institution disruptions, cost increases and elevated interest rates, which, for example, have extended homesite and home deliveries in certain residential communities and increased operating costs. Although these delays generally have not resulted in increased cancellation rates, and therefore only impacted the timing of revenue recognition of our homesites, if conditions worsen or demand declines, we could experience cancellations that could adversely impact our business.

We and the real estate industry in general may be adversely affected during periods of high inflation, primarily because of higher construction and operating costs.

Our leasing projects are subject to a variety of risks that could impact returns. Our business strategy includes the development and leasing of multi-family and senior living properties, management of commercial properties and commercial assets for sale. These commercial developments may not be as successful as estimated due to leasing related risks, including the risk that we may not be able to lease new properties or obtain lease rates that are consistent with our projections, as well as the risks generally associated with real estate development. Additionally, development of leasing projects involves the risk associated with the significant time lag between commencement and completion of the project. This time lag subjects us to greater risks relating to, among other things:

| ● | fluctuations in the general economy;

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| ● | our ability to obtain construction or permanent financing on favorable commercial terms, if at all;

| ● | our ability to achieve projected rental rates;

| ● | the pace that we will be able to lease to new tenants;

| ● | higher than estimated construction costs (including labor and material costs); and

| ● | delays in the completion of projects because of, among other factors, inclement weather, labor disruptions, construction delays or delays in receiving zoning or other regulatory approvals, or man-made or natural disasters.

Failure to lease new properties or obtain lease rates that are consistent with our projections or significant time lags between commencement and completion of a commercial project may lead to lower than anticipated returns, which could adversely impact our ability to successfully execute our business strategy.

We face risks stemming from our strategic partnerships. We currently maintain, and in the future may seek additional strategic partnerships, including the formation of JVs, to develop real estate or to pursue other business activities, capitalize on the potential of our residential, hospitality and commercial opportunities and maximize the value of our assets. Certain of these JVs may be material to our business. For example, for the year ended December 31, 2023, our equity in income from the unconsolidated Latitude Margaritaville Watersound JV accounted for over 20% of our pre-tax income.

Our partners may take actions contrary to our instructions or requests, or contrary to our policies or objectives. We may not have exclusive control over the development, financing, management and other aspects of the partnership, which may prevent us from taking actions that are in our best interest but opposed by our partner. Our partners may experience financial difficulties, become bankrupt or fail to fund their share of capital contributions, which may delay construction or development of property or increase our financial commitment to the partnership. Our partners may take actions that subject us to liabilities in excess of, or other than, those contemplated. We may disagree with our partners about decisions affecting the partnership, which may result in litigation or arbitration that increases our expenses, distracts our officers and directors and disrupts the day-to-day operations of the property or business, which may delay important decisions until the dispute is resolved. Actions by our partners may subject the JV to liabilities or have other adverse consequences, including if the market reputation of a partner deteriorates. If a JV agreement is terminated or dissolved, we may not continue to own or operate the interests or investments of the JV or may need to purchase such interests or investments at a premium to the market price to continue ownership. In addition, we may not have sufficient resources, experience and/or skills to manage our existing JVs or locate additional desirable partners.

Our real estate investments are generally illiquid. Real estate and timber holdings are relatively illiquid. It may be difficult for us to sell such assets if the need or desire arises, which may limit our ability to make rapid adjustments to the size and content of our property assets. Illiquid assets typically experience greater price volatility, as a ready market does not exist and therefore can be more difficult to value. In addition, validating third party pricing for illiquid assets may be more subjective than more liquid assets. As a result, if we are required to liquidate all or a portion of our real estate or timber assets quickly, we may realize significantly less than the value at which we have previously recorded our assets. This impact may also be exacerbated in periods of general economic instability and capital markets volatility.

We may invest in new business endeavors or product lines, which are inherently risky and could disrupt our ongoing business and present risks not originally contemplated. In recent years, we have invested, and in the future may invest, in new business endeavors and product lines. New endeavors may involve new risks and uncertainties and may amplify existing risks, including additional competition, distraction of management from current operations, greater-than-expected liabilities and expenses, economic, political, legal and regulatory challenges associated with operating in new businesses or product lines, inadequate return on capital and potential impairment of tangible and intangible assets. New ventures are inherently risky and may not be successful. In addition, we may face difficulty integrating new businesses or product lines, assimilating new facilities and personnel and harmonizing diverse businesses and methods of operation. If any of our business endeavors are unsuccessful and we fail to realize the expected benefits of any new investment or product line or are unable to successfully integrate new businesses or product lines, our business, results of operations, cash flows and financial condition could be adversely affected.

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We face risks associated with short-term U.S. Treasury Bills. We hold significant cash balances that are invested in a variety of short-term U.S. Treasury Bills, that are intended to preserve principal value and maintain a high degree of liquidity. We have exposure to credit risk associated with our short-term U.S. Treasury Bills and these instruments are subject to price fluctuations as a result of changes in the financial market’s assessment of issuer credit quality, increases in delinquency and default rates, changes in prevailing interest rates and other economic factors.

A downgrade of the U.S. government’s credit rating may also decrease the value of any future investments in investments – debt securities (“Securities”). The market value of such potential future investments will be subject to change from period-to-period, especially in light of the financial institution disruptions and geopolitical conflicts which have caused market volatility. Our Securities have historically included investments in U.S. Treasury Bills classified as investments – debt securities. Credit-related impairment losses can negatively affect earnings. Investments in securities and funds are not insured against loss of principal. Under certain circumstances we may be required to redeem all or part of any future investment, which may result in a loss.

Our investments are supervised and directed by Fairholme Capital Management, L.L.C. (“FCM”, an investment advisor registered with the SEC) pursuant to the terms of an Investment Management Agreement, as amended, (the “Investment Management Agreement”). See Note 5. Investments included in Item 15 of this Form 10-K for additional information.

RISKS RELATED TO THE OPERATION OF OUR BUSINESS SEGMENTS

We are exposed to risks associated with commercial and residential real estate development and construction. Real estate development and construction, including homebuilding activities, entail risks that may adversely impact our results of operations, cash flows and financial condition, including:

| ● | general market conditions;

| ● | construction delays or cost overruns, which may increase project development costs;

| ● | labor costs and shortages of skilled labor, particularly as a result of the recent low unemployment rate in the U.S. and Florida especially;

| ● | supply chain disruptions and material shortages;

| ● | claims for construction defects after property has been developed, including claims by purchasers and property owners’ associations, and claims for construction defects arising from third party contractors;

| ● | the discovery of hazardous or toxic substances, or other environmental, culturally-sensitive, or related issues;

| ● | an inability to obtain required governmental permits and authorizations;

| ● | an inability to secure tenants necessary to support commercial, multi-family or senior living projects;

| ● | compliance with building codes and other local regulations;

| ● | unavailability of raw materials when needed, which may result in project delays, stoppages or interruptions, which may make the project less profitable;

| ● | insufficient infrastructure capacity or availability (e.g., water, sewer and roads) to serve the needs of our projects;

| ● | instability in the financial industry may reduce the availability of financing;

| ● | delay or inability to acquire property, rights of way or easements, which may result in delays or increased costs; and

| ● | weather-related and geological interference, including hurricanes, landslides, earthquakes, floods, drought, wildfires and other events, which may result in delays or increased costs.

The construction and building industry, similar to many other industries, have experienced, and may continue to experience worldwide supply chain disruptions and cost increases due to a multitude of factors, including inflation, elevated interest rates, higher insurance costs, labor shortages and geopolitical conflicts, such as the conflict between Russia and Ukraine, the conflict in the Gaza Strip and the general unrest in the Middle East. Materials, parts and labor

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costs have increased in recent years, sometimes significantly and over a short period of time. In addition, material time delays or increases in construction costs resulting from the aforementioned factors may impact our ability to realize anticipated returns on such projects, impact the timing of revenue recognition, lead to cancellations and otherwise materially adversely affect our business, results of operations, cash flows and financial condition. Nonetheless, should we experience increased cancellations as a result of such macroeconomic factors, our business could be adversely impacted.

Further, with regard to our residential segment, revenues from homesite sales can fluctuate period-to-period due to variations in the mix of sales from different communities, as well as other variations in product mix. Given these fluctuations in product mix, revenues from our residential segment may significantly vary from period to period.

In addition, real estate approvals may be subject to third party responses. It is not uncommon for delays to occur, which affect the timing of transaction closings and may also impact the terms and conditions of the transaction. Delays related to regulatory approvals may be due to the applicable governmental entity not being open due to the government being shut down or staffed insufficiently due to the government’s budgetary issues. These timing issues may cause our operating results, particularly relating to the impact of our land sales, to vary significantly from quarter-to-quarter and year-to-year.

Mortgage financing issues, including lack of supply of mortgage loans, tightened lending requirements and increases in interest rates, may reduce demand for our products. Purchasers of our real estate products may obtain mortgage loans to finance a substantial portion of the purchase price or may need to obtain mortgage loans to finance the construction costs of homes to be built on homesites purchased from us. Homebuilder customers depend on retail purchasers who rely on mortgage financing. Increases in interest rates increase the costs of owning a home and may adversely affect the purchasing power of consumers and lower demand for residential real estate. In addition to residential real estate, increased interest rates and restrictions in the availability of credit may also negatively impact sales or development of our commercial properties or other land we offer for sale. While over the past couple years, elevated interest rates negatively impacted buyers’ ability to obtain financing and the housing market generally, to date we have not experienced material declines in customer demand for our homesites. However, in the event financing challenges reduce demand from homebuilders to purchase homesites, then our sales, results of operations, cash flows and financial condition may be negatively affected.

Our residential segment is highly dependent on homebuilders and are subject to the risk of homebuilder concentration. We are highly dependent on homebuilders to be the primary customers for our homesites and to provide construction services in our residential developments. The homebuilder customers that have already committed to purchase homesites from us may decide to reduce, delay or cancel their existing commitments to purchase homesites in our developments. From time to time, we finance real estate sales with mortgage note receivables. If these homebuilders fail to pay their debts to us or delay paying us, it would reduce our anticipated cash flows. Homebuilders also may not view our developments as desirable locations for homebuilding operations, or they may choose to purchase land from other sellers. We also rely on a concentrated number of homebuilders for a significant portion of our residential homesite sales. Any of these events may have an adverse effect on our business, results of operations, cash flows and financial condition.

Our hospitality segment is subject to various risks inherent to the hospitality industry. The following factors, among others, are common to the hospitality industry, and may reduce the revenues generated by our hotel properties, food and beverage operations, golf courses, beach clubs, marinas and other entertainment assets:

| ● | reduced travel (including from airline disruptions, business reduction or elimination of typical travel in efforts to be conservative in uncertain financial times or adverse economic conditions), which we may be susceptible to given that the travel tourism on which our hospitality segment relies can entail a relatively high cost of participation and is based on discretionary consumer spending;

| ● | increased labor costs and shortages of skilled labor;

| ● | inclement weather conditions;

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| ● | changes in desirability of geographic regions in which our properties are located;

| ● | significant competition from other hospitality providers and lodging or entertainment alternatives;

| ● | our relationships with and the performance of third-party managers;

| ● | increases in operating costs, including increases in the cost of property insurance, utilities and real estate and personal property taxes, due to inflation and other factors that may not be offset by increased prices; and

| ● | natural or man-made disasters.

Any of these factors may increase our costs or limit or reduce the prices we are able to charge for our hospitality products or services, or otherwise affect our ability to maintain existing properties, develop new properties or add amenities to our existing properties.

Our insurance coverage on our properties may be inadequate or our insurances costs may increase. We maintain insurance on our properties, including property, liability, fire, flood and extended coverage. However, we do not insure our timber assets. Additionally, our insurance for hurricanes has limitations per named storm and is subject to deductibles. We use our discretion when determining amounts, coverage limits and deductibles for insurance. These terms are determined based on retaining an acceptable level of risk at a reasonable cost. This may result in insurance coverage that, in the event of a substantial loss, would not be sufficient to pay the full current market value or current replacement cost of our lost investment. Inflation, changes in building codes and ordinances, environmental considerations and other factors also may make it unfeasible to use insurance proceeds to replace a facility after it has been damaged or destroyed. Under such circumstances, we may not receive insurance proceeds or the insurance proceeds we receive may not fully cover business interruptions or losses and our earnings, liquidity, or capital resources may be adversely affected.

Homeowner property insurance companies doing business in Florida have reacted to previous hurricanes by increasing premiums, requiring higher deductibles, reducing limits, restricting coverage, imposing exclusions, refusing to insure certain property owners, and in some instances, ceasing insurance operations in the state. It is uncertain what effect these actions may have on future property insurance availability and rates in the state. The high costs of property insurance premiums in Florida may deter potential customers from purchasing a homesite in one of our developments or make Northwest Florida less attractive to new employers that can create high quality jobs needed to increase growth in the region, either of which may have a material adverse effect on our business, results of operations, cash flows and financial condition. Florida’s state-owned property insurance company, Citizens Property Insurance Corp., underwrites homeowner property insurance. If there were to be a catastrophic hurricane or series of hurricanes to hit Florida, the exposure of the state government to property insurance claims may place extreme stress on state finances.

Our insurance policies are generally renewed on an annual basis and, depending on factors such as market conditions, the premiums, terms, policy limits and/or deductibles can vary substantially. We can give no assurance that we will be able to maintain adequate insurance in the future at rates or on other terms we consider commercially reasonable. To offset negative insurance market trends, we may decide to self-insure additional risks. In the even that we decide to self-insure, if we experience a greater number of self-insured losses than we anticipate, our financial performance could be adversely affected. If we lose our ability to, or decide not to, self-insure these risks, our insurance cost could materially increase and we may find it difficult to obtain adequate levels of insurance coverage.

Our commercial segment is subject to risks associated with the financial condition of our commercial tenants. If one or more of our tenants, particularly an anchor tenant, declares bankruptcy, defaults or voluntarily vacates from the leased premises, we may be unable to collect rent payments from such tenant, re-lease such space or to re-lease it on comparable or more favorable terms. Additionally, the loss or failure to renew of an anchor tenant may make it more difficult to lease the remainder of the affected properties, which may have a material adverse effect on our business, results of operations, cash flows and financial condition.

Alternatively, increases in consumer spending through e-commerce channels may significantly affect our tenants’ ability to generate sales in their stores, which could affect their ability to make payments to us. These economic and market conditions, combined with rising inflation and lack of labor availability, may also place a number of our key

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customers under financial stress, which may adversely affect our occupancy rates and our profitability, which, in turn, may have a material adverse effect on our business, results of operations, cash flows and financial condition.

Our commercial segment is exposed to operational risks with respect to our senior living communities. We are exposed to various federal, state, local, and industry-regulated licensure, certification and inspection laws, regulations, and standards; state regulations regarding senior living resident agreements, which typically require a written resident agreement with each resident; the availability and increases in cost of general and professional liability insurance coverage; state regulation and rights of residents related to entrance fees; and the availability and increases in the cost of labor.

Our financial results may vary significantly period over period. The revenues and earnings from our business segments may vary significantly from period to period. Homebuilders tend to buy multiple homesites in sporadic transactions. In addition, homesite prices vary significantly by community, which further impacts period over period results. Therefore, there may be reporting periods in which we have no, or significantly less, revenue from residential or commercial real estate sales. We may also choose to operate rather than lease assets, lease rather than sell assets, or sell improved rather than unimproved land that may delay revenue and profits.

Hospitality operations are affected by seasonal fluctuations. Hospitality revenues are typically higher in the second and third quarters, and vary depending on the timing of holidays and school breaks. Commercial real estate sales tend to be non-recurring. Projects depend on uncertain demand. Extraordinary events such as hurricanes or public health emergencies may dramatically change demand and pricing for products and services.

We are subject to various geographic risks.

| ● | Growth of Northwest Florida. We are focused on developing real estate and expanding operations in Northwest Florida. Our success will be dependent on continued strong migration and population expansion in Northwest Florida. The future economic growth of Northwest Florida will largely depend on the ability and willingness of state and local governments, in combination with the private sector, to plan and complete significant infrastructure improvements in the region, such as new or existing transportation hubs, roads, rail, pipeline, medical facilities and schools and to attract families and companies offering high-quality and high salary jobs. Our future revenues will also depend on individuals seeking retirement or vacation homes in Northwest Florida. Florida’s population growth may be negatively affected in the future by a variety of factors, including adverse economic conditions, changes in state income tax or federal immigration laws, the occurrence of natural or manmade disasters or the high cost of real estate, insurance and property taxes. If Northwest Florida experiences an extended period of slow growth, or even net out-migration, our business, results of operations, cash flows and financial condition will likely be materially adversely affected.

| ● | Hurricanes. Florida is particularly susceptible to the occurrence of hurricanes. Depending on where any particular hurricane makes landfall, our developments in Northwest Florida may experience catastrophic damage. Such damage may materially delay sales or lessen demand for our residential or commercial real estate and lessen demand for our hospitality and leasing operations. If our corporate headquarters facility is damaged or destroyed, we may have difficulty performing certain corporate and operational functions. We maintain property and business interruption insurance, subject to certain deductibles.

| ● | Climate Conditions. The occurrence of other natural disasters and climate conditions in Northwest Florida, such as tornadoes, floods, fires, unusually heavy or prolonged rain, droughts, extreme heat, or other adverse weather events may have a material adverse effect on our ability to develop and sell properties or realize income from our projects. To the extent that such natural disasters and climate conditions occur, our projects could be damaged or destroyed, which may result in losses exceeding our insurance coverage. Natural disasters and climate conditions can also lead to increased competition for subcontracts, which can delay construction activities even after an event has concluded. In addition, our timber assets are subject to damage by fire, insect infestation, disease, prolonged drought, flooding, hurricane and natural disasters, which may adversely affect our timber inventory and forestry business. Furthermore, sea level rise due to climate change may have a material adverse effect on our coastal properties. The occurrence of natural

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|  | disasters and the threat of adverse climate changes (or perceived threat of from climate change) may also have a long-term negative effect on the attractiveness of Northwest Florida and on our ability to obtain flood or other hazard insurance coverage. Manmade disasters or disruptions, such as oil spills, acts of terrorism, power outages and communications failures may simultaneously disrupt our operations.

We are dependent on third party service providers for certain services. We rely on various third parties to conduct the day-to-day operations of certain residential, hospitality, multi-family, senior living and other commercial properties. Failure of such third parties to adequately perform their contracted services may negatively impact our ability to retain customers. As a result, any such failure may negatively impact our results of operations, cash flows and financial condition.

Public health emergencies could adversely affect our business. An epidemic, pandemic or similar serious public health issue, and the measures undertaken by governmental authorities to address it, could significantly disrupt or prevent us from operating our business in the ordinary course for an extended period, and thereby, and/or along with any associated economic and/or social instability or distress, have a material adverse impact on our results of operations, cash flows and financial condition.

In addition to impacting general economic conditions, a public health emergency may exacerbate factors that impact our operations, including supply chain disruptions, labor shortages and rising commodity and product costs, which may continue after the public health emergency has subsided. Any continued impact could also amplify the other risks and uncertainties. The ultimate extent to which a public health emergency could impact our business is highly uncertain and cannot be predicted with any degree of confidence.

Risks RELATED to our existing ownership structure

Our largest shareholder controls approximately 38.9% of our common stock, which may limit our minority shareholders’ ability to influence corporate matters. Mr. Bruce R. Berkowitz is the Chairman of our Board. He is the Manager of, and controls entities that own and control, Fairholme Holdings, LLC (“Fairholme”), which wholly owns FCM. As of December 31, 2023, clients of FCM, including Mr. Berkowitz, beneficially owned approximately 38.9% of our common stock. FCM and its client, The Fairholme Fund, a series of investments originating from Fairholme Funds, Inc., may be deemed affiliates of ours. Fairholme is in a position to influence the vote of most matters submitted to our shareholders, including any merger, consolidation or sale of all or substantially all of our assets, the nomination of individuals to our Board and any potential change in our control. These factors may discourage, delay or prevent a takeover attempt that shareholders might consider in their best interests or that might result in shareholders receiving a premium for their common stock. Additionally, our articles of incorporation and certain provisions of Florida law contain anti-takeover provisions that may make it more difficult to effect a change in our control.

Fairholme is in the business of making or advising on investments in companies and may hold, and may, from time to time in the future, acquire interests in or provide advice to businesses that directly or indirectly compete with certain portions of our business. Fairholme may also pursue acquisitions that may be complementary to our business, and, as a result, those acquisition opportunities may not be available to us. Furthermore, future sales of our common stock by Fairholme, or the perception in the public markets that these sales may occur, may depress our stock price.

LEGAL, REGULATORY, AND LITIGATION RISK

We run the risk of inadvertently being deemed to be an investment company that is required to register under the Investment Company Act of 1940 (the “Investment Company Act”). We are not registered as an “investment company” under the Investment Company Act and we intend to invest our assets in a manner such that we are not required to register as an investment company. This plan will require monitoring our portfolio so that on an unconsolidated basis we will not have more than 40% of total assets (excluding U.S. government securities and cash items) in investment securities or that we will meet and maintain another exemption from registration. As a result, we may be unable to make some potentially profitable investments, unable to sell assets we would otherwise want to sell or forced to sell investments in investment securities before we would otherwise want to do so.

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We have not requested approval or guidance from the SEC with respect to our Investment Company Act determinations, including, in particular: our treatment of any subsidiary as majority-owned; the compliance of any subsidiary with any exemption under the Investment Company Act, including any subsidiary’s determinations with respect to the consistency of its assets or operations with the requirements thereof or whether our interests in one or more subsidiaries constitute investment securities for purposes of the 40% test. If the SEC were to disagree with our treatment of one or more subsidiaries as being majority-owned, exempted from the Investment Company Act, with our determination that one or more of our other holdings do not constitute investment securities for purposes of the 40% test, or with our determinations as to the nature of the business in which we engage or the manner in which we hold ourselves out, we and/or one or more of our subsidiaries would need to adjust our operating strategies or assets in order for us to continue to pass the 40% test (as described above) or register as an investment company, either of which may have a material adverse effect on us. Moreover, we may be required to adjust our operating strategy and holdings, or to effect sales of our assets in a manner that, or at a time or price at which, we would not otherwise choose, if there are changes in the laws or rules governing our Investment Company Act status or that of our subsidiaries, or if the SEC or its staff provides more specific or different guidance regarding the application of relevant provisions of, and rules under, the Investment Company Act.

If the SEC or a court of competent jurisdiction were to find that we were required, but failed, to register as an investment company in violation of the Investment Company Act, we would have to cease business activities, we would breach representations and warranties and/or be in default as to certain of our contracts and obligations, civil or criminal actions may be brought against us, certain of our contracts would be unenforceable unless a court were to require enforcement and a court may appoint a receiver to take control of us and liquidate our business, any or all of which would have a material adverse effect on our business.

We are subject to various existing government regulations.

| ● | Development and Land Use Requirements. Approval to develop real property entails an extensive entitlements process involving multiple and overlapping regulatory jurisdictions and often requiring discretionary action by local government. This process is often political, uncertain and may require significant exactions in order to secure approvals. Real estate projects in Florida must generally comply with the provisions of the Community Planning Act and local land development regulations. Compliance with the State of Florida planning requirements and local land development regulations is usually lengthy and costly and can be expected to materially affect our real estate development activities. The Community Planning Act requires local governments to adopt comprehensive plans guiding and controlling future real property development in their respective jurisdictions and to evaluate, assess and keep those plans current. Included in all comprehensive plans is a future land use map, which sets forth allowable land use development rights. Some of our land has an “agricultural” or “silviculture” future land use designation and we may be required to seek an amendment to the future land use map to develop real estate projects. Approval of these comprehensive plan map amendments is highly discretionary.

All development orders and permits must be consistent with the comprehensive plan. Each plan must address such topics as future land use and capital improvements and make adequate provision for a multitude of public services including transportation, schools, solid waste disposal, sewerage, potable water supply, drainage, affordable housing, open space, parks and others. The local governments’ comprehensive plans must also establish “levels of service” with respect to certain specified public facilities, including roads, schools and services to residents. In many areas, infrastructure funding has not kept pace with growth, causing facilities to operate below established levels of service. Local governments are prohibited from issuing development orders or permits if the development will reduce the level of service for public facilities below the level of service established in the local government’s comprehensive plan, unless the developer either sufficiently improves the services up front to meet the required level of service or provides financial assurances that the additional services will be provided as the project progresses. In addition, local governments that fail to keep their plans current may be prohibited by law from amending their plans to allow for new development.

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If any one or more of these factors were to occur, we may be unable to develop our real estate projects successfully or within the expected timeframes. Changes in the Community Planning Act or the interpretation thereof, new enforcement of these laws or the enactment of new laws regarding the development of real property may lead to a decline in our ability to develop and market our communities successfully and to generate positive cash flow from these operations in a timely manner, which may have a materially adverse effect on our ability to service our demand and negatively impact our business, results of operations, cash flows or financial condition.

Our properties are subject to federal, state and local environmental regulations and restrictions that may impose significant limitations on our development ability. In most cases, approval to develop requires multiple permits, which involve a long, uncertain and costly regulatory process. Our land holdings contain jurisdictional wetlands, some of which may be unsuitable for development or prohibited from development by applicable law. Development approval most often requires mitigation for impacts to wetlands that require land to be conserved at a disproportionate ratio versus the actual wetlands impacted and approved for development. Some of our property is undeveloped land located in areas where development may have to avoid, minimize or mitigate for impacts to the natural habitats of various protected wildlife or plant species. Additionally, some of our property is in coastal areas that usually have a more restrictive permitting burden or must address issues such as coastal high hazard, hurricane evacuation, floodplains and dune protection.

| ● | Environmental Regulation. Current or past operations are subject to extensive and evolving federal, state and local environmental laws and other regulations. The provisions and enforcement of these environmental laws and regulations may become more stringent in the future, including as a result of attention from environmental advocacy groups. Violations of these laws and regulations can result in, among other things, civil penalties, remediation expenses, natural resource damages, personal injury damages, potential injunctions, cease and desist orders and criminal penalties. In addition, some of these environmental laws impose strict liability, which means that we may be held liable for any environmental damage on our property regardless of fault.

Past and present real property, particularly properties used in connection with our previous transportation and papermill operations, were involved in the storage, use or disposal of hazardous substances that may have contaminated and may in the future contaminate the environment. We may bear liability for this contamination and for the costs of cleaning up a site at which we have disposed of, or to which we have transported, hazardous substances. The presence of hazardous substances on a property may also adversely affect our ability to sell or develop the property or to borrow funds using the property as collateral.

We may be subject to risks from changes in certain governmental policies.

| ● | Mortgage Rates. The availability of mortgage financing is significantly influenced by governmental entities such as the Federal Housing Administration, Veteran’s Administration and Government National Mortgage Association and government-sponsored enterprises known as Fannie Mae and Freddie Mac. Mortgage rates may also be adversely impacted by elevated interest rates, which may continue to increase as a result of the government’s response to inflation. If borrowing standards are tightened and/or the federal government were to reduce or eliminate these mortgage loan programs (including due to any failure of lawmakers to agree on a budget or appropriation legislation to fund relevant programs or operations) or if mortgage rates continue to increase generally, it would likely make it more difficult for potential purchasers of our products, including our homebuilder customers to obtain acceptable financing, which may have a negative effect on demand in our communities.

| ● | Climate Regulation. Potential impacts of climate change have begun to influence governmental authorities, consumer behavior patterns and the general business environment of the U.S., including, but not limited to, energy-efficiency measures, water use measures and land-use practices. The implementation of these policies may require us to invest additional capital in our properties or it may restrict the availability of land we are able to develop. These changes, or changes in other environmental laws or their interpretation thereof, new enforcement of laws, the identification of new facts or the failure of other parties to perform remediation at our current or former facilities may lead to new or greater liabilities that may materially

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|  | adversely affect our business, results of operations, cash flows or financial condition.

| ● | Accounting Standards. Uncertainties posed by various initiatives of accounting standard-setting by the Financial Accounting Standards Board (“FASB”) and the SEC, which create and interpret applicable accounting standards for U.S. companies, may change the financial accounting and reporting standards or their interpretation and application of these standards that govern the preparation of our financial statements. These changes and others may have a material impact on how we record and report our financial condition and results of operations. In some cases, we may be required to apply a new or revised standard retroactively, resulting in potentially material restatements of prior period financial statements.

Changes to U.S. tax laws may materially affect us.

| ● | Income Tax. Tax laws are dynamic and subject to change as new laws are passed and new interpretations of the law are issued or applied. In many cases, the application of existing, newly enacted or amended tax laws may be uncertain and subject to differing interpretations. Changes in the tax laws, or in the interpretation or enforcement of existing tax laws, could increase our state and federal tax rates and subject our business to audits, inquiries and legal challenges from taxing authorities. As a result of changes in tax laws, we may incur additional costs, including taxes and penalties for historical periods, which may have a material and adverse effect on our business, results of operations, cash flows or financial condition.

| ● | QOZ Program. As part of the U.S. Tax Cuts and Jobs Act of 2017 (the “Tax Act”), Congress established the Qualified Opportunity Zone program (the “QOZ Program”), which provides preferential tax treatment to taxpayers who invest eligible capital gains into qualified opportunity funds (“QOFs”). QOFs are self-certifying entities that invest their capital in economically distressed communities that have been designated as qualified opportunity zones (“QOZs”) by the Internal Revenue Service (“IRS”) and Treasury. We have positioned ourselves to take advantage of the tax benefits offered by the QOZ Program. While the IRS has issued final regulations which address some of the uncertainties under the QOZ Program, because the QOZ Program is relatively new, a number of open questions remain. To the extent the IRS issues additional interpretive guidance that renders ineligible certain categories of projects that are currently expected to qualify, we may be unable to fully realize the benefits of the QOZ Program as anticipated, which may impact our investments.

We may be subject to periodic litigation and other regulatory proceedings. We may be involved in lawsuits and regulatory actions relating to business agreements, operations, assets, liabilities, or our position as a public company. An adverse outcome in any of these matters may adversely affect our financial condition, our results of operations or impose additional restrictions or limitations on us. In addition, regardless of the outcome of any litigation or regulatory proceedings, these proceedings may result in substantial costs and may require that we devote substantial resources to defend our Company.

Land use approval processes have become increasingly complex. Moreover, the statutes, regulations and ordinances governing the approval processes provide third parties the opportunity to challenge the proposed plans and approvals. As a result, the prospect of third-party challenges to planned real estate developments provides additional uncertainties in real estate development planning and entitlements. Third-party challenges in the form of litigation may result in denial of the right to develop, or would, by their nature, adversely affect the length of time and the cost required to obtain the necessary approvals. In addition, adverse decisions arising from any litigation would increase the costs and length of time to obtain ultimate approval of a project and may adversely affect the design, scope, plans and profitability of a project.

GENERAL RISKS

Risks associated with our human capital. Our ability to successfully implement our business strategy depends on our ability to attract and retain skilled employees. The labor markets in the industries in which we operate are competitive. We must attract, train and retain a large number of qualified employees while controlling related labor costs. Tighter labor markets may make it even more difficult for us to hire and retain qualified employees and control labor costs. Our ability to attract qualified employees and control labor costs is subject to numerous external factors, including prevailing wage rates, employee preferences, employment law and regulation, labor relations and immigration

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policy. While we are committed to recruiting top talent by offering, among other things, competitive wages, a significant increase in competition or labor costs increasing from any of the aforementioned factors may have a material adverse impact on our business, results of operations, cash flows and financial condition. In addition, our hospitality operations are highly dependent on a large seasonal workforce. We have historically relied on the J-1 and H-2B visa programs to bring workers to the U.S. to fill seasonal staffing needs and ensure that we have the appropriate workforce in place. If we are unable to obtain sufficient numbers of seasonal workers, through the J-1 and H-2B programs or otherwise, we may not be able to recruit and hire adequate personnel, and material increases in the cost of securing our workforce may be possible in the future. Increased seasonal wages or an inadequate workforce may have a material adverse effect on our business, results of operations, cash flows and financial condition.

Risks associated with cybersecurity. We are reliant on computers and digital technology, including certain technology systems from third-party vendors which we use to operate our business which are not under our control. We collect digital information on all aspects of operations. Hospitality related businesses, in particular, require the collection and retention of identifiable information of our customers, as such information is entered into, processed, summarized, and reported by the various information systems we use. All of these activities give rise to material cyber risks and potential costs and consequences that cannot be estimated or predicted. The integrity and protection of our customer, employee and other company data, is critical to us. We make efforts to maintain the security and integrity of these networks and related systems. We have implemented various measures to manage the risk of a security breach or disruption. There can be no assurance that our security efforts and measures will be effective or that attempted security breaches or disruptions, whether through cyber-attacks or cyber intrusions over the Internet, malware, computer viruses, attachments to emails, persons inside our organization or persons with access to systems, energy blackouts, natural disasters, terrorism, war, and other significant disruptions of our networks and related systems, or disruptions would not be successful or damaging. Further, the risk of a security breach or disruption, particularly through cyber-attacks or cyber-intrusion, including by computer hackers, foreign governments or state-sponsored actors, and cyber terrorists, has generally increased as the number, intensity and sophistication of attempted attacks and intrusions from around the world have increased. In particular, there has been a spike in cybersecurity attacks as work-from-home measures have led businesses to increase reliance on virtual environments and communications systems, which have been subject to increasing third-party vulnerabilities and security risks. Additionally, to the extent artificial intelligence capabilities improve and are increasingly adopted, they may be used to identify vulnerabilities and craft increasingly sophisticated cybersecurity attacks. Attachments crafted with artificial intelligence tools could directly attack information systems with greater speed and/or efficiency than a human threat actor or create more effective phishing emails. Vulnerabilities may also be introduced from the use of artificial intelligence by us, our customers, suppliers and other business partners and third-party providers. Use of artificial intelligence by our employees, whether authorized or unauthorized, increases the risk that our intellectual property and other proprietary information will be unintentionally disclosed.

Even the most well protected information, networks, systems and facilities remain potentially vulnerable because the techniques used in such attempted security breaches evolve and generally are not recognized until launched against a target, and in some cases are designed not to be detected and, in fact, may not be detected. Accordingly, we and our service providers may be unable to anticipate these techniques or to implement adequate security barriers or other preventative measures, and thus it is impossible for us and our service providers to entirely mitigate this risk. Our failure to maintain the security of the data, including via the penetration of our network security and the misappropriation of confidential and personal information, may result in business disruption, increase in costs, damage to our reputation, material legal claims, fines, penalties, regulatory proceedings and other severe financial and business implications.

We are subject to risks related to corporate social responsibility and reputation. Our reputation and brands are important to our business. Our reputation and brands affect our ability to attract and retain consumers, financing, and secure development opportunities. There are numerous ways our reputation or brands could be damaged. These include, among others, product safety or quality issues, negative media coverage or scrutiny from political figures or interest groups. Customers are also using social media to provide feedback and information about our Company and products and services in a manner that can be quickly and broadly disseminated. To the extent a customer has a negative experience with, or view of, our Company and shares it over social media, it may adversely impact our brand and reputation.

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In addition, companies across many industries are facing increasing scrutiny from lawmakers, regulators, investors, customers, employees and other stakeholders related to their environmental, social, and governance (“ESG”) practices, including those related to the environment, climate, diversity and inclusion, human rights and governance transparency. Various jurisdictions are developing climate-related laws or regulations that could cause us to incur additional direct costs for compliance, as well as indirect costs resulting from our customers, suppliers, or additional compliance costs that are passed on to us. Additionally, investor advocacy groups, including ESG-focused investor advocacy groups, certain institutional investors, investment funds and other influential investors are also increasingly focused on ESG practices and in recent years have placed increasing importance on the implications and social cost of their investments. Legal and regulatory requirements, as well as stakeholder expectations, on ESG practices and disclosures are subject to change, can be unpredictable, and may be difficult and expensive for us to comply with. Further, there is an increasing number of state-level anti-ESG initiatives in the U.S. that may conflict with other regulatory requirements or various stakeholders’ expectations. If we fail, or are perceived to be failing, to meet evolving legal and regulatory requirements or the expectations of our stakeholders, which are evolving, we may be subject to enforcement actions, required to pay fines, investors may sell their shares, we may suffer from reputational damage and our business or financial condition could be adversely affected.

The design and effectiveness of our disclosure controls and procedures and internal control over financial reporting may not prevent all errors, misstatements, or misrepresentations. While management will continue to review the effectiveness of our disclosure controls and procedures and internal control over financial reporting, there can be no guarantee that our internal control over financial reporting will be effective in accomplishing all control objectives at all times. Deficiencies, including any material weakness, in our internal control over financial reporting, which may occur in the future, may result in misstatements of our results of operations, restatements of our financial statements, a decline in our stock price, or otherwise materially adversely affect our business, reputation, results of operations, financial condition, or liquidity.

Our financing arrangements contain restrictions and limitations. Our financing arrangements contain customary representations and warranties, as well as customary affirmative and negative covenants that restrict some of our activities. See Note 10. Debt, Net included in Item 15 of this Form 10-K for additional information. Our ability to comply with the covenants and restrictions contained in our financing arrangements may be affected by economic, financial and industry conditions beyond our control, including credit or capital market disruptions. The breach of any of these covenants or restrictions could result in a default that would permit the applicable lenders to declare all amounts outstanding thereunder to be due and payable, together with accrued and unpaid interest. In any such case, we may be unable to repay the amounts due under such financing arrangements, which could have a material adverse effect on our results of operations, cash flows and financial condition.

We may provide a guarantee of the debt in connection with our JVs. In certain instances, these guarantees provide for the full payment and performance of the borrower. See Note 10. Debt, Net and Note 20. Commitments and Contingencies included in Item 15 of this Form 10-K for additional information. If we were to become obligated to perform on any of these guarantees, our results of operations, cash flows and financial condition may be adversely affected.

We utilize derivative financial instruments to reduce our exposure to market risks from changes in interest rates. We may enter into interest rate swap instruments to limit our exposure to changes in variable interest rates. While our hedging strategy is designed to minimize the impact of increases in interest rates applicable to some of our variable rate debt, there can be no guarantee that our hedging strategy will be effective, and we may experience credit-related losses in some circumstances. See Note 6. Financial Instruments and Fair Value Measurements and Note 10. Debt, Net included in Item 15 of this Form 10-K for additional information. In addition, we typically refinance our outstanding debt prior to or in connection with its maturity. If we are unable to refinance our debt on favorable terms, our interest expense may increase. A refinancing of our debt could also require us to comply with more onerous covenants and further restrict our business operations. Any of these circumstances could adversely impact our financial position and results of operations.

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We cannot assure you that we will not make changes to our existing capital allocation plan, including whether we will continue to pay dividends at the current rate or at all. In 2023, we paid cash dividends of $0.10 per share on our common stock in the first and second quarters and $0.12 per share on our common stock in the third and fourth quarters, and we currently expect to continue to pay quarterly dividends. The declaration and payment of any future dividends will be at the discretion of our Board after taking into account various factors, including without limitation, our financial condition, earnings, capital requirements of our business, the terms of any credit agreements or indentures to which we may be party at the time, legal requirements, industry practice, and other factors that our Board deems relevant. In addition, we may decide not to make future stock repurchases at the same rate or at all.

We may continue to experience significant volatility in the market price of our common stock. Numerous factors may have a significant effect on the price of our common stock, including low trading volumes; announcements of fluctuations in our operating results; other announcements concerning our Company or business, including acquisitions or litigation announcements; changes in market conditions in Northwest Florida, the real estate or real estate development industry or hospitality operations in general; economic and/or political factors unrelated to our performance; comments by public figures or other third parties (including blogs, articles, message boards and social and other media); changes in recommendations or earnings estimates by securities analysts; novel and unforeseen trading strategies adopted by retail investors or other market participants and less volume and reduced shares outstanding due to execution of the Stock Repurchase Program that would reduce our “public float”. The market price of our common stock on the New York Stock Exchange (“NYSE”) has been volatile, which may be unrelated or disproportionate to operating performance. Continued volatility in the market price of our common stock may cause shareholders to lose some or all of their investment in our common stock. Institutional investors might not be interested in owning our common stock.

​

Item 1B. Unresolved Staff Comments

None.

Item 1C. Cybersecurity

We maintain a data security plan designed to provide a documented and formalized information security policy to detect, identify, classify and mitigate cybersecurity and other data security threats. This cybersecurity program is based in-part on, and its effectiveness is measured using, the Payment Card Industry Data Security Standard (“PCI DSS”) and is included in our overall enterprise risk management program.

In furtherance of detecting, identifying, classifying and mitigating cybersecurity and other data security threats, we also:

| ● | assess baseline configuration standards to meet the intent and effectiveness for overall safety and security (both logically and physically) of critical system components; |

| ● | track asset inventory for relevant system components;

| ● | maintain network connection arrangement documents;

| ● | limit access rights to system components to authorized personnel, with end-users being granted access in accordance with stated access rights; |

| ● | deploy anti-virus solutions on applicable system components, which are enabled for automatic updates and configured for conducting periodic scans as necessary; |

| ● | provision and harden critical system resources;

| ● | use internal and external vulnerability scanning procedures, along with network layer and anti-hacking tests; |

| ● | facilitate requests for validation of baseline configurations for purposes of regulatory compliance assessments and audits; and |

| ● | provide cybersecurity training for employees. |

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Conducting our businesses involves the collection, storage, use, disclosure, processing, transfer, and other handling of a wide variety of information, including personally identifiable information, for various purposes in our businesses. Like other comparable-sized companies that process a wide variety of information, our information technology systems, networks and infrastructure and technology have been, and may in the future be, vulnerable to cybersecurity attacks and other data security threats. These types of attacks are constantly evolving, may be difficult to detect quickly, and often are not recognized until after they have been launched against a target. For more information about these and other cybersecurity risks faced by us, see Part 1. Item 1A. Risk Factors.

Our Board has ultimate oversight for risks relating to our data security plan. In addition, the Board has delegated primary responsibility to the Audit Committee for assessing and managing data privacy and cybersecurity risks, reviewing data security and cybersecurity policies and processes with respect to data privacy and cybersecurity risk assessment and management, reviewing steps management has taken to monitor and control such risks, and regular inquires with our management team, internal auditors and independent auditors in connection therewith. The Audit Committee is also responsible for overseeing our investigation of, and response to, any cybersecurity attacks or threats.

We also have a dedicated team of employees overseeing our data security plan and initiatives, led by our Vice President of Information Systems (who has over twenty years’ experience working in cyber and information security roles with large companies), and works directly in consultation with internal and external advisors in connection with these efforts.

We have developed a procedure by which the Board and management are informed about and monitor the prevention, detection, mitigation and remediation of cybersecurity incidents. Our Incident Response Team, comprised of representatives of different departments within the Company, including the Vice President of Information Systems, works to identify cybersecurity-related incidents, and reports such incidents, along with any pertinent recommendations to update cybersecurity policies and procedures, to our management team. Our management team regularly reports to the Audit Committee, and more frequently as needed on such matters. The Audit Committee and management also provide an annual report to the Board on pertinent cybersecurity matters.

Item 2. Properties

St. Joe owns 168,000 acres in Northwest Florida. A portion of our land is within the Sector Plan, that entitles, or gives legal rights, for us to originally develop over 170,000 residential dwelling units, over 22 million square feet of retail, commercial and industrial space and over 3,000 hotel rooms on lands within Florida’s Bay and Walton counties. We also have additional entitlements, or legal rights, to develop acreage outside of the Sector Plan. Approximately 87% of our real estate is located in Florida’s Bay, Gulf, and Walton counties. Approximately 90% of our real estate land holdings are located within fifteen miles of the Gulf of Mexico. Undeveloped land is managed as timberlands until designated for development. We anticipate a wide range of residential, commercial and hospitality uses on these land holdings. We have operating assets and projects under development in our residential, hospitality, and commercial segments. For more information on our real estate assets and related encumbrances, see “Item 1. Business” and “Schedule III (Consolidated) - Real Estate and Accumulated Depreciation” included in Item 15 of this Form 10-K for further information. In addition to the properties we own, we have investments in unconsolidated JVs that own properties such as the Latitude Margaritaville Watersound JV that includes the Latitude Margaritaville Watersound community.

In our residential segment, we develop communities into homesites for sale to homebuilders and on a limited basis to retail customers. As of December 31, 2023, we had completed homesites and homesites under development, engineering or in conceptual planning in nineteen separate communities. These include the Watersound Origins, Watersound Origins West, Watersound Camp Creek, Breakfast Point East, Titus Park, Ward Creek, College Station, Park Place, Salt Creek at Mexico Beach, WindMark Beach, SouthWood, and other Northwest Florida communities.

In our hospitality segment, we own a beach club, club amenities and three golf courses that are situated in or near our residential communities. We own the WaterColor Inn, The Pearl Hotel, Camp Creek Inn, Hilton Garden Inn Panama City Airport, Homewood Suites by Hilton Panama City Beach, Home2 Suites by Hilton Santa Rosa Beach, and the WaterSound Inn, along with nearby retail and commercial space. With our JV partners, we own The Lodge 30A and

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Embassy Suites by Hilton Panama City Beach Resort. We own additional properties in Panama City Beach, Florida that we operate as rental property. We own two marinas. We also own Hotel Indigo Panama City Marina and Harrison’s Kitchen & Bar, both on leased land in downtown Panama City. We are in the process of constructing The Third, an 18-hole golf course, in Bay County, Florida.

In our commercial segment, we own, or jointly own, the properties used in our operations and have properties under construction that will be used in our operations, which include multi-family, senior living, self-storage, retail, office, industrial and commercial property. These commercial properties are located in Beckrich Office Park, where we are headquartered, North Bay Landing, WindMark Beach, VentureCrossings, Watersound Town Center, West Bay Town Center, Florida State University (“FSU”)/Tallahassee Memorial Hospital (“TMH”) Medical Campus and other Northwest Florida locations. In addition, with our JV partners we own Pier Park North, Pier Park Crossings, Pier Park Crossings Phase II, Watersound Origins Crossings, Mexico Beach Crossings and Watercrest Senior Living.

​

Item 3. Legal Proceedings

For information regarding legal proceedings, see Note 20. Commitments and Contingencies included in Item 15 of this Form 10-K.

Item 4. Mine Safety Disclosures

Not applicable.

​

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PART II

Item 5. Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

On February 19, 2024, we had approximately 760 registered holders of record of our common stock. Our common stock is listed on the NYSE under the symbol “JOE.”

During each of the first and second quarters of 2023, a cash dividend of $0.10 per share on our common stock was paid and during each of the third and fourth quarters of 2023, a cash dividend of $0.12 per share on our common stock was paid ($0.44 per share in the aggregate). During 2022, we paid quarterly cash dividends of $0.10 per share on our common stock ($0.40 per share in the aggregate). During 2021, we paid quarterly cash dividends of $0.08 per share on our common stock ($0.32 per share in the aggregate). While we expect to continue to pay quarterly dividends, the declaration and payment of any future dividends will be at the discretion of our Board after taking into account various factors, including without limitation, our financial condition, earnings, capital requirements of our business, the terms of any credit agreements or indentures to which we may be a party to at the time, legal requirements, industry practice, and other factors that our Board deems relevant. Past payments of dividends should not be construed as a guarantee of payment or declaration of future dividends in the same amount or at all. See Part I. Item 1A. Risk Factors – General Risks – We cannot assure you that we will not make changes to our existing capital allocation plan, including whether we will continue to pay dividends at the current rate or at all.

The following performance graph compares our cumulative shareholder returns for the period from December 31, 2018 through December 31, 2023, assuming $100 was invested on December 31, 2018, in our common stock, in the S&P SmallCap 600 Index, and a custom real estate peer group (the “Custom Real Estate Peer Group”). The Custom Real Estate Group is composed of Alexander & Baldwin Inc. (ALEX), CTO Realty Growth, Inc. (CTO), Five Point Holdings, LLC (FPH), Howard Hughes Holdings, Inc. (HHH), Maui Land & Pineapple Company, Inc. (MLP), Stratus Properties Inc. (STRS) and Tejon Ranch Co. (TRC). Total returns shown assume that dividends are reinvested. Total return for the Custom Real Estate Peer Group uses an equal weighting for each of the stocks within the peer group. The stock price performance shown below is not necessarily indicative of future price performance.

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​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 12/31/2018 |  | 12/31/2019 |  | 12/31/2020 |  | 12/31/2021 |  | 12/31/2022 |  | 12/31/2023
The St. Joe Company | ​ | $ | 100 | ​ | $ | 150.57 | ​ | $ | 323.10 | ​ | $ | 398.91 | ​ | $ | 298.92 | ​ | $ | 469.65
S&P SmallCap 600 Index | ​ | $ | 100 | ​ | $ | 120.86 | ​ | $ | 132.43 | ​ | $ | 165.89 | ​ | $ | 137.00 | ​ | $ | 156.02
Custom Real Estate Peer Group | ​ | $ | 100 | ​ | $ | 123.04 | ​ | $ | 90.97 | ​ | $ | 121.68 | ​ | $ | 97.39 | ​ | $ | 113.57

Stock Repurchase Program

Our Board has approved the Stock Repurchase Program pursuant to which we are authorized to repurchase shares of our common stock. The program has no expiration date. As of December 31, 2023, we had a total authority of $80.0 million available for purchase of shares of our common stock outstanding. We may repurchase our 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 program will continue until otherwise modified or terminated by our Board at any time in its sole discretion. Execution of the Stock Repurchase Program will reduce our “public float”, and the beneficial ownership of common stock by our directors, executive officers and affiliates will proportionately increase as a percentage of our outstanding common stock. However, we do not believe that it will cause our common stock to be delisted from NYSE or cause us to stop being subject to the periodic reporting requirements of the Exchange Act. There were no stock repurchases during the fourth quarter of 2023.

​

Item 6. Reserved

​

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the accompanying audited consolidated financial statements and the related notes included in this Form 10-K. The statements in this discussion regarding industry outlook, our expectations regarding our future

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performance, liquidity and capital resources and other non-historical statements in this discussion are forward-looking statements. These forward-looking statements are subject to risks and uncertainties, including the risks and uncertainties described in “Risk Factors” in this Form 10-K. Our actual results may differ materially from those contained in or implied by any forward-looking statements. We assume no obligation to revise or publicly release any revision to any forward-looking statements contained in this Form 10-K, unless required by law.

Business Overview

St. Joe is a real estate development, asset management and operating company with all of its real estate assets and operations in Northwest Florida. We intend to use existing assets for residential, hospitality and commercial ventures. We have significant residential and commercial land-use entitlements. We actively seek higher and better uses for our real estate assets through a range of development activities. As part of our core business strategy, we have created a meaningful portion of our business through JVs and limited partnerships over the past several years. We enter into these arrangements for the purposes of developing real estate and other business activities, which we believe allows us to complement our growth strategy, leverage industry expertise and diversify our business. We may also partner with or explore the sale of discrete assets when we and/or others can better deploy resources. We seek to enhance the value of our owned real estate assets by developing residential, commercial and hospitality projects to meet market demand. Approximately 87% of our real estate is located in Florida’s Bay, Gulf, and Walton counties. Approximately 90% of our real estate land holdings are located within fifteen miles of the Gulf of Mexico.

We believe our present capital structure, liquidity and land provide us with years of opportunities to increase recurring revenue and long-term value for our shareholders. We intend to focus on our core business activity of real estate development, asset management and operations. We continue to develop a broad range of asset types that we believe will provide acceptable rates of return, grow recurring revenues and support future business. Capital commitments will be funded with cash proceeds from completed projects, existing cash, owned-land, partner capital and financing arrangements. We do not anticipate immediate benefits from investments. Timing of projects may be subject to delays caused by factors beyond our control. We may also choose to operate rather than lease assets, lease rather than sell assets, or sell improved rather than unimproved land that may delay revenue and profits.

Our real estate investment strategy focuses on projects that meet long-term risk-adjusted return criteria. Our practice is to only incur such expenditures when our analysis indicates that a project will generate a return equal to or greater than the threshold return over its life.

Highlights for the year ended December 31, 2023 compared to the year ended December 31, 2022 include:

| ● | Revenue increased by 54.3% to $389.2 million from $252.3 million.

| ● | Operating income increased by 47.7% to $90.7 million from $61.4 million.

| ● | Net income attributable to the Company increased by 9.6% to $77.7 million from $70.9 million. (Prior year net income attributable to the Company includes approximately $16.2 million after-tax gain on one unconsolidated joint venture and approximately $7.3 million after-tax gain on insurance recoveries.)

Market Conditions

Throughout 2023, we 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 our segments remains strong. We believe this is primarily the result of the continued growth of Northwest Florida, which we attribute 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 our segments, we also continue 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

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increased operating costs and loan rates, as compared to prior periods. 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 our 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 us.

Given our diverse portfolio of residential holdings, the mix of sales and pricing from different communities may impact revenue and margins period over period, as discussed in more detail below.

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

Reportable Segments

We conduct primarily all of our business in the following three reportable segments: 1) residential, 2) hospitality and 3) commercial.

The following table sets forth the relative contribution of these reportable segments to our consolidated operating revenue:

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | Year Ended December 31, |
​ | ​ | ​ | 2023 |  | 2022 |  | 2021 | ​
Segment Operating Revenue |  | ​ |  |  |  |  |  | ​
Residential |  | ​ | 40.0 | % | 36.8 | % | 54.3 | %
Hospitality |  | ​ | 39.7 | % | 38.6 | % | 27.9 | %
Commercial |  | ​ | 19.1 | % | 23.5 | % | 17.1 | %
Other |  | ​ | 1.2 | % | 1.1 | % | 0.7 | %
Consolidated operating revenue |  | ​ | 100.0 | % | 100.0 | % | 100.0 | %

​

For more information regarding our reportable segments, see Note 19. Segment Information included in Item 15 of this Form 10-K.

Residential Segment

Our residential segment typically plans and develops residential communities of various sizes across a wide range of price points and sells homesites to homebuilders or retail consumers. Our residential segment also evaluates opportunities to enter into JV agreements for specific communities such as Latitude Margaritaville Watersound.

The residential segment generates revenue from sales of developed homesites, homes and other residential land and certain homesite residuals from homebuilder sales that provide us a percentage of the sale price of the completed home if the home price exceeds a negotiated threshold. Revenue is recognized at the point in time when a sale is closed and title and control has been transferred to the buyer. The residential segment also generates revenue from the sale of tap and impact fee credits, marketing fees and other fees on certain transactions. Certain homesite residuals and other revenue related to homebuilder homesite sales are recognized in revenue at the point in time of the closing of the sale. The residential segment incurs cost from direct costs (e.g., development and construction costs), selling costs and other indirect costs.

Our residential segment includes the Watersound Origins, Watersound Origins West, Watersound Camp Creek, Breakfast Point East, Titus Park, Ward Creek, College Station, Park Place, Salt Creek at Mexico Beach, WindMark Beach and SouthWood communities, which are large scale, multi-phase communities with current development activity, sales activity or future phases. Homesites in these communities are developed based on market demand and sold primarily to homebuilders and on a limited basis to retail customers.

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The East Lake Creek, East Lake Powell, Lake Powell, Teachee, West Bay Creek and West Laird communities have phases of homesites in preliminary planning or permitting. Homesites in these communities will be developed based on market demand and sold primarily to homebuilders and on a limited basis to retail customers.

The SummerCamp Beach community has homesites available for sale and along with the RiverCamps community, both have additional lands for future development.

The Latitude Margaritaville Watersound community is a planned 55+ active adult residential community in Bay County, Florida. The community is located near the Intracoastal Waterway with convenient access to the Northwest Florida Beaches International Airport. The community is being developed through our unconsolidated Latitude Margaritaville Watersound JV with our partner Minto Communities USA, a homebuilder and community developer, and is estimated to include approximately 3,500 residential homes, which will be developed in smaller increments of discrete neighborhoods. As of December 31, 2023, the unconsolidated Latitude Margaritaville Watersound JV had 609 homes under contract, which are expected to result in a sales value of approximately $318.5 million at closing of the homes. See Note 4. Joint Ventures included in Item 15 of this Form 10-K for additional information.

The residential homesite pipeline by community/project are as follows:

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Residential Homesite Pipeline (a)
​ | ​ | ​ | ​ | Platted or | ​ | ​ | ​ | Additional | ​ | ​
​ | ​ | ​ | ​ | Under | ​ | Engineering | ​ | Entitlements with | ​ | ​
Community/Project | ​ | Location | ​ | Development | ​ | or Permitting | ​ | Concept Plan | ​ | Total
Breakfast Point East (b) | ​ | Bay County, FL | ​ | 31 | ​ | 266 | ​ | 104 | ​ | 401
College Station | ​ | Bay County, FL | ​ | — | ​ | 58 | ​ | 265 | ​ | 323
East Lake Creek (b) | ​ | Bay County, FL | ​ | — | ​ | — | ​ | 200 | ​ | 200
East Lake Powell (c) | ​ | Bay County, FL | ​ | — | ​ | — | ​ | 360 | ​ | 360
Lake Powell (d) | ​ | Bay County, FL | ​ | — | ​ | — | ​ | 1,352 | ​ | 1,352
Latitude Margaritaville Watersound (d) (e) | ​ | Bay County, FL | ​ | 1,367 | ​ | 386 | ​ | 743 | ​ | 2,496
Salt Creek at Mexico Beach (b) | ​ | Bay County, FL | ​ | — | ​ | 92 | ​ | 275 | ​ | 367
Salt Creek at Mexico Beach Townhomes (b) | ​ | Bay County, FL | ​ | — | ​ | 36 | ​ | 82 | ​ | 118
Park Place | ​ | Bay County, FL | ​ | 34 | ​ | — | ​ | 191 | ​ | 225
RiverCamps (c) | ​ | Bay County, FL | ​ | — | ​ | — | ​ | 149 | ​ | 149
SouthWood (f) | ​ | Leon County, FL | ​ | 7 | ​ | 80 | ​ | 920 | ​ | 1,007
SummerCamp Beach (b) | ​ | Franklin County, FL | ​ | 27 | ​ | — | ​ | 260 | ​ | 287
Teachee (d) | ​ | Bay County, FL | ​ | — | ​ | — | ​ | 1,750 | ​ | 1,750
Titus Park | ​ | Bay County, FL | ​ | 128 | ​ | 144 | ​ | 560 | ​ | 832
Ward Creek (d) | ​ | Bay County, FL | ​ | 444 | ​ | 316 | ​ | 601 | ​ | 1,361
Watersound Camp Creek (f) | ​ | Walton County, FL | ​ | 74 | ​ | — | ​ | — | ​ | 74
Watersound Origins (f) | ​ | Walton County, FL | ​ | 253 | ​ | — | ​ | — | ​ | 253
Watersound Origins West (d) | ​ | Walton County, FL | ​ | 99 | ​ | 158 | ​ | 1,694 | ​ | 1,951
West Bay Creek (d) | ​ | Bay County, FL | ​ | — | ​ | — | ​ | 5,250 | ​ | 5,250
West Laird (d) | ​ | Bay County, FL | ​ | — | ​ | 1,068 | ​ | 1,117 | ​ | 2,185
WindMark Beach (f) | ​ | Gulf County, FL | ​ | 94 | ​ | 549 | ​ | 317 | ​ | 960
Total Homesites | ​ | ​ | ​ | 2,558 | ​ | 3,153 | ​ | 16,190 | ​ | 21,901

(a) | The number of homesites are preliminary and are subject to change. Includes homesites platted or currently in concept planning, engineering, permitting or development. We have significant additional entitlements for future residential homesites on our land holdings.

(b) | Planned Unit Development (“PUD”).

(c) | Development Agreement (“DA”).

(d) | Detailed Specific Area Plan (“DSAP”).

(e) | The unconsolidated Latitude Margaritaville Watersound JV builds and sells homes in this community.

(f) | Development of Regional Impact (“DRI”).

​

In addition to the communities listed above, we have a number of other residential project concepts in various stages of planning and evaluation.

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As of December 31, 2023, we had nineteen different homebuilders within our residential communities. As of December 31, 2023, we had 1,486 residential homesites under contract, which are expected to result in revenue of approximately $132.5 million, plus residuals, at closing of the homesites over the next several years. By comparison, as of December 31, 2022, we had 2,197 residential homesites under contract, with an expected revenue of approximately $176.3 million, plus residuals. The change in homesites under contract is due to increased homesite transactions during 2023 and the amount of remaining homesites in current phases of residential communities. The number of homesites under contract is subject to change based on homesite closings and new sales activity. Homesite prices vary significantly by community and often sell in concentrated transactions that may impact quarterly results. As of December 31, 2023, in addition to the 1,486 homesites under contract in other residential communities, our unconsolidated Latitude Margaritaville Watersound JV had 609 homes under contract, which together with the 1,486 homesites are expected to result in a sales value of approximately $451.0 million at closing of the homesites and homes.

Hospitality Segment

Our hospitality segment features a private membership club (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 hospitality segment generates revenue from membership sales, golf courses, lodging at our hotels, short-term vacation rentals, management of The Pearl Hotel (prior to acquisition in December 2022), food and beverage operations, merchandise sales, marina operations (including boat slip rentals, boat storage fees and 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. Hospitality revenue recognized over time includes non-refundable club membership initiation fees, club membership dues, management fees and other membership fees. The hospitality segment incurs costs from the services and goods provided, personnel costs, maintenance of the facilities and holding costs of the assets. From time to time, we may explore the sale of certain hospitality properties, the development of new hospitality properties, as well as new entertainment and management opportunities. Some of our JV assets and other assets incur interest and financing expenses related to the loans as described in Note 10. Debt, Net included in Item 15 of this Form 10-K.

Watersound Club provides club members and guests of some of our hotels access to our member facilities, which include Camp Creek golf course and amenities, Shark’s Tooth golf course and tennis center, Watersound Beach Club and a Pilatus PC-12 NG aircraft (“N850J”). Watersound Club offers different types of club memberships, each with different access rights and associated fee structures. Watersound Club is focused on creating an outstanding membership experience combined with the luxurious aspects of a destination resort. Club operations include a private beach club located on Scenic Highway 30A, with over one mile of Gulf of Mexico frontage, two resort-style pools, two restaurants, three bars, kid’s room and a recreation area. Shark’s Tooth includes an 18-hole golf course, tennis center, a full club house, a pro shop, as well as two food and beverage outlets. Camp Creek includes an 18-hole golf course, a full club house, health and wellness center, three restaurants, a tennis and pickle ball center, a resort-style pool complex with separate adult pool, a golf teaching academy, pro shop and multi-sport fields. We are in the process of constructing The Third, an 18-hole golf course, planned to be added to our Watersound Club operations.

Watersound Origins amenities include an executive golf course, resort-style pool, fitness center and two tennis courts located in the community. Access to these amenities is reserved to Watersound Origins and Watersound Origins West members consisting of the communities’ residents. The golf course is available for public play.

We own and operate the award-winning WaterColor Inn (which includes the Fish Out of Water restaurant) and The Pearl Hotel (which includes the Havana Beach Bar & Grill restaurant); the Camp Creek Inn, the Hilton Garden Inn Panama City Airport, the Homewood Suites by Hilton Panama City Beach, the Hotel Indigo Panama City Marina, the Home2 Suites by Hilton Santa Rosa Beach, the WaterSound Inn and two gulf-front vacation rental houses. With our JV partners, we own and operate The Lodge 30A and the Embassy Suites by Hilton Panama City Beach Resort. We also operate the WaterColor Beach Club, which includes food and beverage operations and other hospitality related activities, such as beach chair rentals.

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We are in the process of constructing a Residence Inn by Marriott, with our JV partner, in Panama City Beach, Florida. Once complete, the hotel will be operated by our JV partner and will be included within our commercial segment.

Our hotel portfolio by property is as follows:

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Rooms (a)
​ | ​ | Location | ​ | Completed | ​ | Planned | ​ | Total
Operational | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Camp Creek Inn (b) | ​ | Walton County, FL | ​ | 75 | ​ | — | ​ | 75
WaterColor Inn (c) | ​ | Walton County, FL | ​ | 67 | ​ | — | ​ | 67
The Pearl Hotel (d) | ​ | Walton County, FL | ​ | 55 | ​ | — | ​ | 55
WaterSound Inn | ​ | Walton County, FL | ​ | 11 | ​ | — | ​ | 11
The Lodge 30A (e) (f) | ​ | Walton County, FL | ​ | 85 | ​ | — | ​ | 85
Home2 Suites by Hilton Santa Rosa Beach (b) | ​ | Walton County, FL | ​ | 107 | ​ | — | ​ | 107
Embassy Suites by Hilton Panama City Beach Resort (f) (g) | ​ | Bay County, FL | ​ | 255 | ​ | — | ​ | 255
Hilton Garden Inn Panama City Airport | ​ | Bay County, FL | ​ | 143 | ​ | — | ​ | 143
Homewood Suites by Hilton Panama City Beach (h) | ​ | Bay County, FL | ​ | 131 | ​ | — | ​ | 131
Hotel Indigo Panama City Marina (b) | ​ | Bay County, FL | ​ | 124 | ​ | — | ​ | 124
TownePlace Suites by Marriott Panama City Beach Pier Park (i) | ​ | Bay County, FL | ​ | 124 | ​ | — | ​ | 124
Total operational rooms | ​ | ​ | ​ | 1,177 | ​ | — | ​ | 1,177
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Under Development/Construction | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Residence Inn by Marriott, Panama City Beach, Florida (j) | ​ | Bay County, FL | ​ | — | ​ | 121 | ​ | 121
Total rooms under development/construction | ​ | ​ | ​ | — | ​ | 121 | ​ | 121
Total rooms | ​ | ​ | ​ | 1,177 | ​ | 121 | ​ | 1,298

(a) | Includes hotels currently in operation or under development and construction. We have significant additional entitlements for future hotel projects on our land holdings.

(b) | The hotel opened in June 2023.

(c) | Seven additional suites were completed in June 2022.

(d) | We acquired the hotel in December 2022. The hotel was previously owned by a third party, but operated by our hospitality segment.

(e) | The hotel opened in February 2023.

(f) | Property is related to a consolidated JV. See Note 4. Joint Ventures included in Item 15 of this Form 10-K for additional information.

(g) | The hotel opened in April 2023.

(h) | The hotel opened in March 2022.

(i) | The hotel is operated by our JV partner. Pier Park TPS, LLC, (the “Pier Park TPS JV”) is unconsolidated and is accounted for under the equity method of accounting, which is included within our commercial segment. See Note 4. Joint Ventures included in Item 15 of this Form 10-K for additional information.

(j) | The hotel is under development with our JV partner. Once complete, the hotel will be operated by our JV partner. The Pier Park RI JV (Pier Park RI, LLC, the “Pier Park RI JV”) is unconsolidated and is accounted for under the equity method of accounting, which is included within our commercial segment. See Note 4. Joint Ventures included in Item 15 of this Form 10-K for additional information.

We own and operate two marinas, the Point South Marina Bay Point in Bay County, Florida and Point South Marina Port St. Joe in Gulf County, Florida. We are planning new marinas along the Intracoastal Waterway. The Point South Marina Bay Point reopened in the third quarter of 2022 and the Point South Marina Port St. Joe reopened in the fourth quarter of 2022 after completion of reconstruction due to damage from Hurricane Michael.

We also own and operate retail stores, two standalone restaurants and other entertainment assets.

In addition to the properties listed above, we have a number of hospitality projects in various stages of planning.

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Commercial Segment

Our commercial segment includes leasing of commercial property, multi-family, senior living, self-storage and other assets. The commercial segment oversees the planning, development, entitlement, management and sale of our commercial and rural land holdings for a variety of uses, including a broad range of retail, office, hotel, senior living, multi-family, self-storage and industrial properties. We provide development opportunities for national, regional and local retailers and other strategic partners in Northwest Florida. We own and manage retail shopping centers and develop commercial parcels. We are currently developing the Watersound Town Center in Walton County, Florida and Watersound West Bay Center in Bay County, Florida. These lifestyle centers are complementary to our Watersound Origins and Latitude Margaritaville Watersound residential communities. In conjunction with FSU and TMH, we are in the process of developing an 87-acre medical campus in Panama City Beach, Florida. We have large land holdings near the Pier Park retail center, adjacent to the Northwest Florida Beaches International Airport, near or within business districts in the region and along major roadways. We lease land for various other uses. The commercial segment manages our timber holdings in Northwest Florida which includes growing and selling pulpwood, sawtimber and other products.

The commercial segment generates leasing revenue and incurs leasing expenses primarily from maintenance and management of our properties, personnel costs and asset holding costs. Our commercial segment generates revenue from the sale of developed and undeveloped land, timber holdings or land with limited development and/or entitlements and the sale of commercial operating properties. Real estate sales in our commercial segment incur costs of revenue directly associated with the land, development, construction, timber and selling costs. Our commercial segment generates timber revenue primarily from open market sales of timber on site without the associated delivery costs. Some of our JV assets and other assets incur interest and financing expenses related to loans as described in Note 10. Debt, Net included in Item 15 of this Form 10-K.

Total units and percentage leased for multi-family and senior living communities by location are as follows:

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | December 31, 2023 | ​ | ​ | December 31, 2022 | ​ | ​ | December 31, 2021 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Percentage | ​ | ​ | ​ | ​ | ​ | ​ | Percentage | ​ | ​ | ​ | ​ | ​ | ​ | Percentage | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Leased | ​ | ​ | ​ | ​ | ​ | ​ | Leased | ​ | ​ | ​ | ​ | ​ | ​ | Leased | ​
​ | ​ | ​ |  | Units |  | Units | ​ | Units | ​ | of Units | ​ | ​ | Units | ​ | Units | ​ | of Units | ​ | ​ | Units | ​ | Units | ​ | of Units | ​
​ | ​ | Location | ​ | Planned | ​ | Completed | ​ | Leased | ​ | Completed | ​ | ​ | Completed | ​ | Leased | ​ | Completed | ​ | ​ | Completed | ​ | Leased | ​ | Completed | ​
Multi-family | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Pier Park Crossings (a) (b) | ​ | Bay County, FL | ​ | 240 | ​ | 240 | ​ | 226 | ​ | 94 | % | ​ | 240 | ​ | 228 | ​ | 95 | % | ​ | 240 | ​ | 234 | ​ | 98 | %
Pier Park Crossings Phase II (a) (b) | ​ | Bay County, FL | ​ | 120 | ​ | 120 | ​ | 118 | ​ | 98 | % | ​ | 120 | ​ | 115 | ​ | 96 | % | ​ | 120 | ​ | 113 | ​ | 94 | %
Watersound Origins Crossings (a) (b) | ​ | Walton County, FL | ​ | 217 | ​ | 217 | ​ | 193 | ​ | 89 | % | ​ | 217 | ​ | 199 | ​ | 92 | % | ​ | 217 | ​ | 207 | ​ | 95 | %
Sea Sound (c) | ​ | Bay County, FL | ​ | N/A | ​ | N/A | ​ | N/A | ​ | N/A | % | ​ | N/A | ​ | N/A | ​ | N/A | % | ​ | 214 | ​ | 203 | ​ | 95 | %
North Bay Landing (b) (d) | ​ | Bay County, FL | ​ | 240 | ​ | 240 | ​ | 222 | ​ | 93 | % | ​ | 120 | ​ | 94 | ​ | 78 | % | ​ | — | ​ | — | ​ | N/A | %
Mexico Beach Crossings (a) (b) (e) | ​ | Bay County, FL | ​ | 216 | ​ | 216 | ​ | 76 | ​ | 35 | % | ​ | — | ​ | — | ​ | N/A | % | ​ | — | ​ | — | ​ | N/A | %
Origins Crossings Townhomes (b) (f) | ​ | Walton County, FL | ​ | 64 | ​ | 64 | ​ | 46 | ​ | 72 | % | ​ | 48 | ​ | 33 | ​ | 69 | % | ​ | — | ​ | — | ​ | N/A | %
WindMark Beach (g) | ​ | Gulf County, FL | ​ | 31 | ​ | 31 | ​ | 12 | ​ | 39 | % | ​ | 12 | ​ | 10 | ​ | 83 | % | ​ | 31 | ​ | 31 | ​ | 100 | %
Total multi-family units | ​ | 1,128 | ​ | 1,128 | ​ | 893 | ​ | 79 | % | ​ | 757 | ​ | 679 | ​ | 90 | % | ​ | 822 | ​ | 788 | ​ | 96% | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Senior living communities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Watercrest (a) | ​ | Walton County, FL | ​ | 107 | ​ | 107 | ​ | 106 | ​ | 99 | % | ​ | 107 | ​ | 88 | ​ | 82 | % | ​ | 107 | ​ | 47 | ​ | 44 | %
Watersound Fountains (h) | ​ | Walton County, FL | ​ | 148 | ​ | — | ​ | — | ​ | N/A | % | ​ | — | ​ | — | ​ | N/A | % | ​ | — | ​ | — | ​ | N/A | %
Total senior living units | ​ | 255 | ​ | 107 | ​ | 106 | ​ | 99 | % | ​ | 107 | ​ | 88 | ​ | 82 | % | ​ | 107 | ​ | 47 | ​ | 44 | %
Total units | ​ | 1,383 | ​ | 1,235 | ​ | 999 | ​ | 81 | % | ​ | 864 | ​ | 767 | ​ | 89 | % | ​ | 929 | ​ | 835 | ​ | 90 | %

(a) | Property is related to a consolidated JV. See Note 4. Joint Ventures included in Item 15 of this Form 10-K for additional information.

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(b) | The community is managed by our unconsolidated JV, Watersound Management, LLC (“Watersound Management JV”). The Watersound Management JV is unconsolidated and is accounted for under the equity method of accounting. See Note 4. Joint Ventures included in Item 15 of this Form 10-K for additional information.

(c) | Construction of the 300-unit multi-family community was completed in the first quarter of 2022. In November 2022, FDSJ Eventide, LLC (the “Sea Sound JV”) sold its assets to a third party. The Sea Sound JV is unconsolidated and is accounted for under the equity method of accounting. See Note 4. Joint Ventures included in Item 15 of this Form 10-K for additional information.

(d) | Construction was completed in the second quarter of 2023.

(e) | Construction was completed in the fourth quarter of 2023.

(f) | Construction was completed in the first quarter of 2023.

(g) | Renovation of 19 units for long-term rental use was completed in the second half of 2023. As of December 31, 2022, we were in the process of converting 19 units for long-term rental use, which were not available for lease due to renovation. The year ended December 31, 2021 included 19 units for short-term lease in a vacation rental program.

(h) | Construction began in the second quarter of 2021 and is ongoing. Once complete, the senior living community will be operated by our JV partner. WOSL, LLC, (the “Watersound Fountains Independent Living JV”) is unconsolidated and is accounted for under the equity method of accounting. See Note 4. Joint Ventures included in Item 15 of this Form 10-K for additional information.

​

Pier Park Crossings, which was developed in two phases, includes 360 completed apartment units in Panama City Beach, Florida. Watersound Origins Crossings includes 217 completed apartment units and Origins Crossings Townhomes includes 64 completed units near the Watersound Town Center. North Bay Landing includes 240 completed apartment units in Panama City, Florida. Mexico Beach Crossings includes 216 completed apartment units in Mexico Beach, Florida. The WindMark Beach community includes 31 completed long-term rental units in Port St. Joe, Florida. Watercrest includes 107 completed senior living units in Santa Rosa Beach, Florida. In addition, we have a senior living community under construction, through our unconsolidated Watersound Fountains Independent Living JV. Watersound Fountains, planned for 148 independent living units, is located near the Watersound Town Center and the Watersound Origins residential community. We have additional multi-family communities in various stages of planning.

Our leasing portfolio consists of approximately 1,082,000 square feet of leasable space for mixed-use, retail, industrial, office, self-storage and medical uses. Through separate unconsolidated JVs, other commercial properties that are operated by our JV partners include a 124-room TownePlace Suites by Marriott (Pier Park TPS JV), a Busy Bee branded fuel station and convenience store, which includes a Starbucks, (SJBB, LLC, the “Busy Bee JV”) and a golf cart sales and service facility (SJECC, LLC, the “Electric Cart Watersound JV”), all located in Bay County, Florida.

The total net rentable square feet and percentage leased of leasing properties are as follows:

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | December 31, 2023 | ​ | ​ | December 31, 2022 | ​ | ​ | December 31, 2021 |
​ |  | ​ |  | Net |  | ​ |  | ​ | Net |  | ​ | ​ | ​ | Net |  | ​ |
​ | ​ | ​ | ​ | Rentable | ​ | ​ | ​ | ​ | Rentable | ​ | ​ | ​ | ​ | Rentable | ​ | ​ |
​ | ​ | ​ | ​ | Square | ​ | Percentage | ​ | ​ | Square | ​ | Percentage | ​ | ​ | Square | ​ | Percentage |
​ | ​ | Location | ​ | Feet* | ​ | Leased | ​ | ​ | Feet* | ​ | Leased | ​ | ​ | Feet* | ​ | Leased |
Pier Park North (a) |  | Bay County, FL |  | 320,310 |  | 100 | % | ​ | 320,310 |  | 97 | % | ​ | 320,310 |  | 95 | %
VentureCrossings |  | Bay County, FL |  | 303,605 |  | 98 | % | ​ | 303,605 |  | 96 | % | ​ | 303,605 |  | 88 | %
Watersound Town Center (b) (c) | ​ | Walton County, FL | ​ | 137,921 | ​ | 83 | % | ​ | 89,662 | ​ | 99 | % | ​ | 24,764 | ​ | 100 | %
Beckrich Office Park (c) (d) |  | Bay County, FL |  | 78,322 |  | 93 | % | ​ | 78,294 |  | 99 | % | ​ | 81,065 |  | 85 | %
Watersound Self-Storage (e) | ​ | Walton County, FL | ​ | 67,694 | ​ | 92 | % | ​ | 67,694 | ​ | 87 | % | ​ | 67,694 | ​ | 50 | %
WindMark Beach Town Center (c) (f) |  | Gulf County, FL |  | 44,748 |  | 71 | % | ​ | 44,748 |  | 71 | % | ​ | 44,748 |  | 67 | %
WaterColor Town Center (c) |  | Walton County, FL |  | 22,199 |  | 100 | % | ​ | 22,199 |  | 100 | % | ​ | 22,199 |  | 100 | %
Cedar Grove Commerce Park | ​ | Bay County, FL | ​ | 19,389 | ​ | 100 | % | ​ | 19,389 | ​ | 100 | % | ​ | 19,389 | ​ | 100 | %
Port St. Joe Commercial |  | Gulf County, FL |  | 16,964 |  | 100 | % | ​ | 16,964 |  | 100 | % | ​ | 16,964 |  | 100 | %
Beach Commerce Park (c) |  | Bay County, FL |  | 14,800 |  | 100 | % | ​ | 14,800 |  | 100 | % | ​ | 14,800 |  | 100 | %
South Walton Commerce Park (g) | ​ | Walton County, FL | ​ | 11,570 | ​ | 100 | % | ​ | 11,570 | ​ | 100 | % | ​ | 11,570 | ​ | 88 | %
WaterSound Gatehouse (c) |  | Walton County, FL |  | 10,271 |  | 100 | % | ​ | 10,271 |  | 100 | % | ​ | 10,271 |  | 100 | %
Other (h) | ​ | Bay, Gulf and Walton Counties, FL | ​ | 34,224 | ​ | 100 | % | ​ | 34,224 | ​ | 100 | % | ​ | 34,224 | ​ | 100 | %
SummerCamp Commercial (i) |  | Franklin County, FL |  | N/A |  | N/A | % | ​ | N/A |  | N/A | % | ​ | 13,000 |  | 0 | %
​ |  |  |  | 1,082,017 |  | 95 | % | ​ | 1,033,730 |  | 95 | % | ​ | 984,603 |  | 87 | %

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* | Net Rentable Square Feet is designated as the current square feet available for lease as specified in the applicable lease agreements plus management’s estimate of space available for lease based on construction drawings.

(a) | Property is related to a consolidated JV. See Note 4. Joint Ventures included in Item 15 of this Form 10-K for additional information.

(b) | Construction of additional leasing space was completed in 2023 and 2022. Includes net rentable square feet of 6,752 within our residential segment. Included in net rentable square feet as of December 31, 2023, is 2,137 square feet leased to a consolidated JV.

(c) | In addition to net rentable square feet there is also space that we occupy or that serves as common area.

(d) | Included in net rentable square feet as of December 31, 2023, 2022 and 2021, is 1,500 square feet leased to a consolidated JV.

(e) | Construction was completed in the third quarter of 2021.

(f) | Included in net rentable square feet as of December 31, 2023, 2022 and 2021, is 13,808 square feet of unfinished space.

(g) | Included in net rentable square feet as of December 31, 2022 and 2021, is 1,364 square feet leased to a consolidated JV.

(h) | Includes various other properties, each with less than 10,000 net rentable square feet.

(i) | As of December 31, 2022, the space was no longer available for lease. The property was impaired in 2011 and has no cost basis as of December 31, 2023, 2022 and 2021.

​

We have commercial projects under development and construction as detailed in the table below. In addition to these properties, we have other commercial buildings and sites in various stages of planning and development.

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | December 31, 2023
​ | ​ | Location | ​ | Completed Net Rentable Square Feet | ​ | Percentage Leased | ​ | ​ | Square Feet Under Construction | ​ | Additional Planned Square Feet | ​ | Total Square Feet*
Watersound Town Center | ​ | Walton County, FL | ​ | 137,921 | ​ | 83 | % | ​ | 16,020 | ​ | 246,059 | ​ | 400,000
Watersound West Bay Center | ​ | Bay County, FL | ​ | — | ​ | N/A | % | ​ | 3,346 | ​ | 496,654 | ​ | 500,000
FSU/TMH Medical Campus | ​ | Bay County, FL | ​ | — | ​ | N/A | % | ​ | 78,670 | ​ | 241,330 | ​ | 320,000
​ | ​ | ​ | ​ | 137,921 | ​ | 83 | % | ​ | 98,036 | ​ | 984,043 | ​ | 1,220,000

* | Total square feet are based on current estimates and are subject to change.

​

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Results of Operations

Consolidated Results

The following table sets forth a comparison of the results of our operations:

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ |  | 2023 |  | 2022 |  | 2021
​ | ​ | In millions
Revenue: |  | ​ |  |  | ​ |  |  | ​ |
Real estate revenue | ​ | $ | 186.0 | ​ | $ | 115.9 | ​ | $ | 164.6
Hospitality revenue | ​ |  | 152.4 | ​ |  | 97.2 | ​ |  | 75.3
Leasing revenue | ​ |  | 50.8 | ​ |  | 39.2 | ​ |  | 27.1
Total revenue | ​ |  | 389.2 | ​ |  | 252.3 | ​ |  | 267.0
Expenses: | ​ |  |  | ​ |  |  | ​ |  |
Cost of real estate revenue | ​ |  | 88.0 | ​ |  | 50.8 | ​ |  | 61.4
Cost of hospitality revenue | ​ |  | 122.2 | ​ |  | 77.5 | ​ |  | 58.3
Cost of leasing revenue | ​ |  | 25.8 | ​ |  | 17.6 | ​ |  | 11.6
Corporate and other operating expenses | ​ |  | 23.8 | ​ |  | 22.1 | ​ |  | 23.0
Depreciation, depletion and amortization | ​ |  | 38.7 | ​ |  | 22.9 | ​ |  | 18.2
Total expenses | ​ |  | 298.5 | ​ |  | 190.9 | ​ |  | 172.5
Operating income | ​ |  | 90.7 | ​ |  | 61.4 | ​ |  | 94.5
Other income (expense): | ​ |  |  | ​ |  |  | ​ |  |
Investment income, net | ​ |  | 13.3 | ​ |  | 9.9 | ​ |  | 7.2
Interest expense | ​ |  | (30.6) | ​ |  | (18.4) | ​ |  | (15.9)
Gain on contributions to unconsolidated joint ventures | ​ |  | 0.7 | ​ |  | 2.7 | ​ |  | 3.6
Equity in income (loss) from unconsolidated joint ventures | ​ | ​ | 22.7 | ​ | ​ | 26.0 | ​ | ​ | (0.9)
Other income, net | ​ |  | 3.2 | ​ |  | 13.0 | ​ |  | 10.2
Total other income, net | ​ |  | 9.3 | ​ |  | 33.2 | ​ |  | 4.2
Income before income taxes | ​ |  | 100.0 | ​ |  | 94.6 | ​ |  | 98.7
Income tax expense | ​ |  | (26.0) | ​ |  | (24.4) | ​ |  | (25.0)
Net income | ​ | $ | 74.0 | ​ | $ | 70.2 | ​ | $ | 73.7

​

Results of operations in this Form 10-K generally discusses 2023 and 2022 items and comparisons. For a detailed discussion of results of operations and comparisons for 2022 and 2021, see Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, included in our Form 10‑K for the year ended December 31, 2022 filed with the SEC on February 22, 2023.

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Real Estate Revenue and Gross Profit

The following table sets forth a comparison of our total consolidated real estate revenue and gross profit:

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
​ | ​ | ​ | 2023 |  | % (a) |  | 2022 |  | % (a) |  | 2021 |  | % (a) | ​
​ | ​ | ​ | Dollars in millions |
Revenue: | ​ |  | ​ |  |  |  |  | ​ |  |  |  |  | ​ |  |  |  | ​
Residential real estate revenue | ​ | ​ | $ | 155.7 |  | 83.7 | % | $ | 92.8 |  | 80.1 | % | $ | 144.7 |  | 87.9 | %
Commercial and rural real estate revenue | ​ | ​ |  | 21.3 |  | 11.5 | % |  | 13.7 |  | 11.8 | % |  | 12.0 |  | 7.3 | %
Timber revenue | ​ | ​ | ​ | 4.9 | ​ | 2.6 | % | ​ | 6.7 | ​ | 5.8 | % | ​ | 6.0 | ​ | 3.6 | %
Other revenue | ​ | ​ |  | 4.1 |  | 2.2 | % |  | 2.7 |  | 2.3 | % |  | 1.9 |  | 1.2 | %
Real estate revenue | ​ | ​ | $ | 186.0 |  | 100.0 | % | $ | 115.9 |  | 100.0 | % | $ | 164.6 |  | 100.0 | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Gross profit: | ​ | ​ |  |  |  |  | ​ |  |  |  |  | ​ |  |  |  |  | ​
Residential real estate | ​ | ​ | $ | 77.8 |  | 50.0 | % | $ | 48.7 |  | 52.5 | % | $ | 87.9 |  | 60.7 | %
Commercial and rural real estate | ​ | ​ |  | 14.7 |  | 69.0 | % |  | 9.7 |  | 70.8 | % |  | 9.5 |  | 79.2 | %
Timber | ​ | ​ | ​ | 4.1 | ​ | 83.7 | % | ​ | 5.9 | ​ | 88.1 | % | ​ | 5.3 | ​ | 88.3 | %
Other | ​ | ​ |  | 1.4 |  | 34.1 | % |  | 0.8 |  | 29.6 | % |  | 0.5 |  | 26.3 | %
Gross profit | ​ | ​ | $ | 98.0 |  | 52.7 | % | $ | 65.1 |  | 56.2 | % | $ | 103.2 |  | 62.7 | %

(a) | Calculated percentage of total real estate revenue and the respective gross margin percentage.

Residential Real Estate Revenue and Gross Profit. During 2023, residential real estate revenue increased $62.9 million, or 67.8%, to $155.7 million, as compared to $92.8 million in 2022. During 2023, residential real estate gross profit increased $29.1 million, to $77.8 million (or gross margin of 50.0%), as compared to $48.7 million, (or gross margin of 52.5%) in 2022. During 2023, we sold 1,063 homesites and had unimproved residential land sales of $0.6 million, compared to 752 homesites and unimproved residential land sales of $1.1 million during 2022. During 2023 and 2022 the average base revenue, excluding homesite residuals, per homesite sold was approximately $107,000 and $98,000, respectively, due to the mix of sales from different communities. The current period homesite sales also include the sale of 100 entitled but undeveloped homesites sold within the SouthWood community, compared to 42 in the prior period, which reduced the average price per homesite. The revenue, gross profit and margin for each period was impacted by the difference in pricing among the communities, the difference in the cost of the homesite development and the volume of sales within each of the communities. The number of homesites sold varied in each period due to the timing of homebuilder contractual closing obligations in our residential communities.

Commercial and Rural Real Estate Revenue and Gross Profit. During 2023, we had twenty-eight commercial and rural real estate sales totaling approximately 474 acres for $21.0 million and land improvement services of $0.3 million, together resulting in a gross profit of $14.7 million (or gross margin of 69.0%). During 2022, we had twenty-nine commercial and rural real estate sales totaling approximately 283 acres for $12.7 million and land improvement services of $1.0 million, together resulting in a gross profit of $9.7 million (or gross margin of 70.8%). Revenue from commercial and rural real estate can vary significantly from period-to-period depending on the proximity to developed areas and mix of real estate sold in each period, with varying compositions of retail, office, industrial and other commercial uses.

Our gross margin can vary significantly from period-to-period depending on the characteristics of the property sold. Sales of rural and timber land typically have a lower cost basis than residential and commercial real estate sales. In addition, our cost basis in residential and commercial real estate can vary depending on the amount of development or other costs incurred on the property.

Timber Revenue and Gross Profit. Timber revenue decreased $1.8 million, or 26.9%, to $4.9 million during 2023, as compared to $6.7 million in 2022. The decrease was primarily due to a decrease in prices and tons of wood products sold in the current period. There were 259,000 tons of wood products sold at an average price per ton of $16.56 during 2023,

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as compared to 275,000 tons of wood products sold at an average price per ton of $22.71, during 2022. Timber gross margin was 83.7% during 2023, compared to 88.1% during 2022. The decrease was primarily due to lower prices and less tons sold in the current period.

Other Revenue. Other revenue primarily consists of mitigation bank credit sales and title insurance business revenue.

Hospitality Revenue and Gross Profit

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Year Ended December 31, |
​ | 2023 |  | 2022 |  | 2021 | ​
​ | In millions
Hospitality revenue | $ | 152.4 | ​ | $ | 97.2 | ​ | $ | 75.3 | ​
Gross profit | $ | 30.2 | ​ | $ | 19.7 | ​ | $ | 17.0 | ​
Gross margin |  | 19.8 | % |  | 20.3 | % |  | 22.6 | %

​

Hospitality revenue increased $55.2 million, or 56.8% to $152.4 million during 2023, as compared to $97.2 million in 2022. The increase in hospitality revenue was primarily related to the continued increase of club members and opening of new Camp Creek amenities in April 2023, as well as an increase in lodging revenue. The increase in lodging revenue was related to The Pearl Hotel, which we acquired in December 2022; Embassy Suites by Hilton Panama City Beach Resort, which opened in April 2023; The Lodge 30A, which opened in February 2023; Home2 Suites by Hilton Santa Rosa Beach, Hotel Indigo Panama City Marina and Camp Creek Inn, which opened in June 2023; Homewood Suites by Hilton Panama City Beach, which opened in March 2022; and new WaterColor Inn suites, which opened in June 2022. The increase in hospitality revenue was also due to the opening of a standalone restaurant and marinas in 2022. As of December 31, 2023, Watersound Club had 3,317 members, compared with 2,604 members as of December 31, 2022, an increase of 713 members. As of December 31, 2023, we had 1,053 operational hotel rooms, compared with 407 operational hotel rooms as of December 31, 2022, an increase of 646 rooms (both periods exclude 124 rooms related to an unconsolidated JV). Hospitality had a gross margin of 19.8% during 2023, compared to 20.3% during 2022. The decrease in gross margin was primarily due to the opening costs associated with opening five new hotels in 2023.

Leasing Revenue and Gross Profit

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Year Ended December 31, |
​ | 2023 |  | 2022 |  | 2021 | ​
​ | In millions | ​
Leasing revenue | $ | 50.8 | ​ | $ | 39.2 | ​ | $ | 27.1 | ​
Gross profit | $ | 25.0 | ​ | $ | 21.6 | ​ | $ | 15.5 | ​
Gross margin |  | 49.2 | % |  | 55.1 | % |  | 57.2 | %

​

Leasing revenue increased $11.6 million, or 29.6%, to $50.8 million during 2023, as compared to $39.2 million in 2022. The increase was primarily due to new multi-family, senior living and marina leases, as well as other new leases. Leasing gross margin decreased to 49.2% during 2023, as compared to 55.1% during 2022, primarily due to increased operating costs, as well as start-up and lease-up expenses in the current period.

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Corporate and Other Operating Expenses

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ |  | 2023 |  | 2022 |  | 2021
​ | ​ | In millions
Employee costs | ​ | $ | 10.4 | ​ | $ | 9.6 | ​ | $ | 10.4
Property taxes and insurance | ​ |  | 6.4 | ​ |  | 5.5 | ​ |  | 5.4
Professional fees | ​ |  | 4.0 | ​ |  | 3.7 | ​ |  | 3.2
Marketing and owner association costs | ​ |  | 1.0 | ​ |  | 1.1 | ​ |  | 1.6
Occupancy, repairs and maintenance | ​ |  | 0.4 | ​ |  | 0.7 | ​ |  | 0.7
Other miscellaneous | ​ |  | 1.6 | ​ |  | 1.5 | ​ |  | 1.7
Total corporate and other operating expenses | ​ | $ | 23.8 | ​ | $ | 22.1 | ​ | $ | 23.0

​

Corporate and other operating expenses increased $1.7 million to $23.8 million during 2023, as compared to $22.1 million in 2022. The increase was primarily due to employee costs related to restricted stock awards, property taxes and professional fees. See Note 15. Stockholders’ Equity included in Item 15 of this Form 10-K for additional information related to the issuance of common stock for employee compensation.

Depreciation, Depletion and Amortization

Depreciation, depletion and amortization expense increased $15.8 million during 2023, as compared to 2022, primarily due to new hospitality and commercial assets placed in service. Depreciation is a non-cash, generally accepted accounting principles (“GAAP”) expense which is amortized over an asset’s useful life, while maintenance and repair expenses are period costs and expensed as incurred. See Note 2. Significant Account Policies included in Item 15 of this Form 10-K for additional information.

Investment Income, Net

Investment income, net primarily includes (i) interest and dividends earned and accretion of the net discount (ii) net unrealized gain or loss related to investments – equity securities, (iii) interest income earned on the time deposit held by a special purpose entity and (iv) interest earned on notes receivable and other receivables as detailed in the table below:

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ |  | 2023 |  | 2022 |  | 2021
​ | ​ | In millions
Interest, dividend and accretion income | ​ | $ | 2.9 | ​ | $ | 0.8 | ​ | $ | 0.1
Unrealized loss on investments, net | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (1.9)
Interest income from investments in special purpose entities | ​ |  | 8.0 | ​ |  | 8.0 | ​ |  | 8.1
Interest earned on notes receivable and other interest | ​ |  | 2.4 | ​ |  | 1.1 | ​ |  | 0.9
Total investment income, net | ​ | $ | 13.3 | ​ | $ | 9.9 | ​ | $ | 7.2

​

Investment income, net increased $3.4 million to $13.3 million during 2023, as compared to $9.9 million in 2022. The increase was primarily due to higher interest rates earned on our investments and cash equivalents in the current period. The increase was also due to interest earned on the unimproved land contribution to our unconsolidated Latitude Margaritaville Watersound JV related to increased home sale transactions in the community in the current period. See Note 4. Joint Ventures included in Item 15 of this Form 10-K for additional information.

Interest Expense

Interest expense primarily includes interest incurred on project financing, the Senior Notes issued by Northwest Florida Timber Finance, LLC, Community Development District (“CDD”) debt and finance leases, as well as amortization of debt discount and premium and debt issuance costs as detailed in the table below:

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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ |  | 2023 |  | 2022 |  | 2021
​ | ​ | In millions
Interest incurred for project financing and other interest expense | ​ | $ | 21.8 | ​ | $ | 9.6 | ​ | $ | 7.1
Interest expense and amortization of discount and issuance costs for Senior Notes issued by special purpose entity | ​ | ​ | 8.8 | ​ | ​ | 8.8 | ​ | ​ | 8.8
Total interest expense | ​ | $ | 30.6 | ​ | $ | 18.4 | ​ | $ | 15.9

​

Interest expense increased $12.2 million, or 66.3%, to $30.6 million in 2023, as compared to $18.4 million in 2022, related to the increase in project financing and higher interest rates. See Note 10. Debt, Net included in Item 15 of this Form 10-K for additional information regarding project financing.

Gain on Contributions to Unconsolidated Joint Ventures

Gain on contributions to unconsolidated joint ventures includes gain on land, impact fees and additional infrastructure improvements contributed to our unconsolidated JVs as detailed in the table below. See Note 4. Joint Ventures included in Item 15 of this Form 10-K for additional information.

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ |  | 2023 |  | 2022 |  | 2021
​ | ​ | In millions
Latitude Margaritaville Watersound JV (a) | ​ | $ | 0.7 | ​ | $ | 0.9 | ​ | $ | 0.5
Watersound Fountains Independent Living JV (b) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 3.1
Pier Park RI JV (c) | ​ | ​ | — | ​ | ​ | 1.4 | ​ | ​ | —
Electric Cart Watersound JV (d) | ​ | ​ | — | ​ | ​ | 0.4 | ​ | ​ | —
Gain on Contributions to Unconsolidated Joint Ventures | ​ | $ | 0.7 | ​ | $ | 2.7 | ​ | $ | 3.6

(a) | Includes a gain of $0.7 million, $0.9 million and $0.5 million in 2023, 2022 and 2021, respectively, on additional infrastructure improvements contributed.

(b) | Includes a gain of $3.1 million in 2021 on land contributed.

(c) | Includes a gain of $1.4 million in 2022 on land and impact fees contributed.

(d) | Includes a gain of $0.4 million in 2022 on land contributed.

Equity in Income (Loss) from Unconsolidated Joint Ventures

Equity in income (loss) from unconsolidated joint ventures includes our proportionate share of earnings or losses of unconsolidated JVs accounted for by the equity method as detailed in the table below. See Note 4. Joint Ventures included in Item 15 of this Form 10-K for additional information.

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Year Ended December 31,
​ | 2023 | ​ | 2022 | ​ | 2021
​ | In millions
Latitude Margaritaville Watersound JV (a) | $ | 23.6 | ​ | $ | 3.9 | ​ | $ | (1.9)
Sea Sound JV (b) | ​ | — | ​ | ​ | 21.7 | ​ | ​ | —
Watersound Fountains Independent Living JV (c) | ​ | (0.7) | ​ | ​ | (0.2) | ​ | ​ | —
Pier Park TPS JV | ​ | (0.4) | ​ | ​ | — | ​ | ​ | 0.6
Busy Bee JV | ​ | — | ​ | ​ | 0.5 | ​ | ​ | 0.4
Electric Cart Watersound JV (d) | ​ | 0.1 | ​ | ​ | — | ​ | ​ | —
Watersound Management JV | ​ | 0.1 | ​ | ​ | 0.1 | ​ | ​ | —
Total equity in income (loss) from unconsolidated joint ventures | $ | 22.7 | ​ | $ | 26.0 | ​ | $ | (0.9)

(a) | During 2023 and 2022, the Latitude Margaritaville Watersound JV completed 641 and 316 home sale transactions, respectively. 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 our 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.

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(c) | The project is under construction.

(d) | 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.

​

Other Income, Net

Other income (expense), net primarily includes income from our retained interest investments, gain on insurance recoveries, loss from hurricane damage and other income and expense items as detailed in the table below:

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ |  | 2023 |  | 2022 |  | 2021
​ | ​ | In millions
Accretion income from retained interest investments | ​ | $ | 2.6 | ​ | $ | 1.7 | ​ | $ | 1.5
Gain on insurance recoveries | ​ | ​ | — | ​ | ​ | 9.8 | ​ | ​ | 4.9
Loss from hurricane damage | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (0.1)
Miscellaneous income, net | ​ |  | 0.6 | ​ |  | 1.5 | ​ |  | 3.9
Other income, net | ​ | $ | 3.2 | ​ | $ | 13.0 | ​ | $ | 10.2

​

Other income, net decreased $9.8 million to $3.2 million during 2023, as compared to $13.0 million in 2022. Accretion income from retained interest investments increased $0.9 million during 2023 due to an agreement by all parties for an optional prepayment of the related bonds, in full, in August 2023, prior to the installment notes’ scheduled maturity in 2024. See Note 8. Other Assets included in Item 15 of this Form 10-K for additional information. The year ended December 31, 2022 includes a gain on insurance recovery of $9.7 million related to Hurricane Michael. In November 2022, we closed out the insurance claim related to Hurricane Michael and therefore will not receive additional proceeds in future periods.

Miscellaneous income, net during 2023, includes $1.1 million of income received from the Florida Division of Emergency Management’s Florida Timber Recovery Block Grant Program (“TRBG”) for recovery of lost income related to timber crop that was destroyed as a result of Hurricane Michael. 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 during 2023 and 2022 includes income of $0.4 million and $1.0 million, respectively, related to gain on retained interest investment. Miscellaneous income, net during 2022 includes $2.6 million received from the Pier Park CDD for repayment of subordinated notes. Miscellaneous income, net during 2022 also includes expense of $1.1 million for design costs no longer pursued and $0.6 million for a homeowner’s association special assessment. See Note 18. Other Income, Net included in Item 15 of this Form 10-K for additional information.

Income Tax Expense

Income tax expense was $26.0 million in 2023, compared to $24.4 million in 2022. Our effective tax rate was 25.1% in 2023, as compared to 25.6% in 2022.

Our effective rate for 2023 and 2022, differed from the federal statutory rate of 21.0% primarily due to state income taxes, tax credits and other permanent items. See Note 13. Income Taxes included in Item 15 of this Form 10-K for additional information.

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Segment Results

Residential

The table below sets forth the consolidated results of operations of our residential segment:

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ |  | 2023 |  | 2022 |  | 2021
​ | ​ | In millions
Revenue: |  | ​ |  |  | ​ |  |  | ​ |
Real estate revenue | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Residential real estate revenue | ​ | $ | 145.6 | ​ | $ | 85.1 | ​ | $ | 137.8
Other revenue | ​ |  | 10.1 | ​ |  | 7.7 | ​ |  | 6.9
Total real estate revenue | ​ | ​ | 155.7 | ​ | ​ | 92.8 | ​ | ​ | 144.7
Leasing revenue | ​ | ​ | 0.1 | ​ | ​ | 0.1 | ​ | ​ | 0.2
Total revenue | ​ |  | 155.8 | ​ |  | 92.9 | ​ |  | 144.9
Expenses: | ​ |  |  | ​ |  |  | ​ |  |
Cost of real estate and other revenue | ​ |  | 77.9 | ​ |  | 44.1 | ​ |  | 56.8
Other operating expenses | ​ |  | 4.5 | ​ |  | 3.9 | ​ |  | 4.8
Depreciation, depletion and amortization | ​ |  | 0.2 | ​ |  | 0.2 | ​ |  | 0.2
Total expenses | ​ |  | 82.6 | ​ |  | 48.2 | ​ |  | 61.8
Operating income | ​ |  | 73.2 | ​ |  | 44.7 | ​ |  | 83.1
Other income (expense): | ​ |  |  | ​ |  |  | ​ |  |
Investment income, net | ​ | ​ | 1.7 | ​ | ​ | 1.1 | ​ | ​ | 0.8
Interest expense | ​ |  | (0.4) | ​ |  | (0.5) | ​ |  | (0.6)
Gain on contributions to unconsolidated joint ventures | ​ | ​ | 0.7 | ​ | ​ | 0.9 | ​ | ​ | 0.5
Equity in income (loss) from unconsolidated joint ventures | ​ | ​ | 23.6 | ​ | ​ | 3.9 | ​ | ​ | (1.9)
Other income (expense), net | ​ |  | 0.2 | ​ |  | (0.5) | ​ |  | 0.1
Total other income (expense), net | ​ |  | 25.8 | ​ |  | 4.9 | ​ |  | (1.1)
Income before income taxes | ​ | $ | 99.0 | ​ | $ | 49.6 | ​ | $ | 82.0

​

The following tables set forth our consolidated residential real estate revenue and cost of revenue activity:

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, 2023 | ​
​ |  | Units |  | ​ | ​ |  | Cost of |  | Gross |  | Gross | ​
​ | ​ | Sold | ​ | Revenue | ​ | Revenue | ​ | Profit | ​ | Margin | ​
​ | ​ | Dollars in millions | ​
Consolidated | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Homesites (a) | ​ | 1,063 | ​ | $ | 145.0 | ​ | $ | 73.5 | ​ | $ | 71.5 | ​ | 49.3 | %
Land sales |  | N/A | ​ | ​ | 0.6 | ​ | ​ | 0.1 | ​ | ​ | 0.5 | ​ | 83.3 | %
Total consolidated |  | 1,063 | ​ | $ | 145.6 | ​ | $ | 73.6 | ​ | $ | 72.0 |  | 49.5 | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Unconsolidated | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Homes (b) | ​ | 641 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total consolidated and unconsolidated | ​ | 1,704 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​

(a) | Includes 100 entitled but undeveloped homesites sold within the SouthWood community.

(b) | Includes homes sold by the Latitude Margaritaville Watersound JV, which is unconsolidated and is accounted for under the equity method of accounting. See Note 4. Joint Ventures included in Item 15 of this Form 10-K for additional information.

​

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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, 2022 | ​
​ |  | Units |  | ​ | ​ |  | Cost of |  | Gross |  | Gross | ​
​ | ​ | Sold | ​ | Revenue | ​ | Revenue | ​ | Profit | ​ | Margin | ​
​ | ​ | Dollars in millions | ​
Consolidated | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Homesites (a) |  | 752 | ​ | $ | 84.0 | ​ | $ | 41.0 | ​ | $ | 43.0 | ​ | 51.2 | %
Land sale |  | N/A | ​ | ​ | 1.1 | ​ | ​ | — | ​ | ​ | 1.1 | ​ | 100.0 | %
Total consolidated |  | 752 | ​ | $ | 85.1 | ​ | $ | 41.0 | ​ | $ | 44.1 |  | 51.8 | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Unconsolidated | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Homes (b) | ​ | 316 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total consolidated and unconsolidated | ​ | 1,068 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​

(a) | Includes 42 entitled but undeveloped homesites sold within the SouthWood community.

(b) | Includes homes sold by the Latitude Margaritaville Watersound JV, which is unconsolidated and is accounted for under the equity method of accounting. See Note 4. Joint Ventures included in Item 15 of this Form 10-K for additional information.

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, 2021 |
​ | ​ | Units |  | ​ | ​ |  | Cost of |  | Gross |  | Gross |
​ | ​ | Sold | ​ | Revenue | ​ | Revenue | ​ | Profit | ​ | Margin |
​ | ​ | Dollars in millions | ​
Consolidated | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Homesites (a) | ​ | 804 | ​ | $ | 136.7 | ​ | $ | 52.7 | ​ | $ | 84.0 | ​ | 61.4 | %
Homes | ​ | 2 | ​ | ​ | 1.0 | ​ | ​ | 0.9 | ​ | ​ | 0.1 | ​ | 10.0 | %
Land sale | ​ | N/A | ​ | ​ | 0.1 | ​ | ​ | — | ​ | ​ | 0.1 | ​ | 100.0 | %
Total consolidated | ​ | 806 | ​ | $ | 137.8 | ​ | $ | 53.6 | ​ | $ | 84.2 |  | 61.1 | %
Unconsolidated | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Homes (b) | ​ | 47 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total consolidated and unconsolidated | ​ | 853 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​

(a) | Includes 55 entitled but undeveloped homesites sold within the SouthWood community.

(b) | Includes homes sold by the Latitude Margaritaville Watersound JV, which is unconsolidated and is accounted for under the equity method of accounting. See Note 4. Joint Ventures included in Item 15 of this Form 10-K for additional information. The Latitude Margaritaville Watersound JV began completing home sale transactions in the fourth quarter of 2021.

​

Year Ended December 31, 2023 Compared to the Year Ended December 31, 2022

The following discussion sets forth details of the consolidated results of operations of our residential segment.

Homesites. Revenue from homesite sales increased $61.0 million, or 72.6%, during 2023, as compared to 2022, primarily due to the mix and number of homesites sold per community and the timing of homebuilder contractual closing obligations in our residential communities. During 2023 and 2022, the average base revenue, excluding homesite residuals, per homesite sold was approximately $107,000 and $98,000, respectively, due to the mix of sales from different communities. The current period homesite sales also include the sale of 100 entitled but undeveloped homesites sold within the SouthWood community, compared to 42 in the prior period, which reduced the average price per homesite. Revenue includes estimated homesite residuals of $24.0 million and $5.8 million, during 2023 and 2022, respectively. Gross margin decreased to 49.3% during 2023, as compared to 51.2% during 2022, primarily due to the cost, mix and number of homesites sold from different communities during each period. Gross margin may vary each period depending on the location of homesite sales.

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Land sales. During 2023, we had unimproved residential land sales for $0.6 million, resulting in a gross margin of approximately 83.3%. During 2022, we had unimproved residential land sales for $1.1 million, with de minimis cost of revenue.

Other revenue includes tap and impact fee credits sold and marketing fees. Other revenue includes estimated fees related to homebuilder homesite sales of $5.0 million and $1.9 million during 2023 and 2022, respectively. The increase in estimated homesite residuals and fees related to homebuilder homesite sales was due to the mix and number of homesites sold per community in the current period.

Leasing revenue includes long-term leases of residential assets.

Other operating expenses include salaries and benefits, property taxes, marketing, professional fees, project administration, owner association and CDD assessments and other administrative expenses.

Investment income, net primarily consists of interest earned on our notes receivable and unimproved land contribution to our unconsolidated Latitude Margaritaville Watersound JV as home sales are transacted in the community. See Note 4. Joint Ventures included in Item 15 of this Form 10-K for additional information. Interest expense primarily consists of interest incurred on our portion of the total outstanding CDD debt. See Note 10. Debt, Net included in Item 15 of this Form 10-K for additional information.

Gain on contributions to unconsolidated joint ventures during 2023 and 2022, includes a gain of $0.7 million and $0.9 million, respectively, on additional infrastructure improvements contributed to our unconsolidated Latitude Margaritaville Watersound JV. See Note 4. Joint Ventures included in Item 15 of this Form 10-K for additional information.

Equity in income (loss) from unconsolidated joint ventures includes our proportionate share of earnings or losses of an unconsolidated JV accounted for by the equity method. Equity in income (loss) from unconsolidated joint ventures increased $19.7 million during 2023, compared to 2022. The increase was due to the completion of 641 home sale transactions by the Latitude Margaritaville Watersound JV during 2023, compared to 316 home sale transactions during 2022. See Note 4. Joint Ventures included in Item 15 of this Form 10-K for additional information.

Other income (expense), net for 2022 includes $1.0 million of design costs no longer pursued.

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Hospitality

The table below sets forth the consolidated results of operations of our hospitality segment:

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ |  | 2023 |  | 2022 |  | 2021
​ | ​ | In millions
Revenue: |  | ​ |  |  | ​ |  |  | ​ |
Hospitality revenue | ​ | $ | 152.4 | ​ | $ | 96.7 | ​ | $ | 74.5
Leasing revenue | ​ | ​ | 2.1 | ​ | ​ | 0.5 | ​ | ​ | 0.1
Total revenue | ​ | ​ | 154.5 | ​ | ​ | 97.2 | ​ | ​ | 74.6
Expenses: | ​ |  |  | ​ |  |  | ​ |  |
Cost of hospitality revenue | ​ |  | 122.2 | ​ |  | 76.9 | ​ |  | 57.5
Cost of leasing revenue | ​ |  | 2.6 | ​ |  | 0.9 | ​ |  | —
Other operating expenses | ​ |  | 1.8 | ​ |  | 1.2 | ​ |  | 1.0
Depreciation, depletion and amortization | ​ |  | 22.1 | ​ |  | 9.4 | ​ |  | 7.0
Total expenses | ​ |  | 148.7 | ​ |  | 88.4 | ​ |  | 65.5
Operating income | ​ |  | 5.8 | ​ |  | 8.8 | ​ |  | 9.1
Other income (expense): | ​ |  |  | ​ |  |  | ​ |  |
Investment income, net | ​ | ​ | 0.3 | ​ | ​ | — | ​ | ​ | —
Interest expense | ​ | ​ | (9.6) | ​ | ​ | (1.7) | ​ | ​ | (0.5)
Other (expense) income, net | ​ |  | (0.1) | ​ |  | 1.8 | ​ |  | 0.6
Total other (expense) income, net | ​ |  | (9.4) | ​ |  | 0.1 | ​ |  | 0.1
(Loss) income before income taxes | ​ | $ | (3.6) | ​ | $ | 8.9 | ​ | $ | 9.2

​

The following table sets forth details of our hospitality segment consolidated revenue and gross profit:

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, 2023 | ​ | ​ | Year Ended December 31, 2022 |  | ​ | Year Ended December 31, 2021 |
​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​
​ | ​ | Revenue | ​ | Profit | ​ | Margin | ​ | ​ | Revenue | ​ | Profit | ​ | Margin |  | ​ | Revenue | ​ | Profit | ​ | Margin |
​ | ​ | In millions | ​
Clubs (a) | ​ | $ | 54.0 | ​ | $ | 15.5 |  | 28.7 | % | ​ | $ | 40.7 | ​ | $ | 12.4 |  | 30.5 | % | ​ | $ | 31.9 | ​ | $ | 9.3 |  | 29.2 | %
Hotels | ​ | ​ | 86.4 | ​ | ​ | 12.4 | ​ | 14.4 | % | ​ | ​ | 46.0 | ​ | ​ | 7.3 | ​ | 15.9 | % | ​ | ​ | 35.5 | ​ | ​ | 6.5 | ​ | 18.3 | %
Other | ​ | ​ | 12.0 | ​ | ​ | 2.3 | ​ | 19.2 | % | ​ | ​ | 10.0 | ​ | ​ | 0.1 | ​ | 1.0 | % | ​ | ​ | 7.1 | ​ | ​ | 1.2 |  | 16.9 | %
Total | ​ | $ | 152.4 | ​ | $ | 30.2 |  | 19.8 | % | ​ | $ | 96.7 | ​ | $ | 19.8 |  | 20.5 | % | ​ | $ | 74.5 | ​ | $ | 17.0 |  | 22.8 | %

(a) | Includes the Camp Creek Inn due to its proximity and guest access to Watersound Club amenities. The hotel opened in June 2023.

​

Year Ended December 31, 2023 Compared to Year Ended December 31, 2022

Revenue from our clubs increased $13.3 million, or 32.7%, during 2023, as compared to 2022. The increase in revenue in the current period was due to increases in the number of club members and membership revenue, as well as the opening of new Camp Creek amenities in April 2023 and Camp Creek Inn in June 2023. As of December 31, 2023, Watersound Club had 3,317 members, compared with 2,604 members as of December 31, 2022, an increase of 713 members. Our clubs gross margin was 28.7% during 2023, compared to 30.5% during 2022. The decrease in gross margin was primarily due to the opening costs associated with the opening of new assets in the current period.

Revenue from our hotel operations increased $40.4 million, or 87.8%, during 2023, as compared to 2022. The increase was primarily due to an increase in lodging revenue from The Pearl Hotel, which we acquired in December 2022; Embassy Suites by Hilton Panama City Beach Resort, which opened in April 2023; The Lodge 30A, which opened in February 2023; Home2 Suites by Hilton Santa Rosa Beach and Hotel Indigo Panama City Marina, which both opened in June 2023; Homewood Suites by Hilton Panama City Beach, which opened in March 2022; and new WaterColor Inn suites, which opened in June 2022. Our hotels had a gross margin of 14.4% during 2023, as compared to

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15.9% during 2022. The decrease in gross margin was due to the opening costs associated with the opening of new hotels in the current period.

As of December 31, 2023, we had 1,053 operational hotel rooms, compared with 407 operational hotel rooms as of December 31, 2022, an increase of 646 rooms (both periods exclude 124 rooms related to an unconsolidated JV).

Revenue from other hospitality operations increased $2.0 million, or 20.0%, during 2023, as compared to 2022. The increase in other hospitality revenue was primarily related to revenue from a new standalone restaurant, which opened in August 2022, Point South Marina Bay Point, which reopened in the third quarter of 2022 and Point South Marina Port St. Joe, which reopened in the fourth quarter of 2022. Our other hospitality operations had a gross margin of 19.2% during 2023, compared to 1.0% during 2022. The increase in gross margin was due to new assets being operational in the current period.

Leasing revenue includes marina boat slip and dry storage rentals.

Other operating expenses include salaries and benefits, professional fees and other administrative expenses.

The increase of $12.7 million in depreciation, depletion and amortization expense during 2023, as compared to 2022, was primarily due to new properties placed in service.

Interest expense primarily includes interest incurred from our hospitality project financing. The increase of $7.9 million in interest expense during 2023, as compared to 2022, was primarily due to an increase in project financing and higher interest rates. See Note 10. Debt, Net included in Item 15 of this Form 10-K for additional information.

Other (expense) income, net for 2022, includes $2.6 million received from the Pier Park CDD for repayment of subordinated notes, partially offset by $0.6 million of expense for a homeowner’s association special assessment.

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Commercial

The table below sets forth the consolidated results of operations of our commercial segment:

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ |  | 2023 |  | 2022 |  | 2021
​ | ​ | In millions
Revenue: |  | ​ |  |  | ​ |  |  | ​ |
Leasing revenue | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial leasing revenue | ​ | $ | 21.5 | ​ | $ | 19.6 | ​ | $ | 15.8
Multi-family leasing revenue | ​ | ​ | 19.4 | ​ | ​ | 14.2 | ​ | ​ | 9.0
Senior living leasing revenue | ​ | ​ | 7.3 | ​ | ​ | 4.7 | ​ | ​ | 2.0
Total leasing revenue | ​ | ​ | 48.2 | ​ | ​ | 38.5 | ​ | ​ | 26.8
Real estate revenue | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial and rural real estate revenue | ​ |  | 21.3 | ​ |  | 13.7 | ​ |  | 12.0
Timber revenue | ​ | ​ | 4.9 | ​ | ​ | 6.7 | ​ | ​ | 6.0
Total real estate revenue | ​ | ​ | 26.2 | ​ | ​ | 20.4 | ​ | ​ | 18.0
Hospitality revenue | ​ | ​ | — | ​ | ​ | 0.5 | ​ | ​ | 0.7
Total revenue | ​ |  | 74.4 | ​ |  | 59.4 | ​ |  | 45.5
Expenses: | ​ |  |  | ​ |  |  | ​ |  |
Cost of leasing revenue | ​ |  | 22.9 | ​ |  | 16.4 | ​ |  | 11.4
Cost of real estate revenue | ​ |  | 7.4 | ​ |  | 4.8 | ​ |  | 3.2
Cost of hospitality revenue | ​ | ​ | — | ​ | ​ | 0.6 | ​ | ​ | 0.8
Other operating expenses | ​ |  | 4.3 | ​ |  | 4.2 | ​ |  | 3.9
Depreciation, depletion and amortization | ​ |  | 16.1 | ​ |  | 13.0 | ​ |  | 10.7
Total expenses | ​ |  | 50.7 | ​ |  | 39.0 | ​ |  | 30.0
Operating income | ​ |  | 23.7 | ​ |  | 20.4 | ​ |  | 15.5
Other (expense) income: | ​ |  |  | ​ |  |  | ​ |  |
Interest expense | ​ |  | (11.7) | ​ |  | (7.3) | ​ |  | (5.9)
Gain on contributions to unconsolidated joint ventures | ​ | ​ | — | ​ | ​ | 1.8 | ​ | ​ | 3.1
Equity in (loss) income from unconsolidated joint ventures | ​ | ​ | (0.9) | ​ | ​ | 22.1 | ​ | ​ | 1.0
Other income (expense), net | ​ |  | 0.1 | ​ |  | (0.7) | ​ |  | 3.7
Total other (expense) income, net | ​ |  | (12.5) | ​ |  | 15.9 | ​ |  | 1.9
Income before income taxes | ​ | $ | 11.2 | ​ | $ | 36.3 | ​ | $ | 17.4

​

The following table sets forth details of our commercial segment consolidated revenue and gross profit (deficit):

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, 2023 | ​ | ​ | Year Ended December 31, 2022 |  | ​ | Year Ended December 31, 2021 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Gross | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Gross | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | ​ | ​ | ​ | ​ | Profit | ​ | Gross | ​ | ​ | ​ | ​ | ​ | Profit | ​ | Gross | ​
​ | ​ | Revenue | ​ | Profit | ​ | Margin | ​ | ​ | Revenue | ​ | (Deficit) | ​ | Margin |  | ​ | Revenue | ​ | (Deficit) | ​ | Margin |
​ | ​ | In millions | ​
Leasing | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial leasing | ​ | $ | 21.5 | ​ | $ | 13.2 |  | 61.4 | % | ​ | $ | 19.6 | ​ | $ | 12.7 |  | 64.8 | % | ​ | $ | 15.8 | ​ | $ | 10.8 |  | 68.4 | %
Multi-family leasing | ​ | ​ | 19.4 | ​ | ​ | 10.3 |  | 53.1 | % | ​ | ​ | 14.2 | ​ | ​ | 8.8 |  | 62.0 | % | ​ | ​ | 9.0 | ​ | ​ | 5.6 |  | 62.2 | %
Senior living leasing | ​ | ​ | 7.3 | ​ | ​ | 1.8 | ​ | 24.7 | % | ​ | ​ | 4.7 | ​ | ​ | 0.6 | ​ | 12.8 | % | ​ | ​ | 2.0 | ​ | ​ | (1.0) | ​ | (50.0) | %
Total leasing | ​ | ​ | 48.2 | ​ | ​ | 25.3 | ​ | 52.5 | % | ​ | ​ | 38.5 | ​ | ​ | 22.1 | ​ | 57.4 | % | ​ | ​ | 26.8 | ​ | ​ | 15.4 | ​ | 57.5 | %
Real estate | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial and rural real estate | ​ | ​ | 21.3 | ​ | ​ | 14.7 | ​ | 69.0 | % | ​ | ​ | 13.7 | ​ | ​ | 9.7 | ​ | 70.8 | % | ​ | ​ | 12.0 | ​ | ​ | 9.5 | ​ | 79.2 | %
Timber | ​ | ​ | 4.9 | ​ | ​ | 4.1 | ​ | 83.7 | % | ​ | ​ | 6.7 | ​ | ​ | 5.9 | ​ | 88.1 | % | ​ | ​ | 6.0 | ​ |  | 5.3 |  | 88.3 | %
Total real estate | ​ | ​ | 26.2 | ​ | ​ | 18.8 | ​ | 71.8 | % | ​ | ​ | 20.4 | ​ | ​ | 15.6 | ​ | 76.5 | % | ​ | ​ | 18.0 | ​ | ​ | 14.8 | ​ | 82.2 | %
Hospitality | ​ | ​ | — | ​ | ​ | — | ​ | N/A | % | ​ | ​ | 0.5 | ​ | ​ | (0.1) | ​ | (20.0) | % | ​ | ​ | 0.7 | ​ | ​ | (0.1) | ​ | (14.3) | %
Total | ​ | $ | 74.4 | ​ | $ | 44.1 |  | 59.3 | % | ​ | $ | 59.4 | ​ | $ | 37.6 |  | 63.3 | % | ​ | $ | 45.5 | ​ | $ | 30.1 |  | 66.2 | %

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​

Year Ended December 31, 2023 Compared to Year Ended December 31, 2022

The following discussion sets forth details of the consolidated results of operations of our commercial segment.

Total leasing revenue increased $9.7 million, or 25.2% during 2023, as compared to 2022. The increase was primarily due to new multi-family and senior living leases as well as other new leases. Total leasing gross margin during 2023 was 52.5%, as compared to 57.4% during 2022. The decrease in leasing gross margin was primarily due to increased operating costs, as well as start-up and lease-up expenses in the current period. As of December 31, 2023, we had net rentable square feet of approximately 1,082,000, of which approximately 1,029,000 square feet were under lease. As of December 31, 2022, we had net rentable square feet of approximately 1,034,000, of which approximately 987,000 square feet were under lease. As of December 31, 2023, our consolidated entities had 1,235 multi-family and senior living units completed, of which 999 were leased, compared to 864 multi-family and senior living units completed, of which 767 were leased as of December 31, 2022.

Commercial and rural real estate revenue related to sales for the three years ended December 31, 2023 includes the following:

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Number of | ​ | ​ | ​ | Average Price | ​ | ​ | ​ | ​ | Gross Profit
Period | ​ | Sales | ​ | Acres Sold | ​ | Per Acre | ​ | Revenue | ​ | on Sales
​ |  | ​ | ​ | ​ | ​ | In millions (except for average price per acre)
2023 |  | 28 |  | 474 |  | $ | 44,304 |  | $ | 21.0 |  | $ | 14.5
2022 |  | 29 |  | 283 |  | $ | 44,876 |  | $ | 12.7 |  | $ | 9.3
2021 |  | 22 |  | 577 |  | $ | 20,797 |  | $ | 12.0 |  | $ | 9.5

​

We believe the diversity of our commercial segment complements the growth of our residential and hospitality segments. Commercial and rural real estate revenue can vary depending on the proximity to developed areas and the mix and characteristics of commercial and rural real estate sold in each period, with varying compositions of retail, office, industrial and other commercial uses. During 2023, we had twenty-eight commercial and rural real estate sales of approximately 474 acres for $21.0 million and land improvement services of $0.3 million, together resulting in a gross margin of approximately 69.0%. During 2022, we had twenty-nine commercial and rural real estate sales of approximately 283 acres for $12.7 million and land improvement services of $1.0 million, together resulting in a gross margin of approximately 70.8%.

Timber revenue decreased by $1.8 million, or 26.9%, to $4.9 million during 2023, as compared to $6.7 million in 2022. The decrease was primarily due to a decrease in prices and tons of wood products sold in the current period. There were 259,000 tons of wood products sold during 2023, as compared to 275,000 tons of wood products sold during 2022. The average price of wood product sold decreased to $16.56 per ton during 2023, as compared to $22.71 per ton during 2022. Timber gross margin was 83.7% during 2023, as compared to 88.1% during 2022. The decrease was primarily due to the lower prices and less tons sold in the current period.

Hospitality revenue includes some of our short-term vacation rentals.

Other operating expenses include salaries and benefits, property taxes, CDD assessments, professional fees, marketing, project administration and other administrative expenses.

The increase of $3.1 million in depreciation, depletion and amortization expense during 2023, as compared to 2022, was primarily due to new properties placed in service.

Interest expense primarily includes interest incurred from our commercial project financing and CDD debt. The increase of $4.4 million in interest expense during 2023, as compared to 2022, was primarily due to an increase in project financing and higher interest rates. See Note 10. Debt, Net included in Item 15 of this Form 10-K for additional information.

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Gain on contributions to unconsolidated joint ventures for 2022, includes a gain of $1.4 million on land contributed to our unconsolidated Pier Park RI JV and a gain of $0.4 million on land contributed to our unconsolidated Electric Cart Watersound JV. See Note 4. Joint Ventures included in Item 15 of this Form 10-K for additional information.

Equity in (loss) income from unconsolidated joint ventures includes our proportionate share of earnings or losses of unconsolidated JVs accounted for by the equity method. Equity in (loss) income from unconsolidated joint ventures during 2023 had a loss of $0.9 million, primarily related to start-up expenses for the Watersound Fountains Independent Living JV. 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 (loss) income during 2022 included $21.7 million related to our proportionate share of the gain on sale. See Note 4. Joint Ventures included in Item 15 of this Form 10-K for additional information.

​

Liquidity and Capital Resources

As of December 31, 2023, we had cash and cash equivalents of $86.1 million, compared to cash and cash equivalents and U.S. Treasury Bills classified as investments – debt securities of $78.3 million as of December 31, 2022. Although we do not currently hold any Securities, we did hold Securities as of December 31, 2022. See Note 5. Investments included in Item 15 of this Form 10-K for additional information regarding our previous investments.

We believe that our current cash position, financing arrangements and cash generated from operations will provide us with sufficient liquidity to satisfy our anticipated working capital needs, expected capital expenditures, principal and interest payments on our long-term debt, capital contributions to JVs, Latitude Margaritaville Watersound JV note commitment, authorized stock repurchases and authorized dividends for the next twelve months. See Part I. Item 1A. Risk Factors.

During 2023, we invested a total of $217.8 million in capital expenditures, which includes $74.4 million for our residential segment, $70.1 million for our commercial segment, $72.3 million for our hospitality segment and $1.0 million for corporate expenditures. The $217.8 million in capital expenditures included $209.8 million for new operating assets or for residential development and $8.0 million for sustaining capital on existing operating properties. We anticipate that future capital commitments will be funded through cash generated from operations, new financing arrangements, cash on hand and cash equivalents. As of December 31, 2023, we had a total of $48.6 million primarily in construction and development related contractual obligations. Capital expenditures and contractual obligations exclude amounts related to unconsolidated JVs. See Note 4. Joint Ventures included in Item 15 of this Form 10-K for additional information.

As of December 31, 2023 and 2022, we had various loans outstanding totaling $459.2 million and $391.4 million, respectively, with maturities from May 2024 through March 2064. As of December 31, 2023, the weighted average effective interest rate of total 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. As of December 31, 2023, the weighted average rate on our variable rate loans, excluding the swapped portion, was 7.6%. See Note 10. Debt, Net included in Item 15 of this Form 10-K for additional information.

Our 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 (collectively, “Security Interests”). The specific Security Interests vary from loan to loan.

In 2015, the Pier Park North JV (the “Pier Park North JV”) entered into a $48.2 million loan (the “PPN JV Loan”). As of December 31, 2023 and 2022, $41.5 million and $42.6 million, respectively, was outstanding on the PPN JV Loan. The loan accrues interest at a rate of 4.1% per annum and matures in November 2025. In connection with the loan, we entered into a limited guarantee in favor of the lender, based on our percentage ownership of the JV. In addition, the

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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 or upon breach of covenants in the security instrument. See Note 10. Debt, Net included in Item 15 of this Form 10-K for additional information.

In 2018, Pier Park Crossings LLC (the “Pier Park Crossings JV”) entered into a $36.6 million loan, insured by the U.S. Department of Housing and Urban Development (“HUD”) (the “PPC JV Loan”). As of December 31, 2023 and 2022, $34.7 million and $35.2 million, respectively, was outstanding on the PPC JV Loan. The loan bears interest at a rate of 3.1% and matures in June 2060. The loan includes a prepayment premium due to the lender of 2% - 9% for any additional principal that is prepaid through August 31, 2031. The loan is secured by the real property and certain other Security Interests. See Note 10. Debt, Net included in Item 15 of this Form 10-K for additional information.

In 2019, Origins Crossings, LLC (the “Watersound Origins Crossings JV”) entered into a $44.0 million loan, as amended (the “Watersound Origins Crossings JV Loan”). 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. As of December 31, 2023 and 2022, $52.5 million and $44.0 million, respectively, was outstanding on the Watersound Origins Crossings JV Loan. The refinanced loan is insured by HUD and secured by the real property and certain other Security Interests. We 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. See Note 10. Debt, Net included in Item 15 of this Form 10-K for additional information.

In 2019, SJWCSL, LLC (the “Watercrest JV”) entered into a $22.5 million loan (the “Watercrest JV Loan”). As of December 31, 2023 and 2022, $20.1 million and $21.0 million, respectively, was outstanding on the Watercrest JV Loan. The loan bears interest at a rate of the Secured Overnight Financing Rate (“SOFR”) plus 2.2% and matures in June 2047. Effective July 1, 2023, the benchmark interest rate index based on the London Interbank Offered Rate (“LIBOR”) transitioned to SOFR. The loan is secured by the real property and certain other Security Interests. In connection with the loan, we executed a guarantee in favor of the lender to guarantee the payment and performance of the borrower under the Watercrest JV Loan. We are the sole guarantor and receive a quarterly fee related to the guarantee from our JV partner based on the JV partner’s ownership percentage. See Note 10. Debt, Net included in Item 15 of this Form 10-K for additional information.

In 2019, a wholly-owned subsidiary of ours entered into a $5.5 million loan, which is guaranteed by us (the “Beckrich Building III Loan”). As of both December 31, 2023 and 2022, $5.0 million was outstanding on the Beckrich Building III Loan. The loan bears interest at a rate of SOFR plus 1.8% and matures in August 2029. Effective July 1, 2023, the benchmark interest rate index based on LIBOR transitioned to SOFR. The loan is secured by the real property and certain other Security Interests. See Note 10. Debt, Net included in Item 15 of this Form 10-K for additional information.

In 2019, Pier Park Crossings Phase II LLC (the “Pier Park Crossings Phase II JV”) entered into a $22.9 million loan, insured by HUD, as amended (the “PPC II JV Loan”). As of December 31, 2023 and 2022, $22.2 million and $22.6 million, respectively, was outstanding on the PPC II JV Loan. The loan bears interest at a rate of 2.7% and matures in May 2057. The loan includes a prepayment premium due to the lender of 1% - 9% for any principal that is prepaid through May 2032. The loan is secured by the real property and certain other Security Interests. See Note 10. Debt, Net included in Item 15 of this Form 10-K for additional information.

In 2020, a wholly-owned subsidiary of ours entered into a $15.3 million loan, which is guaranteed by us (the “Airport Hotel Loan”). As of December 31, 2023 and 2022, $13.0 million and $14.6 million, respectively, was outstanding on the Airport Hotel Loan. The loan bears interest at SOFR plus 2.1%, with a floor of 3.0%, and matures in March 2025. Effective July 1, 2023, the benchmark interest rate index based on LIBOR transitioned to SOFR. The loan

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is secured by the real property and certain other Security Interests. See Note 10. Debt, Net included in Item 15 of this Form 10-K for additional information.

In 2020, Pier Park Resort Hotel, LLC (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”). As of December 31, 2023 and 2022, $51.9 million and $45.2 million, respectively, was outstanding on the Pier Park Resort Hotel JV Loan. The loan matures in April 2027 and bears 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, we and our 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, our liability under the 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 SOFR. 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 and Note 10. Debt, Net included in Item 15 of this Form 10-K for additional information.

In 2020, a wholly-owned subsidiary of ours entered into a $16.8 million loan, which is guaranteed by us (the “Breakfast Point Hotel Loan”). As of December 31, 2023 and 2022, $15.9 million and $16.4 million, respectively, was outstanding on the Breakfast Point Hotel Loan. The loan matures in November 2042 and bears interest at a rate of 6.0% through November 2027 and the 1-year constant maturity Treasury rate plus 3.3% from December 2027 through November 2042, with a minimum rate of 6.0% throughout the term of the loan. The 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. See Note 10. Debt, Net included in Item 15 of this Form 10-K for additional information.

In 2020, a wholly-owned subsidiary of ours entered into a $5.8 million loan, which is guaranteed by us (the “Self-Storage Facility Loan”). As of both December 31, 2023 and 2022, $4.7 million was outstanding on the Self-Storage Facility Loan. The loan matures in November 2025 and bears interest at a rate of SOFR plus 2.5%, with a floor of 2.9%. Effective July 1, 2023, the benchmark interest rate index based on LIBOR transitioned to SOFR. The loan is secured by the real property and certain other Security Interests. Our 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. See Note 10. Debt, Net included in Item 15 of this Form 10-K for additional information.

In January 2021, 30A Greenway Hotel, LLC (“The Lodge 30A JV”) entered into a $15.0 million loan (the “Lodge 30A JV Loan”). As of December 31, 2023 and 2022, $14.7 million and $13.3 million, respectively, was outstanding on the Lodge 30A JV Loan. The loan bears interest at a rate of 3.8% and matures in January 2028. The loan is secured by the real property and certain other Security Interests. In connection with the loan, we, wholly-owned subsidiaries of ours and our 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, our 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 will be reduced to 50% in year four and 25% in year five. We receive a monthly fee related to the guarantee from our JV partner based on the JV partner’s ownership percentage. See Note 10. Debt, Net included in Item 15 of this Form 10-K for additional information.

In March 2021, a wholly-owned subsidiary of ours entered into a $26.8 million loan, which is guaranteed by us (the “North Bay Landing Loan”). As of December 31, 2023 and 2022, $26.8 million and $18.2 million, respectively, was outstanding on the North Bay Landing Loan. The loan bears interest at a rate of SOFR plus 2.6%, with a floor of 3.3%. Upon reaching a certain debt service coverage ratio, the loan will bear interest at a rate of SOFR plus 2.4%, with a floor of 3.1%. Effective July 1, 2023, the benchmark interest rate index based on LIBOR transitioned to SOFR. The loan matures in September 2024 and includes an option for an extension of the maturity date by eighteen months, subject to certain conditions. The loan is secured by the real property and certain other Security Interests. As guarantor, our

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liability under the loan has been reduced to 50% of the outstanding 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. See Note 10. Debt, Net included in Item 15 of this Form 10-K for additional information. In May 2023, we 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 June 2021, a wholly-owned subsidiary of ours entered into a $28.0 million loan, which is guaranteed by us (the “Watersound Camp Creek Loan”). As of December 31, 2023 and 2022, $28.0 million and $13.1 million, respectively, was outstanding on the Watersound Camp Creek Loan. The loan matures in December 2047. In February 2023, the loan was amended, which modified the interest rate from LIBOR plus 2.1%, with a floor of 2.6%, 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, our 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. See Note 10. Debt, Net included in Item 15 of this Form 10-K for additional information.

In August 2021, a wholly-owned subsidiary of ours entered into a $12.0 million loan, which is guaranteed by us (the “Watersound Town Center Grocery Loan”). As of December 31, 2023 and 2022, $10.5 million and $11.4 million, respectively, was outstanding on the Watersound Town Center Grocery Loan. The loan bears interest at SOFR plus 2.1%, with a floor of 2.3%, and matures in August 2031. Effective July 1, 2023, the benchmark interest rate index based on LIBOR transitioned to SOFR. The loan is secured by the real property and certain other Security Interests. As guarantor, our 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. See Note 10. Debt, Net included in Item 15 of this Form 10-K for additional information.

In October 2021, a wholly-owned subsidiary of ours entered into a $21.2 million loan, which is guaranteed by us (the “Hotel Indigo Loan”). As of December 31, 2023 and 2022, $20.7 million and $10.4 million, respectively, was outstanding on the Hotel Indigo Loan. The loan bears interest a rate of SOFR plus 2.5%, with a floor of 2.5%. The loan matures in October 2028 and includes an option for an extension of the maturity date by sixty months, subject to certain conditions. The loan is secured by the leasehold property and certain other Security Interests. See Note 10. Debt, Net included in Item 15 of this Form 10-K for additional information.

In January 2022, Mexico Beach Crossings, LLC (the “Mexico Beach Crossings JV”) entered into a $43.5 million loan, insured by HUD (the “Mexico Beach Crossings JV Loan”). As of December 31, 2023 and 2022, $42.4 million and $23.4 million, respectively, was outstanding on the Mexico Beach Crossings JV Loan. The loan bears interest at a rate of 3.0% and matures 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. See Note 10. Debt, Net included in Item 15 of this Form 10-K for additional information.

In July 2022, a wholly-owned subsidiary of ours entered into a $13.7 million loan, which is guaranteed by us (the “Topsail Hotel Loan”). As of December 31, 2023 and 2022, $12.3 million and $5.2 million, respectively, was outstanding on the Topsail Hotel Loan. The loan bears interest at a rate of SOFR plus 2.1%, with a floor of 3.0% and matures in July 2027. The loan is secured by the real property and certain other Security Interests. See Note 10. Debt, Net included in Item 15 of this Form 10-K for additional information.

In December 2022, a wholly-owned subsidiary of ours entered into a $37.0 million loan, which is guaranteed by us (“The Pearl Hotel Loan”). As of December 31, 2023 and 2022, $35.5 million and $37.0 million, respectively, was outstanding on The Pearl Hotel Loan. The loan bears interest at a rate of 6.3% and matures in December 2032. The loan

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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. See Note 10. Debt, Net included in Item 15 of this Form 10-K for additional information.

CDD bonds financed the construction of infrastructure improvements in some of our communities. The principal and interest payments on the bonds are paid by assessments on the properties benefited by the improvements financed by the bonds. We have recorded a liability for CDD debt that is associated with platted property, which is the point at which it becomes fixed and determinable. Additionally, we have recorded a liability for the balance of the CDD debt that is associated with unplatted property if it is probable and reasonably estimable that we will ultimately be responsible for repayment. We have recorded CDD related debt of $3.0 million as of December 31, 2023. Total outstanding CDD debt related to our land holdings was $10.7 million as of December 31, 2023, which is comprised of $8.7 million at the SouthWood community, $1.9 million at the existing Pier Park retail center and less than $0.1 million at the Wild Heron residential community. We pay interest on this total outstanding CDD debt.

As of December 31, 2023, our unconsolidated Latitude Margaritaville Watersound JV, Watersound Fountains Independent Living JV, Pier Park TPS JV, Pier Park RI JV, Busy Bee JV and Electric Cart Watersound JV had various loans outstanding, some of which we have entered into guarantees. See Note 4. Joint Ventures and Note 20. Commitments and Contingencies included in Item 15 of this Form 10-K for additional information.

In 2020, we, as lender, entered into a $10.0 million secured revolving promissory note with the unconsolidated Latitude Margaritaville Watersound JV, as borrower (the “Latitude JV Note”). As of both December 31, 2023 and 2022, there was no principal balance outstanding on the Latitude JV Note. The note was provided by us to finance the development of the pod-level, non-spine infrastructure. Future advances, if any, will be repaid by the JV as each home is sold by the JV, with the aggregate unpaid principal and all accrued and unpaid interest due at maturity in June 2025. The note is secured by a mortgage and security interest in and on the real property and improvements located on the real property of the JV. See Note 4. Joint Ventures and Note 20. Commitments and Contingencies included in Item 15 of this Form 10-K for additional information.

During the year ended December 31, 2023, we did not repurchase shares of our common stock outstanding. During the year ended December 31, 2022, we repurchased 576,963 shares of our common stock outstanding at an average purchase price of $34.81, per share, for an aggregate purchase price of $20.0 million. See Item 5. Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities and Note 15. Stockholders’ Equity included in Item 15 of this Form 10-K for additional information regarding the Stock Repurchase Program and treasury stock retirement during 2022.

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

As of December 31, 2023 and 2022, we were 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 a liability to us if certain obligations are not met.

In conducting our operations, we routinely hold customers’ assets in escrow pending completion of real estate transactions, and are responsible for the proper disposition of these balances for our customers. These amounts are maintained in segregated bank accounts and have not been included in the accompanying consolidated balance sheets, consistent with U.S. GAAP and industry practice. The cash deposit accounts and offsetting liability balances for escrow deposits in connection with our title insurance agencies for real estate transactions were $10.0 million and $8.0 million as of December 31, 2023 and 2022, respectively. These escrow funds are not available for regular operations.

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Summary of Cash Flows

A summary of our cash flows from operating, investing and financing activities are as follows:

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | Year Ended December 31,
​ | ​ |  | 2023 |  | 2022 |  | 2021
​ | ​ | ​ | In millions
Net cash provided by operating activities | ​ | ​ | $ | 103.8 | ​ | $ | 48.2 | ​ | $ | 111.8
Net cash used in investing activities | ​ | ​ |  | (99.1) | ​ |  | (189.8) | ​ |  | (196.1)
Net cash provided by financing activities | ​ | ​ |  | 40.8 | ​ |  | 112.5 | ​ |  | 48.6
Net increase (decrease) in cash, cash equivalents and restricted cash | ​ | ​ |  | 45.5 | ​ |  | (29.1) | ​ |  | (35.7)
Cash, cash equivalents and restricted cash at beginning of the year | ​ | ​ |  | 45.3 | ​ |  | 74.4 | ​ |  | 110.1
Cash, cash equivalents and restricted cash at end of the year | ​ | ​ | $ | 90.8 | ​ | $ | 45.3 | ​ | $ | 74.4

​

Cash Flows from Operating Activities

Net cash flows provided by operating activities includes net income, adjustments for non-cash items, changes in operating assets and liabilities and expenditures related to assets ultimately planned to be sold, including developed and undeveloped land. Adjustments for non-cash items primarily include depreciation, depletion and amortization, unrealized loss on investments, net, equity in (income) loss from unconsolidated joint ventures, net of distributions, deferred income tax, cost of real estate sold and gain on contributions to unconsolidated joint ventures. Net cash provided by operations was $103.8 million in 2023, as compared to $48.2 million in 2022. During 2023 net income was $74.1 million, compared to $70.2 million in 2022. The increase in net cash provided by operating activities was primarily due to the changes in net income, expenditures for and acquisition of real estate to be sold, depreciation, depletion and amortization, and gain on insurance for damage to property and equipment, net, partially offset by the changes in cost of real estate sold and other assets during the year.

Cash Flows from Investing Activities

Net cash flows used in investing activities primarily includes capital expenditures for operating property and property and equipment used in our operations, purchases of investments and capital contributions to unconsolidated joint ventures, partially offset by proceeds from insurance claims, sales and maturities of investments, capital distributions from unconsolidated joint ventures and maturities of assets held by special purpose entities. During 2023, net cash used in investing activities was $99.1 million, which included capital expenditures for operating property and equipment, purchases of investments of U.S. Treasury Bills of $37.4 million and capital contributions to unconsolidated joint ventures of $2.3 million, partially offset by maturities of investments of $79.0 million, capital distributions from unconsolidated joint ventures of $0.7 million and maturities of assets held by special purpose entities of $0.8 million. During 2022, net cash used in investing activities was $189.8 million, which included capital expenditures for operating property and equipment, purchases of investments of U.S. Treasury Bills of $97.1 million and capital contributions to unconsolidated joint ventures of $2.5 million, partially offset by proceeds from insurance claims of $9.8 million, maturities of investments of $92.0 million, sales of investments of $54.3 million, capital distributions from unconsolidated joint ventures of $12.0 million and maturities of assets held by special purpose entities of $0.8 million.

Capital expenditures for operating property and property and equipment were $139.9 million and $259.1 million during 2023 and 2022, respectively, which were primarily for our commercial and hospitality segments, including the acquisition of The Pearl Hotel in 2022. See Note 3. Investment in Real Estate, Net included in Item 15 of this Form 10-K for additional information regarding the acquisition.

Cash Flows from Financing Activities

Net cash provided by financing activities was $40.8 million for 2023, compared to $112.5 million in 2022. Net cash provided by financing activities during 2023 included capital contributions from non-controlling interest of $1.4 million and borrowings on debt of $121.8 million, partially offset by capital distributions to non-controlling interest of $2.2

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million, dividends paid of $25.7 million, principal payments for debt of $53.5 million, principal payments for finance leases of $0.1 million and debt issuance costs of $0.9 million. Net cash provided by financing activities during 2022 included capital contributions from non-controlling interest of $3.8 million and borrowings on debt of $184.5 million, partially offset by capital distributions to non-controlling interest of $2.4 million, additional ownership interest acquired in Pier Park North JV of $7.7 million, repurchase of common shares of $20.0 million, dividends paid of $23.5 million, principal payments for debt of $20.2 million, principal payments for finance leases of $0.1 million and debt issuance costs of $1.9 million.

Critical Accounting Estimates

The discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements, which have been prepared in accordance with GAAP. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue and expenses and related disclosures of contingent assets and liabilities. We base these estimates on historical experience, available current market information and on various other assumptions that management believes are reasonable under the circumstances. Additionally, we evaluate the results of these estimates on an on-going basis. Management’s estimates form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions and our accounting estimates are subject to change.

Investment in Real Estate, Net and Cost of Real Estate Revenue. Costs associated with a specific real estate project are capitalized during the development period. These development costs include land and common development costs (such as roads, structures, utilities and amenities). We capitalize costs directly associated with development and construction of identified real estate projects. Indirect costs that clearly relate to a specific project under development, such as project administration, interest (up to total interest expense) and real estate taxes, may also be capitalized.

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 we begin the 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 we determine not to complete a project, 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.

Our investments in real estate are carried at cost, net of depreciation and timber depletion, unless circumstances indicate that the carrying value of the assets may not be recoverable. If we determine 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.

Long-Lived Assets. Long-lived assets include our investments in land holdings, operating and development properties, investment in unconsolidated JV’s and property and equipment. Our investments in land holdings, operating and development properties and property and equipment are carried at cost, net of depreciation and timber depletion. We review our long-lived assets for impairment quarterly to determine whether events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. As part of our review for impairment of long-lived assets, we review the long-lived asset’s carrying value, current period actual financial results as compared to prior period and forecasted results contained in our business plan and any other events or changes in circumstances to identify whether an

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indicator of potential impairment may exist. Some of the events or changes in circumstances that are considered as indicators of potential impairment include:

| ● | a prolonged decrease in the value to below cost or demand for the properties;

| ● | a change in the expected use or development plans for the properties;

| ● | a material change in strategy that would affect the value of our properties;

| ● | continuing operating or cash flow losses 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.

We use 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.

The accounting estimate related to real estate impairment evaluation is susceptible to change due to the use of assumptions about future sales proceeds and future expenditures. For projects under development or construction, an estimate of future cash flows on an undiscounted basis is performed using estimated future expenditures necessary to maintain the existing project and using management’s best estimates about future sales prices and planned holding periods. Based on our investment return criteria for evaluating our projects under development or undeveloped land, management’s assumptions used in the projection of undiscounted cash flows include:

| ● | the projected pace of sales of homesites based on estimated market conditions and our 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 requires management to make similar assumptions about the use and eventual disposition of such properties. Some of the significant assumptions that are used to develop the undiscounted cash flows 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

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

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

Other properties that management does not intend to sell in the near term under current market conditions and has the ability to hold are evaluated for impairment based on management’s best estimate of the long-term use and eventual disposition of the property. Typically, assets are carried based on historical cost basis, which in some cases may exceed fair value if sold in the near term. The results of impairment analysis 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. We use 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.

We classify 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 is then recorded at the lower of their carrying value or fair value less costs to sell.

Income Taxes. In preparing our consolidated financial statements, significant management judgment is required to estimate our income taxes. Our estimates are based on our interpretation of federal and state tax laws. We estimate our actual current tax due and assess temporary differences resulting from differing treatment of items for tax and accounting purposes. The temporary differences result in deferred tax assets and liabilities, which are included in our consolidated balance sheets. Adjustments may be required by a change in assessment of our deferred tax assets and liabilities, changes due to audit adjustments by federal and state tax authorities and changes in tax laws. To the extent adjustments are required in any given period, we will include the adjustments in the deferred tax assets and liabilities in our consolidated financial statements. We record a valuation allowance against our deferred tax assets as needed based upon our analysis of the timing and reversal of future taxable amounts and our historical and future expectations of taxable income.

In general, a valuation allowance is recorded, if based on all the 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 our deferred tax assets is dependent upon us 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 net loss carryforwards.

As of December 31, 2023 and 2022, we had $11.0 million and $3.4 million, respectively, of federal net operating loss carryforwards (“NOLs”). The federal NOLs are specific to our QOF entity and do not expire. As of December 31, 2023 and 2022, we had state net 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, we had a valuation allowance of $0.3 million against approximately $7.2 million of certain state NOLs. As of December 31, 2023 and 2022, we 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. See Note 13. Income Taxes included in Item 15 of this Form 10-K for additional information.

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Recently Adopted Accounting Pronouncements

Reference Rate Reform

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (“Topic 848”): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“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, Reference Rate Reform (Topic 848) (“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, Reference Rate Reform (Topic 848) - Deferral of the Sunset Date of Topic 848 (“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 our debt agreements that referenced LIBOR were amended to an alternative rate and on July 1, 2023, the remainder of our 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 our financial condition, results of operations and cash flows.

Leases Common Control Arrangements

In March 2023, the FASB issued ASU 2023-01, Leases (“Topic 842”): Common Control Arrangements (“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. We 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 our 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. We are currently evaluating the impact that the adoption of this guidance will have on our 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

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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. We are currently evaluating the impact that the adoption of this guidance will have on our 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 permitted. We are currently evaluating the impact that the adoption of this guidance will have on our financial condition, results of operations, cash flows and related disclosures.

​

Item 7A. Quantitative and Qualitative Disclosures about Market Risk

We are exposed to market risks primarily from interest rate fluctuations. We have investments in short-term U.S. Treasury Bills that have fixed interest rates for which changes in interest rates generally affect the fair value of the investment, but not the earnings or cash flows. A hypothetical 100 basis point increase in interest rates would result in a decrease of $0.1 million in the market value of these investments as of December 31, 2023. Any realized gain or loss resulting from such interest rate changes would only occur if we sold the investments prior to maturity or if a decline in their value is determined to be related to credit loss.

We have historically been exposed, and in the future may again be exposed, to credit risk associated with Securities and these instruments are subject to price fluctuations as a result of changes in the financial market’s assessment of issuer credit quality, increases in delinquency and default rates, changes in prevailing interest rates and other economic factors. A downgrade of the U.S. government’s credit rating may also decrease the value of Securities.

Some of our cash and cash equivalents are invested in money market instruments. Changes in interest rates related to these investments would not significantly impact our results of operations.

We are subject to interest rate risk on our variable-rate debt and utilize derivative financial instruments to reduce our exposure to market risks from changes in interest rates on certain loans. We have entered into interest rate swap agreements designated as cash flow hedges to manage the interest rate risk associated with some of our variable rate debt, with changes in the fair value recorded to accumulated other comprehensive income. As of December 31, 2023, we had variable-rate debt outstanding totaling $196.7 million, of which $41.5 million was swapped to a fixed interest rate. As of December 31, 2023, the weighted average interest rate on our variable rate loans, excluding the swapped portion, based on SOFR was 7.6%. Based on the outstanding balance of these loans as of December 31, 2023, a hypothetical 100 basis point increase in the applicable rate would result in an increase to our annual interest expense of $1.6 million. See Note 6. Financial Instruments and Fair Value Measurements and Note 10. Debt, Net included in Item 15 of this Form 10-K for additional information.

Item 8. Financial Statements and Supplementary Data

The Financial Statements, related notes and the Report of Independent Registered Public Accounting Firm are included in Part IV, Item 15 of this Form 10-K and incorporated by reference.

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

None.

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Item 9A. Controls and Procedures

| (a) | Evaluation of Disclosure Controls and Procedures. Our Chief Executive Officer and Chief Financial Officer have evaluated the effectiveness of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this report. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of the period covered by this report, our disclosure controls and procedures were effective.

| (b) | Changes in Internal Control Over Financial Reporting. During the quarter ended December 31, 2023, there were no changes in our internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

| (c) | Management’s Annual Report on Internal Control Over Financial Reporting.

Management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act. Our internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP. Our internal control over financial reporting includes those policies and procedures that:

(i)pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets;
(ii)provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that our receipts and expenditures are being made only in accordance with authorizations of our management and directors; and
(iii)provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on the financial statements.

Management assessed the effectiveness of our internal control over financial reporting as of December 31, 2023. In making this assessment, management used the criteria described in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

Based on our assessment and those criteria, management concluded that our internal control over financial reporting was effective as of December 31, 2023. Management reviewed the results of their assessment with our Audit Committee. The effectiveness of our internal control over financial reporting as of December 31, 2023 has been audited by Grant Thornton LLP, an independent registered public accounting firm, as stated in their attestation report as follows.

| (d) | Report of Independent Registered Public Accounting Firm.

Board of Directors and Stockholders

The St. Joe Company

Opinion on internal control over financial reporting

We have audited the internal control over financial reporting of The St. Joe Company (a Florida corporation) and subsidiaries (the “Company”) as of December 31, 2023, based on criteria established in the 2013 Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2023, based on criteria established in the 2013 Internal Control—Integrated Framework issued by COSO.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the consolidated financial statements of the Company as of and for the year ended December 31, 2023, and our report dated February 21, 2024, expressed an unqualified opinion on those financial statements.

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Basis for opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Annual Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and limitations of internal control over financial reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ Grant Thornton LLP

Tampa, Florida

February 21, 2024

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Item 9B. Other Information

During the fourth quarter of 2023, none of our directors or executive officers adopted, modified or terminated any contract, instruction or written plan for the purchase or sale of Company securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement”.

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Not applicable.

​

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PART III

Item 10. Directors, Executive Officers and Corporate Governance

We have adopted a Code of Business Conduct and Ethics that applies to our directors and executive officers. The Code of Business Conduct and Ethics is located on our internet web site at www.joe.com under “Investor Relations-Corporate Governance.” We intend to provide disclosure of any amendments or waivers of our Code of Business Conduct and Ethics for our executive officers or directors on our website within four business days following the date of the amendment or waiver.

The items required by Part III, Item 10 are incorporated herein by reference from the Registrant’s Proxy Statement for our 2024 Annual Meeting of Shareholders to be filed on or before April 29, 2024.

Item 11. Executive Compensation

Information concerning executive compensation will be included in the Registrant’s Proxy Statement for our 2024 Annual Meeting of Shareholders to be filed on or before April 29, 2024 and is incorporated by reference in this Part III.

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Information concerning the security ownership of certain beneficial owners and of management will be set forth under the caption “Security Ownership of Certain Beneficial Owners, Directors and Executive Officers” in the Registrant’s Proxy Statement for our 2024 Annual Meeting of Shareholders to be filed on or before April 29, 2024 and is incorporated by reference in this Part III.

Item 13. Certain Relationships and Related Transactions and Director Independence

Information concerning certain relationships and related transactions during 2023 and director independence will be set forth under the captions “Certain Relationships and Related Transactions” and “Director Independence” in the Registrant’s Proxy Statement for our 2024 Annual Meeting of Shareholders to be filed on or before April 29, 2024 and is incorporated by reference in this Part III.

Item 14. Principal Accounting Fees and Services

Information concerning our independent registered public accounting firm will be presented under the caption “Audit Committee Information” in the Registrant’s Proxy Statement for our 2024 Annual Meeting of Shareholders to be filed on or before April 29, 2024 and is incorporated by reference in this Part III.

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PART IV

Item 15. Exhibits, Financial Statement Schedules

| (a) | (1) Financial Statements

The financial statements listed in the accompanying Index to Financial Statements and Financial Statement Schedules and Report of Independent Registered Public Accounting Firm are filed as part of this Form 10-K.

(2) Financial Statement Schedules

The financial statement schedules listed in the accompanying Index to Financial Statements and Financial Statement Schedules are filed as part of this Form 10-K.

The financial statements of LMWS, LLC JV required by Rule 3-09 of Regulation S-X are provided as Exhibit 99.1 to this report.

| (3) | Exhibits

The exhibits listed on the accompanying Index to Exhibits are filed or incorporated by reference as part of this Form 10-K.

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Index to Exhibits

​ | ​ | ​
--- | --- | ---
Exhibit Number |  | Description
​ | ​ | ​
3.1 | ​ | Restated and Amended Articles of Incorporation of the registrant, (incorporated by reference to Exhibit 3.1 to the registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2010).
​ | ​ | ​
3.2 | ​ | Amended and Restated Bylaws of the registrant (incorporated by reference to Exhibit 3.1 to the registrant’s Current Report on Form 8-K filed on November 15, 2022).
​ | ​ | ​
4.1 | ​ | Indenture, dated April 10, 2014, between Northwest Florida Timber Finance, LLC and Wilmington Trust, National Association (incorporated by reference to Exhibit 4.1 to the registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2014).
​ | ​ | ​
4.2 | ​ | Form of 4.750% Senior Secured Note due 2029 (incorporated by reference to Exhibit 4.1 to the registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2014).
​ | ​ | ​
4.3 | ​ | Description of the Common Stock Registered Under Section 12 of the Securities Exchange Act of 1934 (incorporated by reference to Exhibit 4.3 to the registrant’s Annual Report on Form 10-K for the year ended December 31, 2019).
​ | ​ | ​
10.1† | ​ | Form of Indemnification Agreement for Directors and Officers (incorporated by reference to Exhibit 10.1 to the registrant’s Current Report on Form 8-K filed on February 13, 2009).
​ | ​ | ​
10.3† | ​ | Form of Restricted Stock Award (Executive Officers) (incorporated by reference to Exhibit 10.1 to the registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2022).
​ | ​ | ​
10.4† | ​ | Form of Restricted Stock Award (CEO) (incorporated by reference to Exhibit 10.2 to the registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2022).
​ | ​ | ​
10.5 | ​ | Master Airport Access Agreement dated November 22, 2010 by and between the registrant and the Panama City-Bay County Airport and Industrial District (the “Airport District”) (including as attachments the Land Donation Agreement dated August 22, 2006, by and between the registrant and the Airport District, and the Special Warranty Deed dated November 29, 2007, granted by St. Joe Timberland Company of Delaware, LLC to the Airport District) (incorporated by reference to Exhibit 10.1 to the registrant’s Current Report on Form 8-K filed on November 30, 2010).
​ | ​ | ​

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​ | ​ | ​
--- | --- | ---
Exhibit Number |  | Description
10.6† | ​ | 2015 Performance and Equity Incentive Plan (incorporated by reference to Exhibit 10.22a to the registrant’s Annual Report on Form 10-K for the year ended December 31, 2015).
​ | ​ | ​
10.7 | ​ | Investment Management Agreement dated August 23, 2019, by and between The St. Joe Company and Fairholme Capital Management, L.L.C. (incorporated by reference to Exhibit 10.1 to the registrant's Quarterly Report on Form 10-Q for the quarter ended September 30, 2019).
​ | ​ | ​
10.8 | ​ | First Amendment to Investment Management Agreement dated February 23, 2021, by and between The St. Joe Company and Fairholme Capital Management, L.L.C. (incorporated by reference to Exhibit 10.6 to the registrant’s Annual Report on Form 10-K for the year ended December 31, 2020).
​ | ​ | ​
10.9† | ​ | Employment Agreement, dated October 1, 2013, between Marek Bakun and The St. Joe Company (incorporated by reference to Exhibit 10.52 to the registrant’s Current Report on Form 8-K filed on October 3, 2013).
​ | ​ | ​
10.10 | ​ | Form of Note Purchase Agreement (incorporated by reference to Exhibit 10.58 to the registrant’s Current Report on Form 8-K filed on April 9, 2014).
​ | ​ | ​
10.11 | ​ | Separate Guaranty of Retained Liability Matters, dated October 19, 2015, among the St. Joe Company, Don M. Casto, III and Kensington Gardens Builders Corporation, in favor of Keybank National Association (incorporated by reference to Exhibit 10.60 to the registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2015).
​ | ​ | ​
21.1** | ​ | Subsidiaries of The St. Joe Company.
​ | ​ | ​
23.1** | ​ | Consent of Grant Thornton LLP, independent registered public accounting firm for the registrant.
​ | ​ | ​
23.2** | ​ | Consent of independent auditors regarding opinion in exhibit 99.1.
​ | ​ | ​
31.1** | ​ | Certification by Chief Executive Officer.
​ | ​ | ​
31.2** | ​ | Certification by Chief Financial Officer.
​ | ​ | ​
32.1* | ​ | Certification by Chief Executive Officer.
​ | ​ | ​
32.2* | ​ | Certification by Chief Financial Officer.
​ | ​ | ​
97** | ​ | Clawback Policy
​ | ​ | ​
99.1** | ​ | Financial Statements of the LMWS, LLC joint venture as of December 31, 2023 and 2022 and for the years ended December 31, 2023, 2022 and 2021.
​ | ​ | ​
101** | ​ | The following information from the registrant’s Annual Report on Form 10-K for the year ended December 31, 2023, formatted in Inline XBRL (eXtensible Business Reporting Language): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Income, (iii) the Consolidated Statements of Comprehensive Income, (iv) the Consolidated Statement of Changes in Stockholders’ Equity, (v) the Consolidated Statements of Cash Flows and (vi) Notes to the Consolidated Financial Statements.
104 | ​ | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

* Furnished herewith.

** Filed herewith.

† Management contract or compensatory plan or arrangement.

​

61

Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

​ | ​ | ​
​ | ​ | THE ST. JOE COMPANY
​ | ​ | ​
Date: | February 21, 2024 | /s/ Jorge Gonzalez
​ | ​ | Jorge Gonzalez
​ | ​ | President, Chief Executive Officer and Director
​ | ​ | (Duly Authorized Officer)

​

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

​ | ​ | ​ | ​ | ​
​ | ​ | Title | ​ | Date
​ | ​ | ​ | ​ | ​
/s/ Jorge Gonzalez | ​ | President, Chief Executive Officer and Director | ​ | February 21, 2024
Jorge Gonzalez | ​ | (Principal Executive Officer) | ​ | ​
​ | ​ | ​ | ​ | ​
/s/ Marek Bakun | ​ | Executive Vice President and Chief Financial Officer | ​ | February 21, 2024
Marek Bakun | ​ | (Principal Financial Officer and Principal Accounting Officer) | ​ | ​
​ | ​ | ​ | ​ | ​
/s/ Bruce R. Berkowitz | ​ | Chairman of the Board | ​ | February 21, 2024
Bruce R. Berkowitz | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​
/s/ Cesar L. Alvarez | ​ | Director | ​ | February 21, 2024
Cesar L. Alvarez | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​
/s/ Howard S. Frank | ​ | Director | ​ | February 21, 2024
Howard S. Frank | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​
/s/ Thomas P. Murphy, Jr. | ​ | Director | ​ | February 21, 2024
Thomas P. Murphy, Jr. | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​

​

​

​

​

62

Table of Contents

INDEX TO FINANCIAL STATEMENTS AND FINANCIAL STATEMENT SCHEDULES

​ | ​
​ | Page No.
Report of Independent Registered Public Accounting Firm – Grant Thornton LLP (PCAOB ID 248) | F 2
Consolidated Balance Sheets | F 3
Consolidated Statements of Income | F 5
Consolidated Statements of Comprehensive Income | F 6
Consolidated Statement of Changes in Stockholders’ Equity | F 7
Consolidated Statements of Cash Flows | F 8
Notes to Consolidated Financial Statements | F 10
Schedule III (Consolidated) — Real Estate and Accumulated Depreciation | F 59
Schedule IV (Consolidated) — Mortgage Loans on Real Estate | F 61

​

​

F 1

Table of Contents

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Board of Directors and Stockholders

The St. Joe Company

Opinion on the financial statements

We have audited the accompanying consolidated balance sheets of The St. Joe Company (a Florida corporation) and subsidiaries (the “Company”) as of December 31, 2023 and 2022, the related consolidated statements of income, comprehensive income, changes in stockholders’ equity, and cash flows for each of the three years in the period ended December 31, 2023, and the related notes and financial statement schedules included under Item 15(a) (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2023 and 2022, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2023, in conformity with accounting principles generally accepted in the United States of America.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the Company’s internal control over financial reporting as of December 31, 2023, based on criteria established in the 2013 Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”), and our report dated February 21, 2024, expressed an unqualified opinion.

Basis for opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical audit matter

Critical audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. We determined that there are no critical audit matters.

/s/ Grant Thornton LLP

We have served as the Company’s auditor since 2018.

Tampa, Florida

February 21, 2024

​

F 2

Table of Contents

​

THE ST. JOE COMPANY

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, | ​ | December 31,
​ |  | 2023 |  | 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 AND EQUITY | ​ |  |  | ​ |  |
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

​

See notes to the consolidated financial statements.

​

F 3

Table of Contents

THE ST. JOE COMPANY

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

The following presents the portion of the consolidated balances attributable to the Company’s consolidated JVs, which as of December 31, 2023 and 2022, include the Pier Park North JV, Pier Park Crossings JV, Watersound Origins Crossings JV, Watercrest JV, Watersound Closings & Escrow, LLC (the “Watersound Closings JV”), Pier Park Crossings Phase II JV, Mexico Beach Crossings JV, Pier Park Resort Hotel JV, The Lodge 30A JV, Panama City Timber Finance Company, LLC and Northwest Florida Timber Finance, LLC. See Note 2. 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 10. Debt, Net.

​

​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, |  | December 31,
​ | ​ | 2023 | ​ | 2022
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

​

See notes to the consolidated financial statements.

​

F 4

Table of Contents

THE ST. JOE COMPANY

CONSOLIDATED STATEMENTS OF INCOME

(Dollars in thousands except per share amounts)

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ |  | 2023 | ​ | 2022 | ​ | 2021
Revenue: | ​ | ​ |  |  | ​ |  |  | ​ |
Real estate revenue | ​ | $ | 186,008 | ​ | $ | 115,865 | ​ | $ | 164,650
Hospitality revenue | ​ |  | 152,441 | ​ |  | 97,260 | ​ |  | 75,265
Leasing revenue | ​ |  | 50,836 | ​ |  | 39,196 | ​ |  | 27,081
Total revenue | ​ |  | 389,285 | ​ |  | 252,321 | ​ |  | 266,996
Expenses: | ​ |  |  | ​ |  |  | ​ |  |
Cost of real estate revenue | ​ |  | 87,966 | ​ |  | 50,791 | ​ |  | 61,380
Cost of hospitality revenue | ​ |  | 122,185 | ​ |  | 77,518 | ​ |  | 58,314
Cost of leasing revenue | ​ |  | 25,828 | ​ |  | 17,589 | ​ |  | 11,620
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, 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 | ​ | $ | 1.33 | ​ | $ | 1.21 | ​ | $ | 1.27
Diluted | ​ | $ | 1.33 | ​ | $ | 1.21 | ​ | $ | 1.27
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
WEIGHTED AVERAGE SHARES OUTSTANDING | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic | ​ |  | 58,312,878 | ​ |  | 58,720,050 | ​ |  | 58,882,549
Diluted | ​ | ​ | 58,324,254 | ​ | ​ | 58,721,338 | ​ | ​ | 58,882,549

​

See notes to the consolidated financial statements.

​

F 5

Table of Contents

THE ST. JOE COMPANY

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Dollars in thousands)

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Year Ended December 31,
​ |  | ​ | 2023 |  | 2022 |  | 2021
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 swaps | ​ | ​ | ​ | 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 (loss) income, 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

​

​

See notes to the consolidated financial statements.

​

F 6

Table of Contents

THE ST. JOE COMPANY

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY

(Dollars in thousands)

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  |  |  |  | ​ |  |  | ​ |  | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​
​ | ​ | Common Stock | ​ | ​ | ​ | ​ | ​ | Accumulated Other | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Outstanding | ​ | ​ | ​ | ​ | ​ | Retained | ​ | ​ | Comprehensive | ​ | ​ | Treasury | ​ | ​ | Non-controlling | ​ | ​ | ​
​ |  | Shares |  | ​ | Amount |  | ​ | Earnings |  | ​ | (Loss) Income |  | ​ | Stock |  | ​ | Interest |  | ​ | Total
Balance at December 31, 2020 |  | 58,882,549 | ​ | $ | 296,873 | ​ | $ | 255,216 | ​ | $ | (1,472) | ​ | $ | — | ​ | $ | 17,553 | ​ | $ | 568,170
Capital contributions from non-controlling interest |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 3,189 | ​ |  | 3,189
Capital distributions to non-controlling interest |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | (1,247) | ​ |  | (1,247)
Dividends ($0.32 per share) | ​ | — | ​ | ​ | — | ​ | ​ | (18,844) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (18,844)
Other comprehensive income, net of tax |  | — | ​ |  | — | ​ |  | — | ​ |  | 1,083 | ​ |  | — | ​ |  | — | ​ |  | 1,083
Net income (loss) |  | — | ​ |  | — | ​ |  | 74,553 | ​ |  | — | ​ |  | — | ​ |  | (804) | ​ |  | 73,749
Balance at December 31, 2021 |  | 58,882,549 | ​ | $ | 296,873 | ​ | $ | 310,925 | ​ | $ | (389) | ​ | $ | — | ​ | $ | 18,691 | ​ | $ | 626,100
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 | ​ | 29,955 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Stock based compensation expense |  | — | ​ |  | 364 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 364
Repurchase of common shares |  | (576,963) | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | (19,972) | ​ |  | — | ​ |  | (19,972)
Retirement of treasury stock |  | — | ​ |  | (19,972) | ​ |  | — | ​ |  | — | ​ |  | 19,972 | ​ |  | — | ​ |  | —
Dividends ($0.40 per share) | ​ | — | ​ | ​ | — | ​ | ​ | (23,508) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (23,508)
Other comprehensive income, net of tax |  | — | ​ |  | — | ​ |  | — | ​ |  | 2,819 | ​ |  | — | ​ |  | 1,383 | ​ |  | 4,202
Net income (loss) |  | — | ​ |  | — | ​ |  | 70,927 | ​ |  | — | ​ |  | — | ​ |  | (699) | ​ |  | 70,228
Balance at December 31, 2022 |  | 58,335,541 | ​ | $ | 270,028 | ​ | $ | 358,344 | ​ | $ | 2,430 | ​ | $ | — | ​ | $ | 20,307 | ​ | $ | 651,109
Capital contributions from non-controlling interest |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 1,430 | ​ |  | 1,430
Capital distributions to non-controlling interest |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | (2,242) | ​ |  | (2,242)
Issuance of restricted stock | ​ | 36,499 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Stock based compensation expense |  | — | ​ |  | 820 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 820
Dividends ($0.44 per share) | ​ | — | ​ | ​ | — | ​ | ​ | (25,685) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (25,685)
Other comprehensive loss, net of tax |  | — | ​ |  | — | ​ |  | — | ​ |  | (587) | ​ |  | — | ​ |  | (407) | ​ |  | (994)
Net income (loss) |  | — | ​ |  | — | ​ |  | 77,712 | ​ |  | — | ​ |  | — | ​ |  | (3,660) | ​ |  | 74,052
Balance at December 31, 2023 |  | 58,372,040 | ​ | $ | 270,848 | ​ | $ | 410,371 | ​ | $ | 1,843 | ​ | $ | — | ​ | $ | 15,428 | ​ | $ | 698,490

​

See notes to consolidated financial statements.

​

F 7

Table of Contents

THE ST. JOE COMPANY

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollars in thousands)

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Year Ended December 31,
​ |  | ​ | 2023 | ​ | 2022 | ​ | 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

See notes to consolidated financial statements.

​

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THE ST. JOE COMPANY

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

(Dollars in thousands)

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

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Year Ended December 31,
​ |  |  | ​ | 2023 | ​ | 2022 |  | 2021
Cash and cash equivalents | ​ | ​ |  | $ | 86,068 |  | $ | 37,747 | ​ | $ | 70,162
Restricted cash included in other assets | ​ | ​ | ​ |  | 4,702 | ​ |  | 7,556 | ​ |  | 4,238
Total cash, cash equivalents and restricted cash shown in the accompanying consolidated statements of cash flows |  | ​ |  | $ | 90,770 |  | $ | 45,303 | ​ | $ | 74,400

​

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

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ | ​ | 2023 | ​ | 2022 | ​ | 2021
Cash paid during the period for: | ​ | ​ |  | ​ | ​ |  | ​ | ​ |
Interest, net of amounts capitalized | ​ | $ | 29,602 | ​ | $ | 17,152 | ​ | $ | 13,621
Federal income taxes | ​ | $ | 26,400 | ​ | $ | 16,361 | ​ | $ | 11,070
State income taxes | ​ | $ | 4,518 | ​ | $ | 750 | ​ | $ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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

​

See notes to consolidated financial statements.

​

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THE ST. JOE COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands, unless otherwise stated)

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.

​

2. Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

The consolidated financial statements include the accounts of the Company and all of its majority-owned and controlled subsidiaries, voting interest entities where the Company has a majority voting interest or control and variable interest entities where the Company deems itself the primary beneficiary. Investments in JVs in which the Company is not the primary beneficiary, or a voting interest entity where the Company does not have a majority voting interest or control, but has significant influence are unconsolidated and accounted for by the equity method. All significant intercompany transactions and balances have been eliminated in consolidation. Certain prior year amounts in the accompanying consolidated financial statements have been reclassified to conform to the current year 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).

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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;

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| ● | 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.

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

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

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

Timber Inventory

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

Investment in Unconsolidated Joint Ventures

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

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

Cash and Cash Equivalents

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

Investments

Investments – debt securities consist of available-for-sale securities recorded at fair value, which is established through external pricing services that use quoted market prices and pricing data from recently executed market transactions. Unrealized gains and losses on investments, net of tax, are recorded in other comprehensive (loss) income. Realized gains and losses on investments are determined using the specific identification method. The amortized cost of

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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.

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Inventory

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

Property and Equipment, net

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

​

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

​

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

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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

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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

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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

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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

​

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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

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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.

​

​

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.

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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.

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.

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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.

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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.

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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.

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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.

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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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.

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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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.

​

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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.

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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

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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.

​

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5. Investments

Available-For-Sale Investments

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

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2023 | ​ | December 31, 2022
​ |  | ​ | ​ |  | Gross |  | Gross |  | ​ | ​ | ​ | ​ | ​ |  | Gross |  | Gross |  | ​ | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | ​ | ​ | ​ | Amortized | ​ | Unrealized | ​ | 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.

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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 | ​ | Date | ​ | Rate | ​ | December 31, 2023 | ​ | 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 | ​ | 2 | ​ | Other assets
Pier Park TPS JV Loan (b) | ​ | January 2021 | ​ | January 2026 | ​ | 5.2% | ​ | $ | 13.5 | ​ | $ | 191 | ​ | $ | 273 | ​ | 2 | ​ | 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.

​

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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.

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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.

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

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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

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​

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

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​

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.

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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.

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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) | 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.

​

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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

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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

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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

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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

​

​

​

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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.

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.

​

​

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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.

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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

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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.

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

​

​

​

​

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​

​

​

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.

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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.

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.

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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.

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

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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.

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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.

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
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​

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​ | ​ | 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
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​

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​ | ​ | 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.

​

​

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

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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

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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.

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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.

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.

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.

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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

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​ | ​ | ​ | ​ | ​ | 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

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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

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