Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 21, 2022 | Jun. 30, 2021 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Transition Report | false | ||
Entity File Number | 1-10466 | ||
Entity Registrant Name | The St. Joe Company | ||
Entity Incorporation, State or Country Code | FL | ||
Entity Tax Identification Number | 59-0432511 | ||
Entity Address, Address Line One | 130 Richard Jackson Boulevard | ||
Entity Address, Address Line Two | Suite 200 | ||
Entity Address, City or Town | Panama City Beach | ||
Entity Address, State or Province | FL | ||
Entity Address, Postal Zip Code | 32407 | ||
City Area Code | 850 | ||
Local Phone Number | 231-6400 | ||
Title of 12(b) Security | Common Stock | ||
Trading Symbol | JOE | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1.5 | ||
Entity Common Stock, Shares Outstanding | 58,882,549 | ||
Auditor Firm ID | 248 | ||
Auditor Name | Grant Thornton LLP | ||
Auditor Location | Tampa, Florida | ||
Entity Central Index Key | 0000745308 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
ASSETS | ||
Investment in real estate, net | $ 690,113 | $ 551,653 |
Investment in unconsolidated joint ventures | 52,027 | 37,965 |
Cash and cash equivalents | 70,162 | 106,794 |
Investments - debt securities | 88,956 | 48,051 |
Other assets | 70,235 | 65,866 |
Property and equipment, net | 31,145 | 20,846 |
Investments held by special purpose entities | 205,513 | 206,149 |
Total assets | 1,208,151 | 1,037,324 |
Liabilities: | ||
Debt, net | 223,034 | 158,915 |
Other liabilities | 104,192 | 72,035 |
Deferred tax liabilities, net | 77,259 | 60,915 |
Senior Notes held by special purpose entity | 177,566 | 177,289 |
Total liabilities | 582,051 | 469,154 |
Commitments and contingencies (Note 20) | ||
Equity: | ||
Common stock, no par value; 180,000,000 shares authorized; 58,882,549 issued and outstanding at December 31, 2021 and December 31, 2020 | 296,873 | 296,873 |
Retained earnings | 310,925 | 255,216 |
Accumulated other comprehensive loss | (389) | (1,472) |
Total stockholders' equity | 607,409 | 550,617 |
Non-controlling interest | 18,691 | 17,553 |
Total equity | 626,100 | 568,170 |
Total liabilities and equity | 1,208,151 | 1,037,324 |
Variable Interest Entity, Primary Beneficiary | ||
ASSETS | ||
Investment in real estate, net | 206,565 | 170,853 |
Cash and cash equivalents | 10,564 | 2,639 |
Other assets | 17,392 | 13,821 |
Investments held by special purpose entities | 205,513 | 206,149 |
Total assets | 440,034 | 393,462 |
Liabilities: | ||
Debt, net | 173,531 | 139,592 |
Other liabilities | 17,836 | 9,596 |
Senior Notes held by special purpose entity | 177,566 | 177,289 |
Total liabilities | $ 368,933 | $ 326,477 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
CONSOLIDATED BALANCE SHEETS | ||
Common stock, par value | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 180,000,000 | 180,000,000 |
Common stock, issued (in shares) | 58,882,549 | 58,882,549 |
Common stock, outstanding (in shares) | 58,882,549 | 58,882,549 |
CONSOLIDATED BALANCE SHEETS - V
CONSOLIDATED BALANCE SHEETS - VIEs - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
ASSETS | ||
Investment in real estate | $ 690,113 | $ 551,653 |
Cash and cash equivalents | 70,162 | 106,794 |
Other assets | 70,235 | 65,866 |
Investments held by special purpose entities | 205,513 | 206,149 |
Total assets | 1,208,151 | 1,037,324 |
LIABILITIES | ||
Debt, net | 223,034 | 158,915 |
Other liabilities | 104,192 | 72,035 |
Senior Notes held by special purpose entity | 177,566 | 177,289 |
Total liabilities | 582,051 | 469,154 |
Variable Interest Entity, Primary Beneficiary | ||
ASSETS | ||
Investment in real estate | 206,565 | 170,853 |
Cash and cash equivalents | 10,564 | 2,639 |
Other assets | 17,392 | 13,821 |
Investments held by special purpose entities | 205,513 | 206,149 |
Total assets | 440,034 | 393,462 |
LIABILITIES | ||
Debt, net | 173,531 | 139,592 |
Other liabilities | 17,836 | 9,596 |
Senior Notes held by special purpose entity | 177,566 | 177,289 |
Total liabilities | $ 368,933 | $ 326,477 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue: | |||
Leasing revenue | $ 27,081 | $ 18,819 | $ 15,581 |
Total revenue | 266,996 | 160,555 | 127,085 |
Expenses: | |||
Cost of revenue | 131,314 | 77,776 | 64,086 |
Corporate and other operating expenses | 23,023 | 22,906 | 21,389 |
Depreciation, depletion and amortization | 18,202 | 12,788 | 10,287 |
Total expenses | 172,539 | 113,470 | 95,762 |
Operating income (loss) | 94,457 | 47,085 | 31,323 |
Other income (expense): | |||
Investment income, net | 7,254 | 4,983 | 10,714 |
Interest expense | (15,854) | (13,564) | (12,302) |
Gain on contribution to unconsolidated joint ventures | 3,558 | 19,983 | 2,317 |
Other income, net | 10,181 | 1,329 | 4,133 |
Total other income (expense) | 5,139 | 12,731 | 4,862 |
Income before equity in loss from unconsolidated joint ventures and income taxes | 99,596 | 59,816 | 36,185 |
Equity in (loss) income from unconsolidated joint ventures | (865) | (666) | (77) |
Income tax expense | (24,982) | (13,670) | (9,447) |
Net income (loss) | 73,749 | 45,480 | 26,661 |
Net loss (income) attributable to non-controlling interest | 804 | (277) | 114 |
Net income attributable to the Company | $ 74,553 | $ 45,203 | $ 26,775 |
Basic and Diluted | |||
Weighted average shares outstanding, Basic | 58,882,549 | 59,009,865 | 59,994,527 |
Weighted average shares outstanding, Diluted | 58,882,549 | 59,009,865 | 59,994,527 |
Net income per share attributable to the Company, Basic (in dollars per share) | $ 1.27 | $ 0.77 | $ 0.45 |
Net income per share attributable to the Company, Diluted (in dollars per share) | $ 1.27 | $ 0.77 | $ 0.45 |
Real Estate | |||
Revenue: | |||
Revenue | $ 158,629 | $ 87,627 | $ 61,488 |
Expenses: | |||
Cost of revenue | 60,703 | 35,794 | 24,282 |
Hospitality | |||
Revenue: | |||
Revenue | 75,265 | 47,778 | 46,112 |
Expenses: | |||
Cost of revenue | 58,314 | 35,239 | 34,505 |
Leasing | |||
Expenses: | |||
Cost of revenue | 11,620 | 5,934 | 4,650 |
Timber | |||
Revenue: | |||
Revenue | 6,021 | 6,331 | 3,904 |
Expenses: | |||
Cost of revenue | $ 677 | $ 809 | $ 649 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net income | $ 73,749 | $ 45,480 | $ 26,661 |
Other comprehensive (loss) income: | |||
Interest rate swap | 848 | (836) | (336) |
Interest rate swap - unconsolidated affiliate | 213 | (821) | |
Reclassification of net realized loss (gain) included in earnings | 405 | (4) | (69) |
Total before income taxes | 1,450 | (1,523) | 455 |
Income tax (expense) benefit | (367) | 386 | (116) |
Total other comprehensive income (loss), net of tax | 1,083 | (1,137) | 339 |
Total comprehensive income, net of tax | 74,832 | 44,343 | 27,000 |
Total comprehensive loss (income) attributable to non-controlling interest | 804 | (277) | 114 |
Total comprehensive income attributable to the Company | 75,636 | 44,066 | 27,114 |
Unrestricted available-for-sale, Debt securities | |||
Other comprehensive (loss) income: | |||
Net unrealized (loss) gain on available-for-sale investments | $ (16) | 130 | 842 |
Restricted | |||
Other comprehensive (loss) income: | |||
Net unrealized (loss) gain on available-for-sale investments | $ 8 | $ 18 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock | Retained EarningsAdjustment | Retained Earnings | Accumulated Other Comprehensive (Loss) Income | Treasury Stock | Non-controlling Interest | Adjustment | Total |
Beginning Balance at Dec. 31, 2018 | $ 331,395 | $ 187,450 | $ (674) | $ 14,940 | $ 533,111 | |||
Beginning Balance (in shares) at Dec. 31, 2018 | 60,672,034 | |||||||
Increase (Decrease) in Stockholders' Equity | ||||||||
Allocation of ownership interest in Watercrest JV | $ (1,209) | 1,209 | ||||||
Additional ownership interest in Windmark | (3,787) | (7,832) | (11,619) | |||||
Capital contribution from non-controlling interest | 2,546 | 2,546 | ||||||
Capital distribution to non-controlling interest | (600) | (600) | ||||||
Stock based compensation expense | $ 77 | 77 | ||||||
Stock based compensation expense (in shares) | 5,708 | |||||||
Repurchase of common shares | $ (20,845) | (20,845) | ||||||
Repurchase of common shares (in shares) | (1,263,159) | |||||||
Retirement of treasury stock | $ (20,845) | 20,845 | ||||||
Other comprehensive income (loss), net of tax | 339 | 339 | ||||||
Net income | 26,775 | (114) | 26,661 | |||||
Ending Balance at Dec. 31, 2019 | $ 305,631 | $ (90) | 214,225 | (335) | 10,149 | $ (90) | 529,670 | |
Ending Balance (in shares) at Dec. 31, 2019 | 59,414,583 | |||||||
Increase (Decrease) in Stockholders' Equity | ||||||||
Capital contribution from non-controlling interest | 7,748 | 7,748 | ||||||
Capital distribution to non-controlling interest | (621) | (621) | ||||||
Stock based compensation expense | $ 45 | 45 | ||||||
Repurchase of common shares | (8,803) | (8,803) | ||||||
Repurchase of common shares (in shares) | (532,034) | |||||||
Dividends | (4,122) | (4,122) | ||||||
Retirement of treasury stock | $ (8,803) | $ 8,803 | ||||||
Other comprehensive income (loss), net of tax | (1,137) | (1,137) | ||||||
Net income | 45,203 | 277 | 45,480 | |||||
Ending Balance at Dec. 31, 2020 | $ 296,873 | 255,216 | (1,472) | 17,553 | $ 568,170 | |||
Ending Balance (in shares) at Dec. 31, 2020 | 58,882,549 | 58,882,549 | ||||||
Increase (Decrease) in Stockholders' Equity | ||||||||
Capital contribution from non-controlling interest | 3,189 | $ 3,189 | ||||||
Capital distribution to non-controlling interest | (1,247) | (1,247) | ||||||
Repurchase of common shares (in shares) | 0 | |||||||
Dividends | (18,844) | (18,844) | ||||||
Other comprehensive income (loss), net of tax | 1,083 | 1,083 | ||||||
Net income | 74,553 | (804) | 73,749 | |||||
Ending Balance at Dec. 31, 2021 | $ 296,873 | $ 310,925 | $ (389) | $ 18,691 | $ 626,100 | |||
Ending Balance (in shares) at Dec. 31, 2021 | 58,882,549 | 58,882,549 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY | ||
Dividends (in dollars per share) | $ 0.32 | $ 0.07 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities: | |||
Net income | $ 73,749 | $ 45,480 | $ 26,661 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation, depletion and amortization | 18,202 | 12,788 | 10,287 |
Stock based compensation | 45 | 77 | |
(Gain) loss on sale of investments | (17) | 48 | (87) |
Unrealized loss on investments, net | 1,872 | 4,688 | 5,342 |
Equity in loss from unconsolidated joint ventures, net of distributions | 1,298 | 666 | 77 |
Deferred income tax expense | 15,977 | 8,088 | 8,378 |
Cost of real estate sold | 55,933 | 33,366 | 22,814 |
Expenditures for and acquisition of real estate to be sold | (47,318) | (40,469) | (40,081) |
Accretion income and other | (810) | (919) | (1,221) |
Loss (gain) on disposal of property and equipment | 270 | 146 | (67) |
Gain on contribution to unconsolidated joint ventures | (3,558) | (19,983) | (2,317) |
Gain on insurance for damage to property and equipment, net | (4,853) | (690) | (5,347) |
Changes in operating assets and liabilities: | |||
Other assets | (6,372) | (12,991) | 1,078 |
Other liabilities | 7,424 | 4,225 | 3,728 |
Income taxes receivable | 2,843 | 1,071 | |
Net cash provided by operating activities | 111,797 | 37,331 | 30,393 |
Cash flows from investing activities: | |||
Expenditures for operating property | (149,199) | (116,085) | (64,851) |
Expenditures for property and equipment | (4,302) | (5,689) | (9,354) |
Proceeds from the disposition of assets | 34 | 8 | 72 |
Proceeds from insurance claims | 4,853 | 690 | 12,071 |
Purchases of investments - debt securities | (157,928) | (58,912) | |
Purchases of investments - equity securities | (5,797) | ||
Purchases of restricted investments | (24) | (74) | |
Maturities of investments - debt securities | 117,000 | 11,000 | 7,000 |
Sales of investments - debt securities | 36 | 2,830 | |
Sales of investments - equity securities | 325 | 2,502 | 26,859 |
Sales of restricted investments | 1,173 | 1,225 | 1,159 |
Capital contribution to unconsolidated joint ventures | (9,389) | (10,815) | (1,116) |
Capital distribution from unconsolidated joint ventures | 1,020 | ||
Payments for interest in unconsolidated joint venture | (495) | ||
Maturities of assets held by special purpose entities | 787 | 787 | 787 |
Net cash used in investing activities | (196,085) | (175,313) | (30,414) |
Cash flows from financing activities: | |||
Capital contribution from non-controlling interest | 3,189 | 7,748 | 2,546 |
Capital distribution to non-controlling interest | (1,247) | (621) | (600) |
Additional ownership interest in Windmark | (11,619) | ||
Repurchase of common shares | (8,803) | (20,845) | |
Dividends paid | (18,844) | (4,122) | 0 |
Borrowings on debt | 69,300 | 69,008 | 23,935 |
Principal payments for debt | (2,327) | (1,940) | (1,607) |
Principal payments for finance leases | (104) | (55) | (36) |
Debt issuance costs | (1,398) | (1,791) | (1,149) |
Net cash provided by (used in) financing activities | 48,569 | 59,424 | (9,375) |
Net decrease in cash, cash equivalents and restricted cash | (35,719) | (78,558) | (9,396) |
Cash, cash equivalents and restricted cash at beginning of the year | 110,119 | 188,677 | 198,073 |
Cash, cash equivalents and restricted cash at end of the year | $ 74,400 | $ 110,119 | $ 188,677 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash, cash equivalents and restricted cash: | |||
Cash and cash equivalents | $ 70,162 | $ 106,794 | $ 185,716 |
Restricted cash included in other assets | 4,238 | 3,325 | 2,961 |
Total cash, cash equivalents and restricted cash shown in the accompanying consolidated statements of cash flows | 74,400 | 110,119 | 188,677 |
Cash paid during the period for: | |||
Interest, net of amounts capitalized | 13,621 | 12,801 | 11,886 |
Income taxes | 11,070 | ||
Non-cash investing and financing activities: | |||
Non-cash allocation of ownership interest in JV | 1,209 | ||
Non-cash capital contribution from non-controlling interest | 2,359 | ||
Non-cash contribution to unconsolidated joint venture | (6,136) | (23,737) | (2,940) |
(Decrease) increase in Community Development District debt | (900) | (157) | 1,203 |
Transfers of operating property to property and equipment | 12,012 | ||
Increase in expenditures for operating properties and property and equipment financed through accounts payable | $ 19,223 | $ 7,939 | $ 3,158 |
Nature of Operations
Nature of Operations | 12 Months Ended |
Dec. 31, 2021 | |
Nature of Operations | |
Nature of Operations | 1. Nature of Operations The St. Joe Company, together with its consolidated subsidiaries, is a Florida real estate development, asset management and operating company with all of its real estate assets and operations in Northwest Florida. Approximately 86% of the Company’s real estate is located in Florida’s Bay, Gulf, and Walton counties. Approximately 90% of the Company’s real estate land holdings are located within fifteen miles of the Gulf of Mexico. The Company conducts primarily all of its business in the following three reportable segments: 1) residential, 2) hospitality and 3) commercial. Prior to the first quarter of 2020, commercial leasing and sales, as well as forestry were treated as individual reportable segments. Commencing in the first quarter of 2020, due to organizational changes, the Company’s previously titled “commercial leasing and sales” and “forestry” segments are reported as one segment and retitled to “commercial.” This change is consistent with the Company’s belief that the decision making and management of the assets in these segments are being made as one group. All prior year segment information has been reclassified to conform to the current presentation. Also, commencing in the first quarter of 2020, the Company’s previously titled “residential real estate” segment was retitled to “residential.” The change had no effect on the consolidated balance sheets, statements of income, statements of comprehensive income or statements of cash flows for the periods presented. See Note 19. Segment Information. References to the number of acres, hotel rooms, 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. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Significant Accounting Policies | |
Significant Accounting Policies | 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 and variable interest entities where the Company deems itself the primary beneficiary. Investments in JVs and limited partnerships 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, are 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. Specifically, during 2021, the Company determined that, for a non-material value, it was more appropriate to reflect capital contribution to unconsolidated joint ventures as a cash outflow of investing activities rather than financing activities. 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, including real estate JVs determined to be VIEs. The Company continues to assess whether it is the primary beneficiary on an ongoing basis. 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, retained interest investments, accruals, deferred income taxes, allowance for credit losses and revenue recognition. Actual results could differ from those estimates. Investment in Real Estate The Company capitalizes costs directly associated with development and construction of identified real estate projects. These costs include land and common development costs (such as roads, structures, utilities and amenities). The Company also capitalizes 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 is carried at cost, net of depreciation and timber depletion, unless circumstances indicate that the carrying value of the assets may not be recoverable. If the Company determines that an impairment exists due to the inability to recover an asset’s carrying value, an impairment charge is recorded to the extent that the carrying value exceeds estimated fair value. If such assets were held for sale, the provision for loss would be recorded to the extent that the carrying value exceeds estimated fair value less costs to sell. Depreciation for operating property is computed on the straight-line method over the estimated economic life of the assets, as follows: Estimated Useful Life (in years) Land N/A Land improvements 15 - 20 Buildings 20 - 40 Building improvements 5 - 25 Timber N/A Building improvements are amortized on a straight-line basis over the shorter of the minimum lease term or the estimated economic life of the assets. Long-Lived Assets Long-lived assets include the Company’s investments in land holdings, operating and development properties and property and equipment, which are carried at cost, net of depreciation and timber depletion. The Company reviews its long-lived assets for impairment quarterly to determine whether events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. As part of the Company’s review for impairment of its long-lived assets, the Company reviews the long-lived asset’s carrying value, current period actual financial results as compared to prior period and forecasted results contained in the Company’s business plan and any other events or changes in circumstances to identify whether an indicator of potential impairment may exist. Some of the events or changes in circumstances that are considered by the Company as indicators of potential impairment include: ● a prolonged decrease in the value to below cost or demand for the Company’s properties; ● a change in the expected use or development plans for the Company’s properties; ● a material change in strategy that would affect the value of the Company’s properties; ● continuing operating or cash flow loss for an operating property; ● an accumulation of costs in excess of the projected costs for development or operating property; and ● any other adverse change that may affect the value of the property. The Company uses varying methods to determine if an impairment exists, such as (i) considering indicators of potential impairment, (ii) analyzing expected future cash flows and comparing the expected future undiscounted cash flows of the property to its carrying value or (iii) determining market resale values. For projects under development or construction, an estimate of undiscounted future cash flows is performed using estimated future expenditures necessary to develop and maintain the existing project and using management’s best estimates about future sales prices and holding periods. The projection of undiscounted cash flows requires that management develop various assumptions including: ● the projected pace of sales of homesites based on estimated market conditions and the Company’s development plans; ● estimated pricing and projected price appreciation over time; ● the amount and trajectory of price appreciation over the estimated selling period; ● the length of the estimated development and selling periods, which can differ depending on the size of the development and the number of phases to be developed; ● the amount of remaining development costs, including the extent of infrastructure or amenities included in such development costs; ● holding costs to be incurred over the selling period; ● for bulk land sales of undeveloped and developed parcels, future pricing is based upon estimated developed homesite pricing less estimated development costs and estimated developer profit; ● for commercial, multi-family, self-storage and senior living development property, future pricing is based on sales of comparable property in similar markets; and ● whether liquidity is available to fund continued development. For operating properties, an estimate of undiscounted cash flows also requires management to make assumptions about the use and disposition of such properties. These assumptions include: ● for investments in hotels, other rental units and vacation rental homes, use of average occupancy and room rates, revenue from food and beverage and other amenity operations, operating expenses and capital expenditures, and eventual disposition of such properties as hotels, private residence vacation units or condominiums, based on current prices for similar units appreciated to the expected sale date; ● for investments in commercial, multi-family, self-storage, senior living or retail property, use of future occupancy and rental rates, operating expenses and capital expenditures and the amount of proceeds to be realized upon eventual disposition of such property at a terminal capitalization rate; and, ● for investments in club, marina and retail assets, use of revenue from membership dues, future golf rounds and greens fees, boat slip rentals and boat storage fees, merchandise and other hospitality operations, operating expenses and capital expenditures, and the amount of proceeds to be realized upon eventual disposition of such properties at a multiple of terminal year cash flows. Homesites substantially completed and ready for sale are measured at the lower of carrying value or fair value less costs to sell. Management identifies homesites as being substantially completed and ready for sale when the properties are being actively marketed with intent to sell such properties in the near term and under current market conditions. Other homesites, which management does not intend to sell in the near term under current market conditions, are evaluated for impairment based on management’s best estimate of the long-term use and eventual disposition of such property. Other properties that management does not intend to sell in the near term under current market conditions and has the ability to hold are evaluated for impairment based on management’s best estimate of the long-term use and eventual disposition of the property. The results of impairment analyses for development and operating properties are particularly dependent on the estimated holding and selling period for each asset group. If a property is considered impaired, the impairment charge is determined by the amount the property’s carrying value exceeds its fair value. The Company uses varying methods to determine fair value, such as (i) analyzing expected future cash flows, (ii) determining resale values in a given market (iii) applying a capitalization rate to net operating income using prevailing rates in a given market or (iv) applying a multiplier to revenue using prevailing rates in a given market. The fair value of a property may be derived either from discounting projected cash flows at an appropriate discount rate, through appraisals of the underlying property, or a combination thereof. The Company classifies the assets and liabilities of a long-lived asset as held-for-sale when management approves and commits to a formal plan of sale and it is probable that a sale will be completed. The carrying value of the assets held-for-sale are then recorded at the lower of their carrying value or fair value less estimated costs to sell. 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, . 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 and restricted investments 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 income (loss). Realized gains and losses on investments are determined using the specific identification method. The amortized cost of debt securities are adjusted for amortization of premiums and accretion of discounts to maturity computed under the effective interest method. Such amortization and accretion is 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 and restricted investments. 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 income (loss) 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 receivables related to certain homesite sales, homebuilder notes, a revolving promissory note with an unconsolidated JV, leasing receivables, membership initiation fees, hospitality receivables and other receivables. At each reporting period, receivables in the scope of 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 and recoveries on receivables previously charged-off are credited to the allowance 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 Income Taxes The Company’s provision for income taxes includes the current tax owed on the current period earnings, as well as a deferred provision, which reflects the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Changes in existing tax laws and rates, their related interpretations, as well as the uncertainty generated by the prospect of tax legislation in the future may affect the amounts of deferred tax liabilities or the realizability of deferred tax assets. For tax positions taken or expected to take in the tax returns, the Company applies a more likely than not assessment (i.e., there is a greater than 50 percent chance) about whether the tax position will be sustained upon examination by the appropriate tax authority with full knowledge of all relevant information. Amounts recorded for uncertain tax positions are periodically assessed, including the evaluation of new facts and circumstances, to ensure sustainability of the position. The Company records interest related to unrecognized tax benefits, if any, in interest expense and penalties in other income, net. The Company applies the aggregate portfolio method to account for income tax effects in accumulated other comprehensive loss with respect to available-for-sale debt securities. Concentration of Risks and Uncertainties All of the Company’s operations and assets are concentrated in Northwest Florida. Uncertain economic conditions could have an adverse impact on the Company’s operations and asset values. The economic conditions in the U.S. have been negatively impacted by the continued threat by the COVID-19 pandemic. While demand across each of the Company’s segments remain strong, the Company’s hospitality operations have already been, and may in the future be, disrupted by the impacts of the COVID-19 pandemic and the federal, state and local government actions to address it. Despite the Company’s positive financial results during the COVID-19 pandemic, the magnitude and duration of the COVID-19 pandemic impact remains unknown and the Company could experience material declines within each of its reportable segments in the future compared to historical norms. See 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, investments held by special purpose entity or entities (“SPE”), and investments in retained interests. The Company deposits and invests cash with local, regional and national financial institutions and as of December 31, 2021, these balances exceed the amount of FDIC insurance provided on such deposits by $21.5 million. In addition, as of December 31, 2021, the Company had $4.0 million invested in short-term U.S. Treasury Bills classified as cash equivalents, $40.4 million invested in U.S. Treasury Money Market Funds, $89.0 million invested in U.S. Treasury Bills classified as investments – debt securities and $0.5 million invested in two issuers of preferred stock that are non-investment grade. Earnings Per Share Basic and diluted earnings per share are calculated by dividing net income attributable to the Company by the weighted average number of common shares outstanding for the period. For the three years ended December 31, 2021, the Company did not have any potential dilutive instruments, therefore, basic and diluted weighted average shares outstanding were equal. There were no outstanding common stock equivalents as of December 31, 2021 or 2020. Non-vested restricted stock is included in outstanding shares at the time of grant. Revenue and Revenue Recognition Revenue consists primarily of real estate sales, hospitality operations, leasing operations, and timber sales. 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 Topic 606, Revenue from Contracts with Customers Real Estate Revenue Revenue from real estate sales, including homesites, homes, commercial properties, operating properties 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. If a performance obligation is not yet substantially complete when title transfers to the buyer, the revenue associated with the incomplete performance obligation is deferred until completed. 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; (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; (vii) title business revenue and (viii) other fees on certain transactions. Title business revenue is recognized at the point in time services are provided and represent a single performance obligation with a fixed transaction price. 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 are updated at each reporting period. The variable consideration for homesite residuals and certain estimated fees are based on historical experience and are recognized as revenue when it can be reasonably estimated and only to the extent it is probable that a significant reversal in the estimated amount of cumulative revenue will not occur when uncertainties are resolved. For the years ended December 31, 2021, 2020 and 2019, real estate revenue includes $4.8 million, $1.9 million and $2.5 million, respectively, of estimated homesite residuals and $2.4 million, $1.9 million and $2.3 million, respectively, of estimated fees related to homebuilder homesite sales. Hospitality Revenue The Company’s hospitality operations generate revenue from membership sales, membership reservations, golf courses, lodging, short-term vacation rentals, management of The Pearl Hotel, food and beverage operations, merchandise sales, marina operations, 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. Clubs Hotel Operations, Food and Beverage Operations, Short-Term Vacation Rentals and Other Management Services Other Hospitality Operations 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 our 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 nonlease components from lease components and, instead, accounts for each separate lease component and the nonlease components associated with that lease as a single component if the nonlease components otherwise would be accounted for under Topic 606. Nonlease 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 Beckrich Office Park, Watersound Town Center, consolidated Pier Park North JV, Pier Park Crossings JV, Pier Park Crossings II JV, Watersound Origins Crossings JV and Watercrest JV, as well as the Company’s industrial parks and other properties. See Note 8. Leases Timber Revenue 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. The following represents revenue disaggregated by segment, good or service and timing: Year Ended December 31, 2021 Residential Hospitality Commercial Other Total Revenue by Major Good/Service: Real estate revenue $ 144,664 $ — $ 12,002 $ 1,963 $ 158,629 Hospitality revenue 727 74,538 — — 75,265 Leasing revenue 393 53 26,604 31 27,081 Timber revenue — — 6,021 — 6,021 Total revenue $ 145,784 $ 74,591 $ 44,627 $ 1,994 $ 266,996 Timing of Revenue Recognition: Recognized at a point in time $ 145,391 $ 55,181 $ 18,023 $ 1,963 $ 220,558 Recognized over time — 19,357 — — 19,357 Over lease term 393 53 26,604 31 27,081 Total revenue $ 145,784 $ 74,591 $ 44,627 $ 1,994 $ 266,996 Year Ended December 31, 2020 Residential Hospitality Commercial Other Total Revenue by Major Good/Service: Real estate revenue $ 74,137 $ — $ 11,689 $ 1,801 $ 87,627 Hospitality revenue 412 47,366 — — 47,778 Leasing revenue 166 8 18,645 — 18,819 Timber revenue — — 6,331 — 6,331 Total revenue $ 74,715 $ 47,374 $ 36,665 $ 1,801 $ 160,555 Timing of Revenue Recognition: Recognized at a point in time $ 74,549 $ 36,262 $ 18,020 $ 1,801 $ 130,632 Recognized over time — 11,104 — — 11,104 Over lease term 166 8 18,645 — 18,819 Total revenue $ 74,715 $ 47,374 $ 36,665 $ 1,801 $ 160,555 Year Ended December 31, 2019 Residential Hospitality Commercial Other Total Revenue by Major Good/Service: Real estate revenue $ 41,055 $ — $ 19,477 $ 956 $ 61,488 Hospitality revenue 496 45,616 — — 46,112 Leasing revenue 35 104 15,442 — 15,581 Timber revenue — — 3,904 — 3,904 Total revenue $ 41,586 $ 45,720 $ 38,823 $ 956 $ 127,085 Timing of Revenue Recognition: Recognized at a point in time $ 41,551 $ 35,894 $ 23,381 $ 956 $ 101,782 Recognized over time — 9,722 — — 9,722 Over lease term 35 104 15,442 — 15,581 Total revenue $ 41,586 $ 45,720 $ 38,823 $ 956 $ 127,085 Recently Adopted Accounting Pronouncements Income Taxes In December 2019, the FASB issued ASU 2019-12, which simplified the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendment also improved consistent application of and simplified GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The Company adopted the new guidance as of January 1, 2021. The adoption of this guidance did not have an impact on the Company’s financial condition, results of operations and cash flows. Investments – Equity Securities, Investments-Equity Method and Joint Ventures and Derivatives and Hedging In January 2020, the FASB issued ASU 2020-01, which clarified the interaction between the accounting standard on recognition and measurement of financial instruments in Topic 321 and Topic 323. The Company adopted the new guidance as of January 1, 2021. The adoption of this guidance did not have a material impact on the Company’s financial condition, results of operations and cash flows. Codification Improvements In October 2020, the FASB issued ASU 2020-10, Company’s financial condition, results of operations and cash f |
Investment in Real Estate
Investment in Real Estate | 12 Months Ended |
Dec. 31, 2021 | |
Investment in Real Estate | |
Investment in Real Estate | 3. Investment in Real Estate Real estate, excluding unconsolidated JVs, by property type and segment includes the following: December 31, December 31, 2021 2020 Development property: Residential $ 122,404 $ 116,911 Hospitality 137,089 51,113 Commercial 85,931 123,389 Other 3,232 2,691 Total development property 348,656 294,104 Operating property: Residential 13,253 13,254 Hospitality 124,449 103,687 Commercial 290,794 216,439 Other 127 129 Total operating property 428,623 333,509 Less: Accumulated depreciation 87,166 75,960 Total operating property, net 341,457 257,549 Investment in real estate, net $ 690,113 $ 551,653 Development property consists of land the Company is developing or intends to develop for sale 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, improvements and construction and development costs primarily related to uncompleted hotels, resorts, club amenities and marinas. Commercial development property primarily consists of land and construction and development costs for planned commercial, multi-family and industrial uses. Development property in the hospitality and commercial segments will be reclassified as operating property as it is placed into service. Operating property includes the following components: December 31, December 31, 2021 2020 Land and land improvements $ 111,698 $ 97,031 Buildings and building improvements 303,335 223,095 Timber 13,590 13,383 428,623 333,509 Less: Accumulated depreciation 87,166 75,960 Total operating property, net $ 341,457 $ 257,549 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. The hospitality operating property primarily consists of existing hotels, resorts, clubs, vacation rentals and other operations. Commercial operating property includes property developed or purchased by the Company and 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, 2021 and 2020, operating property, net related to operating leases was $230.0 million and $161.1 million, respectively. Depreciation expense related to real estate investments was $11.7 million, $8.3 million and $6.8 million in 2021, 2020 and 2019, respectively. Depletion and amortization expense related to the Company’s timber operations was $0.3 million, $0.4 million and $0.3 million in 2021, 2020 and 2019, respectively. |
Joint Ventures
Joint Ventures | 12 Months Ended |
Dec. 31, 2021 | |
Joint Ventures | |
Joint Ventures | 4. Joint Ventures The Company enters into JVs, from time to time, for the purpose of developing real estate and other business activities in which the Company may or may not have a controlling financial interest. GAAP requires consolidation of 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 assess whether it is the primary beneficiary on an ongoing basis. Investments in JVs and limited partnerships 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, are 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 9. Other Assets Debt, Net Commitments and Contingencies Consolidated Joint Ventures The Lodge 30A JV 30A Greenway Hotel, LLC Pier Park Resort Hotel JV Pier Park Resort Hotel, LLC Pier Park Crossings II JV Pier Park Crossings Phase II LLC Watersound Closings JV Watersound Closings & Escrow, LLC , Watercrest JV SJWCSL, LLC Watersound Origins Crossings JV Origins Crossings, LLC Pier Park Crossings JV Pier Park Crossings LLC was created 240 -unit apartment community 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. As of December 31, 2021 and 2020, the Company owned a 60.0% 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. However, 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, 2021 and 2020. 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, 2021 2020 Investment in unconsolidated joint ventures Latitude Margaritaville Watersound JV $ 30,040 $ 24,288 Sea Sound Apartments JV 10,333 10,348 Watersound Fountains Independent Living JV (a) 7,508 — Pier Park TPS JV 1,961 2,149 Busy Bee JV 1,621 1,180 Watersound Management JV (b) 564 — Total investment in unconsolidated joint ventures $ 52,027 $ 37,965 Outstanding debt of unconsolidated JVs Latitude Margaritaville Watersound JV (c) $ 7,147 $ 3,297 Sea Sound Apartments JV 35,047 8,789 Watersound Fountains Independent Living JV 66 — Pier Park TPS JV 14,124 14,388 Busy Bee JV 6,317 6,614 Total outstanding debt of unconsolidated JVs (d) $ 62,701 $ 33,088 (a) JV was formed in April 2021. (b) JV was formed in June 2021. (c) See Note 9. Other Assets for additional information on the $10.0 million secured revolving promissory note the Company entered into with the unconsolidated Latitude Margaritaville Watersound JV. (d) See Note 20. Commitments and Contingencies for additional information. The Company's maximum exposure to loss due to involvement with the unconsolidated joint ventures as of December 31, 2021, was $69.0 million, which includes the carrying amounts of the investments, guarantees, promissory note receivable and derivative instruments. The following table presents detail of the Company’s equity in (loss) income from unconsolidated joint ventures: Year Ended December 31, 2021 2020 2019 Equity in (loss) income from unconsolidated joint ventures Latitude Margaritaville Watersound JV $ (1,861) $ (524) $ (71) Sea Sound Apartments JV (a) (15) — — Pier Park TPS JV 551 (112) (6) Busy Bee JV 441 (30) — Watersound Management JV (b) 19 — — Total equity in loss from unconsolidated joint ventures $ (865) $ (666) $ (77) (a) JV was formed in January 2020. (b) JV was formed in June 2021. Summarized balance sheets for the Company’s unconsolidated JVs are as follows: December 31, 2021 Latitude Margaritaville Watersound JV Sea Sound Apartments JV Watersound Fountains Independent Living JV Pier Park TPS JV Busy Bee JV Watersound Management JV Total ASSETS Investment in real estate $ 54,034 (a) $ 53,775 $ 17,003 $ 16,561 $ 8,005 $ — $ 149,378 Cash and cash equivalents 12,541 760 240 1,913 855 138 16,447 Other assets 1,761 210 187 433 1,044 — 3,635 Total assets $ 68,336 $ 54,745 $ 17,430 $ 18,907 $ 9,904 $ 138 $ 169,460 LIABILITIES AND EQUITY Debt, net $ 7,147 $ 34,834 $ 66 $ 13,839 $ 6,256 $ — $ 62,142 Other liabilities 36,419 2,653 3,408 1,147 405 — 44,032 Equity 24,770 17,258 13,956 3,921 3,243 138 63,286 Total liabilities and equity $ 68,336 $ 54,745 $ 17,430 $ 18,907 $ 9,904 $ 138 $ 169,460 (a) As of December 31, 2021, investment in real estate includes the land contributed to the Latitude Margaritaville Watersound JV at the Company’s historical cost basis of $1.3 million and additional completed infrastructure improvements of $4.8 million . December 31, 2020 Latitude Margaritaville Watersound JV Sea Sound Apartments JV Watersound Fountains Independent Living JV (b) Pier Park TPS JV Busy Bee JV Watersound Management JV (c) Total ASSETS Investment in real estate $ 18,255 (a) $ 29,085 $ — $ 17,946 $ 8,466 $ — $ 73,752 Cash and cash equivalents 1,603 15 — 1,705 227 — 3,550 Other assets 136 — — 483 717 — 1,336 Total assets $ 19,994 $ 29,100 $ — $ 20,134 $ 9,410 $ — $ 78,638 LIABILITIES AND EQUITY Debt, net $ 2,844 $ 8,378 $ — $ 14,090 $ 6,532 $ — $ 31,844 Other liabilities 1,794 3,439 — 1,745 506 — 7,484 Equity 15,356 17,283 — 4,299 2,372 — 39,310 Total liabilities and equity $ 19,994 $ 29,100 $ — $ 20,134 $ 9,410 $ — $ 78,638 (a) As of December 31, 2020, investment in real estate includes the land contributed to the Latitude Margaritaville Watersound JV at the Company’s historical cost basis of $1.3 million and additional completed infrastructure improvements of $1.8 million . (b) JV was formed in April 2021. (c) JV was formed in June 2021. Summarized statements of operations for the Company’s unconsolidated JVs are as follows: Year Ended December 31, 2021 Latitude Margaritaville Watersound JV Sea Sound Apartments JV Watersound Fountains Independent Living JV (a) Pier Park TPS JV Busy Bee JV Watersound Management JV Total Total revenue $ 18,653 $ 1,012 $ — $ 6,474 $ 16,229 $ 511 $ 42,879 Expenses: Cost of revenue 14,931 432 — 2,663 12,958 473 31,457 Other operating expenses 6,802 61 — 302 1,946 — 9,111 Depreciation and amortization 396 343 — 1,434 461 — 2,634 Total expenses 22,129 836 — 4,399 15,365 473 43,202 Operating (loss) income (3,476) 176 — 2,075 864 38 (323) Other (expense) income: Interest expense — (201) — (735) (192) — (1,128) Other income, net — — — 5 198 — 203 Total other (expense) income — (201) — (730) 6 — (925) Net (loss) income $ (3,476) $ (25) $ — $ 1,345 $ 870 $ 38 $ (1,248) (a) The project is under construction with no income or loss impacting the consolidated statement of income for the year ended December 31, 2021. Year Ended December 31, 2020 Latitude Margaritaville Watersound JV Sea Sound Apartments JV (a) Watersound Fountains Independent Living JV (b) Pier Park TPS JV Busy Bee JV Watersound Management JV (c) Total Total revenue $ — $ — $ — $ 2,338 $ 5,846 $ — $ 8,184 Expenses: Cost of revenue — — — 1,209 4,364 — 5,573 Other operating expenses 980 — — 161 1,057 — 2,223 Depreciation and amortization 25 — — 962 229 1,191 Total expenses 1,005 — — 2,332 5,650 — 8,987 Operating (loss) income (1,005) — — 6 196 — (803) Other expense: Interest expense — — — (230) (99) — (329) Other expense, net — — — — (145) — (145) Total other expense — — — (230) (244) — (474) Net loss $ (1,005) $ — $ — $ (224) $ (48) $ — $ (1,277) (a) The project is under construction with no income or loss impacting the consolidated statement of income for the year ended December 31, 2020. (b) JV was formed in April 2021. (c) JV was formed in June 2021. Year Ended December 31, 2019 Latitude Margaritaville Watersound JV Sea Sound Apartments JV (a) Watersound Fountains Independent Living JV (b) Pier Park TPS JV Busy Bee JV (c) Watersound Management JV (d) Total Total revenue $ — $ — $ — $ — $ — $ — $ — Total expenses 142 — — — — — 142 Operating loss (142) — — — — — (142) Total other expense — — — (13) — — (13) Net loss $ (142) $ — $ — $ (13) $ — $ — $ (155) (a) JV was formed in January 2020. (b) JV was formed in April 2021. (c) The project was under construction with no income or loss impacting the consolidated statement of income for the year ended December 31, 2019. (d) JV was formed in June 2021. Latitude Margaritaville Watersound JV LMWS, LLC was created in June 2019, when the Company entered into a JV agreement to develop a 55+ active adult residential community in Bay County, Florida. The JV parties are working together to develop the initial phases of the community. Construction is underway on customer homes and town center amenities. During the year ended December 31, 2021, the Latitude Margaritaville Watersound JV completed 47 . contribution, the Company agreed to make certain infrastructure improvements, such that the total contractual value of the land and its improvements total $35.0 million. As of December 31, 2021 and 2020, the Company’s investment in the unconsolidated Latitude Margaritaville Watersound JV was $30.0 million and $24.3 million, respectively, which includes the net present value of the land contribution, cash contribut return of land contribution and interest related to the revolving promissory note receivable. The initial net present value of the land contribution of $16.6 million, was based on the Company’s best estimate of the prevailing market rates for the source of credit using an imputed interest rate of 5.8% and timing of home sales. The Company continues to have a performance obligation to provide agreed upon infrastructure improvements in the vicinity of the contributed land, which will be recognized over time as improvements are completed. As of December 31, 2021, the Company completed $4.8 million of the agreed upon infrastructure improvements. The transaction price was allocated based on the stand-alone selling prices of the land and agreed upon improvements. Latitude Margaritaville Watersound JV 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, which is being repaid by the JV as each home is sold. See Note 9. Other Assets for additional information related to the revolving promissory note. Commitments and Contingencies Sea Sound Apartments JV FDSJ Eventide, LLC was created in January 2020. The Company entered into a JV agreement to develop, construct and manage a 300-unit apartment community in Panama City Beach, Florida. The JV parties are working together to develop and construct the remaining 86 units of the 300-unit apartment community. The community is located near the Breakfast Point residential communities on land that was contributed to the JV by the Company in January 2020, with a fair value of $5.1 million. In addition, during 2020, the Company contributed mitigation bank credits of $0.4 million and cash of $4.9 million and the JV partner contributed $6.9 million of cash. As of December 31, 2021 and 2020, the Company owned a 60.0% interest in the JV. The Company’s partner is responsible for the day-to-day activities of the JV. The Company has determined that Sea Sound Apartments 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 Apartments JV is accounted for using the equity method. In January 2020, the JV entered into a $40.3 million loan (the “Sea Sound Apartments JV Loan”). The Sea Sound Apartments JV Loan bears interest at LIBOR plus 2.2% and matures in January 2024. The Sea Sound Apartments JV Loan is secured by the real property, all assets of the borrower, assignment of leases and rents and the security interest in the rents and personal property. The Company’s JV partner is the sole guarantor of the Sea Sound Apartments JV Loan. As of December 31, 2021 and 2020, $35.0 million and $8.8 million, respectively, was outstanding on the Sea Sound Apartments JV Loan. Watersound Fountains Independent Living JV WOSL, LLC was created in April 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 April 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, 2021, 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 Pier Park TPS JV Pier Park TPS, LLC was created in April 2018. The Company entered into a JV agreement to develop and operate a 124-room hotel in Panama City Beach, Florida. The hotel opened in May 2020. As of December 31, 2021 and 2020, 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 Busy Bee JV SJBB, LLC was created in July 2019, when the Company entered into a JV agreement to construct, own and manage a Busy Bee branded fuel station and convenience store in Panama City Beach, Florida. Construction of the fuel station and convenience store was completed in June 2020. As of December 31, 2021 and 2020, 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. See Note 20. Commitments and Contingencies Watersound Management JV Watersound Management, LLC was created in June 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. In addition, the Company and its JV partner each contributed cash of less than $0.1 million. As of December 31, 2021, 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. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2021 | |
Investments | |
Investments | 5. Investments Available-For-Sale Investments Investments classified as available-for-sale securities were as follows: December 31, 2021 Gross Unrealized Gross Unrealized Amortized Cost Gains (Losses) Fair Value Investments - debt securities: U.S. Treasury Bills $ 88,966 $ 1 $ (11) $ 88,956 December 31, 2020 Gross Unrealized Gross Unrealized Amortized Cost Gains (Losses) Fair Value Investments - debt securities: U.S. Treasury Bills $ 47,986 $ 5 $ — $ 47,991 Corporate debt securities 60 — — 60 48,046 5 — 48,051 Restricted investments: Short-term bond 1,160 11 — 1,171 1,160 11 — 1,171 $ 49,206 $ 16 $ — $ 49,222 During 2021, net realized gains from the sale of available-for-sale securities were less than $0.1 million, proceeds from the sale of available-for-sale securities were $1.2 million, maturities of available-for-sale securities were $117.0 million and purchases of available-for-sale securities were $157.9 million. During 2020, net realized gains from the sale of available-for-sale securities were $0.1 million, proceeds from the sale of available-for-sale securities were $1.2 million, proceeds from the maturity of available-for-sale securities were $11.0 million and purchases of available-for-sale securities were $58.9 million. The following table provides the available-for-sale investments with an unrealized loss position and their related fair values: December 31, 2021 December 31, 2020 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 $ 43,959 $ 11 $ — $ — $ — $ — $ — $ — As of December 31, 2021, the Company had de minimis unrealized losses related to U.S. Treasury Bills. As of December 31, 2020, the Company did not have unrealized losses related to investments – debt securities. As of December 31, 2021, 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. In addition, the Company did not intend to sell the investments with an unrealized loss and it is more likely than not that the Company will not be required to sell any of these securities prior to their anticipated recovery. The amortized cost and estimated fair value of investments – debt securities classified as available-for-sale, by contractual maturity are shown in the following table. December 31, 2021 Amortized Cost Fair Value Due in one year or less $ 88,966 $ 88,956 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, 2021, clients of FCM, including Mr. Berkowitz, beneficially owned approximately 42.6% 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. |
Financial Instruments and Fair
Financial Instruments and Fair Value Measurements | 12 Months Ended |
Dec. 31, 2021 | |
Financial Instruments and Fair Value Measurements | |
Financial Instruments and Fair Value Measurements | 6. Financial Instruments and Fair Value Measurements Fair Value Measurements The financial instruments measured at fair value on a recurring basis are as follows: December 31, 2021 Total Fair Level 1 Level 2 Level 3 Value Cash equivalents: Money market funds $ 40,412 $ — $ — $ 40,412 U.S. Treasury Bills 4,000 — — 4,000 44,412 — — 44,412 Investments - debt securities: U.S. Treasury Bills 88,956 — — 88,956 88,956 — — 88,956 Investments - equity securities: Preferred stock — 450 — 450 — 450 — 450 $ 133,368 $ 450 $ — $ 133,818 December 31, 2020 Total Fair Level 1 Level 2 Level 3 Value Cash equivalents: Money market funds $ 10,973 $ — $ — $ 10,973 U.S. Treasury Bills 78,991 — — 78,991 89,964 — — 89,964 Investments - debt securities: U.S. Treasury Bills 47,991 — — 47,991 Corporate debt securities — 60 — 60 47,991 60 — 48,051 Investments - equity securities: Preferred stock — 2,623 — 2,623 — 2,623 — 2,623 Restricted investments: Short-term bond 1,171 — — 1,171 1,171 — — 1,171 $ 139,126 $ 2,683 $ — $ 141,809 Money market funds, U.S. Treasury Bills and short-term bonds 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. The Company’s corporate debt securities and preferred stock investments are not traded on a nationally recognized exchange, but are traded in the U.S. over-the-counter market where there is less trading activity and the investments are measured primarily using pricing data from external pricing services that report prices observed for recently executed market transactions. For these reasons, the Company has determined that corporate debt securities and preferred stock investments are categorized as Level 2 financial instruments since their fair values were determined from market inputs in an inactive market. As of December 31, 2020, restricted investments were included within other assets on the consolidated balance sheets and included certain of the surplus assets that were transferred from the Company’s Pension Plan to a suspense account in the Company’s 401(k) plan in December 2014. The Company retained the risks and rewards of ownership of these assets; therefore, the assets held in the suspense account were included in the Company’s consolidated financial statements until they were allocated to participants. The final allocation of the assets occurred in March 2021. As of December 31, 2020, the assets held in the suspense account were invested in a Vanguard Short-Term Bond Fund, which invests in money market instruments and short-term high-quality bonds, including asset-backed, government, and investment grade corporate securities with an expected maturity of 0-3 years Other Assets Employee Benefit Plan 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 (Liability) Fair Value Value Consolidated Description Date Date Rate December 31, 2021 December 31, 2021 December 31, 2020 Level Balance Sheets In Millions In Thousands Pier Park Resort Hotel JV Loan (a) 12/10/2022 4/12/2027 3.2% $ 42.0 $ 558 $ — 2 Other assets Watercrest JV Loan (a) 6/1/2021 6/1/2024 4.4% $ 20.0 $ (634) $ (1,172) 2 Other liabilities Pier Park TPS JV Loan (b) 1/14/2021 1/14/2026 5.2% $ 14.1 $ (436) $ (821) 2 Investment in unconsolidated joint ventures (a) See Note 11. 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 liability 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 income (loss) and reclassified into equity in 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. 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, 2021 2020 2019 Amount of gain (loss) recognized in other comprehensive income (loss) on derivatives $ 1,061 $ (1,657) $ (336) Amount of loss reclassified into interest expense $ 247 $ — $ — Amount of loss reclassified into equity in loss from unconsolidated joint ventures $ 173 $ — $ — As of December 31, 2021, based on current value, the Company expects to reclassify $0.6 million of net losses on derivative instruments from accumulated other comprehensive loss to earnings during the next twelve months. Investment in Unconsolidated Joint Ventures The fair value of the Company’s investment in unconsolidated JVs is determined primarily using a discounted cash flow model to value the underlying net assets and operations of the respective JV. The fair value of investment in unconsolidated JVs 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 2021, 2020 or 2019. See Note 4. Joint Ventures 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 2021, 2020 and 2019 the Company did not record any impairment charges related to long-lived assets. Fair Value of Financial Instruments The Company uses the following methods and assumptions in estimating fair value for financial instruments: ● The fair value of the investments held by SPE - time deposit is based on the present value of future cash flows at the current market rate. ● The fair value of the investments held by SPE - U.S. Treasury Bills are measured based on quoted market prices in an active market. ● The fair value of debt is based on discounted future expected cash flows based on current market rates for financial instruments with similar risks, terms and maturities. ● The fair value of the Senior Notes held by SPE is based on the present value of future cash flows at the current market rate. The carrying amount and estimated fair value, measured on a nonrecurring basis, of the Company’s financial instruments were as follows: December 31, 2021 December 31, 2020 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 $ 5,132 $ 5,475 1 $ 5,759 $ 6,363 1 Senior Notes held by SPE $ 177,566 $ 204,802 3 $ 177,289 $ 216,363 3 Debt Fixed-rate debt $ 129,532 $ 126,722 2 $ 114,125 $ 116,509 2 Variable-rate debt 97,942 97,942 2 47,293 47,293 2 Total debt $ 227,474 $ 224,664 $ 161,418 $ 163,802 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, 2021, 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 $5.1 million and cash of $0.4 million. The Senior Notes held by Northwest Florida Timber Finance, LLC as of December 31, 2021 consist of $177.6 million, net of the $2.4 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. |
Hurricane Michael
Hurricane Michael | 12 Months Ended |
Dec. 31, 2021 | |
Hurricane Michael | |
Hurricane Michael | 7. Hurricane Michael On October 10, 2018, Hurricane Michael made landfall in the Florida Panhandle. The majority of the Company’s properties incurred minimal or no damage; however, the Company’s Bay Point Marina in Bay County and Port St. Joe Marina in Gulf County, as well as certain timber, commercial and multi-family leasing assets were impacted. The marinas suffered significant damage requiring long-term restoration and have remained closed during the reconstruction of significant portions of these assets. A portion of the marinas are expected to open in spring 2022. The Company maintains property and business interruption insurance, subject to certain deductibles, and is continuing to assess claims under such policies; however, the timing and amount of insurance proceeds are uncertain and may not be sufficient to cover all losses. Timing differences exist between the impairment losses, capital expenditures made to repair or restore properties and recognition and receipt of insurance proceeds reflected in the Company’s financial statements. The Company received business interruption proceeds related to the marinas of $0.7 million during 2021 and $1.3 million during both 2020 and 2019, which are included within cost of hospitality revenue on the consolidated statements of income. In addition, during 2020, $0.7 million of business interruption proceeds were received related to the Pier Park Crossings JV, which are included within cost of leasing revenue on the consolidated statements of income. During 2021, 2020 and 2019 the Company recognized $4.9 million, $0.7 million and $5.3 million, respectively, of gain on insurance recovery. During 2021, 2020 and 2019, the Company incurred loss from hurricane damage of $0.1 million, $1.1 million and $2.7 million, respectively. The gain on insurance recovery and loss from hurricane damage were included in other income, net on the consolidated statements of income. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases | |
Leases | 8. Leases The Company as Lessor Leasing revenue consists of rental revenue from multi-family, senior living, self-storage, retail, office and commercial property, cell towers and other assets, which is recognized as earned, using the straight-line method over the life of each lease. The Company’s leases have remaining lease terms up to the year 2040, some of which include options to terminate or extend. The components of leasing revenue are as follows: Year Ended December 31, 2021 2020 2019 Leasing revenue Lease payments $ 22,256 $ 14,710 $ 11,637 Variable lease payments 4,825 4,109 3,944 Total leasing revenue $ 27,081 $ 18,819 $ 15,581 Minimum future base rental revenue on non-cancelable leases subsequent to December 31, 2021, for the years ending December 31 are: 2022 $ 19,075 2023 11,579 2024 9,260 2025 6,434 2026 4,904 Thereafter 17,950 $ 69,202 The Company as Lessee As of December 31, 2021, 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 2049. 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. Finance lease right-of-use assets are included within property, plant and equipment 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 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. 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 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. The components of lease expense are as follows: Year Ended December 31, 2021 2020 2019 Lease cost Finance lease cost: Amortization of right-of-use assets $ 114 $ 57 $ 40 Interest on lease liability 18 11 9 Operating lease cost 308 289 238 Short-term lease cost 1,476 1,016 721 Total lease cost $ 1,916 $ 1,373 $ 1,008 Other information Weighted-average remaining lease term - finance lease (in years) 3.6 3.9 4.2 Weighted-average remaining lease term - operating leases (in years) 3.3 3.9 3.1 Weighted-average discount rate - finance lease 4.6 % 5.0 % 5.0 % Weighted-average discount rate - operating leases 4.9 % 4.9 % 5.0 % The aggregate payments of finance and operating lease liabilities subsequent to December 31, 2021, for the years ending December 31 are: Finance Leases Operating Leases 2022 $ 133 $ 261 2023 133 220 2024 86 108 2025 50 51 2026 6 12 Thereafter — 269 Total 408 921 Less imputed interest (28) (189) Total lease liabilities $ 380 $ 732 |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2021 | |
Other Assets | |
Other Assets | 9. Other Assets Other assets consist of the following: December 31, December 31, 2021 2020 Restricted investments $ — $ 1,171 Investments - equity securities 450 2,623 Accounts receivable, net 13,813 10,791 Homesite sales receivable 7,651 5,675 Notes receivable, net 12,377 10,877 Inventory 2,797 2,026 Prepaid expenses 7,175 7,135 Straight-line rent 2,489 3,174 Operating lease right-of-use assets 732 808 Other assets 5,987 5,743 Retained interest investments 13,826 12,905 Accrued interest receivable for Senior Notes held by SPE 2,938 2,938 Total other assets $ 70,235 $ 65,866 Restricted Investments As of December 31, 2020, the Company’s restricted investments were related to the Company’s deferred compensation plan. As part of the Pension Plan termination in 2014, the Company directed the Pension Plan to transfer the Pension Plan’s surplus assets into a suspense account in the Company’s 401(k) plan. The Company retained the risks and rewards of ownership of these assets; therefore, the assets held in the suspense account were included in the Company’s consolidated balance sheets until they were allocated to 401(k) plan participants. The final allocation of the assets occurred in March 2021. See Note 17. Employee Benefit Plan Investments – Equity Securities As of December 31, 2021 and 2020, investments – equity securities included $0.5 million and $2.6 million, respectively, of preferred stock investments recorded at fair value. During the year ended December 31, 2021, the Company recognized unrealized loss of $0.9 million on investments related to equity securities still held as of December 31, 2021. During the year ended December 31, 2020, the Company recognized unrealized loss of $4.6 million on investments related to equity securities still held as of December 31, 2020. During the year ended December 31, 2019, the Company recognized unrealized loss of $6.3 million on investments related to equity securities still held as of December 31, 2019. These amounts were included within investment income, net on the consolidated statements of income. Accounts Receivable, Net Accounts receivable, net primarily includes leasing receivables, membership initiation fees, hospitality receivables and other receivables. As of December 31, 2021 and 2020, accounts receivable were presented net of allowance for credit losses of $0.4 million and $0.2 million, respectively. As of both December 31, 2021 and 2020, accounts receivable were presented net of allowance for lease related receivables of less than $0.1 million. During 2021, allowance for credit losses related to accounts receivable, net increased $0.2 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 . The following table presents the changes in homesite sales receivable: Increases Due To Balance Revenue Recognized Decreases Due to Balance January 1, 2021 for Homesites Sold Amounts Received December 31, 2021 Homesite sales receivable $ 5,675 $ 7,213 $ (5,237) $ 7,651 Increases Due To Balance Revenue Recognized Decreases Due to Balance January 1, 2020 for Homesites Sold Amounts Received December 31, 2020 Homesite sales receivable $ 5,211 $ 3,854 $ (3,390) $ 5,675 Notes Receivable, Net Notes receivable, net consist of the following: December 31, December 31, 2021 2020 Interest bearing revolving promissory note with the unconsolidated Latitude Margaritaville Watersound JV, secured by the JV's real property — bearing interest at a rate of 5.0%, matures June 2025 $ 7,075 $ 2,714 Various interest bearing homebuilder notes, secured by the real estate sold — bearing interest at a rate of 5.5%, due September 2022 through May 2023 4,824 7,544 Interest bearing notes with JV partners, secured by the partners' membership interest in the JVs — bearing interest at a rate of 8.0%, due May 2039 359 556 Non-interest bearing note with a tenant for tenant improvements, due October 2025 76 — Various mortgage notes, secured by certain real estate, bearing interest at rates of 4.4% to 5.2% due December 2022 through November 2023 43 63 Total notes receivable, net $ 12,377 $ 10,877 In June 2020, the Company entered into a $10.0 million secured revolving promissory note with the unconsolidated Latitude Margaritaville Watersound JV. The Latitude Margaritaville Watersound JV Note was provided to finance the development of the pod-level, non-spine infrastructure, which is being 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 Latitude Margaritaville Watersound JV 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 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 and the need for an allowance for credit losses at each reporting date. As of both December 31, 2021 and 2020, notes receivable were presented net of allowance for credit losses of $0.1 million. As of December 31, 2021 and 2020, accrued interest receivable related to notes receivable was $0.1 million and $0.2 million, respectively, which is included within other assets on the consolidated balance sheets. Retained Interest Investments The Company has a beneficial interest in certain bankruptcy-remote qualified SPEs used in the installment sale monetization of certain sales of timberlands in 2007 and 2008. The SPEs’ assets are not available to satisfy the Company’s liabilities or obligations and the liabilities of the SPEs are not the Company’s liabilities or obligations. Therefore, the SPEs’ assets and liabilities are not consolidated in the Company’s financial statements as of December 31, 2021 and 2020. The Company’s continuing involvement with the SPEs is the receipt of the net interest payments and the remaining principal of approximately $16.6 million to be received at the end of the installment notes’ fifteen year maturity period, in 2022 through 2024. The Company has beneficial or retained interest investments related to these SPEs of $13.8 million and $12.9 million as of December 31, 2021 and 2020, respectively, recorded in other assets on the Company’s consolidated balance sheets. |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment, Net | |
Property and Equipment, Net | 10. Property and Equipment, Net Property and equipment, net consists of the following: December 31, December 31, 2021 2020 Railroad and equipment $ 33,627 $ 33,626 Furniture and fixtures 25,556 22,601 Machinery and equipment 23,058 13,502 Office equipment 4,865 4,607 Autos, trucks and aircraft 6,773 6,240 93,879 80,576 Less: Accumulated depreciation 64,251 60,433 29,628 20,143 Construction in progress 1,517 703 Total property and equipment, net $ 31,145 $ 20,846 Depreciation expense on property and equipment was $6.1 million, $4.0 million and $3.2 million in 2021, 2020 and 2019, respectively. |
Debt, Net
Debt, Net | 12 Months Ended |
Dec. 31, 2021 | |
Debt, Net | |
Debt, Net | 11. Debt, Net Debt consists of the following: December 31, 2021 December 31, 2020 Unamortized Unamortized Discount and Discount and Debt Issuance Debt Issuance Principal Costs Net Principal Costs Net PPN JV Loan, due November 2025, bearing interest at 4.1% $ 43,582 $ 248 $ 43,334 $ 44,568 $ 314 $ 44,254 Watersound Origins Crossings JV Loan, due May 2024, bearing interest at 5.0% 37,897 248 37,649 27,179 351 26,828 PPC JV Loan, insured by HUD, due June 2060, bearing interest at 3.1% as of December 31, 2021 35,670 1,056 34,614 36,084 1,079 35,005 Watercrest JV Loan, due June 2047, bearing interest at LIBOR plus 2.2% and swapped to a fixed rate of 4.4% 20,053 327 19,726 18,066 284 17,782 PPC II JV Loan, due October 2024, bearing interest at LIBOR plus 2.1% (effective rate of 2.2% at December 31, 2021) 17,374 147 17,227 15,921 198 15,723 Airport Hotel Loan, due March 2025, bearing interest at LIBOR plus 2.0%, with a floor rate of 3.0% (effective rate of 3.0% at December 31, 2021) 14,642 128 14,514 3,548 168 3,380 Pier Park Resort Hotel JV Loan, due April 2027, bearing interest at LIBOR plus 2.2% (effective rate of 2.3% at December 31, 2021) 14,650 964 13,686 — — — Breakfast Point Hotel Loan, due November 2042, bearing interest at LIBOR plus 2.8%, with a floor rate of 3.8% (effective rate of 3.8% at December 31, 2021) 11,843 191 11,652 — — — The Lodge 30A JV Loan, due January 2028, bearing interest at 3.8% 7,474 179 7,295 — — — Beckrich Building III Loan, due August 2029, bearing interest at LIBOR plus 1.7% (effective rate of 1.8% at December 31, 2021) 5,188 52 5,136 5,421 59 5,362 Community Development District debt, secured by certain real estate or other collateral, due May 2022 through May 2039, bearing interest at 3.6% to 6.0% 4,909 — 4,909 6,294 — 6,294 Self-Storage Facility Loan, due November 2025, bearing interest at LIBOR plus 2.4%, with a floor rate of 2.9% (effective rate of 2.9% at December 31, 2021) 4,666 70 4,596 — — — Watersound Camp Creek Loan, due December 2047, bearing interest at LIBOR plus 2.1%, with a floor rate of 2.6% (effective rate of 2.6% at December 31, 2021) 3,437 382 3,055 — — — Beach Homes Loan, due May 2029, bearing interest at LIBOR plus 1.7% (effective rate of 1.8% at December 31, 2021) 1,492 15 1,477 1,545 17 1,528 Pier Park Outparcel Loan, due March 2027, bearing interest at LIBOR plus 1.7% (effective rate of 1.8% at December 31, 2021) 1,370 10 1,360 1,458 12 1,446 North Bay Landing Apartments Loan, due September 2024, bearing interest at LIBOR plus 2.5%, with a floor rate of 3.2% (effective rate of 3.2% at December 31, 2021) 1,342 254 1,088 — — — WaterColor Crossings Loan, due February 2029, bearing interest at LIBOR plus 1.7% (effective rate of 1.8% at December 31, 2021) 1,265 18 1,247 1,334 21 1,313 Watersound Town Center Grocery Loan, due August 2031, bearing interest at LIBOR plus 2.0%, with a floor rate of 2.2% (effective rate of 2.2% at December 31, 2021) 620 151 469 — — — Total debt $ 227,474 $ 4,440 $ 223,034 $ 161,418 $ 2,503 $ 158,915 In October 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 PPN JV 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 May 2019, the Watersound Origins Crossings JV entered into a $37.9 million loan to finance the construction of apartments located near the entrance to the Watersound Origins residential community. The Watersound Origins Crossings JV Loan provides for interest only payments for the first thirty-two months and principal and interest payments thereafter with a final balloon payment at maturity in May 2024. The Watersound Origins Crossings JV Loan is secured by the real property, assignment of rents and the security interest in the rents and personal property. In connection with the Watersound Origins Crossings JV Loan, the Company executed a guarantee in favor of the lender to guarantee the payment and performance of the borrower under the Watersound Origins Crossings JV Loan. The Company is the sole guarantor and receives a monthly fee related to the guarantee from its JV partner based on the JV partner’s ownership percentage. In May 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. In August 2021, the Pier Park Crossings JV entered into a modification of the PPC JV Loan, that reduced the interest rate from 4.0% to 3.1% and revised the prepayment provisions. Prior to the modification, a prepayment premium was due to the lender of 1% - 9% of any prepaid principal through June 30, 2030. The modification revised the prepayment provision to include that the PPC JV Loan may not be prepaid prior to September 1, 2022 and from September 1, 2022 through August 31, 2031 a premium is due to the lender of 2% - 10% of any prepaid principal. The PPC JV Loan is secured by the Pier Park Crossings JV’s real property and the assignment of rents and leases. As of December 31 2021, the Company incurred less than $0.1 million of additional loan costs due to the PPC JV Loan modification. In June 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 interest only payments for the first thirty-six months and principal and interest payments thereafter through maturity in June 2047. The Watercrest JV Loan is secured by the real property, assignment of rents, leases and deposits and the security interest in the rents and personal property. In connection with the Watercrest JV Loan, the Company executed a guarantee in favor of the lender to guarantee the payment and performance of the borrower under the Watercrest JV Loan. The Company is the sole guarantor and receives a quarterly fee related to the guarantee from its JV partner based on the JV partner’s ownership percentage. The Watercrest JV entered into an interest rate swap to hedge cash flows tied to changes in the underlying floating interest rate tied to LIBOR. The interest rate swap was effective June 1, 2021 and matures on June 1, 2024 and fixed the variable rate on the notional amount of related debt of $20.0 million to a rate of 4.4%. See Note 6. Financial Instruments and Fair Value Measurements In October 2019, the Pier Park Crossings II JV entered into a $17.5 million loan to finance the construction of apartments in Panama City Beach, Florida. The PPC II JV Loan provides for monthly principal and interest payments with a final balloon payment at maturity in October 2024. The PPC II JV Loan is secured by the real property, assignment of rents and leases and the security interest in the rents, leases and personal property. In connection with the PPC II JV Loan, the Company executed a guarantee in favor of the lender to guarantee the payment and performance of the borrower under the PPC II JV Loan. As guarantor, the Company’s liability under the PPC II JV Loan was reduced to 50% of the principal amount upon satisfaction of final advance conditions in April 2021 and will be reduced to 25% of the principal amount upon reaching and maintaining a certain debt service coverage ratio. The Company is the sole guarantor and receives a monthly fee related to the guarantee from its JV partner based on the JV partner’s ownership percentage. In January 2022, the Company began the process to refinance the PPC II JV Loan with a loan commitment to be insured by HUD. In March 2020, a wholly-owned subsidiary of the Company entered into a $15.3 million loan to finance the construction of the Hilton Garden Inn Panama City Airport. The Airport 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 March 2025. The Airport Hotel Loan is secured by the real property, assignment of leases, rents and profits and the security interest in the rents and personal property. In connection with the Airport Hotel Loan, the Company executed a guarantee in favor of the lender to guarantee the payment and performance of the borrower under the Airport Hotel Loan. In April 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 Pier Park Resort Hotel JV 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 April 2027. The Pier Park Resort Hotel JV Loan is secured by the real property, assignment of rents and leases and the security interest in the rents, leases and personal property. In connection with the Pier Park Resort Hotel JV Loan, as guarantor, 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 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. The interest rate swap is effective December 10, 2022 and matures on April 12, 2027 and fixed the variable rate on the notional amount of related debt of $42.0 million to a rate of 3.2%. See Note 6. Financial Instruments and Fair Value Measurements In November 2020, a wholly-owned subsidiary of the Company entered into a $16.8 million loan 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 interest only payments for the first twenty-four months and principal and interest payments thereafter through maturity in November 2042. The Breakfast Point Hotel Loan is secured by the real property, assignment of rents and the security interest in the rents and personal property. In connection with the Breakfast Point Hotel Loan, the Company executed a guarantee in favor of the lender to guarantee the payment and performance of the borrower under the Breakfast Point Hotel Loan. 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 Hotel 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 January 2028. The Lodge 30A JV Hotel Loan is secured by the real property, assignment of leases and rents and the security interest in the rents and personal property. In connection with the Lodge 30A JV Hotel 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% 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 August 2019, a wholly-owned subsidiary of the Company entered into a $5.5 million loan 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 Beckrich Building III Loan is secured by the real property, assignment of leases, rents and profits and the security interest in the rents and personal property. In connection with the Beckrich Building III Loan, the Company executed a guarantee in favor of the lender to guarantee the payment and performance of the borrower under the Beckrich Building III Loan. 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. The Company has recorded a liability for CDD debt that is associated with platted property, which is the point at which it becomes fixed and determinable. Additionally, the Company has recorded a liability for the portion of the CDD debt that is associated with unplatted property if it is probable and reasonably estimable that the Company will ultimately be responsible for repayment. The Company’s total CDD debt assigned to property it owns was $14.1 million and $15.8 million as of December 31, 2021 and 2020, respectively. The Company pays interest on this total outstanding CDD debt. In November 2020, a wholly-owned subsidiary of the Company entered into a $5.8 million loan 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 Self-Storage Facility Loan is secured by the real property, assignment of leases and rents and the security interest in the rents and personal property. In connection with the Self-Storage Facility Loan, the Company executed a guarantee in favor of the lender to guarantee the payment and performance of the borrower under the Self-Storage Facility Loan. The Company’s liability as guarantor under the Self-Storage Facility Loan shall not exceed $2.9 million, plus any additional fees, upon reaching and maintaining certain debt service coverage. In June 2021, a wholly-owned subsidiary of the Company entered into a $28.0 million loan 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 interest only payments for the first eighteen months and principal and interest payments thereafter through maturity in December 2047. The Watersound Camp Creek Loan is secured by the real property, assignment of rents and the security interest in the rents and personal property. In connection with the Watersound Camp Creek Loan, the Company executed a guarantee in favor of the lender to guarantee completion of the project and the payment of the borrower under the Watersound Camp Creek Loan. As guarantor, the Company’s liability under the Watersound Camp Creek Loan will be reduced to 50% of the principal amount upon the project reaching and maintaining a trailing six months operations with a certain debt service coverage ratio and reduced to 25% of the principal amount upon reaching and maintaining a trailing twelve months operations of a certain debt service coverage ratio. In addition, the guarantee can become full recourse in the case of the failure of 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 May 2018, a wholly-owned subsidiary of the Company entered into a $1.7 million loan to finance the construction of two beach homes located in Panama City Beach, Florida (the “Beach Homes Loan”). The Beach Homes Loan provides for monthly principal and interest payments with a final balloon payment at maturity in May 2029. The Beach Homes Loan is secured by the real property, assignment of rents and the security interest in the rents and personal property. In connection with the Beach Homes Loan, the Company executed a guarantee in favor of the lender to guarantee the payment and performance of the borrower under the Beach Homes Loan. In March 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 Pier Park Outparcel Loan provides for monthly principal and interest payments with a final balloon payment at maturity in March 2027. The Pier Park Outparcel Loan is secured by the real property, assignment of rents and the security interest in the rents and personal property. In March 2021, a wholly-owned subsidiary of the Company entered into a $26.8 million loan to finance the construction of apartments in Panama City, Florida. The North Bay Landing Apartments Loan provides for interest only payments and a principal balloon payment at maturity in September 2024. The North Bay Landing Apartments Loan includes an option for an extension of the maturity date by eighteen months, subject to certain conditions, that would provide for principal and interest payments commencing on the original maturity date with a final balloon payment at the extended maturity date. The North Bay Landing Apartments Loan is secured by the real property, assignment of rents and leases and the security interest in the rents, leases and personal property. In connection with the North Bay Landing Apartments Loan, the Company executed a guarantee in favor of the lender to guarantee completion of the project and the payment and performance of the borrower under the North Bay Landing Apartments Loan. As guarantor, the Company’s liability under the North Bay Landing Apartments Loan will be reduced to 50% of the principal amount upon satisfaction of final advance conditions and reduced to 25% of the 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 February 2018, a wholly-owned subsidiary of the Company entered into a $1.9 million loan to finance the construction of a commercial leasing property located in Santa Rosa Beach, Florida (the “WaterColor Crossings Loan”). The WaterColor Crossings Loan provides for monthly principal and interest payments with a final balloon payment at maturity in February 2029. The WaterColor Crossings Loan is secured by the real property, assignment of rents and the security interest in the rents and personal property. In connection with the WaterColor Crossings Loan, the Company executed a guarantee in favor of the lender to guarantee the payment and performance of the borrower under the WaterColor Crossings Loan. In August 2021, a wholly-owned subsidiary of the Company entered into a $12.0 million loan 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 interest only payments for the first twenty-four months and principal and interest payments thereafter with a final balloon payment at maturity in August 2031. The Watersound Town Center Grocery Loan is secured by the real property, assignment of rents and the security interest in the rents and personal property. In connection with the Watersound Town Center Grocery Loan, the Company executed a guarantee in favor of the lender to guarantee completion of the project and the payment and performance of the borrower under the Watersound Town Center Grocery Loan. As guarantor, the Company’s liability under the Watersound Town Center Grocery Loan will be reduced to 50% of the principal amount upon satisfaction of final advance conditions, issuance of the certificate of occupancy for the project and receipt of the initial base rent payment and reduced to 25% of the principal amount upon reaching a certain debt service coverage ratio and the project maintaining 93% occupancy for ninety In October 2021, a wholly-owned subsidiary of the Company entered into a $21.2 million loan to finance the construction of a hotel in Panama City, Florida. The Hotel Indigo 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 October 2028. The Hotel Indigo Loan includes an option for an extension of the maturity date by sixty months, subject to certain conditions, that would provide for continued principal and interest payments with a final balloon payment at the extended maturity date. The Hotel Indigo Loan is secured by the leasehold property, assignment of rents, leases, deposits, permits, plans, fees, agreements, approvals and contracts and the security interest in the personal property and rents. In connection with the Hotel Indigo Loan, the Company executed a guarantee in favor of the lender to guarantee completion of the project and the payment and performance of the borrower under the Hotel Indigo Loan. As of December 31, 2021, there was no principal balance and the Company had incurred $0.3 million of loan costs related to the Hotel Indigo Loan. The Company’s financing agreements are subject to various customary debt covenants and as both of December 31, 2021 and 2020, the Company was in compliance with the financial debt covenants. As of December 31, 2021, assets that were pledged as collateral related to the Company’s debt agreements, including unfunded commitments, had an approximate carrying amount of $352.8 million. These assets are included within investment in real estate, net and property and equipment, net on the consolidated balance sheets. The aggregate maturities of debt subsequent to December 31, 2021 are: December 31, 2021 2022 $ 3,627 2023 5,660 2024 60,330 2025 62,655 2026 3,809 Thereafter 91,393 $ 227,474 |
Other Liabilities
Other Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Other Liabilities | |
Other Liabilities | 12. Other Liabilities Other liabilities consist of the following: December 31, December 31, 2021 2020 Accounts payable $ 48,597 $ 25,376 Finance lease liabilities 380 316 Operating lease liabilities 732 808 Accrued compensation 4,877 3,337 Other accrued liabilities 4,807 6,892 Deferred revenue 13,357 16,632 Club initiation fees 22,850 10,716 Club membership deposits 3,602 3,764 Advance deposits 2,140 1,344 Accrued interest expense for Senior Notes held by SPE 2,850 2,850 Total other liabilities $ 104,192 $ 72,035 Accounts payable as of December 31, 2021 and 2020 includes payables for projects under development and construction, such as the Embassy Suites by Hilton hotel, the Camp Creek Inn and amenity center and the Watersound Origins residential community. Deferred revenue as of December 31, 2021 and 2020 includes $10.9 million and $11.5 million, respectively, 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. 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, 2021 December 31, 2020 Balance at beginning of year $ 10,716 $ 6,917 New club memberships 16,804 6,268 Revenue from amounts included in contract liability opening balance (3,037) (2,062) Revenue from current period new memberships (1,633) (407) Balance at end of year $ 22,850 $ 10,716 Remaining performance obligations represent contracted revenue that has not been recognized, which include club initiation fees. As of December 31, 2021 remaining performance obligations were $22.8 million, of which the Company expects to recognize as revenue $5.2 million in 2022 2023 through 2024 2025 through 2026 Advance deposits consist of deposits received on hotel rooms and related hospitality activities. Advance deposits are recorded as 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. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Taxes | |
Income Taxes | 13. Income Taxes Income tax expense consist of the following: Year Ended December 31, 2021 2020 2019 Current: Federal $ 9,005 $ 5,146 $ 1,070 State — — — Total 9,005 5,146 1,070 Deferred: Federal 12,120 6,321 5,903 State 3,857 2,203 2,474 Total 15,977 8,524 8,377 Income tax expense $ 24,982 $ 13,670 $ 9,447 Total income tax expense (benefit) was allocated in the consolidated financial statements as follows: Year Ended December 31, 2021 2020 2019 Income tax expense $ 24,982 $ 13,670 $ 9,447 Income tax recorded in accumulated other comprehensive loss Income tax expense (benefit) 367 (386) 116 Total income tax expense $ 25,349 $ 13,284 $ 9,563 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, 2021, 2020 and 2019 to pre-tax income as a result of the following: Year Ended December 31, 2021 2020 2019 Tax at the statutory federal rate $ 20,902 $ 12,385 $ 7,607 State income taxes (net of federal benefit) 3,581 2,203 1,477 Increase in valuation allowance 275 — — Change in US and State tax rates 458 — 1,006 Income tax credits (186) (454) — Benefit of Qualified Opportunity Zone investments (195) (161) (561) Dividend received deduction — (33) (188) Other permanent items 147 (270) 106 Total income tax expense $ 24,982 $ 13,670 $ 9,447 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, 2021 2020 Deferred tax assets: State net operating loss carryforwards $ 10,617 $ 13,355 Impairment losses 28,496 33,660 Prepaid income from land sales 6,177 3,812 Capital loss carryforwards 4,090 — Capitalized costs 2,462 2,851 Reserves and accruals 1,950 1,586 Unrealized losses on investments 359 3,403 Other 1,446 765 Total gross deferred tax assets 55,597 59,432 Valuation allowance (305) — Total net deferred tax assets 55,292 59,432 Deferred tax liabilities: Investment in real estate and property and equipment basis differences 14,014 5,929 Deferred gain on land sales and involuntary conversions 33,643 29,101 Installment sales 83,498 83,337 Pension Plan assets transferred to the 401(k) plan — 287 Other 1,396 1,693 Total gross deferred tax liabilities 132,551 120,347 Net deferred tax liabilities $ (77,259) $ (60,915) As of December 31, 2021 and 2020, the Company had state net operating loss carryforwards of $229.3 million and $304.0 million, respectively. As of December 31, 2021 and 2020, the Company had $3.1 million and $2.3 million, respectively, of federal net operating loss carryforwards. The federal net operating loss carryforwards are applicable to a specific QOF entity of the Company and do not expire. The majority of state net operating losses are available to offset future taxable income through 2036 and will begin expiring in 2030. As of December 31, 2021 and 2020, the Company had income tax payable of $0.7 million and $2.7 million, respectively, included within other liabilities on the consolidated balance sheets. On September 14, 2021, the State of Florida announced the reduction of the 2021 corporate tax rate from 4.5% to 3.5% retroactive to the beginning of 2021. The corporate income tax rate will revert to 5.5% for tax year 2022 and years forward. The impact of this tax rate change for the year ended December 31, 2021, was a $0.5 million increase in income tax expense due to the adjustment to deferred taxes. On September 12, 2019, the Florida Department of Revenue announced that the corporate income tax rate for tax years 2019, 2020, and 2021 was reduced from 5.5% to 4.5%. As a result, the Company recorded $1.0 million of income tax expense during 2019 to adjust its deferred tax balances due to the impact on the Company’s existing Florida net operating loss carryforward in addition to other temporary differences. 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. As of December 31, 2021, the Company’s valuation allowance was $0.3 million. As of December 31, 2020, the Company had a de minimis valuation allowance. Significant judgment is required in evaluating the Company's uncertain tax positions and determining its provision for income taxes. The Company regularly assesses the likelihood of adverse outcomes resulting from potential examinations to determine the adequacy of its provision for income taxes and applies a “more likely than not” in determining the financial statement recognition and measurement of a tax position taken or expected to be taken in the tax returns. The Company has not identified any material unrecognized tax benefits as of December 31, 2021, 2020 and 2019. There were no penalties required to be accrued as of December 31, 2021 and 2020. The Company records interest related to unrecognized tax benefits, if any, in interest expense and penalties in other income, net. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted in response to the COVID-19 pandemic. On December 27, 2020, the Taxpayer Certainty and Disaster Tax Relief Act of 2020, a part of the Consolidated Appropriations Act, 2021, was enacted also in response to the COVID-19 pandemic. On March 11, 2021, the American Rescue Plan Act of 2021 was enacted also in response to the COVID-19 pandemic. While each of these pieces of legislation resulted in changes to the federal tax law, the impact on the Company’s cash payments and effective tax rate are immaterial. The Company is currently open to examination by taxing authorities for the tax years ended December 31, 2018 through 2020. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2021 | |
Accumulated Other Comprehensive Loss | |
Accumulated Other Comprehensive Loss | 14. Accumulated Other Comprehensive Loss Following is a summary of the changes in the balances of accumulated other comprehensive loss, which is presented net of tax: Unrealized (Loss) Gain Unrealized on Available-for- (Loss) Gain Sale Securities Cash Flow Hedges Total Accumulated other comprehensive loss at December 31, 2019 $ (84) $ (251) $ (335) Other comprehensive income (loss) before reclassifications 103 (1,237) (1,134) Amounts reclassified from accumulated other comprehensive loss (3) — (3) Other comprehensive income (loss) 100 (1,237) (1,137) Accumulated other comprehensive income (loss) at December 31, 2020 $ 16 $ (1,488) $ (1,472) Other comprehensive (loss) income before reclassifications (12) 792 780 Amounts reclassified from accumulated other comprehensive (loss) income (11) 314 303 Other comprehensive (loss) income (23) 1,106 1,083 Accumulated other comprehensive loss at December 31, 2021 $ (7) $ (382) $ (389) Following is a summary of the tax effects allocated to other comprehensive income (loss): Year Ended December 31, 2021 Before- Tax Benefit Net-of- Tax Amount (Expense) Tax Amount Unrealized loss on available-for-sale investments $ (16) $ 4 $ (12) Interest rate swaps 848 (215) 633 Interest rate swap - unconsolidated joint venture 213 (54) 159 Reclassification adjustment for net loss included in earnings 405 (102) 303 Net unrealized gain 1,450 (367) 1,083 Other comprehensive income $ 1,450 $ (367) $ 1,083 Year Ended December 31, 2020 Before- Tax (Expense) Net-of- Tax Amount Benefit Tax Amount Unrealized gain on available-for-sale investments $ 130 $ (33) $ 97 Unrealized gain on restricted investments 8 (2) 6 Interest rate swaps (836) 212 (624) Interest rate swap - unconsolidated joint venture (821) 208 (613) Reclassification adjustment for net gain included in earnings (4) 1 (3) Net unrealized loss (1,523) 386 (1,137) Other comprehensive loss $ (1,523) $ 386 $ (1,137) |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2021 | |
Stockholders' Equity | |
Stockholders' Equity | 15. Stockholders’ Equity Dividends During 2021 and 2020, the Company paid cash dividends of $0.32 and $0.07, respectively, per share on the Company’s common stock for a total of $18.8 million and $4.1 million, respectively. The Company did not pay cash dividends during the year ended December 31, 2019. 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, 2021, the Company did not repurchase shares of its common stock outstanding. During the year ended December 31, 2020, the Company repurchased 532,034 shares of its common stock at an average purchase price of $16.54 per share, for an aggregate purchase price of $8.8 million, pursuant to its Stock Repurchase Program. As of December 31, 2021, the Company had a total authority of $77.4 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 2020, the Company retired 532,034 shares of treasury stock at a value of $8.8 million. Issuance of Common Stock for Director’s Fees During the years ended December 31, 2021 and 2020, the Company did not issue any common stock for director’s fees. On May 20, 2019, the Company’s Board approved granting to each non-employee director an equity grant with an aggregate fair market value of $50,000 or, at the director’s election, its cash equivalent. On July 1, 2019, 5,708 shares of restricted stock were granted to two of the Company’s directors pursuant to the Board’s May 20, 2019 approval and the Company’s 2015 Performance and Equity Incentive Plan (the “2015 Plan”). This restricted stock vested on May 19, 2020, the date of the Company’s 2020 Annual Meeting of Shareholders. Two non-employee directors elected to receive cash in lieu of the stock, which was paid in July 2019. On May 23, 2018, the Company’s Board approved granting to each non-employee director an equity grant with an aggregate fair market value of $50,000 or, at the director’s election, its cash equivalent. On July 2, 2018, 2,778 shares of restricted stock were granted to one of the Company’s directors pursuant to the Board’s May 23, 2018 approval and the Company’s 2015 Plan. This restricted stock vested on May 20, 2019, the date of the Company’s 2019 Annual Meeting of Shareholders. Three non-employee directors elected to receive cash in lieu of the stock. For the year ended December 31, 2021, the Company did not have expense related to restricted stock awards to the Company’s directors. For each of the years ended December 31, 2020 and 2019, the Company recorded expense of less than $0.1 million, related to restricted stock awards to the Company’s directors. |
Stock Based Compensation
Stock Based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Stock Based Compensation | |
Stock Based Compensation | 16. Stock Based Compensation The Company’s 2015 Plan offers a stock incentive plan whereby awards can be granted to certain employees and non-employee directors of the Company in various forms including restricted shares of Company common stock and options to purchase Company common stock. Awards are discretionary and determined by the Compensation 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. As of December 31, 2021, 1,463,543 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, 2021 2020 2019 Stock compensation expense before tax benefit $ — $ 45 $ 77 Income tax benefit — (11) (19) $ — $ 34 $ 58 In 2019 and 2018, the Company granted 5,708 and 2,778 shares, respectively, of restricted stock awards to certain of the Company’s directors as fees for services rendered under the 2015 Plan, of which 5,708 and 2,778 vested during the years ended December 31, 2020 and 2019, respectively. As of December 31, 2021, there were no unvested restricted stock units outstanding. The weighted average grant date fair value of restricted stock units during 2019 and 2018 were $17.52 and $18.00, respectively. The total fair values of restricted stock units that vested were $0.1 million during each 2020 and 2019. |
Employee Benefit Plan
Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2021 | |
Employee Benefit Plan | |
Employee Benefit Plan | 17. Employee Benefit Plan The Company maintains a 401(k) retirement plan covering substantially all officers and employees of the Company, which permits participants to defer up to the maximum allowable amount determined by the IRS of their eligible compensation. In 2021, the 401(k) retirement plan was amended to include a matching contribution. The plan provides for employer matching contributions of 100% up to the first 3% of eligible compensation. For contributions in excess of 3%, the plan provides for employer matching contributions of 50% up to the next 2%, but not more than 5%, of eligible compensation. The Company’s matching contributions expensed under the plan were $0.1 million in 2021. The Company also maintains a profit-sharing plan and allows for discretionary qualified non-elective and matching employer contributions. As part of the Pension Plan termination in 2014, the Company directed the Pension Plan to transfer $7.9 million of the Pension Plan’s surplus assets into a suspense account in the Company’s 401(k) plan. The Company retained the risks and rewards of ownership of these assets; therefore, the assets held in the suspense account were included in the Company’s consolidated balance sheet until they were allocated to 401(k) plan participants. The final allocation of the assets occurred in March 2021. As of December 31, 2020, the fair value of these assets totaling $1.2 million was recorded in other assets on the Company’s consolidated balance sheets. The Company expensed the fair value of the assets at the time the assets were allocated to participants. During both 2021 and 2020 the Company recorded an expense of $1.2 million and during 2019 the Company recorded an expense of $1.1 million, for the fair value of the assets, less expenses, that were allocated to participants. Any gain or loss on these assets is reflected in the Company’s consolidated statements of income and was less than a $0.1 million gain during both 2021 and 2020 and less than a $0.1 million loss during 2019. |
Other Income, Net
Other Income, Net | 12 Months Ended |
Dec. 31, 2021 | |
Other Income, Net | |
Other Income, Net | 18. Other Income, Net Other income (expense) consists of the following: Year Ended December 31, 2021 2020 2019 Investment income, net Interest, dividend and accretion income $ 157 $ 1,194 $ 7,459 Net realized gain (loss) on the sale of investments 17 (48) 87 Unrealized loss on investments, net (1,872) (4,688) (5,342) Interest income from investments in SPEs 8,078 8,180 8,190 Interest earned on notes receivable and other interest 874 345 320 Total investment income, net 7,254 4,983 10,714 Interest expense Interest expense and amortization of discount and issuance costs for Senior Notes issued by SPE (8,827) (8,813) (8,801) Other interest expense (7,027) (4,751) (3,501) Total interest expense (15,854) (13,564) (12,302) Gain on contribution to unconsolidated joint ventures 3,558 19,983 2,317 Other income (expense), net Accretion income from retained interest investments 1,532 1,391 1,325 Gain on insurance recovery 4,853 690 5,314 Loss from hurricane damage (56) (1,123) (2,704) Miscellaneous income, net 3,852 371 198 Other income, net 10,181 1,329 4,133 Total other income, net $ 5,139 $ 12,731 $ 4,862 Investment Income, Net Interest, dividend and accretion income includes interest income accrued or received on the Company’s 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 (loss) on the sale of investments include the gains or losses recognized on the sale of available-for-sale and equity securities prior to maturity. Unrealized loss on investments, net includes unrealized gains or losses on investments – equity securities. Interest income from investments in SPEs primarily includes interest earned on the investments held by Panama City Timber Finance Company, LLC, which is used to pay the interest expense for Senior Notes held by Northwest Florida Timber Finance, LLC. Interest Expense Interest expense includes interest incurred related to the Company’s Senior Notes issued by Northwest Florida Timber Finance, LLC, project financing, 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%. During 2021, 2020 and 2019 the Company capitalized $1.0 million, $1.1 million and $0.6 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 Contribution to Unconsolidated Joint Ventures Gain on contribution to unconsolidated joint ventures for the year ended December 31, 2021, includes a gain of $3.1 million on land contributed to the Company’s unconsolidated Watersound Fountains Independent Living JV. The year ended December 31, 2021, also includes a gain of $0.5 million on additional infrastructure improvements contributed to the Company’s unconsolidated Latitude Margaritaville Watersound JV. Gain on contribution to unconsolidated joint ventures for the year ended December 31, 2020, includes a gain of $15.7 million on land and additional infrastructure improvements contributed to the Company’s unconsolidated Latitude Margaritaville Watersound JV. The year ended December 31, 2020, also includes a gain of $4.3 million on land and mitigation credits contributed to the Company’s unconsolidated Sea Sound Apartments JV. Gain on contribution to unconsolidated joint ventures for the year ended December 31, 2019, includes a gain of $0.8 million on land contributed to the Company’s unconsolidated Busy Bee JV and a gain of $1.5 million on land and mitigation credits contributed to the Company’s unconsolidated Pier Park TPS JV. See Note 4. Joint Ventures Other Income, Net Other income, net primarily includes income from the Company’s retained interest investments, gain on insurance recovery, loss from hurricane damage and other income and expense items. The Company records the accretion of investment income from its retained interest investments over the life of the retained interest using the effective yield method with rates ranging from 3.7% to 11.7%. During the years ended December 31, 2021, 2020 and 2019, the Company had a gain on insurance recovery of $4.9 million, $0.7 million and $5.3 million, respectively, and incurred loss from hurricane damage of $0.1 million, $1.1 million and $2.7 million, respectively, related to Hurricane Michael. See Note 7. Hurricane Michael Miscellaneous income, net during the year ended December 31, 2021, includes $3.6 million 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 has met all requirements related to the TRBG program as of December 31, 2021. See Note 7. Hurricane Michael |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2021 | |
Segment Information | |
Segment Information | 19. Segment Information The Company conducts primarily all of its business in the following three reportable segments: 1) residential, 2) hospitality and 3) commercial. Prior to the first quarter of 2020, commercial leasing and sales, as well as forestry were treated as individual reportable segments. See Note 1. Nature of Operations for additional information. 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 equity in loss from unconsolidated joint ventures, 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, 2021 2020 2019 Operating revenue: Residential $ 145,784 $ 74,715 $ 41,586 Hospitality 74,591 47,374 45,720 Commercial 44,627 36,665 38,823 Other 1,994 1,801 956 Consolidated operating revenue $ 266,996 $ 160,555 $ 127,085 Cost of revenue: Cost of residential revenue $ 57,842 $ 30,359 $ 20,492 Cost of hospitality revenue 57,494 34,670 33,924 Cost of commercial revenue 14,440 12,228 9,593 Cost of other revenue 1,538 519 77 Consolidated cost of revenue $ 131,314 $ 77,776 $ 64,086 Corporate and other operating expenses: Residential $ 4,872 $ 5,283 $ 4,873 Hospitality 919 1,180 838 Commercial 3,980 3,681 3,479 Other 13,252 12,762 12,199 Consolidated corporate and other operating expenses $ 23,023 $ 22,906 $ 21,389 Depreciation, depletion and amortization: Residential $ 351 $ 318 $ 283 Hospitality 6,966 4,638 4,579 Commercial 10,490 6,987 5,253 Other 395 845 172 Consolidated depreciation, depletion and amortization $ 18,202 $ 12,788 $ 10,287 Investment income, net: Residential and commercial $ 874 $ 298 $ 184 Other (a) 6,380 4,685 10,530 Consolidated investment income, net $ 7,254 $ 4,983 $ 10,714 Interest expense: Residential $ 581 $ 683 $ 717 Hospitality 488 222 30 Commercial 5,949 3,836 2,739 Other (b) 8,836 8,823 8,816 Consolidated interest expense $ 15,854 $ 13,564 $ 12,302 Gain on contribution to unconsolidated joint ventures: Residential (c) $ 503 $ 15,706 $ — Commercial (d) (e) (f) 3,055 3,949 2,244 Other — 328 73 Consolidated gain on contribution to unconsolidated joint ventures $ 3,558 $ 19,983 $ 2,317 Other income (expense), net: Residential $ 113 $ (22) $ (217) Hospitality 635 575 225 Commercial (g) 3,722 51 1,190 Other (h) 5,711 725 2,935 Other income, net $ 10,181 $ 1,329 $ 4,133 Income (loss) before equity in loss from unconsolidated joint ventures and income taxes: Residential (c) $ 83,582 $ 53,998 $ 15,144 Hospitality 9,359 7,238 6,574 Commercial (d) (e) (f) (g) 16,591 13,988 21,239 Other (h) (9,936) (15,408) (6,772) Consolidated income before equity in loss from unconsolidated joint ventures and income taxes $ 99,596 $ 59,816 $ 36,185 Equity in (loss) income from unconsolidated joint ventures: Residential $ (1,861) $ (524) $ (71) Commercial 996 (142) (6) Consolidated equity in loss from unconsolidated joint ventures $ (865) $ (666) $ (77) Capital expenditures: Residential $ 52,838 $ 33,634 $ 28,639 Hospitality 101,686 42,770 15,923 Commercial 45,843 85,070 69,219 Other 452 769 505 Total capital expenditures $ 200,819 $ 162,243 $ 114,286 December 31, December 31, 2021 2020 Investment in unconsolidated joint ventures: Residential $ 30,039 $ 24,287 Commercial 21,988 13,678 Total investment in unconsolidated joint ventures $ 52,027 $ 37,965 Total assets: Residential $ 195,142 $ 172,610 Hospitality 256,751 146,724 Commercial 375,266 332,649 Other 380,992 385,341 Total assets $ 1,208,151 $ 1,037,324 (a) Includes interest income from investments in SPEs of $8.1 million in 2021 and $8.2 million in each 2020 and 2019. (b) Includes interest expense from Senior Notes issued by SPE of $8.8 million in each 2021, 2020 and 2019. (c) Includes a gain of $15.7 million in 2020 on land and additional infrastructure improvements contributed to the unconsolidated Latitude Watersound Margaritaville 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 a gain of $3.9 million in 2020 on land contributed to the unconsolidated Sea Sound Apartments JV. See Note 4. Joint Ventures and Note 18. Other Income, Net for additional information. (f) Includes a gain of $0.8 million in 2019 on land contributed to the Company’s unconsolidated Busy Bee JV and a gain of $1.4 million in 2019 on land contributed to the Company’s unconsolidated Pier Park TPS JV. See Note 4. Joint Ventures and Note 18. Other Income, Net for additional information. (g) Includes $3.6 million in 2021 received from the Florida Division of Emergency Management’s TRBG program. See Note 7. Hurricane Michael and Note 18. Other Income, Net for additional information. (h) Includes gain on insurance recovery of $4.9 million, $0.7 million and $5.3 million in 2021, 2020 and 2019, respectively, related to Hurricane Michael. In addition, includes loss from hurricane damage of $0.1 million, $1.1 million and $2.7 million 2021, 2020 and 2019, respectively, related to Hurricane Michael. See Note 7. Hurricane Michael for additional information. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies | |
Commitments and Contingencies | 20. Commitments and Contingencies The Company establishes an accrued liability when it is both probable that a material loss has been incurred and the amount of the loss can be reasonably estimated. The Company will evaluate the range of reasonably estimated losses and record an accrued liability based on what it believes to be the minimum amount in the range, unless it believes an amount within the range is a better estimate than any other amount. In such cases, there may be an exposure to loss in excess of the amounts accrued. The Company evaluates quarterly whether further developments could affect the amount of the accrued liability previously established or would make a loss contingency both probable and reasonably estimable. The Company also provides disclosure when it believes it is reasonably possible that a material loss will be incurred or when it believes it is reasonably possible that the amount of a loss will exceed the recorded liability. The Company reviews loss contingencies at least quarterly to determine whether the likelihood of loss has changed and to assess whether a reasonable estimate of the loss or range of loss can be made. This estimated range of possible losses is based upon currently available information and is subject to significant judgment and a variety of assumptions, as well as known and unknown uncertainties. The matters underlying the estimated range will change from time to time, and actual results may vary significantly from the current estimate. The Company is subject to a variety of litigation, claims, other disputes and governmental proceedings that arise from time to time in the ordinary course of its business, including litigation related to its prior homebuilding and development activities. The Company cannot make assurances that it will be successful in defending these matters. Based on current knowledge, the Company does not believe that loss contingencies arising from pending litigation, claims, other disputes and governmental proceedings, including those described herein, will have a material adverse effect on the consolidated financial position or liquidity of the Company. However, in light of the inherent uncertainties involved in these matters, an adverse outcome in one or more of these matters could be material to the Company’s results of operations or cash flows for any particular reporting period. The Company is subject to costs arising out of environmental laws and regulations, which include obligations to remove or limit the effects on the environment of the disposal or release of certain wastes or substances at various sites, including sites which have been previously sold. It is the Company’s policy to accrue and charge against earnings environmental cleanup costs when it is probable that a liability has been incurred and 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 and $0.7 million as of December 31, 2021 and 2020, 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 June 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 December 31, 2021 and 2020, $7.1 million and $2.7 million, respectively, was outstanding on the Latitude Margaritaville Watersound JV Note. The Latitude Margaritaville Watersound JV Note was provided by the Company to finance the development of the pod-level, non-spine infrastructure, which is being 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 Latitude Margaritaville Watersound JV 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 Other Assets As of December 31, 2021 and 2020, 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 $36.9 million and $24.2 million, respectively, as well as standby letters of credit in the amount of $12.9 million and $6.6 million, respectively, which may potentially result in liability to the Company if certain obligations of the Company are not met. As of December 31, 2021, the Company had a total of $217.0 million in construction and development related contractual obligations, of which a significant portion will be funded through committed or new financing arrangements. In January 2019, the Company’s unconsolidated Pier Park TPS JV, entered into a $14.4 million loan (the “Pier Park TPS JV Loan”). The Pier Park TPS JV Loan bears interest at LIBOR plus 2.5% and provides for monthly principal and interest payments with a final balloon payment at maturity in January 2026. The Pier Park TPS JV Loan is secured by the real and personal property and an assignment of rents and the security interest in the rents. In connection with the Pier Park TPS JV Loan, the Company, a wholly-owned subsidiary of the Company and the Company’s JV partner entered into a joint and several payment and performance guarantee in favor of the lender. The Company’s liability as guarantor under the Pier Park TPS JV Loan has been reduced to 25% of the outstanding principal balance, which requires maintaining a certain debt service coverage. The guarantee contains customary provisions providing for full recourse upon the occurrence of certain events. The Pier Park TPS JV entered into an interest rate swap to hedge cash flows tied to changes in the underlying floating interest rate tied to LIBOR. The interest rate swap was effective January 14, 2021 and matures on January 14, 2026 and fixed the variable rate on the related debt, initially at $14.4 million, to a rate of 5.2% . As of December 31, 2021 and 2020, $14.1 million and $14.4 million, respectively, was outstanding on the Pier Park TPS JV Loan. See Note 6. Financial Instruments and Fair Value Measurements for additional information In November 2019, the Company’s unconsolidated Busy Bee JV, entered into a $5.4 million loan (the “Busy Bee JV Construction Loan”) and a $1.2 million equipment loan (the “Busy Bee JV Equipment Loan”). The Busy Bee JV Construction Loan and the Busy Bee JV Equipment Loan bear interest at LIBOR plus 1.5%. 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 the real and personal property, assignment of rents and leases and a security interest in the construction contract and management agreement. In connection with the Busy Bee JV Construction Loan and the Busy Bee JV Equipment 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 through substantial completion, which occurred in June 2020. The Company’s liability as guarantor under the loans upon substantial completion was reduced to 50% for a twelve-month period. Subsequent to that time, the Company’s guarantee will be released upon request. Upon release of the Company’s guarantee, the JV partner will be the sole guarantor and will receive 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 LIBOR for the . The interest rate swap was effective November 12, 2020 and matures on November 12, 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 interest rate swap was effective November 12, 2020 and matures on November 12, 2027 and fixed the variable rate debt, initially at $1.2 million to maturity, to a rate of 2.1% . In November 2020, the Company’s unconsolidated Latitude Margaritaville Watersound JV, entered into a $25.0 million loan (the “Latitude Margaritaville Watersound JV Loan”). The Latitude Margaritaville Watersound JV Loan bears interest at LIBOR plus 2.5%, with a floor of 3.3%. The Latitude Margaritaville Watersound JV Loan provides for monthly interest payments with a final balloon payment at maturity in November 2023. The Latitude Margaritaville Watersound JV Loan includes annual maturity extension rights for a total of three 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 Watersound Fountains JV Loan bears interest at LIBOR plus 2.0%, with a floor of 2.5%. The Watersound Fountains JV 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 Watersound Fountains JV Loan includes an option for an extension of the maturity date by twelve months, subject to certain conditions, that would provide for continued monthly principal and interest payments with a final balloon payment at the extended maturity date. The Watersound Fountains JV Loan is secured by the real property, assignment of rents, leases, deposits, licenses, permits, contracts and construction and development documents and the security interest in the personal property, rents and management agreement. In connection with the Watersound Fountains JV 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 Watersound Fountains JV Loan will be reduced to 50% of the principal amount upon issuance of the certificate of occupancy 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, 2021, $0.1 million was outstanding on the Watersound Fountains JV Loan. 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, 2021 and 2020. As of both December 31, 2021 and 2020, 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 other liabilities on the consolidated balance sheets. As part of certain sales of timberlands in 2007, 2008 and 2014, the Company generated significant tax gains. The installment notes structure allowed the Company to defer the resulting federal tax liability of $33.7 million until 2022 - 2024 and $37.8 million until 2029, respectively, the maturity dates for the installment notes. The Company has a deferred tax liability related to the gains in connection with these sales. |
Subsequent Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Event | |
Subsequent Event | 21. Subsequent Events On February 23, 2022, the Board declared a cash dividend of $0.10 per share |
Schedule III (Consolidated) - R
Schedule III (Consolidated) - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2021 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
SCHEDULE III (CONSOLIDATED) - REAL ESTATE AND ACCUMULATED DEPRECIATION | SCHEDULE III (CONSOLIDATED) - REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2021 (in thousands) Initial Cost to Company (b) Gross Amount at December 31, 2021 Costs Capitalized Subsequent to Accumulated Date of Depreciation Land & Buildings & Acquisition or Land & Land Buildings and Depreciation and Construction or Life Description (a) Encumbrances Improvements Improvements Construction (c) Improvements Improvements Total Amortization Acquisition (In Years) Residential developments $ 1,088 $ 29,284 $ 14,846 $ 91,527 $ 128,317 $ 7,340 $ 135,657 $ 5,019 through 2021 3 - 25 Hospitality WaterColor Hospitality — 1,137 13,688 13,007 4,023 23,809 27,832 11,794 2002, 2013 2 - 40 Pier Park Resort Hotel JV 14,650 1,438 37,450 — 1,438 37,450 38,888 — 2021 N/A The Lodge 30A JV 7,474 2,143 11,954 — 2,143 11,954 14,097 — 2021 N/A Airport Hospitality 14,642 1,693 17,101 — 1,693 17,101 18,794 270 2021 15 - 39 Breakfast Point Hospitality 11,843 — 23,145 — — 23,145 23,145 — 2021 N/A Watersound Club 3,437 34,608 48,092 2,061 37,264 47,497 84,761 24,266 2001 - 2007, 2018 - 2021 5 - 39 Marinas — 5,350 20,132 246 5,596 20,132 25,728 2,489 2021 15 - 39 Other 3,680 3,511 22,775 2,007 5,429 22,864 28,293 3,123 2008 - 2009, 2019 - 2021 5 - 39 Commercial Leasing properties: Pier Park North JV 43,582 13,176 35,243 3,236 13,297 38,358 51,655 12,807 2014 - 2017 15 - 39 Town centers — 64 12,013 3,082 74 15,085 15,159 10,943 2001 - 2008 5 - 25 VentureCrossings — 4,983 29,274 188 4,992 29,453 34,445 6,549 2012, 2017, 2019 5 - 39 Watersound Origins Crossings JV 37,897 6,853 33,912 — 6,853 33,912 40,765 716 2020 - 2021 20 - 39 Pier Park Crossings JV 35,670 8,456 28,662 — 8,456 28,662 37,118 2,562 2019 - 2020 20 - 39 Pier Park Crossings II JV 17,374 3,567 15,586 — 3,567 15,586 19,153 606 2020 20 - 39 North Bay Landing 1,343 — 16,979 — — 16,979 16,979 — 2021 N/A Watercrest JV 20,053 3,073 18,475 — 3,073 18,475 21,548 559 2020 15 - 39 Self-Storage 4,666 1,003 5,871 — 1,003 5,871 6,874 63 2021 15 - 39 Beckrich 5,188 2,200 13,298 183 2,223 13,458 15,681 1,198 2017, 2020 3 - 39 Watersound Town Center 620 2,796 22,722 — 2,796 22,722 25,518 300 2020, 2021 15 - 39 Other 2,635 6,711 11,581 (948) 5,920 11,424 17,344 1,743 through 2021 5 - 39 Commercial developments 1,632 34,667 — 16,673 51,340 — 51,340 35 through 2021 3 - 5 Timberlands and other unimproved land — 6,620 1,788 14,738 21,358 1,788 23,146 2,060 N/A 5 - 39 Mitigation banks and other — — — 3,359 3,277 82 3,359 64 through 2021 5 - 20 Total $ 227,474 $ 173,333 $ 454,587 $ 149,359 $ 314,132 $ 463,147 $ 777,279 $ 87,166 (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. Notes: (A) The aggregate cost of real estate owned as of December 31, 2021 for federal income tax purposes is approximately $715.5 million. (B) Reconciliation of real estate owned (in thousands of dollars): December 31, December 31, December 31, 2021 2020 2019 Balance at beginning of the year $ 627,613 $ 505,032 $ 418,494 Amounts capitalized 222,303 167,258 109,699 Impairments — — — Cost of real estate sold (55,932) (33,324) (23,608) Amounts retired or adjusted (16,705) (11,353) 447 Balance at the end of the year $ 777,279 $ 627,613 $ 505,032 (C) Reconciliation of accumulated depreciation (in thousands of dollars): December 31, December 31, December 31, 2021 2020 2019 Balance at beginning of the year $ 75,960 $ 74,256 $ 67,500 Depreciation expense 11,728 8,298 6,756 Amounts retired or adjusted (522) (6,594) — Balance at the end of the year $ 87,166 $ 75,960 $ 74,256 |
Schedule IV (Consolidated) - Mo
Schedule IV (Consolidated) - Mortgage Loans on Real Estate | 12 Months Ended |
Dec. 31, 2021 | |
Mortgage Loans on Real Estate [Abstract] | |
SCHEDULE IV (CONSOLIDATED) - MORTGAGE LOANS ON REAL ESTATE | THE ST. JOE COMPANY SCHEDULE IV (CONSOLIDATED) - MORTGAGE LOANS ON REAL ESTATE DECEMBER 31, 2021 (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) $ — $ 7,147 $ 7,075 $ — Seller financing, residential homesites 5.5% May 2023 P&I (c) — 1,175 1,175 — Seller financing, residential homesites 5.5% November 2022 P&I (c) — 947 947 — Seller financing, residential homesites 5.5% November 2022 P&I (c) — 882 882 — Seller financing, residential homesites 5.5% December 2022 P&I (c) — 742 742 — Seller financing, residential homesites 5.5% March 2023 P&I (c) — 723 723 — Seller financing, residential homesites 5.5% September 2022 P&I (c) — 355 355 — Various other seller financing, rural land 4.4% to 5.2% December 2022 through November 2023 P&I (d) — 43 43 — Total (e) $ — $ 12,014 $ 11,942 $ — (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 9. Other Assets for additional information related to the revolving promissory note. (c) Interest is paid quarterly over a twenty year amortization schedule. On the maturity date, all outstanding principal, all accrued interest and any other customary charges shall be due and payable in full. (d) Principal and interest is paid monthly. (e) 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, 2021 2020 2019 Balance at beginning of the year $ 10,321 $ 2,683 $ 1,462 Additions during the year - new mortgage loans 7,798 9,615 2,386 Deductions during the year: Collections of principal 6,005 1,949 1,165 Foreclosures 128 — — Other 44 28 — Balance at the end of the year $ 11,942 $ 10,321 $ 2,683 |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Significant Accounting Policies | |
Basis of Presentation and Principles of Consolidation | 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 and variable interest entities where the Company deems itself the primary beneficiary. Investments in JVs and limited partnerships 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, are 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. Specifically, during 2021, the Company determined that, for a non-material value, it was more appropriate to reflect capital contribution to unconsolidated joint ventures as a cash outflow of investing activities rather than financing activities. 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, including real estate JVs determined to be VIEs. The Company continues to assess whether it is the primary beneficiary on an ongoing basis. See Note 4. Joint Ventures |
Use of Estimates | 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, retained interest investments, accruals, deferred income taxes, allowance for credit losses and revenue recognition. Actual results could differ from those estimates. |
Investment in Real Estate | Investment in Real Estate The Company capitalizes costs directly associated with development and construction of identified real estate projects. These costs include land and common development costs (such as roads, structures, utilities and amenities). The Company also capitalizes 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 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 Long-lived assets include the Company’s investments in land holdings, operating and development properties and property and equipment, which are carried at cost, net of depreciation and timber depletion. The Company reviews its long-lived assets for impairment quarterly to determine whether events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. As part of the Company’s review for impairment of its long-lived assets, the Company reviews the long-lived asset’s carrying value, current period actual financial results as compared to prior period and forecasted results contained in the Company’s business plan and any other events or changes in circumstances to identify whether an indicator of potential impairment may exist. Some of the events or changes in circumstances that are considered by the Company as indicators of potential impairment include: ● a prolonged decrease in the value to below cost or demand for the Company’s properties; ● a change in the expected use or development plans for the Company’s properties; ● a material change in strategy that would affect the value of the Company’s properties; ● continuing operating or cash flow loss for an operating property; ● an accumulation of costs in excess of the projected costs for development or operating property; and ● any other adverse change that may affect the value of the property. The Company uses varying methods to determine if an impairment exists, such as (i) considering indicators of potential impairment, (ii) analyzing expected future cash flows and comparing the expected future undiscounted cash flows of the property to its carrying value or (iii) determining market resale values. For projects under development or construction, an estimate of undiscounted future cash flows is performed using estimated future expenditures necessary to develop and maintain the existing project and using management’s best estimates about future sales prices and holding periods. The projection of undiscounted cash flows requires that management develop various assumptions including: ● the projected pace of sales of homesites based on estimated market conditions and the Company’s development plans; ● estimated pricing and projected price appreciation over time; ● the amount and trajectory of price appreciation over the estimated selling period; ● the length of the estimated development and selling periods, which can differ depending on the size of the development and the number of phases to be developed; ● the amount of remaining development costs, including the extent of infrastructure or amenities included in such development costs; ● holding costs to be incurred over the selling period; ● for bulk land sales of undeveloped and developed parcels, future pricing is based upon estimated developed homesite pricing less estimated development costs and estimated developer profit; ● for commercial, multi-family, self-storage and senior living development property, future pricing is based on sales of comparable property in similar markets; and ● whether liquidity is available to fund continued development. For operating properties, an estimate of undiscounted cash flows also requires management to make assumptions about the use and disposition of such properties. These assumptions include: ● for investments in hotels, other rental units and vacation rental homes, use of average occupancy and room rates, revenue from food and beverage and other amenity operations, operating expenses and capital expenditures, and eventual disposition of such properties as hotels, private residence vacation units or condominiums, based on current prices for similar units appreciated to the expected sale date; ● for investments in commercial, multi-family, self-storage, senior living or retail property, use of future occupancy and rental rates, operating expenses and capital expenditures and the amount of proceeds to be realized upon eventual disposition of such property at a terminal capitalization rate; and, ● for investments in club, marina and retail assets, use of revenue from membership dues, future golf rounds and greens fees, boat slip rentals and boat storage fees, merchandise and other hospitality operations, operating expenses and capital expenditures, and the amount of proceeds to be realized upon eventual disposition of such properties at a multiple of terminal year cash flows. Homesites substantially completed and ready for sale are measured at the lower of carrying value or fair value less costs to sell. Management identifies homesites as being substantially completed and ready for sale when the properties are being actively marketed with intent to sell such properties in the near term and under current market conditions. Other homesites, which management does not intend to sell in the near term under current market conditions, are evaluated for impairment based on management’s best estimate of the long-term use and eventual disposition of such property. Other properties that management does not intend to sell in the near term under current market conditions and has the ability to hold are evaluated for impairment based on management’s best estimate of the long-term use and eventual disposition of the property. The results of impairment analyses for development and operating properties are particularly dependent on the estimated holding and selling period for each asset group. If a property is considered impaired, the impairment charge is determined by the amount the property’s carrying value exceeds its fair value. The Company uses varying methods to determine fair value, such as (i) analyzing expected future cash flows, (ii) determining resale values in a given market (iii) applying a capitalization rate to net operating income using prevailing rates in a given market or (iv) applying a multiplier to revenue using prevailing rates in a given market. The fair value of a property may be derived either from discounting projected cash flows at an appropriate discount rate, through appraisals of the underlying property, or a combination thereof. The Company classifies the assets and liabilities of a long-lived asset as held-for-sale when management approves and commits to a formal plan of sale and it is probable that a sale will be completed. The carrying value of the assets held-for-sale are then recorded at the lower of their carrying value or fair value less estimated costs to sell. |
Inventory | Timber Inventory The Company estimates its standing timber inventory on an annual basis utilizing a process referred to as a “timber cruise.” Specifically, the Company conducts field measurements of the number of trees, tree height and tree diameter on a sample area equal to approximately 20% of the Company’s timber holdings each year. Inventory data is used to calculate volumes and products along with growth projections to maintain accurate data. Industry practices are used for modeling, including growth projections, volume and product classifications. A depletion rate is established annually by dividing merchantable inventory cost by standing merchantable inventory volume. Inventory Inventory primarily consists of retail products, operating supplies and beverages which are reported at the lower of cost or net realizable value. Cost is determined using weighted-average cost basis or specific identification. |
Investment in Unconsolidated Joint Ventures | 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, . See Note 4. Joint Ventures and Note 20. Commitments and Contingencies for additional information. |
Cash and Cash Equivalents | 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 Investments – debt securities and restricted investments 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 income (loss). Realized gains and losses on investments are determined using the specific identification method. The amortized cost of debt securities are adjusted for amortization of premiums and accretion of discounts to maturity computed under the effective interest method. Such amortization and accretion is 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 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 | Comprehensive Income The Company’s comprehensive income includes unrealized gains and losses on available-for-sale securities and restricted investments. 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 | 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 income (loss) 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 | Receivables The Company’s receivables primarily include receivables related to certain homesite sales, homebuilder notes, a revolving promissory note with an unconsolidated JV, leasing receivables, membership initiation fees, hospitality receivables and other receivables. At each reporting period, receivables in the scope of 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 and recoveries on receivables previously charged-off are credited to the allowance |
Property and Equipment, net | 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 |
Income Taxes | Income Taxes The Company’s provision for income taxes includes the current tax owed on the current period earnings, as well as a deferred provision, which reflects the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Changes in existing tax laws and rates, their related interpretations, as well as the uncertainty generated by the prospect of tax legislation in the future may affect the amounts of deferred tax liabilities or the realizability of deferred tax assets. For tax positions taken or expected to take in the tax returns, the Company applies a more likely than not assessment (i.e., there is a greater than 50 percent chance) about whether the tax position will be sustained upon examination by the appropriate tax authority with full knowledge of all relevant information. Amounts recorded for uncertain tax positions are periodically assessed, including the evaluation of new facts and circumstances, to ensure sustainability of the position. The Company records interest related to unrecognized tax benefits, if any, in interest expense and penalties in other income, net. The Company applies the aggregate portfolio method to account for income tax effects in accumulated other comprehensive loss with respect to available-for-sale debt securities. |
Concentration of Risks and Uncertainties | Concentration of Risks and Uncertainties All of the Company’s operations and assets are concentrated in Northwest Florida. Uncertain economic conditions could have an adverse impact on the Company’s operations and asset values. The economic conditions in the U.S. have been negatively impacted by the continued threat by the COVID-19 pandemic. While demand across each of the Company’s segments remain strong, the Company’s hospitality operations have already been, and may in the future be, disrupted by the impacts of the COVID-19 pandemic and the federal, state and local government actions to address it. Despite the Company’s positive financial results during the COVID-19 pandemic, the magnitude and duration of the COVID-19 pandemic impact remains unknown and the Company could experience material declines within each of its reportable segments in the future compared to historical norms. See 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, investments held by special purpose entity or entities (“SPE”), and investments in retained interests. The Company deposits and invests cash with local, regional and national financial institutions and as of December 31, 2021, these balances exceed the amount of FDIC insurance provided on such deposits by $21.5 million. In addition, as of December 31, 2021, the Company had $4.0 million invested in short-term U.S. Treasury Bills classified as cash equivalents, $40.4 million invested in U.S. Treasury Money Market Funds, $89.0 million invested in U.S. Treasury Bills classified as investments – debt securities and $0.5 million invested in two issuers of preferred stock that are non-investment grade. |
Earnings Per Share | Earnings Per Share Basic and diluted earnings per share are calculated by dividing net income attributable to the Company by the weighted average number of common shares outstanding for the period. For the three years ended December 31, 2021, the Company did not have any potential dilutive instruments, therefore, basic and diluted weighted average shares outstanding were equal. There were no outstanding common stock equivalents as of December 31, 2021 or 2020. Non-vested restricted stock is included in outstanding shares at the time of grant. |
Revenue and Revenue Recognition | Revenue and Revenue Recognition Revenue consists primarily of real estate sales, hospitality operations, leasing operations, and timber sales. 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 Topic 606, Revenue from Contracts with Customers Real Estate Revenue Revenue from real estate sales, including homesites, homes, commercial properties, operating properties 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. If a performance obligation is not yet substantially complete when title transfers to the buyer, the revenue associated with the incomplete performance obligation is deferred until completed. 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; (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; (vii) title business revenue and (viii) other fees on certain transactions. Title business revenue is recognized at the point in time services are provided and represent a single performance obligation with a fixed transaction price. 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 are updated at each reporting period. The variable consideration for homesite residuals and certain estimated fees are based on historical experience and are recognized as revenue when it can be reasonably estimated and only to the extent it is probable that a significant reversal in the estimated amount of cumulative revenue will not occur when uncertainties are resolved. For the years ended December 31, 2021, 2020 and 2019, real estate revenue includes $4.8 million, $1.9 million and $2.5 million, respectively, of estimated homesite residuals and $2.4 million, $1.9 million and $2.3 million, respectively, of estimated fees related to homebuilder homesite sales. Hospitality Revenue The Company’s hospitality operations generate revenue from membership sales, membership reservations, golf courses, lodging, short-term vacation rentals, management of The Pearl Hotel, food and beverage operations, merchandise sales, marina operations, 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. Clubs Hotel Operations, Food and Beverage Operations, Short-Term Vacation Rentals and Other Management Services Other Hospitality Operations 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 our 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 nonlease components from lease components and, instead, accounts for each separate lease component and the nonlease components associated with that lease as a single component if the nonlease components otherwise would be accounted for under Topic 606. Nonlease 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 Beckrich Office Park, Watersound Town Center, consolidated Pier Park North JV, Pier Park Crossings JV, Pier Park Crossings II JV, Watersound Origins Crossings JV and Watercrest JV, as well as the Company’s industrial parks and other properties. See Note 8. Leases Timber Revenue 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. The following represents revenue disaggregated by segment, good or service and timing: Year Ended December 31, 2021 Residential Hospitality Commercial Other Total Revenue by Major Good/Service: Real estate revenue $ 144,664 $ — $ 12,002 $ 1,963 $ 158,629 Hospitality revenue 727 74,538 — — 75,265 Leasing revenue 393 53 26,604 31 27,081 Timber revenue — — 6,021 — 6,021 Total revenue $ 145,784 $ 74,591 $ 44,627 $ 1,994 $ 266,996 Timing of Revenue Recognition: Recognized at a point in time $ 145,391 $ 55,181 $ 18,023 $ 1,963 $ 220,558 Recognized over time — 19,357 — — 19,357 Over lease term 393 53 26,604 31 27,081 Total revenue $ 145,784 $ 74,591 $ 44,627 $ 1,994 $ 266,996 Year Ended December 31, 2020 Residential Hospitality Commercial Other Total Revenue by Major Good/Service: Real estate revenue $ 74,137 $ — $ 11,689 $ 1,801 $ 87,627 Hospitality revenue 412 47,366 — — 47,778 Leasing revenue 166 8 18,645 — 18,819 Timber revenue — — 6,331 — 6,331 Total revenue $ 74,715 $ 47,374 $ 36,665 $ 1,801 $ 160,555 Timing of Revenue Recognition: Recognized at a point in time $ 74,549 $ 36,262 $ 18,020 $ 1,801 $ 130,632 Recognized over time — 11,104 — — 11,104 Over lease term 166 8 18,645 — 18,819 Total revenue $ 74,715 $ 47,374 $ 36,665 $ 1,801 $ 160,555 Year Ended December 31, 2019 Residential Hospitality Commercial Other Total Revenue by Major Good/Service: Real estate revenue $ 41,055 $ — $ 19,477 $ 956 $ 61,488 Hospitality revenue 496 45,616 — — 46,112 Leasing revenue 35 104 15,442 — 15,581 Timber revenue — — 3,904 — 3,904 Total revenue $ 41,586 $ 45,720 $ 38,823 $ 956 $ 127,085 Timing of Revenue Recognition: Recognized at a point in time $ 41,551 $ 35,894 $ 23,381 $ 956 $ 101,782 Recognized over time — 9,722 — — 9,722 Over lease term 35 104 15,442 — 15,581 Total revenue $ 41,586 $ 45,720 $ 38,823 $ 956 $ 127,085 |
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements | Recently Adopted Accounting Pronouncements Income Taxes In December 2019, the FASB issued ASU 2019-12, which simplified the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendment also improved consistent application of and simplified GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The Company adopted the new guidance as of January 1, 2021. The adoption of this guidance did not have an impact on the Company’s financial condition, results of operations and cash flows. Investments – Equity Securities, Investments-Equity Method and Joint Ventures and Derivatives and Hedging In January 2020, the FASB issued ASU 2020-01, which clarified the interaction between the accounting standard on recognition and measurement of financial instruments in Topic 321 and Topic 323. The Company adopted the new guidance as of January 1, 2021. The adoption of this guidance did not have a material impact on the Company’s financial condition, results of operations and cash flows. Codification Improvements In October 2020, the FASB issued ASU 2020-10, Company’s financial condition, results of operations and cash flows and did not have a material impact on the disclosures to the financial statements. Recently Issued Accounting Pronouncements Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, that provides temporary optional guidance to ease the potential burden in accounting for or recognizing the effects of reference rate reform on financial reporting. The new guidance provides expedients and exceptions for applying GAAP to contract modifications and hedging relationships affected by reference rate reform if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference LIBOR or another reference rate that is expected to be discontinued due to reference rate reform. In January 2021, the FASB issued ASU 2021-01, which clarifies the original guidance that certain optional expedients and exceptions in contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. This new guidance was effective upon issuance and may be applied prospectively through December 31, 2022, as reference rate activities occur. There is no current impact to the Company from this guidance and the Company is evaluating the impact that the adoption of this guidance will have on its financial condition, results of operations and cash flows. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Significant Accounting Policies | |
Schedule of revenue disaggregated by segment, good or service and timing | The following represents revenue disaggregated by segment, good or service and timing: Year Ended December 31, 2021 Residential Hospitality Commercial Other Total Revenue by Major Good/Service: Real estate revenue $ 144,664 $ — $ 12,002 $ 1,963 $ 158,629 Hospitality revenue 727 74,538 — — 75,265 Leasing revenue 393 53 26,604 31 27,081 Timber revenue — — 6,021 — 6,021 Total revenue $ 145,784 $ 74,591 $ 44,627 $ 1,994 $ 266,996 Timing of Revenue Recognition: Recognized at a point in time $ 145,391 $ 55,181 $ 18,023 $ 1,963 $ 220,558 Recognized over time — 19,357 — — 19,357 Over lease term 393 53 26,604 31 27,081 Total revenue $ 145,784 $ 74,591 $ 44,627 $ 1,994 $ 266,996 Year Ended December 31, 2020 Residential Hospitality Commercial Other Total Revenue by Major Good/Service: Real estate revenue $ 74,137 $ — $ 11,689 $ 1,801 $ 87,627 Hospitality revenue 412 47,366 — — 47,778 Leasing revenue 166 8 18,645 — 18,819 Timber revenue — — 6,331 — 6,331 Total revenue $ 74,715 $ 47,374 $ 36,665 $ 1,801 $ 160,555 Timing of Revenue Recognition: Recognized at a point in time $ 74,549 $ 36,262 $ 18,020 $ 1,801 $ 130,632 Recognized over time — 11,104 — — 11,104 Over lease term 166 8 18,645 — 18,819 Total revenue $ 74,715 $ 47,374 $ 36,665 $ 1,801 $ 160,555 Year Ended December 31, 2019 Residential Hospitality Commercial Other Total Revenue by Major Good/Service: Real estate revenue $ 41,055 $ — $ 19,477 $ 956 $ 61,488 Hospitality revenue 496 45,616 — — 46,112 Leasing revenue 35 104 15,442 — 15,581 Timber revenue — — 3,904 — 3,904 Total revenue $ 41,586 $ 45,720 $ 38,823 $ 956 $ 127,085 Timing of Revenue Recognition: Recognized at a point in time $ 41,551 $ 35,894 $ 23,381 $ 956 $ 101,782 Recognized over time — 9,722 — — 9,722 Over lease term 35 104 15,442 — 15,581 Total revenue $ 41,586 $ 45,720 $ 38,823 $ 956 $ 127,085 |
Investment in real estate, net | |
Significant Accounting Policies | |
Schedule of estimated economic life | Estimated Useful Life (in years) Land N/A Land improvements 15 - 20 Buildings 20 - 40 Building improvements 5 - 25 Timber N/A |
Property and equipment, net | |
Significant Accounting Policies | |
Schedule of estimated economic life | Estimated Useful Life (in years) Railroad and equipment 15 - 30 Furniture and fixtures 5 - 10 Machinery and equipment 3 - 10 Office equipment 5 - 10 Autos, trucks and aircraft 5 - 10 |
Investment in Real Estate (Tabl
Investment in Real Estate (Table) - Investment in real estate, net | 12 Months Ended |
Dec. 31, 2021 | |
Real estate properties | |
Schedule of real estate, excluding unconsolidated JVs, by property type and segment | December 31, December 31, 2021 2020 Development property: Residential $ 122,404 $ 116,911 Hospitality 137,089 51,113 Commercial 85,931 123,389 Other 3,232 2,691 Total development property 348,656 294,104 Operating property: Residential 13,253 13,254 Hospitality 124,449 103,687 Commercial 290,794 216,439 Other 127 129 Total operating property 428,623 333,509 Less: Accumulated depreciation 87,166 75,960 Total operating property, net 341,457 257,549 Investment in real estate, net $ 690,113 $ 551,653 |
Operating property | |
Real estate properties | |
Schedule of property | December 31, December 31, 2021 2020 Land and land improvements $ 111,698 $ 97,031 Buildings and building improvements 303,335 223,095 Timber 13,590 13,383 428,623 333,509 Less: Accumulated depreciation 87,166 75,960 Total operating property, net $ 341,457 $ 257,549 |
Joint Ventures (Tables)
Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Joint Ventures | |
Schedule of financial information of unconsolidated joint ventures | December 31, December 31, 2021 2020 Investment in unconsolidated joint ventures Latitude Margaritaville Watersound JV $ 30,040 $ 24,288 Sea Sound Apartments JV 10,333 10,348 Watersound Fountains Independent Living JV (a) 7,508 — Pier Park TPS JV 1,961 2,149 Busy Bee JV 1,621 1,180 Watersound Management JV (b) 564 — Total investment in unconsolidated joint ventures $ 52,027 $ 37,965 Outstanding debt of unconsolidated JVs Latitude Margaritaville Watersound JV (c) $ 7,147 $ 3,297 Sea Sound Apartments JV 35,047 8,789 Watersound Fountains Independent Living JV 66 — Pier Park TPS JV 14,124 14,388 Busy Bee JV 6,317 6,614 Total outstanding debt of unconsolidated JVs (d) $ 62,701 $ 33,088 (a) JV was formed in April 2021. (b) JV was formed in June 2021. (c) See Note 9. Other Assets for additional information on the $10.0 million secured revolving promissory note the Company entered into with the unconsolidated Latitude Margaritaville Watersound JV. (d) See Note 20. Commitments and Contingencies for additional information. The Company's maximum exposure to loss due to involvement with the unconsolidated joint ventures as of December 31, 2021, was $69.0 million, which includes the carrying amounts of the investments, guarantees, promissory note receivable and derivative instruments. The following table presents detail of the Company’s equity in (loss) income from unconsolidated joint ventures: Year Ended December 31, 2021 2020 2019 Equity in (loss) income from unconsolidated joint ventures Latitude Margaritaville Watersound JV $ (1,861) $ (524) $ (71) Sea Sound Apartments JV (a) (15) — — Pier Park TPS JV 551 (112) (6) Busy Bee JV 441 (30) — Watersound Management JV (b) 19 — — Total equity in loss from unconsolidated joint ventures $ (865) $ (666) $ (77) (a) JV was formed in January 2020. (b) JV was formed in June 2021. Summarized balance sheets for the Company’s unconsolidated JVs are as follows: December 31, 2021 Latitude Margaritaville Watersound JV Sea Sound Apartments JV Watersound Fountains Independent Living JV Pier Park TPS JV Busy Bee JV Watersound Management JV Total ASSETS Investment in real estate $ 54,034 (a) $ 53,775 $ 17,003 $ 16,561 $ 8,005 $ — $ 149,378 Cash and cash equivalents 12,541 760 240 1,913 855 138 16,447 Other assets 1,761 210 187 433 1,044 — 3,635 Total assets $ 68,336 $ 54,745 $ 17,430 $ 18,907 $ 9,904 $ 138 $ 169,460 LIABILITIES AND EQUITY Debt, net $ 7,147 $ 34,834 $ 66 $ 13,839 $ 6,256 $ — $ 62,142 Other liabilities 36,419 2,653 3,408 1,147 405 — 44,032 Equity 24,770 17,258 13,956 3,921 3,243 138 63,286 Total liabilities and equity $ 68,336 $ 54,745 $ 17,430 $ 18,907 $ 9,904 $ 138 $ 169,460 (a) As of December 31, 2021, investment in real estate includes the land contributed to the Latitude Margaritaville Watersound JV at the Company’s historical cost basis of $1.3 million and additional completed infrastructure improvements of $4.8 million . December 31, 2020 Latitude Margaritaville Watersound JV Sea Sound Apartments JV Watersound Fountains Independent Living JV (b) Pier Park TPS JV Busy Bee JV Watersound Management JV (c) Total ASSETS Investment in real estate $ 18,255 (a) $ 29,085 $ — $ 17,946 $ 8,466 $ — $ 73,752 Cash and cash equivalents 1,603 15 — 1,705 227 — 3,550 Other assets 136 — — 483 717 — 1,336 Total assets $ 19,994 $ 29,100 $ — $ 20,134 $ 9,410 $ — $ 78,638 LIABILITIES AND EQUITY Debt, net $ 2,844 $ 8,378 $ — $ 14,090 $ 6,532 $ — $ 31,844 Other liabilities 1,794 3,439 — 1,745 506 — 7,484 Equity 15,356 17,283 — 4,299 2,372 — 39,310 Total liabilities and equity $ 19,994 $ 29,100 $ — $ 20,134 $ 9,410 $ — $ 78,638 (a) As of December 31, 2020, investment in real estate includes the land contributed to the Latitude Margaritaville Watersound JV at the Company’s historical cost basis of $1.3 million and additional completed infrastructure improvements of $1.8 million . (b) JV was formed in April 2021. (c) JV was formed in June 2021. Summarized statements of operations for the Company’s unconsolidated JVs are as follows: Year Ended December 31, 2021 Latitude Margaritaville Watersound JV Sea Sound Apartments JV Watersound Fountains Independent Living JV (a) Pier Park TPS JV Busy Bee JV Watersound Management JV Total Total revenue $ 18,653 $ 1,012 $ — $ 6,474 $ 16,229 $ 511 $ 42,879 Expenses: Cost of revenue 14,931 432 — 2,663 12,958 473 31,457 Other operating expenses 6,802 61 — 302 1,946 — 9,111 Depreciation and amortization 396 343 — 1,434 461 — 2,634 Total expenses 22,129 836 — 4,399 15,365 473 43,202 Operating (loss) income (3,476) 176 — 2,075 864 38 (323) Other (expense) income: Interest expense — (201) — (735) (192) — (1,128) Other income, net — — — 5 198 — 203 Total other (expense) income — (201) — (730) 6 — (925) Net (loss) income $ (3,476) $ (25) $ — $ 1,345 $ 870 $ 38 $ (1,248) (a) The project is under construction with no income or loss impacting the consolidated statement of income for the year ended December 31, 2021. Year Ended December 31, 2020 Latitude Margaritaville Watersound JV Sea Sound Apartments JV (a) Watersound Fountains Independent Living JV (b) Pier Park TPS JV Busy Bee JV Watersound Management JV (c) Total Total revenue $ — $ — $ — $ 2,338 $ 5,846 $ — $ 8,184 Expenses: Cost of revenue — — — 1,209 4,364 — 5,573 Other operating expenses 980 — — 161 1,057 — 2,223 Depreciation and amortization 25 — — 962 229 1,191 Total expenses 1,005 — — 2,332 5,650 — 8,987 Operating (loss) income (1,005) — — 6 196 — (803) Other expense: Interest expense — — — (230) (99) — (329) Other expense, net — — — — (145) — (145) Total other expense — — — (230) (244) — (474) Net loss $ (1,005) $ — $ — $ (224) $ (48) $ — $ (1,277) (a) The project is under construction with no income or loss impacting the consolidated statement of income for the year ended December 31, 2020. (b) JV was formed in April 2021. (c) JV was formed in June 2021. Year Ended December 31, 2019 Latitude Margaritaville Watersound JV Sea Sound Apartments JV (a) Watersound Fountains Independent Living JV (b) Pier Park TPS JV Busy Bee JV (c) Watersound Management JV (d) Total Total revenue $ — $ — $ — $ — $ — $ — $ — Total expenses 142 — — — — — 142 Operating loss (142) — — — — — (142) Total other expense — — — (13) — — (13) Net loss $ (142) $ — $ — $ (13) $ — $ — $ (155) (a) JV was formed in January 2020. (b) JV was formed in April 2021. (c) The project was under construction with no income or loss impacting the consolidated statement of income for the year ended December 31, 2019. (d) JV was formed in June 2021. |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Investments | |
Schedule of Investments | December 31, 2021 Gross Unrealized Gross Unrealized Amortized Cost Gains (Losses) Fair Value Investments - debt securities: U.S. Treasury Bills $ 88,966 $ 1 $ (11) $ 88,956 December 31, 2020 Gross Unrealized Gross Unrealized Amortized Cost Gains (Losses) Fair Value Investments - debt securities: U.S. Treasury Bills $ 47,986 $ 5 $ — $ 47,991 Corporate debt securities 60 — — 60 48,046 5 — 48,051 Restricted investments: Short-term bond 1,160 11 — 1,171 1,160 11 — 1,171 $ 49,206 $ 16 $ — $ 49,222 |
Schedule of Unrealized Loss Position and Related Fair Value of Investments | December 31, 2021 December 31, 2020 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 $ 43,959 $ 11 $ — $ — $ — $ — $ — $ — |
Schedule of Contractual Maturities of Investments | December 31, 2021 Amortized Cost Fair Value Due in one year or less $ 88,966 $ 88,956 |
Financial Instruments and Fai_2
Financial Instruments and Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Financial Instruments and Fair Value Measurements | |
Schedule of financial instruments measured at fair value on recurring basis | The financial instruments measured at fair value on a recurring basis are as follows: December 31, 2021 Total Fair Level 1 Level 2 Level 3 Value Cash equivalents: Money market funds $ 40,412 $ — $ — $ 40,412 U.S. Treasury Bills 4,000 — — 4,000 44,412 — — 44,412 Investments - debt securities: U.S. Treasury Bills 88,956 — — 88,956 88,956 — — 88,956 Investments - equity securities: Preferred stock — 450 — 450 — 450 — 450 $ 133,368 $ 450 $ — $ 133,818 December 31, 2020 Total Fair Level 1 Level 2 Level 3 Value Cash equivalents: Money market funds $ 10,973 $ — $ — $ 10,973 U.S. Treasury Bills 78,991 — — 78,991 89,964 — — 89,964 Investments - debt securities: U.S. Treasury Bills 47,991 — — 47,991 Corporate debt securities — 60 — 60 47,991 60 — 48,051 Investments - equity securities: Preferred stock — 2,623 — 2,623 — 2,623 — 2,623 Restricted investments: Short-term bond 1,171 — — 1,171 1,171 — — 1,171 $ 139,126 $ 2,683 $ — $ 141,809 |
Schedule of assets and liabilities measured at fair value on a recurring basis related to interest rate swap agreements designated as cash flow hedges | Fixed Notional Fair Location in Effective Maturity Interest Amount as of Derivative Asset (Liability) Fair Value Value Consolidated Description Date Date Rate December 31, 2021 December 31, 2021 December 31, 2020 Level Balance Sheets In Millions In Thousands Pier Park Resort Hotel JV Loan (a) 12/10/2022 4/12/2027 3.2% $ 42.0 $ 558 $ — 2 Other assets Watercrest JV Loan (a) 6/1/2021 6/1/2024 4.4% $ 20.0 $ (634) $ (1,172) 2 Other liabilities Pier Park TPS JV Loan (b) 1/14/2021 1/14/2026 5.2% $ 14.1 $ (436) $ (821) 2 Investment in unconsolidated joint ventures (a) See Note 11. 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 liability 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 income (loss) and reclassified into equity in loss from unconsolidated joint ventures in the period during which the hedged transaction affects earnings. See Note 4. Joint Ventures and Note 20. Commitments and Contingencies for additional information. |
Summary of effect of derivative instruments on consolidated statements of income and consolidated statements of comprehensive income | Year Ended December 31, 2021 2020 2019 Amount of gain (loss) recognized in other comprehensive income (loss) on derivatives $ 1,061 $ (1,657) $ (336) Amount of loss reclassified into interest expense $ 247 $ — $ — Amount of loss reclassified into equity in loss from unconsolidated joint ventures $ 173 $ — $ — |
Schedule of carrying amount and estimated fair value of financial instruments measured on nonrecurring basis | December 31, 2021 December 31, 2020 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 $ 5,132 $ 5,475 1 $ 5,759 $ 6,363 1 Senior Notes held by SPE $ 177,566 $ 204,802 3 $ 177,289 $ 216,363 3 Debt Fixed-rate debt $ 129,532 $ 126,722 2 $ 114,125 $ 116,509 2 Variable-rate debt 97,942 97,942 2 47,293 47,293 2 Total debt $ 227,474 $ 224,664 $ 161,418 $ 163,802 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases | |
Schedule of components of leasing revenue | Year Ended December 31, 2021 2020 2019 Leasing revenue Lease payments $ 22,256 $ 14,710 $ 11,637 Variable lease payments 4,825 4,109 3,944 Total leasing revenue $ 27,081 $ 18,819 $ 15,581 |
Schedule of minimum future base rental revenue | 2022 $ 19,075 2023 11,579 2024 9,260 2025 6,434 2026 4,904 Thereafter 17,950 $ 69,202 |
Schedule of lease cost | Year Ended December 31, 2021 2020 2019 Lease cost Finance lease cost: Amortization of right-of-use assets $ 114 $ 57 $ 40 Interest on lease liability 18 11 9 Operating lease cost 308 289 238 Short-term lease cost 1,476 1,016 721 Total lease cost $ 1,916 $ 1,373 $ 1,008 Other information Weighted-average remaining lease term - finance lease (in years) 3.6 3.9 4.2 Weighted-average remaining lease term - operating leases (in years) 3.3 3.9 3.1 Weighted-average discount rate - finance lease 4.6 % 5.0 % 5.0 % Weighted-average discount rate - operating leases 4.9 % 4.9 % 5.0 % |
Schedule of aggregate payments of finance lease liability | The aggregate payments of finance and operating lease liabilities subsequent to December 31, 2021, for the years ending December 31 are: Finance Leases Operating Leases 2022 $ 133 $ 261 2023 133 220 2024 86 108 2025 50 51 2026 6 12 Thereafter — 269 Total 408 921 Less imputed interest (28) (189) Total lease liabilities $ 380 $ 732 |
Schedule of aggregate payments of operating lease liabilities | Year Ended December 31, 2021 2020 2019 Lease cost Finance lease cost: Amortization of right-of-use assets $ 114 $ 57 $ 40 Interest on lease liability 18 11 9 Operating lease cost 308 289 238 Short-term lease cost 1,476 1,016 721 Total lease cost $ 1,916 $ 1,373 $ 1,008 Other information Weighted-average remaining lease term - finance lease (in years) 3.6 3.9 4.2 Weighted-average remaining lease term - operating leases (in years) 3.3 3.9 3.1 Weighted-average discount rate - finance lease 4.6 % 5.0 % 5.0 % Weighted-average discount rate - operating leases 4.9 % 4.9 % 5.0 % The aggregate payments of finance and operating lease liabilities subsequent to December 31, 2021, for the years ending December 31 are: Finance Leases Operating Leases 2022 $ 133 $ 261 2023 133 220 2024 86 108 2025 50 51 2026 6 12 Thereafter — 269 Total 408 921 Less imputed interest (28) (189) Total lease liabilities $ 380 $ 732 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Assets | |
Schedule of Other Assets | December 31, December 31, 2021 2020 Restricted investments $ — $ 1,171 Investments - equity securities 450 2,623 Accounts receivable, net 13,813 10,791 Homesite sales receivable 7,651 5,675 Notes receivable, net 12,377 10,877 Inventory 2,797 2,026 Prepaid expenses 7,175 7,135 Straight-line rent 2,489 3,174 Operating lease right-of-use assets 732 808 Other assets 5,987 5,743 Retained interest investments 13,826 12,905 Accrued interest receivable for Senior Notes held by SPE 2,938 2,938 Total other assets $ 70,235 $ 65,866 |
Schedule of Lot Sales Receivable | Increases Due To Balance Revenue Recognized Decreases Due to Balance January 1, 2021 for Homesites Sold Amounts Received December 31, 2021 Homesite sales receivable $ 5,675 $ 7,213 $ (5,237) $ 7,651 Increases Due To Balance Revenue Recognized Decreases Due to Balance January 1, 2020 for Homesites Sold Amounts Received December 31, 2020 Homesite sales receivable $ 5,211 $ 3,854 $ (3,390) $ 5,675 |
Schedule of Notes Receivable, Net | December 31, December 31, 2021 2020 Interest bearing revolving promissory note with the unconsolidated Latitude Margaritaville Watersound JV, secured by the JV's real property — bearing interest at a rate of 5.0%, matures June 2025 $ 7,075 $ 2,714 Various interest bearing homebuilder notes, secured by the real estate sold — bearing interest at a rate of 5.5%, due September 2022 through May 2023 4,824 7,544 Interest bearing notes with JV partners, secured by the partners' membership interest in the JVs — bearing interest at a rate of 8.0%, due May 2039 359 556 Non-interest bearing note with a tenant for tenant improvements, due October 2025 76 — Various mortgage notes, secured by certain real estate, bearing interest at rates of 4.4% to 5.2% due December 2022 through November 2023 43 63 Total notes receivable, net $ 12,377 $ 10,877 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property and equipment, net | |
Property, plant and equipment | |
Schedule of property and equipment, net | December 31, December 31, 2021 2020 Railroad and equipment $ 33,627 $ 33,626 Furniture and fixtures 25,556 22,601 Machinery and equipment 23,058 13,502 Office equipment 4,865 4,607 Autos, trucks and aircraft 6,773 6,240 93,879 80,576 Less: Accumulated depreciation 64,251 60,433 29,628 20,143 Construction in progress 1,517 703 Total property and equipment, net $ 31,145 $ 20,846 |
Debt, Net (Tables)
Debt, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt, Net | |
Schedule of Debt | Debt consists of the following: December 31, 2021 December 31, 2020 Unamortized Unamortized Discount and Discount and Debt Issuance Debt Issuance Principal Costs Net Principal Costs Net PPN JV Loan, due November 2025, bearing interest at 4.1% $ 43,582 $ 248 $ 43,334 $ 44,568 $ 314 $ 44,254 Watersound Origins Crossings JV Loan, due May 2024, bearing interest at 5.0% 37,897 248 37,649 27,179 351 26,828 PPC JV Loan, insured by HUD, due June 2060, bearing interest at 3.1% as of December 31, 2021 35,670 1,056 34,614 36,084 1,079 35,005 Watercrest JV Loan, due June 2047, bearing interest at LIBOR plus 2.2% and swapped to a fixed rate of 4.4% 20,053 327 19,726 18,066 284 17,782 PPC II JV Loan, due October 2024, bearing interest at LIBOR plus 2.1% (effective rate of 2.2% at December 31, 2021) 17,374 147 17,227 15,921 198 15,723 Airport Hotel Loan, due March 2025, bearing interest at LIBOR plus 2.0%, with a floor rate of 3.0% (effective rate of 3.0% at December 31, 2021) 14,642 128 14,514 3,548 168 3,380 Pier Park Resort Hotel JV Loan, due April 2027, bearing interest at LIBOR plus 2.2% (effective rate of 2.3% at December 31, 2021) 14,650 964 13,686 — — — Breakfast Point Hotel Loan, due November 2042, bearing interest at LIBOR plus 2.8%, with a floor rate of 3.8% (effective rate of 3.8% at December 31, 2021) 11,843 191 11,652 — — — The Lodge 30A JV Loan, due January 2028, bearing interest at 3.8% 7,474 179 7,295 — — — Beckrich Building III Loan, due August 2029, bearing interest at LIBOR plus 1.7% (effective rate of 1.8% at December 31, 2021) 5,188 52 5,136 5,421 59 5,362 Community Development District debt, secured by certain real estate or other collateral, due May 2022 through May 2039, bearing interest at 3.6% to 6.0% 4,909 — 4,909 6,294 — 6,294 Self-Storage Facility Loan, due November 2025, bearing interest at LIBOR plus 2.4%, with a floor rate of 2.9% (effective rate of 2.9% at December 31, 2021) 4,666 70 4,596 — — — Watersound Camp Creek Loan, due December 2047, bearing interest at LIBOR plus 2.1%, with a floor rate of 2.6% (effective rate of 2.6% at December 31, 2021) 3,437 382 3,055 — — — Beach Homes Loan, due May 2029, bearing interest at LIBOR plus 1.7% (effective rate of 1.8% at December 31, 2021) 1,492 15 1,477 1,545 17 1,528 Pier Park Outparcel Loan, due March 2027, bearing interest at LIBOR plus 1.7% (effective rate of 1.8% at December 31, 2021) 1,370 10 1,360 1,458 12 1,446 North Bay Landing Apartments Loan, due September 2024, bearing interest at LIBOR plus 2.5%, with a floor rate of 3.2% (effective rate of 3.2% at December 31, 2021) 1,342 254 1,088 — — — WaterColor Crossings Loan, due February 2029, bearing interest at LIBOR plus 1.7% (effective rate of 1.8% at December 31, 2021) 1,265 18 1,247 1,334 21 1,313 Watersound Town Center Grocery Loan, due August 2031, bearing interest at LIBOR plus 2.0%, with a floor rate of 2.2% (effective rate of 2.2% at December 31, 2021) 620 151 469 — — — Total debt $ 227,474 $ 4,440 $ 223,034 $ 161,418 $ 2,503 $ 158,915 |
Schedule of Aggregate Maturities of Debt | The aggregate maturities of debt subsequent to December 31, 2021 are: December 31, 2021 2022 $ 3,627 2023 5,660 2024 60,330 2025 62,655 2026 3,809 Thereafter 91,393 $ 227,474 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Liabilities | |
Schedule of Other Liabilities | December 31, December 31, 2021 2020 Accounts payable $ 48,597 $ 25,376 Finance lease liabilities 380 316 Operating lease liabilities 732 808 Accrued compensation 4,877 3,337 Other accrued liabilities 4,807 6,892 Deferred revenue 13,357 16,632 Club initiation fees 22,850 10,716 Club membership deposits 3,602 3,764 Advance deposits 2,140 1,344 Accrued interest expense for Senior Notes held by SPE 2,850 2,850 Total other liabilities $ 104,192 $ 72,035 |
Schedule of changes in club initiation fees related to contracts with customers | December 31, 2021 December 31, 2020 Balance at beginning of year $ 10,716 $ 6,917 New club memberships 16,804 6,268 Revenue from amounts included in contract liability opening balance (3,037) (2,062) Revenue from current period new memberships (1,633) (407) Balance at end of year $ 22,850 $ 10,716 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Taxes | |
Schedule of current and deferred income tax expense (benefit) | Year Ended December 31, 2021 2020 2019 Current: Federal $ 9,005 $ 5,146 $ 1,070 State — — — Total 9,005 5,146 1,070 Deferred: Federal 12,120 6,321 5,903 State 3,857 2,203 2,474 Total 15,977 8,524 8,377 Income tax expense $ 24,982 $ 13,670 $ 9,447 |
Summary of income tax expense (benefit) allocated in consolidated financial statements | Year Ended December 31, 2021 2020 2019 Income tax expense $ 24,982 $ 13,670 $ 9,447 Income tax recorded in accumulated other comprehensive loss Income tax expense (benefit) 367 (386) 116 Total income tax expense $ 25,349 $ 13,284 $ 9,563 |
Schedule of effective income tax rate reconciliation | Year Ended December 31, 2021 2020 2019 Tax at the statutory federal rate $ 20,902 $ 12,385 $ 7,607 State income taxes (net of federal benefit) 3,581 2,203 1,477 Increase in valuation allowance 275 — — Change in US and State tax rates 458 — 1,006 Income tax credits (186) (454) — Benefit of Qualified Opportunity Zone investments (195) (161) (561) Dividend received deduction — (33) (188) Other permanent items 147 (270) 106 Total income tax expense $ 24,982 $ 13,670 $ 9,447 |
Schedule of deferred tax assets and liabilities | December 31, December 31, 2021 2020 Deferred tax assets: State net operating loss carryforwards $ 10,617 $ 13,355 Impairment losses 28,496 33,660 Prepaid income from land sales 6,177 3,812 Capital loss carryforwards 4,090 — Capitalized costs 2,462 2,851 Reserves and accruals 1,950 1,586 Unrealized losses on investments 359 3,403 Other 1,446 765 Total gross deferred tax assets 55,597 59,432 Valuation allowance (305) — Total net deferred tax assets 55,292 59,432 Deferred tax liabilities: Investment in real estate and property and equipment basis differences 14,014 5,929 Deferred gain on land sales and involuntary conversions 33,643 29,101 Installment sales 83,498 83,337 Pension Plan assets transferred to the 401(k) plan — 287 Other 1,396 1,693 Total gross deferred tax liabilities 132,551 120,347 Net deferred tax liabilities $ (77,259) $ (60,915) |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accumulated Other Comprehensive Loss | |
Summary of Changes in Accumulated Other Comprehensive Loss | Unrealized (Loss) Gain Unrealized on Available-for- (Loss) Gain Sale Securities Cash Flow Hedges Total Accumulated other comprehensive loss at December 31, 2019 $ (84) $ (251) $ (335) Other comprehensive income (loss) before reclassifications 103 (1,237) (1,134) Amounts reclassified from accumulated other comprehensive loss (3) — (3) Other comprehensive income (loss) 100 (1,237) (1,137) Accumulated other comprehensive income (loss) at December 31, 2020 $ 16 $ (1,488) $ (1,472) Other comprehensive (loss) income before reclassifications (12) 792 780 Amounts reclassified from accumulated other comprehensive (loss) income (11) 314 303 Other comprehensive (loss) income (23) 1,106 1,083 Accumulated other comprehensive loss at December 31, 2021 $ (7) $ (382) $ (389) |
Summary of Tax Effects Allocated to Other Comprehensive Income | Year Ended December 31, 2021 Before- Tax Benefit Net-of- Tax Amount (Expense) Tax Amount Unrealized loss on available-for-sale investments $ (16) $ 4 $ (12) Interest rate swaps 848 (215) 633 Interest rate swap - unconsolidated joint venture 213 (54) 159 Reclassification adjustment for net loss included in earnings 405 (102) 303 Net unrealized gain 1,450 (367) 1,083 Other comprehensive income $ 1,450 $ (367) $ 1,083 Year Ended December 31, 2020 Before- Tax (Expense) Net-of- Tax Amount Benefit Tax Amount Unrealized gain on available-for-sale investments $ 130 $ (33) $ 97 Unrealized gain on restricted investments 8 (2) 6 Interest rate swaps (836) 212 (624) Interest rate swap - unconsolidated joint venture (821) 208 (613) Reclassification adjustment for net gain included in earnings (4) 1 (3) Net unrealized loss (1,523) 386 (1,137) Other comprehensive loss $ (1,523) $ 386 $ (1,137) |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Stock Based Compensation | |
Stock-Based Compensation Recognized as Expense | Year Ended December 31, 2021 2020 2019 Stock compensation expense before tax benefit $ — $ 45 $ 77 Income tax benefit — (11) (19) $ — $ 34 $ 58 |
Other Income, Net - (Tables)
Other Income, Net - (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Income, Net | |
Schedule of Other Income (Expense), Net | Year Ended December 31, 2021 2020 2019 Investment income, net Interest, dividend and accretion income $ 157 $ 1,194 $ 7,459 Net realized gain (loss) on the sale of investments 17 (48) 87 Unrealized loss on investments, net (1,872) (4,688) (5,342) Interest income from investments in SPEs 8,078 8,180 8,190 Interest earned on notes receivable and other interest 874 345 320 Total investment income, net 7,254 4,983 10,714 Interest expense Interest expense and amortization of discount and issuance costs for Senior Notes issued by SPE (8,827) (8,813) (8,801) Other interest expense (7,027) (4,751) (3,501) Total interest expense (15,854) (13,564) (12,302) Gain on contribution to unconsolidated joint ventures 3,558 19,983 2,317 Other income (expense), net Accretion income from retained interest investments 1,532 1,391 1,325 Gain on insurance recovery 4,853 690 5,314 Loss from hurricane damage (56) (1,123) (2,704) Miscellaneous income, net 3,852 371 198 Other income, net 10,181 1,329 4,133 Total other income, net $ 5,139 $ 12,731 $ 4,862 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Information | |
Schedule of Information by Business Segment | Year Ended December 31, 2021 2020 2019 Operating revenue: Residential $ 145,784 $ 74,715 $ 41,586 Hospitality 74,591 47,374 45,720 Commercial 44,627 36,665 38,823 Other 1,994 1,801 956 Consolidated operating revenue $ 266,996 $ 160,555 $ 127,085 Cost of revenue: Cost of residential revenue $ 57,842 $ 30,359 $ 20,492 Cost of hospitality revenue 57,494 34,670 33,924 Cost of commercial revenue 14,440 12,228 9,593 Cost of other revenue 1,538 519 77 Consolidated cost of revenue $ 131,314 $ 77,776 $ 64,086 Corporate and other operating expenses: Residential $ 4,872 $ 5,283 $ 4,873 Hospitality 919 1,180 838 Commercial 3,980 3,681 3,479 Other 13,252 12,762 12,199 Consolidated corporate and other operating expenses $ 23,023 $ 22,906 $ 21,389 Depreciation, depletion and amortization: Residential $ 351 $ 318 $ 283 Hospitality 6,966 4,638 4,579 Commercial 10,490 6,987 5,253 Other 395 845 172 Consolidated depreciation, depletion and amortization $ 18,202 $ 12,788 $ 10,287 Investment income, net: Residential and commercial $ 874 $ 298 $ 184 Other (a) 6,380 4,685 10,530 Consolidated investment income, net $ 7,254 $ 4,983 $ 10,714 Interest expense: Residential $ 581 $ 683 $ 717 Hospitality 488 222 30 Commercial 5,949 3,836 2,739 Other (b) 8,836 8,823 8,816 Consolidated interest expense $ 15,854 $ 13,564 $ 12,302 Gain on contribution to unconsolidated joint ventures: Residential (c) $ 503 $ 15,706 $ — Commercial (d) (e) (f) 3,055 3,949 2,244 Other — 328 73 Consolidated gain on contribution to unconsolidated joint ventures $ 3,558 $ 19,983 $ 2,317 Other income (expense), net: Residential $ 113 $ (22) $ (217) Hospitality 635 575 225 Commercial (g) 3,722 51 1,190 Other (h) 5,711 725 2,935 Other income, net $ 10,181 $ 1,329 $ 4,133 Income (loss) before equity in loss from unconsolidated joint ventures and income taxes: Residential (c) $ 83,582 $ 53,998 $ 15,144 Hospitality 9,359 7,238 6,574 Commercial (d) (e) (f) (g) 16,591 13,988 21,239 Other (h) (9,936) (15,408) (6,772) Consolidated income before equity in loss from unconsolidated joint ventures and income taxes $ 99,596 $ 59,816 $ 36,185 Equity in (loss) income from unconsolidated joint ventures: Residential $ (1,861) $ (524) $ (71) Commercial 996 (142) (6) Consolidated equity in loss from unconsolidated joint ventures $ (865) $ (666) $ (77) Capital expenditures: Residential $ 52,838 $ 33,634 $ 28,639 Hospitality 101,686 42,770 15,923 Commercial 45,843 85,070 69,219 Other 452 769 505 Total capital expenditures $ 200,819 $ 162,243 $ 114,286 December 31, December 31, 2021 2020 Investment in unconsolidated joint ventures: Residential $ 30,039 $ 24,287 Commercial 21,988 13,678 Total investment in unconsolidated joint ventures $ 52,027 $ 37,965 Total assets: Residential $ 195,142 $ 172,610 Hospitality 256,751 146,724 Commercial 375,266 332,649 Other 380,992 385,341 Total assets $ 1,208,151 $ 1,037,324 (a) Includes interest income from investments in SPEs of $8.1 million in 2021 and $8.2 million in each 2020 and 2019. (b) Includes interest expense from Senior Notes issued by SPE of $8.8 million in each 2021, 2020 and 2019. (c) Includes a gain of $15.7 million in 2020 on land and additional infrastructure improvements contributed to the unconsolidated Latitude Watersound Margaritaville 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 a gain of $3.9 million in 2020 on land contributed to the unconsolidated Sea Sound Apartments JV. See Note 4. Joint Ventures and Note 18. Other Income, Net for additional information. (f) Includes a gain of $0.8 million in 2019 on land contributed to the Company’s unconsolidated Busy Bee JV and a gain of $1.4 million in 2019 on land contributed to the Company’s unconsolidated Pier Park TPS JV. See Note 4. Joint Ventures and Note 18. Other Income, Net for additional information. (g) Includes $3.6 million in 2021 received from the Florida Division of Emergency Management’s TRBG program. See Note 7. Hurricane Michael and Note 18. Other Income, Net for additional information. (h) Includes gain on insurance recovery of $4.9 million, $0.7 million and $5.3 million in 2021, 2020 and 2019, respectively, related to Hurricane Michael. In addition, includes loss from hurricane damage of $0.1 million, $1.1 million and $2.7 million 2021, 2020 and 2019, respectively, related to Hurricane Michael. See Note 7. Hurricane Michael for additional information. |
Nature of Operations - Real Est
Nature of Operations - Real Estate Assets (Details) | 12 Months Ended |
Dec. 31, 2021segmentitem | |
Real estate | |
Number of reportable segments | 3 |
Florida's Bay, Gulf, and Walton counties | |
Real estate | |
Percentage of real estate within geographical region | 86.00% |
Within fifteen miles of the Gulf of Mexico | |
Real estate | |
Percentage of real estate within geographical region | 90.00% |
Maximum | Within fifteen miles of the Gulf of Mexico | |
Real estate | |
Miles real estate is located from Gulf of Mexico | item | 15 |
Commercial leasing and sales | |
Real estate | |
Number of reportable segments | 1 |
Significant Accounting Polici_4
Significant Accounting Policies - Investment in Real Estate (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Land improvements | Minimum | |
Real estate | |
Estimated useful life (in years) | 15 years |
Land improvements | Maximum | |
Real estate | |
Estimated useful life (in years) | 20 years |
Buildings | Minimum | |
Real estate | |
Estimated useful life (in years) | 20 years |
Buildings | Maximum | |
Real estate | |
Estimated useful life (in years) | 40 years |
Building improvements | Minimum | |
Real estate | |
Estimated useful life (in years) | 5 years |
Building improvements | Maximum | |
Real estate | |
Estimated useful life (in years) | 25 years |
Significant Accounting Polici_5
Significant Accounting Policies - Timber Inventory (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Significant Accounting Policies | |
Timber holdings valuation sample (as a percent) | 20.00% |
Significant Accounting Polici_6
Significant Accounting Policies - Receivables (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Significant Accounting Policies | |
Receivables, write off period | 90 days |
Significant Accounting Polici_7
Significant Accounting Policies - Property and Equipment, Net (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Railroad and equipment | Minimum | |
Property, plant and equipment | |
Estimated useful life (in years) | 15 years |
Railroad and equipment | Maximum | |
Property, plant and equipment | |
Estimated useful life (in years) | 30 years |
Furniture and fixtures | Minimum | |
Property, plant and equipment | |
Estimated useful life (in years) | 5 years |
Furniture and fixtures | Maximum | |
Property, plant and equipment | |
Estimated useful life (in years) | 10 years |
Machinery and equipment | Minimum | |
Property, plant and equipment | |
Estimated useful life (in years) | 3 years |
Machinery and equipment | Maximum | |
Property, plant and equipment | |
Estimated useful life (in years) | 10 years |
Office equipment | Minimum | |
Property, plant and equipment | |
Estimated useful life (in years) | 5 years |
Office equipment | Maximum | |
Property, plant and equipment | |
Estimated useful life (in years) | 10 years |
Autos, trucks and aircraft | Minimum | |
Property, plant and equipment | |
Estimated useful life (in years) | 5 years |
Autos, trucks and aircraft | Maximum | |
Property, plant and equipment | |
Estimated useful life (in years) | 10 years |
Significant Accounting Polici_8
Significant Accounting Policies - Concentrations (Details) $ in Thousands | Dec. 31, 2021USD ($)issuer | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Concentration risk | |||
Cash and cash equivalents | $ 70,162 | $ 106,794 | $ 185,716 |
Investments - debt securities | 88,956 | 48,051 | |
Investments - equity securities | 450 | 2,623 | |
Preferred stock | |||
Concentration risk | |||
Investments - equity securities | 500 | $ 2,600 | |
Credit concentration risk | Assets | |||
Concentration risk | |||
Cash amount not insured by FDIC | 21,500 | ||
Credit concentration risk | Assets | U.S. Treasury Bills | |||
Concentration risk | |||
Cash and cash equivalents | 4,000 | ||
Credit concentration risk | Assets | U.S. Treasury Bills | External Credit Rating, Non Investment Grade | |||
Concentration risk | |||
Investments - debt securities | 89,000 | ||
Credit concentration risk | Assets | Money market fund | |||
Concentration risk | |||
Cash and cash equivalents | 40,400 | ||
Credit concentration risk | Assets | Preferred stock | External Credit Rating, Non Investment Grade | |||
Concentration risk | |||
Investments - equity securities | $ 500 | ||
Number of issuers | issuer | 2 |
Significant Accounting Polici_9
Significant Accounting Policies - EPS (Details) - shares | Dec. 31, 2021 | Dec. 31, 2020 |
Significant Accounting Policies | ||
Common stock equivalents (in shares) | 0 | 0 |
Significant Accounting Polic_10
Significant Accounting Policies - Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Real Estate | |||
Disaggregation of revenue | |||
Revenue | $ 158,629 | $ 87,627 | $ 61,488 |
Homebuilder Homesite Sales, Lot Residuals | |||
Disaggregation of revenue | |||
Revenue | 4,800 | 1,900 | 2,500 |
Homebuilder homesite sales, Certain products and services | |||
Disaggregation of revenue | |||
Revenue | $ 2,400 | $ 1,900 | $ 2,300 |
Significant Accounting Polic_11
Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation of revenue | |||
Leasing revenue | $ 27,081 | $ 18,819 | $ 15,581 |
Total revenue | 266,996 | 160,555 | 127,085 |
Recognized at a point in time | |||
Disaggregation of revenue | |||
Revenue | 220,558 | 130,632 | 101,782 |
Recognized over time | |||
Disaggregation of revenue | |||
Revenue | 19,357 | 11,104 | 9,722 |
Real Estate | |||
Disaggregation of revenue | |||
Revenue | 158,629 | 87,627 | 61,488 |
Homebuilder Homesite Sales, Lot Residuals | |||
Disaggregation of revenue | |||
Revenue | 4,800 | 1,900 | 2,500 |
Homebuilder homesite sales, Certain products and services | |||
Disaggregation of revenue | |||
Revenue | 2,400 | 1,900 | 2,300 |
Hospitality | |||
Disaggregation of revenue | |||
Revenue | 75,265 | 47,778 | 46,112 |
Timber | |||
Disaggregation of revenue | |||
Revenue | 6,021 | 6,331 | 3,904 |
Operating Segments | Residential real estate | |||
Disaggregation of revenue | |||
Leasing revenue | 393 | 166 | 35 |
Total revenue | 145,784 | 74,715 | 41,586 |
Operating Segments | Residential real estate | Recognized at a point in time | |||
Disaggregation of revenue | |||
Revenue | 145,391 | 74,549 | 41,551 |
Operating Segments | Residential real estate | Real Estate | |||
Disaggregation of revenue | |||
Revenue | 144,664 | 74,137 | 41,055 |
Operating Segments | Residential real estate | Hospitality | |||
Disaggregation of revenue | |||
Revenue | 727 | 412 | 496 |
Operating Segments | Hospitality Segment | |||
Disaggregation of revenue | |||
Leasing revenue | 53 | 8 | 104 |
Total revenue | 74,591 | 47,374 | 45,720 |
Operating Segments | Hospitality Segment | Recognized at a point in time | |||
Disaggregation of revenue | |||
Revenue | 55,181 | 36,262 | 35,894 |
Operating Segments | Hospitality Segment | Recognized over time | |||
Disaggregation of revenue | |||
Revenue | 19,357 | 11,104 | 9,722 |
Operating Segments | Hospitality Segment | Hospitality | |||
Disaggregation of revenue | |||
Revenue | 74,538 | 47,366 | 45,616 |
Operating Segments | Commercial leasing and sales | |||
Disaggregation of revenue | |||
Leasing revenue | 26,604 | 18,645 | 15,442 |
Total revenue | 44,627 | 36,665 | 38,823 |
Operating Segments | Commercial leasing and sales | Recognized at a point in time | |||
Disaggregation of revenue | |||
Revenue | 18,023 | 18,020 | 23,381 |
Operating Segments | Commercial leasing and sales | Real Estate | |||
Disaggregation of revenue | |||
Revenue | 12,002 | 11,689 | 19,477 |
Operating Segments | Commercial leasing and sales | Timber | |||
Disaggregation of revenue | |||
Revenue | 6,021 | 6,331 | 3,904 |
Corporate And Reconciling Items [Member] | |||
Disaggregation of revenue | |||
Leasing revenue | 31 | ||
Total revenue | 1,994 | 1,801 | 956 |
Corporate And Reconciling Items [Member] | Recognized at a point in time | |||
Disaggregation of revenue | |||
Revenue | 1,963 | 1,801 | 956 |
Corporate And Reconciling Items [Member] | Real Estate | |||
Disaggregation of revenue | |||
Revenue | $ 1,963 | $ 1,801 | $ 956 |
Significant Accounting Polic_12
Significant Accounting Policies - Recently Issued Accounting Pronouncements (Details) | Jan. 01, 2021 |
ASU 2019-12 | |
New accounting pronouncements or change in accounting principle | |
Change in Accounting Principle, Accounting Standards Update, Adopted | true |
ASU 2020-01 | |
New accounting pronouncements or change in accounting principle | |
Change in Accounting Principle, Accounting Standards Update, Adopted | true |
ASU 2020-10 | |
New accounting pronouncements or change in accounting principle | |
Change in Accounting Principle, Accounting Standards Update, Adopted | true |
Investment in Real Estate - Rea
Investment in Real Estate - Real Estate by Property Type and Segment (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Real estate properties | ||
Less: Accumulated depreciation | $ 87,166 | |
Investment in real estate, net | 690,113 | $ 551,653 |
Development property | ||
Real estate properties | ||
Investment in real estate, net | 348,656 | 294,104 |
Development property | Other | ||
Real estate properties | ||
Investment in real estate, net | 3,232 | 2,691 |
Development property | Residential real estate | Operating Segments | ||
Real estate properties | ||
Investment in real estate, net | 122,404 | 116,911 |
Development property | Hospitality | Operating Segments | ||
Real estate properties | ||
Investment in real estate, net | 137,089 | 51,113 |
Development property | Commercial leasing and sales | Operating Segments | ||
Real estate properties | ||
Investment in real estate, net | 85,931 | 123,389 |
Operating property | ||
Real estate properties | ||
Operating property | 428,623 | 333,509 |
Less: Accumulated depreciation | 87,166 | 75,960 |
Investment in real estate, net | 341,457 | 257,549 |
Operating property | Other | ||
Real estate properties | ||
Operating property | 127 | 129 |
Operating property | Residential real estate | Operating Segments | ||
Real estate properties | ||
Operating property | 13,253 | 13,254 |
Operating property | Hospitality | Operating Segments | ||
Real estate properties | ||
Operating property | 124,449 | 103,687 |
Operating property | Commercial leasing and sales | Operating Segments | ||
Real estate properties | ||
Operating property | $ 290,794 | $ 216,439 |
Investment in Real Estate - Ope
Investment in Real Estate - Operating Property (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Real estate properties | ||
Less: Accumulated depreciation | $ 87,166 | |
Investment in real estate, net | 690,113 | $ 551,653 |
Operating property, net related to operating leases | 230,000 | 161,100 |
Operating property | ||
Real estate properties | ||
Investment in real estate | 428,623 | 333,509 |
Less: Accumulated depreciation | 87,166 | 75,960 |
Investment in real estate, net | 341,457 | 257,549 |
Operating property | Land and land improvements | ||
Real estate properties | ||
Investment in real estate | 111,698 | 97,031 |
Operating property | Building and building improvements | ||
Real estate properties | ||
Investment in real estate | 303,335 | 223,095 |
Operating property | Timberlands | ||
Real estate properties | ||
Investment in real estate | $ 13,590 | $ 13,383 |
Investment in Real Estate - Dep
Investment in Real Estate - Depreciation, Depletion and Amortization (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Investment in Real Estate | |||
Depreciation expense related to real estate investments | $ 11.7 | $ 8.3 | $ 6.8 |
Depletion and amortization | $ 0.3 | $ 0.4 | $ 0.3 |
Joint Ventures - Consolidated J
Joint Ventures - Consolidated Joint Ventures (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2020item | Dec. 31, 2021itemroom | Dec. 31, 2020item | Dec. 31, 2021roomitem | Dec. 31, 2020 | |
Lodge 30A JV | |||||
Variable interest entity | |||||
Variable interest entity, ownership percentage | 52.80% | 52.80% | |||
Lodge 30A JV | Hotel | |||||
Variable interest entity | |||||
Number of units to be developed | room | 85 | 85 | |||
Pier Park Resort Hotel JV | |||||
Variable interest entity | |||||
Variable interest entity, ownership percentage | 70.00% | 70.00% | |||
Pier Park Resort Hotel JV | Hotel | |||||
Variable interest entity | |||||
Number of units to be developed | room | 255 | 255 | |||
Pier Park Crossings II JV | |||||
Variable interest entity | |||||
Variable interest entity, ownership percentage | 75.00% | 75.00% | |||
Pier Park Crossings II JV | Apartment | |||||
Variable interest entity | |||||
Number of units completed in period | 120 | ||||
Watersound Closings JV | |||||
Variable interest entity | |||||
Variable interest entity, ownership percentage | 58.00% | 58.00% | |||
Watercrest JV | |||||
Variable interest entity | |||||
Variable interest entity, ownership percentage | 87.00% | 87.00% | |||
Watercrest JV | Senior living community | |||||
Variable interest entity | |||||
Number of units completed in period | 107 | ||||
Watersound Origins Crossings JV | |||||
Variable interest entity | |||||
Variable interest entity, ownership percentage | 75.00% | 75.00% | |||
Watersound Origins Crossings JV | Apartment | |||||
Variable interest entity | |||||
Number of units completed in period | 217 | ||||
Pier Park Crossings JV | |||||
Variable interest entity | |||||
Variable interest entity, ownership percentage | 75.00% | 75.00% | |||
Pier Park Crossings JV | Apartment | |||||
Variable interest entity | |||||
Number of completed units | 240 | 240 | |||
Pier Park North JV. | |||||
Variable interest entity | |||||
Variable interest entity, ownership percentage | 60.00% | 60.00% |
Joint Ventures - Unconsolidated
Joint Ventures - Unconsolidated JVs (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Investments | ||
Investment in unconsolidated joint ventures | $ 52,027 | $ 37,965 |
Latitude Margaritaville Watersound JV | ||
Investments | ||
Investment in unconsolidated joint ventures | 30,040 | 24,288 |
Sea Sound Apartments JV | ||
Investments | ||
Investment in unconsolidated joint ventures | 10,333 | 10,348 |
Watersound Fountains Independent Living JV | ||
Investments | ||
Investment in unconsolidated joint ventures | 7,508 | |
Pier Park TPS JV | ||
Investments | ||
Investment in unconsolidated joint ventures | 1,961 | 2,149 |
Busy Bee JV | ||
Investments | ||
Investment in unconsolidated joint ventures | 1,621 | $ 1,180 |
Watersound Management JV | ||
Investments | ||
Investment in unconsolidated joint ventures | $ 564 |
Joint Ventures - Unconsolidat_2
Joint Ventures - Unconsolidated JV Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Investments | |||
Outstanding debt | $ 227,474 | $ 161,418 | |
Unconsolidated joint ventures | |||
Investments | |||
Maximum exposure to loss | 69,000 | ||
Unconsolidated joint ventures | |||
Investments | |||
Outstanding debt | 62,701 | 33,088 | |
Latitude Margaritaville Watersound JV | |||
Investments | |||
Outstanding debt | 7,147 | 3,297 | |
Sea Sound Apartments JV | |||
Investments | |||
Outstanding debt | 35,047 | 8,789 | |
Watersound Fountains Independent Living JV | |||
Investments | |||
Outstanding debt | 66 | ||
Pier Park TPS JV | |||
Investments | |||
Outstanding debt | 14,124 | 14,388 | |
Busy Bee JV | |||
Investments | |||
Outstanding debt | 6,317 | $ 6,614 | |
Latitude Margaritaville Watersound JV | |||
Investments | |||
Amount as lender of secured revolving promissory note | $ 10,000 | $ 10,000 |
Joint Ventures - Equity in (Los
Joint Ventures - Equity in (Loss) Income of Unconsolidated JV (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Investments | |||
Equity in (loss) income from unconsolidated joint ventures | $ (865) | $ (666) | $ (77) |
Latitude Margaritaville Watersound JV | |||
Investments | |||
Equity in (loss) income from unconsolidated joint ventures | (1,861) | (524) | (71) |
Sea Sound Apartments JV | |||
Investments | |||
Equity in (loss) income from unconsolidated joint ventures | (15) | ||
Pier Park TPS JV | |||
Investments | |||
Equity in (loss) income from unconsolidated joint ventures | 551 | (112) | $ (6) |
Busy Bee JV | |||
Investments | |||
Equity in (loss) income from unconsolidated joint ventures | 441 | $ (30) | |
Watersound Management JV | |||
Investments | |||
Equity in (loss) income from unconsolidated joint ventures | $ 19 |
Joint Ventures - Unconsolidat_3
Joint Ventures - Unconsolidated JV - Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
ASSETS | ||||
Investment in real estate | $ 690,113 | $ 551,653 | ||
Cash and cash equivalents | 70,162 | 106,794 | $ 185,716 | |
Other assets | 70,235 | 65,866 | ||
Total assets | 1,208,151 | 1,037,324 | ||
LIABILITIES AND EQUITY | ||||
Debt, net | 223,034 | 158,915 | ||
Other liabilities | 104,192 | 72,035 | ||
Equity | 626,100 | 568,170 | $ 529,670 | $ 533,111 |
Total liabilities and equity | 1,208,151 | 1,037,324 | ||
Latitude Margaritaville Watersound JV | ||||
LIABILITIES AND EQUITY | ||||
Historical cost basis of land contributed | 1,300 | 1,300 | ||
Amount of infrastructure improvements completed | 4,800 | 1,800 | ||
Unconsolidated joint ventures | ||||
ASSETS | ||||
Investment in real estate | 149,378 | 73,752 | ||
Cash and cash equivalents | 16,447 | 3,550 | ||
Other assets | 3,635 | 1,336 | ||
Total assets | 169,460 | 78,638 | ||
LIABILITIES AND EQUITY | ||||
Debt, net | 62,142 | 31,844 | ||
Other liabilities | 44,032 | 7,484 | ||
Equity | 63,286 | 39,310 | ||
Total liabilities and equity | 169,460 | 78,638 | ||
Latitude Margaritaville Watersound JV | ||||
ASSETS | ||||
Investment in real estate | 54,034 | 18,255 | ||
Cash and cash equivalents | 12,541 | 1,603 | ||
Other assets | 1,761 | 136 | ||
Total assets | 68,336 | 19,994 | ||
LIABILITIES AND EQUITY | ||||
Debt, net | 7,147 | 2,844 | ||
Other liabilities | 36,419 | 1,794 | ||
Equity | 24,770 | 15,356 | ||
Total liabilities and equity | 68,336 | 19,994 | ||
Sea Sound Apartments JV | ||||
ASSETS | ||||
Investment in real estate | 53,775 | 29,085 | ||
Cash and cash equivalents | 760 | 15 | ||
Other assets | 210 | |||
Total assets | 54,745 | 29,100 | ||
LIABILITIES AND EQUITY | ||||
Debt, net | 34,834 | 8,378 | ||
Other liabilities | 2,653 | 3,439 | ||
Equity | 17,258 | 17,283 | ||
Total liabilities and equity | 54,745 | 29,100 | ||
Watersound Fountains Independent Living JV | ||||
ASSETS | ||||
Investment in real estate | 17,003 | |||
Cash and cash equivalents | 240 | |||
Other assets | 187 | |||
Total assets | 17,430 | |||
LIABILITIES AND EQUITY | ||||
Debt, net | 66 | |||
Other liabilities | 3,408 | |||
Equity | 13,956 | |||
Total liabilities and equity | 17,430 | |||
Pier Park TPS JV | ||||
ASSETS | ||||
Investment in real estate | 16,561 | 17,946 | ||
Cash and cash equivalents | 1,913 | 1,705 | ||
Other assets | 433 | 483 | ||
Total assets | 18,907 | 20,134 | ||
LIABILITIES AND EQUITY | ||||
Debt, net | 13,839 | 14,090 | ||
Other liabilities | 1,147 | 1,745 | ||
Equity | 3,921 | 4,299 | ||
Total liabilities and equity | 18,907 | 20,134 | ||
Busy Bee JV | ||||
ASSETS | ||||
Investment in real estate | 8,005 | 8,466 | ||
Cash and cash equivalents | 855 | 227 | ||
Other assets | 1,044 | 717 | ||
Total assets | 9,904 | 9,410 | ||
LIABILITIES AND EQUITY | ||||
Debt, net | 6,256 | 6,532 | ||
Other liabilities | 405 | 506 | ||
Equity | 3,243 | 2,372 | ||
Total liabilities and equity | 9,904 | $ 9,410 | ||
Watersound Management JV | ||||
ASSETS | ||||
Cash and cash equivalents | 138 | |||
Total assets | 138 | |||
LIABILITIES AND EQUITY | ||||
Equity | 138 | |||
Total liabilities and equity | $ 138 |
Joint Ventures - Unconsolidat_4
Joint Ventures - Unconsolidated JV - Statements of Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Summarized financial information | |||
Total revenue | $ 266,996 | $ 160,555 | $ 127,085 |
Expenses: | |||
Cost of revenue | 131,314 | 77,776 | 64,086 |
Other operating expenses | 23,023 | 22,906 | 21,389 |
Depreciation and amortization | 18,202 | 12,788 | 10,287 |
Total expenses | 172,539 | 113,470 | 95,762 |
Operating income (loss) | 94,457 | 47,085 | 31,323 |
Other (expense) income: | |||
Interest expense | (15,854) | (13,564) | (12,302) |
Other income (expense), net | 10,181 | 1,329 | 4,133 |
Total other income (expense) | 5,139 | 12,731 | 4,862 |
Net income (loss) | 73,749 | 45,480 | 26,661 |
Unconsolidated joint ventures | |||
Summarized financial information | |||
Total revenue | 42,879 | 8,184 | |
Expenses: | |||
Cost of revenue | 31,457 | 5,573 | |
Other operating expenses | 9,111 | 2,223 | |
Depreciation and amortization | 2,634 | 1,191 | |
Total expenses | 43,202 | 8,987 | 142 |
Operating income (loss) | (323) | (803) | (142) |
Other (expense) income: | |||
Interest expense | (1,128) | (329) | |
Other income (expense), net | 203 | (145) | |
Total other income (expense) | (925) | (474) | (13) |
Net income (loss) | (1,248) | (1,277) | (155) |
Latitude Margaritaville Watersound JV | |||
Summarized financial information | |||
Total revenue | 18,653 | ||
Expenses: | |||
Cost of revenue | 14,931 | ||
Other operating expenses | 6,802 | 980 | |
Depreciation and amortization | 396 | 25 | |
Total expenses | 22,129 | 1,005 | 142 |
Operating income (loss) | (3,476) | (1,005) | (142) |
Other (expense) income: | |||
Net income (loss) | (3,476) | (1,005) | (142) |
Sea Sound Apartments JV | |||
Summarized financial information | |||
Total revenue | 1,012 | ||
Expenses: | |||
Cost of revenue | 432 | ||
Other operating expenses | 61 | ||
Depreciation and amortization | 343 | ||
Total expenses | 836 | ||
Operating income (loss) | 176 | ||
Other (expense) income: | |||
Interest expense | (201) | ||
Total other income (expense) | (201) | ||
Net income (loss) | (25) | ||
Pier Park TPS JV | |||
Summarized financial information | |||
Total revenue | 6,474 | 2,338 | |
Expenses: | |||
Cost of revenue | 2,663 | 1,209 | |
Other operating expenses | 302 | 161 | |
Depreciation and amortization | 1,434 | 962 | |
Total expenses | 4,399 | 2,332 | |
Operating income (loss) | 2,075 | 6 | |
Other (expense) income: | |||
Interest expense | (735) | (230) | |
Other income (expense), net | 5 | ||
Total other income (expense) | (730) | (230) | (13) |
Net income (loss) | 1,345 | (224) | $ (13) |
Busy Bee JV | |||
Summarized financial information | |||
Total revenue | 16,229 | 5,846 | |
Expenses: | |||
Cost of revenue | 12,958 | 4,364 | |
Other operating expenses | 1,946 | 1,057 | |
Depreciation and amortization | 461 | 229 | |
Total expenses | 15,365 | 5,650 | |
Operating income (loss) | 864 | 196 | |
Other (expense) income: | |||
Interest expense | (192) | (99) | |
Other income (expense), net | 198 | (145) | |
Total other income (expense) | 6 | (244) | |
Net income (loss) | 870 | $ (48) | |
Watersound Management JV | |||
Summarized financial information | |||
Total revenue | 511 | ||
Expenses: | |||
Cost of revenue | 473 | ||
Total expenses | 473 | ||
Operating income (loss) | 38 | ||
Other (expense) income: | |||
Net income (loss) | $ 38 |
Joint Ventures - Unconsolidat_5
Joint Ventures - Unconsolidated JV - Latitude Margaritaville Watersound JV (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021USD ($)item | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Jun. 30, 2020USD ($) | |
Investments | ||||
Investment in unconsolidated joint ventures | $ 52,027 | $ 37,965 | ||
Capital contribution to unconsolidated joint ventures | 9,389 | 10,815 | $ 1,116 | |
Latitude Margaritaville Watersound JV | ||||
Investments | ||||
Amount as lender of secured revolving promissory note | 10,000 | $ 10,000 | ||
Latitude Margaritaville Watersound JV | ||||
Investments | ||||
Contractual value of land and improvements to be contributed | 35,000 | |||
Investment in unconsolidated joint ventures | $ 30,040 | 24,288 | ||
Net present value of land contribution | $ 16,600 | |||
Imputed interest rate (as a percent) | 5.80% | |||
Amount of infrastructure improvements completed | $ 4,800 | $ 1,800 | ||
Variable interest entity, ownership percentage | 50.00% | 50.00% | ||
Average amount of land contribution returned per home | $ 10 | |||
Latitude Margaritaville Watersound JV | ||||
Investments | ||||
Number of homes sold | item | 47 | |||
Latitude Margaritaville Watersound JV | Residential homes | ||||
Investments | ||||
Number of units to be developed, under development, or developed and constructed | item | 3,500 |
Joint Ventures - Unconsolidat_6
Joint Ventures - Unconsolidated JV - Sea Sound Apartments JV (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2020USD ($)item | Dec. 31, 2021USD ($)item | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Investments | ||||
Capital contribution to unconsolidated joint ventures | $ 9,389 | $ 10,815 | $ 1,116 | |
Outstanding debt | $ 227,474 | 161,418 | ||
Sea Sound Apartments JV | ||||
Investments | ||||
Value of land contributed | $ 5,100 | |||
Mitigation bank credits contributed | 400 | |||
Capital contribution to unconsolidated joint ventures | 4,900 | |||
Cash contributed by JV partner | $ 6,900 | |||
Ownership percentage | 60.00% | 60.00% | ||
Sea Sound Apartments JV | Apartment | ||||
Investments | ||||
Number of units remaining to be developed and constructed | item | 86 | |||
Number of units to be developed | item | 300 | |||
Unconsolidated joint ventures | ||||
Investments | ||||
Outstanding debt | $ 62,701 | $ 33,088 | ||
Sea Sound Apartments JV | ||||
Investments | ||||
Outstanding debt | 35,047 | 8,789 | ||
Sea Sound Apartments JV | Sea Sound Apartments JV Loan | ||||
Investments | ||||
Loan amount | $ 40,300 | |||
Outstanding debt | $ 35,000 | $ 8,800 | ||
Sea Sound Apartments JV | LIBOR | Sea Sound Apartments JV Loan | ||||
Investments | ||||
Basis spread on variable rate (as a percent) | 2.20% | |||
Sea Sound Apartments JV | Apartment | ||||
Investments | ||||
Number of units to be developed | item | 300 |
Joint Ventures - Unconsolidat_7
Joint Ventures - Unconsolidated JV - Watersound Fountains Independent Living JV (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Apr. 30, 2021USD ($)item | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Investments | ||||
Capital contribution to unconsolidated joint ventures | $ 9,389 | $ 10,815 | $ 1,116 | |
Net income (loss) | 73,749 | 45,480 | 26,661 | |
Watersound Fountains Independent Living JV | ||||
Investments | ||||
Value of land contributed | $ 3,200 | |||
Capital contribution to unconsolidated joint ventures | 4,300 | |||
Cash contributed by JV partner | 6,400 | |||
Net income (loss) | $ 0 | |||
Ownership percentage | 53.80% | |||
Unconsolidated joint ventures | ||||
Investments | ||||
Net income (loss) | $ (1,248) | $ (1,277) | $ (155) | |
Watersound Fountains Independent Living JV | ||||
Investments | ||||
Number of JV partners | item | 3 | |||
Watersound Fountains Independent Living JV | Senior living community | ||||
Investments | ||||
Number of units to be developed | item | 148 |
Joint Ventures - Unconsolidat_8
Joint Ventures - Unconsolidated JV - Pier Park TPS JV (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | May 31, 2020room | |
Investments | ||||
Capital contribution to unconsolidated joint ventures | $ | $ 9,389 | $ 10,815 | $ 1,116 | |
Pier Park TPS JV | ||||
Investments | ||||
Ownership percentage | 50.00% | 50.00% | ||
Pier Park TPS JV | Hotel | ||||
Investments | ||||
Number of completed units | room | 124 |
Joint Ventures - Unconsolidat_9
Joint Ventures - Unconsolidated JV - Busy Bee JV (Details) | Dec. 31, 2021 | Dec. 31, 2020 |
Busy Bee JV | ||
Investments | ||
Ownership percentage | 50.00% | 50.00% |
Joint Ventures - Unconsolida_10
Joint Ventures - Unconsolidated JV - Watersound Management JV (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Investments | |||
Payments for interest in unconsolidated joint venture | $ 495 | ||
Capital contribution to unconsolidated joint ventures | 9,389 | $ 10,815 | $ 1,116 |
Watersound Management JV | |||
Investments | |||
Payments for interest in unconsolidated joint venture | $ 500 | ||
Ownership percentage | 50.00% | ||
Watersound Management JV | Maximum | |||
Investments | |||
Capital contribution to unconsolidated joint ventures | $ 100 |
Investments - Schedule of Inves
Investments - Schedule of Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt securities and restricted investments | ||
Amortized Cost | $ 49,206 | |
Gross Unrealized Gains | 16 | |
Fair Value | 49,222 | |
Unrestricted available-for-sale, Debt securities | ||
Debt securities and restricted investments | ||
Amortized Cost | 48,046 | |
Gross Unrealized Gains | 5 | |
Fair Value | 48,051 | |
Unrestricted available-for-sale, Debt securities | U.S. Treasury Bills | ||
Debt securities and restricted investments | ||
Amortized Cost | $ 88,966 | 47,986 |
Gross Unrealized Gains | 1 | 5 |
Gross Unrealized (Losses) | (11) | |
Fair Value | $ 88,956 | 47,991 |
Unrestricted available-for-sale, Debt securities | Corporate debt securities | ||
Debt securities and restricted investments | ||
Amortized Cost | 60 | |
Fair Value | 60 | |
Restricted | ||
Debt securities and restricted investments | ||
Amortized Cost | 1,160 | |
Gross Unrealized Gains | 11 | |
Fair Value | 1,171 | |
Restricted | Short-term bond | ||
Debt securities and restricted investments | ||
Amortized Cost | 1,160 | |
Gross Unrealized Gains | 11 | |
Fair Value | $ 1,171 |
Investments - Gains and Proceed
Investments - Gains and Proceeds (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Investments | |||
Net realized gains on sale of investments | $ 100 | ||
Proceeds from sale of available-for-sale debt securities | $ 1,200 | 1,200 | |
Maturities of investments - debt securities | 117,000 | 11,000 | $ 7,000 |
Purchases of available-for-sale securities | 157,900 | $ 58,900 | |
Maximum | |||
Investments | |||
Net realized gains on sale of investments | $ 100 |
Investments - Unrealized Loss P
Investments - Unrealized Loss Position (Details) - U.S. Treasury Bills $ in Thousands | Dec. 31, 2021USD ($) |
Investments | |
Less Than 12 Months, Fair Value | $ 43,959 |
Less Than 12 Months, Unrealized Losses | $ 11 |
Investments - Contractual Matur
Investments - Contractual Maturities of Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Amortized Cost | ||
Amortized Cost | $ 49,206 | |
Unrestricted available-for-sale, Debt securities | ||
Amortized Cost | ||
Amortized Cost, Due in one year or less | $ 88,966 | |
Amortized Cost | 48,046 | |
Fair Value | ||
Fair Value, Due in one year or less | $ 88,956 | |
Restricted | ||
Amortized Cost | ||
Amortized Cost | $ 1,160 |
Investments - Investment Manage
Investments - Investment Management Agreement (Details) | Dec. 31, 2021 |
Investor | Clients of FCM, including Mr. Berkowitz | |
Investments | |
Common stock ownership percentage | 42.60% |
Financial Instruments and Fai_3
Financial Instruments and Fair Value Measurements - Measurements on Recurring Basis (Details) - Recurring basis - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financial instruments and fair value measurements | ||
Cash equivalents | $ 44,412 | $ 89,964 |
Total | 133,818 | 141,809 |
Level 1 | ||
Financial instruments and fair value measurements | ||
Cash equivalents | 44,412 | 89,964 |
Total | 133,368 | 139,126 |
Level 2 | ||
Financial instruments and fair value measurements | ||
Total | 450 | 2,683 |
Unrestricted available-for-sale, Debt securities | ||
Financial instruments and fair value measurements | ||
Investments | 88,956 | 48,051 |
Unrestricted available-for-sale, Debt securities | Level 1 | ||
Financial instruments and fair value measurements | ||
Investments | 88,956 | 47,991 |
Unrestricted available-for-sale, Debt securities | Level 2 | ||
Financial instruments and fair value measurements | ||
Investments | 60 | |
Equity securities | ||
Financial instruments and fair value measurements | ||
Investments | 450 | 2,623 |
Equity securities | Level 2 | ||
Financial instruments and fair value measurements | ||
Investments | 450 | 2,623 |
Restricted | ||
Financial instruments and fair value measurements | ||
Investments | 1,171 | |
Restricted | Level 1 | ||
Financial instruments and fair value measurements | ||
Investments | 1,171 | |
Money market fund | ||
Financial instruments and fair value measurements | ||
Cash equivalents | 40,412 | 10,973 |
Money market fund | Level 1 | ||
Financial instruments and fair value measurements | ||
Cash equivalents | 40,412 | 10,973 |
U.S. Treasury Bills | ||
Financial instruments and fair value measurements | ||
Cash equivalents | 4,000 | 78,991 |
U.S. Treasury Bills | Level 1 | ||
Financial instruments and fair value measurements | ||
Cash equivalents | 4,000 | 78,991 |
U.S. Treasury Bills | Unrestricted available-for-sale, Debt securities | ||
Financial instruments and fair value measurements | ||
Investments | 88,956 | 47,991 |
U.S. Treasury Bills | Unrestricted available-for-sale, Debt securities | Level 1 | ||
Financial instruments and fair value measurements | ||
Investments | 88,956 | 47,991 |
Corporate debt securities | Unrestricted available-for-sale, Debt securities | ||
Financial instruments and fair value measurements | ||
Investments | 60 | |
Corporate debt securities | Unrestricted available-for-sale, Debt securities | Level 2 | ||
Financial instruments and fair value measurements | ||
Investments | 60 | |
Preferred stock | Equity securities | ||
Financial instruments and fair value measurements | ||
Investments | 450 | 2,623 |
Preferred stock | Equity securities | Level 2 | ||
Financial instruments and fair value measurements | ||
Investments | $ 450 | 2,623 |
Short-term bond | Restricted | ||
Financial instruments and fair value measurements | ||
Investments | 1,171 | |
Short-term bond | Restricted | Level 1 | ||
Financial instruments and fair value measurements | ||
Investments | $ 1,171 |
Financial Instruments and Fai_4
Financial Instruments and Fair Value Measurements - Expected Maturity (Details) - Restricted - Short-term bond | Dec. 31, 2020Y |
Financial instruments and fair value measurements | |
Debt Securities, Available-for-Sale, Measurement Input [Extensible Enumeration] | us-gaap:MeasurementInputExpectedTermMember |
Minimum | |
Financial instruments and fair value measurements | |
Measurement input (in years) | 0 |
Maximum | |
Financial instruments and fair value measurements | |
Measurement input (in years) | 3 |
Financial Instruments and Fai_5
Financial Instruments and Fair Value Measurements - Assets and Liabilities Measured at FV (Details) - Recurring basis - Interest Rate Swap [Member] - Cash Flow Hedging [Member] - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Pier Park Resort Hotel JV Loan, due April 2027, bearing interest at LIBOR plus 2.2% | ||
Financial instruments and fair value measurements | ||
Fixed interest rate (as a percent) | 3.20% | |
Notional amount | $ 42,000 | |
Watercrest JV Loan, due June 2047, bearing interest at LIBOR plus 2.2% and swapped to a fixed rate of 4.4% | ||
Financial instruments and fair value measurements | ||
Fixed interest rate (as a percent) | 4.40% | 4.40% |
Notional amount | $ 20,000 | |
Pier Park TPS JV Loan | ||
Financial instruments and fair value measurements | ||
Fixed interest rate (as a percent) | 5.20% | 5.20% |
Notional amount | $ 14,100 | |
Level 2 | Pier Park Resort Hotel JV Loan, due April 2027, bearing interest at LIBOR plus 2.2% | Other assets | ||
Financial instruments and fair value measurements | ||
Derivative assets | 558 | |
Level 2 | Watercrest JV Loan, due June 2047, bearing interest at LIBOR plus 2.2% and swapped to a fixed rate of 4.4% | Other Liabilities [Member] | ||
Financial instruments and fair value measurements | ||
Derivative liabilities | (634) | $ (1,172) |
Level 2 | Pier Park TPS JV Loan | Investment in unconsolidated joint ventures | ||
Financial instruments and fair value measurements | ||
Derivative liabilities | $ (436) | $ (821) |
Financial Instruments and Fai_6
Financial Instruments and Fair Value Measurements - Effective of derivative instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Gain (loss) of derivative instruments | |||
Amount of gain (loss) recognized in other comprehensive income (loss) on derivatives | $ 1,061 | $ (1,657) | $ (336) |
Amount expected to be reclassified during next twelve months | $ 600 | ||
Period over which losses are expected to be reclassified | 12 months | ||
Interest expense | |||
Gain (loss) of derivative instruments | |||
Amount of loss reclassified into consolidated statements of income | $ 247 | ||
Equity in loss from unconsolidated joint ventures | |||
Gain (loss) of derivative instruments | |||
Amount of loss reclassified into consolidated statements of income | $ 173 |
Financial Instruments and Fai_7
Financial Instruments and Fair Value Measurements - Investment in Unconsolidated JVs and Long-lived assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Financial Instruments and Fair Value Measurements | |||
Impairment loss on investment in unconsolidated joint ventures | $ 0 | $ 0 | $ 0 |
Impairment loss on investment in real estate | $ 0 | $ 0 | $ 0 |
Financial Instruments and Fai_8
Financial Instruments and Fair Value Measurements - Carrying Amount and Fair Value (Details) - Nonrecurring - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Carrying Value | ||
Financial instruments and fair value measurements | ||
Debt | $ 227,474 | $ 161,418 |
Fair Value | ||
Financial instruments and fair value measurements | ||
Debt | 224,664 | 163,802 |
Level 1 | Carrying Value | U.S. Treasury Bills | ||
Financial instruments and fair value measurements | ||
Investments held by SPEs | 5,132 | 5,759 |
Level 1 | Fair Value | U.S. Treasury Bills | ||
Financial instruments and fair value measurements | ||
Investments held by SPEs | 5,475 | 6,363 |
Level 2 | Carrying Value | Fixed-rate debt | ||
Financial instruments and fair value measurements | ||
Debt | 129,532 | 114,125 |
Level 2 | Carrying Value | Variable rate debt | ||
Financial instruments and fair value measurements | ||
Debt | 97,942 | 47,293 |
Level 2 | Fair Value | Fixed-rate debt | ||
Financial instruments and fair value measurements | ||
Debt | 126,722 | 116,509 |
Level 2 | Fair Value | Variable rate debt | ||
Financial instruments and fair value measurements | ||
Debt | 97,942 | 47,293 |
Level 3 | Carrying Value | ||
Financial instruments and fair value measurements | ||
Senior Notes held by SPE | 177,566 | 177,289 |
Level 3 | Carrying Value | Time deposit | ||
Financial instruments and fair value measurements | ||
Investments held by SPEs | 200,000 | 200,000 |
Level 3 | Fair Value | ||
Financial instruments and fair value measurements | ||
Senior Notes held by SPE | 204,802 | 216,363 |
Level 3 | Fair Value | Time deposit | ||
Financial instruments and fair value measurements | ||
Investments held by SPEs | $ 200,000 | $ 200,000 |
Financial Instruments and Fai_9
Financial Instruments and Fair Value Measurements - Held by Special Purpose Entities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2021 | Dec. 31, 2020 | |
Financial instruments and fair value measurements | |||
Investments held by special purpose entities | $ 205,513 | $ 206,149 | |
Senior Notes held by special purpose entity | 177,566 | 177,289 | |
Variable Interest Entity, Primary Beneficiary | |||
Financial instruments and fair value measurements | |||
Investments held by special purpose entities | 205,513 | 206,149 | |
Senior Notes held by special purpose entity | 177,566 | $ 177,289 | |
Panama City Timber Finance Company, LLC | 2014 real estate sale | |||
Financial instruments and fair value measurements | |||
Notes received as consideration in sale of real estate | $ 200,000 | ||
Promissory notes maturity period | 15 years | ||
Panama City Timber Finance Company, LLC | Time deposit | |||
Financial instruments and fair value measurements | |||
Investments held by special purpose entities | $ 200,000 | ||
Investment interest rate (as a percent) | 4.00% | ||
Panama City Timber Finance Company, LLC | U.S. Treasury Bills | |||
Financial instruments and fair value measurements | |||
Investments held by special purpose entities | $ 5,100 | ||
Panama City Timber Finance Company, LLC | Cash | |||
Financial instruments and fair value measurements | |||
Investments held by special purpose entities | 400 | ||
Northwest Florida Timber Finance, LLC | |||
Financial instruments and fair value measurements | |||
Loan amount | $ 180,000 | ||
Debt interest rate (as a percent) | 4.80% | ||
Issue price of senior secured notes (as a percent) | 98.50% | ||
Senior Notes held by special purpose entity | 177,600 | ||
Unamortized discount and debt issuance costs | $ 2,400 |
Hurricane Michael (Details)
Hurricane Michael (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Loss contingency | |||
Insurance recovery | $ 4,853 | $ 690 | $ 5,314 |
Loss from hurricane damage | 56 | 1,123 | 2,704 |
Hurricane Michael. | |||
Loss contingency | |||
Insurance recovery | 4,900 | 700 | 5,300 |
Loss from hurricane damage | 100 | 1,100 | 2,700 |
Hurricane Michael. | Hospitality | Cost of revenue | |||
Loss contingency | |||
Proceeds from business interruption insurance | $ 700 | 1,300 | $ 1,300 |
Hurricane Michael. | Pier Park Crossings JV | Cost of revenue | |||
Loss contingency | |||
Proceeds from business interruption insurance | $ 700 |
Leases - Components of Lease Re
Leases - Components of Lease Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leasing revenue | |||
Lease payments | $ 22,256 | $ 14,710 | $ 11,637 |
Variable lease payments | 4,825 | 4,109 | 3,944 |
Total leasing revenue | $ 27,081 | $ 18,819 | $ 15,581 |
Leases - Minimum Future Base Re
Leases - Minimum Future Base Rental Revenue (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Minimum future base rental revenue: | |
2022 | $ 19,075 |
2023 | 11,579 |
2024 | 9,260 |
2025 | 6,434 |
2026 | 4,904 |
Thereafter | 17,950 |
Total | $ 69,202 |
Leases - Lease Cost (Details)
Leases - Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Lease cost | |||
Finance lease cost: Amortization of right-of-use assets | $ 114 | $ 57 | $ 40 |
Finance lease cost: Interest on lease liability | 18 | 11 | 9 |
Operating lease cost | 308 | 289 | 238 |
Short-term lease cost | 1,476 | 1,016 | 721 |
Total lease cost | $ 1,916 | $ 1,373 | $ 1,008 |
Leases - Lease Cost - Other Inf
Leases - Lease Cost - Other Information (Details) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Leases | |||
Weighted-average remaining lease term - finance lease (in years) | 3 years 7 months 6 days | 3 years 10 months 24 days | 4 years 2 months 12 days |
Weighted-average remaining lease term - operating leases (in years) | 3 years 3 months 18 days | 3 years 10 months 24 days | 3 years 1 month 6 days |
Weighted-average discount rate - finance lease (as a percent) | 4.60% | 5.00% | 5.00% |
Weighted-average discount rate - operating leases (as a percent) | 4.90% | 4.90% | 5.00% |
Leases - Aggregate Payments of
Leases - Aggregate Payments of Finance and Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Aggregate payments of finance lease liabilities: | ||
2022 | $ 133 | |
2023 | 133 | |
2024 | 86 | |
2025 | 50 | |
2026 | 6 | |
Total | 408 | |
Less imputed interest | (28) | |
Total finance lease liabilities | 380 | $ 316 |
Aggregate payments of operating lease liabilities: | ||
2022 | 261 | |
2023 | 220 | |
2024 | 108 | |
2025 | 51 | |
2026 | 12 | |
Thereafter | 269 | |
Total | 921 | |
Less imputed interest | (189) | |
Total operating lease liabilities | $ 732 | $ 808 |
Other Assets - Schedule of Othe
Other Assets - Schedule of Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Other Assets | |||
Restricted investments | $ 1,171 | ||
Investments - equity securities | $ 450 | 2,623 | |
Accounts receivable, net | 13,813 | 10,791 | |
Homesite sales receivable | 7,651 | 5,675 | $ 5,211 |
Notes receivable, net | 12,377 | 10,877 | |
Inventory | 2,797 | 2,026 | |
Prepaid expenses | 7,175 | 7,135 | |
Straight-line rent | 2,489 | 3,174 | |
Operating lease, right-of use assets | $ 732 | $ 808 | |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Total other assets | Total other assets | |
Other assets | $ 5,987 | $ 5,743 | |
Retained interest investments | 13,826 | 12,905 | |
Accrued interest receivable for Senior Notes held by SPE | 2,938 | 2,938 | |
Total other assets | $ 70,235 | $ 65,866 |
Other Assets - Investments - Eq
Other Assets - Investments - Equity Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Equity Securities | |||
Investments - equity securities | $ 450 | $ 2,623 | |
Unrealized gain (loss) on investments held as of balance sheet date | (900) | (4,600) | $ (6,300) |
Preferred stock | |||
Equity Securities | |||
Investments - equity securities | $ 500 | $ 2,600 |
Other Assets - Accounts Receiva
Other Assets - Accounts Receivable, Net (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Accounts Receivable, Net | ||
Allowance for credit losses | $ 0.4 | $ 0.2 |
Allowance for lease related receivables | 0.1 | 0.1 |
Maximum | ||
Accounts Receivable, Net | ||
Allowance for lease related receivables | 0.1 | $ 0.1 |
Increase (decrease) in allowance for credit losses related to accounts receivable | $ 0.2 |
Other Assets - Homesite Sales R
Other Assets - Homesite Sales Receivable (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Changes in lot sales receivable | ||
Homesite Sales Receivable, Beginning Balance | $ 5,675 | $ 5,211 |
Increases Due To Revenue Recognized for Lots Sold | 7,213 | 3,854 |
Decreases Due to Amounts Received | (5,237) | (3,390) |
Homesite Sales Receivable, Ending Balance | $ 7,651 | $ 5,675 |
Other Assets - Notes Receivable
Other Assets - Notes Receivable, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2020 | |
Receivables | ||||
Notes receivable, net | $ 12,377 | $ 10,877 | ||
Proceeds from collection of principal | 6,005 | 1,949 | $ 1,165 | |
Accrued interest receivable | 2,938 | 2,938 | ||
Latitude Margaritaville Watersound JV | ||||
Receivables | ||||
Amount as lender of secured revolving promissory note | 10,000 | $ 10,000 | ||
Maximum | ||||
Receivables | ||||
Allowance for credit losses, Notes receivable | 100 | 100 | ||
Notes Receivable | ||||
Receivables | ||||
Accrued interest receivable | 100 | 200 | ||
Interest bearing revolving promissory note with the unconsolidated Latitude Margaritaville Watersound JV, secured by the JV's real property - bearing interest at a rate of 5.0%, matures June 2025 | ||||
Receivables | ||||
Notes receivable, net | $ 7,075 | $ 2,714 | ||
Interest rate, note (as a percent) | 5.00% | 5.00% | ||
Various interest bearing homebuilder notes, secured by the real estate sold - bearing interest at a rate of 5.5%, due September 2022 through May 2023 | ||||
Receivables | ||||
Notes receivable, net | $ 4,824 | $ 7,544 | ||
Interest rate, note (as a percent) | 5.50% | 5.50% | ||
Interest bearing notes with JV partners, secured by the partners' membership interest in the JVs - bearing interest at a rate of 8.0%, due May 2039 | ||||
Receivables | ||||
Notes receivable, net | $ 359 | $ 556 | ||
Interest rate, note (as a percent) | 8.00% | 8.00% | ||
Non-interest bearing note with a tenant for tenant improvements, due October 2025 | ||||
Receivables | ||||
Notes receivable, net | $ 76 | |||
Various mortgage notes, secured by certain real estate, bearing interest at rates of 4.4% to 5.2% due December 2022 through November 2023 | ||||
Receivables | ||||
Notes receivable, net | $ 43 | $ 63 | ||
Various mortgage notes, secured by certain real estate, bearing interest at rates of 4.4% to 5.2% due December 2022 through November 2023 | Minimum | ||||
Receivables | ||||
Interest rate, mortgage (as a percent) | 4.40% | 4.40% | ||
Various mortgage notes, secured by certain real estate, bearing interest at rates of 4.4% to 5.2% due December 2022 through November 2023 | Maximum | ||||
Receivables | ||||
Interest rate, mortgage (as a percent) | 5.20% | 5.20% |
Other Assets - Retained Interes
Other Assets - Retained Interest Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Investments | ||
Retained interest investments | $ 13,826 | $ 12,905 |
Retained interest investments | ||
Investments | ||
Expected amount to receive upon maturity of note after payment of note and any other liabilities | $ 16,600 | |
Promissory notes maturity period | 15 years | |
Retained interest investments | $ 13,800 | $ 12,900 |
Minimum | Retained interest investments | ||
Investments | ||
Notes maturity year | 2022 | |
Maximum | Retained interest investments | ||
Investments | ||
Notes maturity year | 2024 |
Property and Equipment, Net (De
Property and Equipment, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, plant and equipment | |||
Property and equipment, gross | $ 93,879 | $ 80,576 | |
Less: Accumulated depreciation | 64,251 | 60,433 | |
Property, plant and equipment, excluding construction in progress, net | 29,628 | 20,143 | |
Construction in progress | 1,517 | 703 | |
Total | 31,145 | 20,846 | |
Depreciation expense | 6,100 | 4,000 | $ 3,200 |
Railroad and equipment | |||
Property, plant and equipment | |||
Property and equipment, gross | 33,627 | 33,626 | |
Furniture and fixtures | |||
Property, plant and equipment | |||
Property and equipment, gross | 25,556 | 22,601 | |
Machinery and equipment | |||
Property, plant and equipment | |||
Property and equipment, gross | 23,058 | 13,502 | |
Office equipment | |||
Property, plant and equipment | |||
Property and equipment, gross | 4,865 | 4,607 | |
Autos, trucks and aircraft | |||
Property, plant and equipment | |||
Property and equipment, gross | $ 6,773 | $ 6,240 |
Debt, Net - Schedule of Debt (D
Debt, Net - Schedule of Debt (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Aug. 31, 2021 | |
Debt instruments | |||
Outstanding debt | $ 227,474 | $ 161,418 | |
Unamortized Discount and Debt Issuance Costs | 4,440 | 2,503 | |
Debt, Net | 223,034 | 158,915 | |
PPN JV Loan, due November 2025, bearing interest at 4.1% | |||
Debt instruments | |||
Outstanding debt | 43,582 | 44,568 | |
Unamortized Discount and Debt Issuance Costs | 248 | 314 | |
Debt, Net | $ 43,334 | $ 44,254 | |
Debt interest rate (as a percent) | 4.10% | 4.10% | |
Watersound Origins Crossings JV Loan, due May 2024, bearing interest at 5.0% | |||
Debt instruments | |||
Outstanding debt | $ 37,897 | $ 27,179 | |
Unamortized Discount and Debt Issuance Costs | 248 | 351 | |
Debt, Net | $ 37,649 | $ 26,828 | |
Debt interest rate (as a percent) | 5.00% | 5.00% | |
PPC JV Loan, insured by HUD, due June 2060, bearing interest at 3.1% as of December 31, 2021 | |||
Debt instruments | |||
Outstanding debt | $ 35,670 | $ 36,084 | |
Unamortized Discount and Debt Issuance Costs | 1,056 | 1,079 | |
Debt, Net | $ 34,614 | 35,005 | |
Debt interest rate (as a percent) | 3.10% | 3.10% | |
Watercrest JV Loan, due June 2047, bearing interest at LIBOR plus 2.2% and swapped to a fixed rate of 4.4% | |||
Debt instruments | |||
Outstanding debt | $ 20,053 | 18,066 | |
Unamortized Discount and Debt Issuance Costs | 327 | 284 | |
Debt, Net | $ 19,726 | 17,782 | |
Effective interest rate (as a percent) | 4.40% | ||
Watercrest JV Loan, due June 2047, bearing interest at LIBOR plus 2.2% and swapped to a fixed rate of 4.4% | LIBOR | |||
Debt instruments | |||
Basis spread on variable rate (as a percent) | 2.20% | ||
PPC II JV Loan, due October 2024, bearing interest at LIBOR plus 2.1% | |||
Debt instruments | |||
Outstanding debt | $ 17,374 | 15,921 | |
Unamortized Discount and Debt Issuance Costs | 147 | 198 | |
Debt, Net | $ 17,227 | 15,723 | |
Effective interest rate (as a percent) | 2.20% | ||
PPC II JV Loan, due October 2024, bearing interest at LIBOR plus 2.1% | LIBOR | |||
Debt instruments | |||
Basis spread on variable rate (as a percent) | 2.10% | ||
Airport Hotel Loan, due March 2025, bearing interest at LIBOR plus 2.0%, with a floor rate of 3.0% | |||
Debt instruments | |||
Outstanding debt | $ 14,642 | 3,548 | |
Unamortized Discount and Debt Issuance Costs | 128 | 168 | |
Debt, Net | $ 14,514 | 3,380 | |
Floor rate (as a percent) | 3.00% | ||
Effective interest rate (as a percent) | 3.00% | ||
Airport Hotel Loan, due March 2025, bearing interest at LIBOR plus 2.0%, with a floor rate of 3.0% | LIBOR | |||
Debt instruments | |||
Basis spread on variable rate (as a percent) | 2.00% | ||
Pier Park Resort Hotel JV Loan, due April 2027, bearing interest at LIBOR plus 2.2% | |||
Debt instruments | |||
Outstanding debt | $ 14,650 | ||
Unamortized Discount and Debt Issuance Costs | 964 | ||
Debt, Net | $ 13,686 | ||
Effective interest rate (as a percent) | 2.30% | ||
Pier Park Resort Hotel JV Loan, due April 2027, bearing interest at LIBOR plus 2.2% | LIBOR | |||
Debt instruments | |||
Basis spread on variable rate (as a percent) | 2.20% | ||
Breakfast Point Hotel Loan, due November 2042, bearing interest at LIBOR plus 2.8%, with a floor rate of 3.8% | |||
Debt instruments | |||
Outstanding debt | $ 11,843 | ||
Unamortized Discount and Debt Issuance Costs | 191 | ||
Debt, Net | $ 11,652 | ||
Floor rate (as a percent) | 3.80% | ||
Effective interest rate (as a percent) | 3.80% | ||
Breakfast Point Hotel Loan, due November 2042, bearing interest at LIBOR plus 2.8%, with a floor rate of 3.8% | LIBOR | |||
Debt instruments | |||
Basis spread on variable rate (as a percent) | 2.80% | ||
The Lodge 30A JV Loan, due January 2028, bearing interest at 3.8% | |||
Debt instruments | |||
Outstanding debt | $ 7,474 | ||
Unamortized Discount and Debt Issuance Costs | 179 | ||
Debt, Net | $ 7,295 | ||
Debt interest rate (as a percent) | 3.80% | ||
Beckrich Building III Loan, due August 2029, bearing interest at LIBOR plus 1.7% | |||
Debt instruments | |||
Outstanding debt | $ 5,188 | 5,421 | |
Unamortized Discount and Debt Issuance Costs | 52 | 59 | |
Debt, Net | $ 5,136 | 5,362 | |
Effective interest rate (as a percent) | 1.80% | ||
Beckrich Building III Loan, due August 2029, bearing interest at LIBOR plus 1.7% | LIBOR | |||
Debt instruments | |||
Basis spread on variable rate (as a percent) | 1.70% | ||
Community Development District debt, secured by certain real estate or other collateral, due May 2022 through May 2039, bearing interest at 3.6% to 6.0% | |||
Debt instruments | |||
Outstanding debt | $ 4,909 | 6,294 | |
Debt, Net | $ 4,909 | $ 6,294 | |
Community Development District debt, secured by certain real estate or other collateral, due May 2022 through May 2039, bearing interest at 3.6% to 6.0% | Minimum | |||
Debt instruments | |||
Debt interest rate (as a percent) | 3.60% | 3.60% | |
Community Development District debt, secured by certain real estate or other collateral, due May 2022 through May 2039, bearing interest at 3.6% to 6.0% | Maximum | |||
Debt instruments | |||
Debt interest rate (as a percent) | 6.00% | 6.00% | |
Self-Storage Facility Loan, due November 2025, bearing interest at LIBOR plus 2.4%, with a floor rate of 2.9% | |||
Debt instruments | |||
Outstanding debt | $ 4,666 | ||
Unamortized Discount and Debt Issuance Costs | 70 | ||
Debt, Net | $ 4,596 | ||
Floor rate (as a percent) | 2.90% | ||
Effective interest rate (as a percent) | 2.90% | ||
Self-Storage Facility Loan, due November 2025, bearing interest at LIBOR plus 2.4%, with a floor rate of 2.9% | LIBOR | |||
Debt instruments | |||
Basis spread on variable rate (as a percent) | 2.40% | ||
Watersound Camp Creek Loan, due December 2047, bearing interest at LIBOR plus 2.1%, with a floor rate of 2.6% (effective rate of 2.6% at December 31, 2021) | |||
Debt instruments | |||
Outstanding debt | $ 3,437 | ||
Unamortized Discount and Debt Issuance Costs | 382 | ||
Debt, Net | $ 3,055 | ||
Floor rate (as a percent) | 2.60% | ||
Effective interest rate (as a percent) | 2.60% | ||
Watersound Camp Creek Loan, due December 2047, bearing interest at LIBOR plus 2.1%, with a floor rate of 2.6% (effective rate of 2.6% at December 31, 2021) | LIBOR | |||
Debt instruments | |||
Basis spread on variable rate (as a percent) | 2.10% | ||
Beach Homes Loan, due May 2029, bearing interest at LIBOR plus 1.7%. | |||
Debt instruments | |||
Outstanding debt | $ 1,492 | $ 1,545 | |
Unamortized Discount and Debt Issuance Costs | 15 | 17 | |
Debt, Net | $ 1,477 | $ 1,528 | |
Effective interest rate (as a percent) | 1.80% | ||
Beach Homes Loan, due May 2029, bearing interest at LIBOR plus 1.7%. | LIBOR | |||
Debt instruments | |||
Basis spread on variable rate (as a percent) | 1.70% | 1.70% | |
Pier Park Outparcel Loan, due March 2027, bearing interest at LIBOR plus 1.7% | |||
Debt instruments | |||
Outstanding debt | $ 1,370 | $ 1,458 | |
Unamortized Discount and Debt Issuance Costs | 10 | 12 | |
Debt, Net | $ 1,360 | $ 1,446 | |
Effective interest rate (as a percent) | 1.80% | ||
Pier Park Outparcel Loan, due March 2027, bearing interest at LIBOR plus 1.7% | LIBOR | |||
Debt instruments | |||
Basis spread on variable rate (as a percent) | 1.70% | 1.70% | |
North Bay Landing Apartments Loan, due September 2024, bearing interest at LIBOR plus 2.5%, with a floor rate of 3.2% | |||
Debt instruments | |||
Outstanding debt | $ 1,342 | ||
Unamortized Discount and Debt Issuance Costs | 254 | ||
Debt, Net | $ 1,088 | ||
Floor rate (as a percent) | 3.20% | ||
Effective interest rate (as a percent) | 3.20% | ||
North Bay Landing Apartments Loan, due September 2024, bearing interest at LIBOR plus 2.5%, with a floor rate of 3.2% | LIBOR | |||
Debt instruments | |||
Basis spread on variable rate (as a percent) | 2.50% | ||
WaterColor Crossings Loan, due February 2029, bearing interest at LIBOR plus 1.7% | |||
Debt instruments | |||
Outstanding debt | $ 1,265 | $ 1,334 | |
Unamortized Discount and Debt Issuance Costs | 18 | 21 | |
Debt, Net | $ 1,247 | $ 1,313 | |
Effective interest rate (as a percent) | 1.80% | ||
WaterColor Crossings Loan, due February 2029, bearing interest at LIBOR plus 1.7% | LIBOR | |||
Debt instruments | |||
Basis spread on variable rate (as a percent) | 1.70% | 1.70% | |
Watersound Town Center Grocery LoanWatersound Town Center Grocery Loan, due August 2031, bearing interest at LIBOR plus 2.0%, with a floor rate of 2.2% | |||
Debt instruments | |||
Outstanding debt | $ 620 | ||
Unamortized Discount and Debt Issuance Costs | 151 | ||
Debt, Net | $ 469 | ||
Floor rate (as a percent) | 2.20% | ||
Effective interest rate (as a percent) | 2.20% | ||
Watersound Town Center Grocery LoanWatersound Town Center Grocery Loan, due August 2031, bearing interest at LIBOR plus 2.0%, with a floor rate of 2.2% | LIBOR | |||
Debt instruments | |||
Basis spread on variable rate (as a percent) | 2.00% |
Debt, Net - Debt Agreements (De
Debt, Net - Debt Agreements (Details) $ in Thousands | 1 Months Ended | 108 Months Ended | 120 Months Ended | |||||||||||||||||||
Oct. 31, 2021USD ($) | Aug. 31, 2021USD ($) | Jun. 30, 2021USD ($) | Apr. 30, 2021 | Mar. 31, 2021USD ($) | Jan. 31, 2021USD ($) | Nov. 30, 2020USD ($) | Apr. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Oct. 31, 2019USD ($) | Jun. 30, 2019USD ($) | May 31, 2019USD ($) | Aug. 31, 2031 | Jun. 30, 2030 | Dec. 31, 2022 | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Aug. 31, 2019USD ($) | May 31, 2018USD ($)item | Feb. 28, 2018USD ($) | Mar. 31, 2017USD ($) | Oct. 31, 2015USD ($) | |
Debt instruments | ||||||||||||||||||||||
Outstanding debt | $ 227,474 | $ 161,418 | ||||||||||||||||||||
Total Community Development District debt | 14,100 | 15,800 | ||||||||||||||||||||
Assets pledged as collateral | 352,800 | |||||||||||||||||||||
PPN JV Loan, due November 2025, bearing interest at 4.1% | ||||||||||||||||||||||
Debt instruments | ||||||||||||||||||||||
Loan amount | $ 48,200 | |||||||||||||||||||||
Outstanding debt | $ 43,582 | $ 44,568 | ||||||||||||||||||||
Debt interest rate (as a percent) | 4.10% | 4.10% | ||||||||||||||||||||
Watersound Origins Crossings JV Loan, due May 2024, bearing interest at 5.0% | ||||||||||||||||||||||
Debt instruments | ||||||||||||||||||||||
Loan amount | $ 37,900 | |||||||||||||||||||||
Outstanding debt | $ 37,897 | $ 27,179 | ||||||||||||||||||||
Debt instrument, period subject to interest payments only | 32 months | |||||||||||||||||||||
Debt interest rate (as a percent) | 5.00% | 5.00% | ||||||||||||||||||||
PPC JV Loan, insured by HUD, due June 2060, bearing interest at 3.1% | ||||||||||||||||||||||
Debt instruments | ||||||||||||||||||||||
Outstanding debt | $ 35,670 | $ 36,084 | ||||||||||||||||||||
Debt interest rate (as a percent) | 3.10% | 3.10% | ||||||||||||||||||||
PPC JV Loan, insured by HUD, due June 2060, bearing interest at 3.1% | Minimum | Forecast | ||||||||||||||||||||||
Debt instruments | ||||||||||||||||||||||
Prepayment premium, as a percent of principal repaid | 2.00% | |||||||||||||||||||||
PPC JV Loan, insured by HUD, due June 2060, bearing interest at 3.1% | Maximum | ||||||||||||||||||||||
Debt instruments | ||||||||||||||||||||||
Loan costs | $ 100 | |||||||||||||||||||||
PPC JV Loan, insured by HUD, due June 2060, bearing interest at 3.1% | Maximum | Forecast | ||||||||||||||||||||||
Debt instruments | ||||||||||||||||||||||
Prepayment premium, as a percent of principal repaid | 10.00% | |||||||||||||||||||||
PPC JV Loan, due June 2060, bearing interest at 3.99% | ||||||||||||||||||||||
Debt instruments | ||||||||||||||||||||||
Loan amount | $ 36,600 | |||||||||||||||||||||
Debt interest rate (as a percent) | 4.00% | |||||||||||||||||||||
PPC JV Loan, due June 2060, bearing interest at 3.99% | Minimum | Forecast | ||||||||||||||||||||||
Debt instruments | ||||||||||||||||||||||
Prepayment premium, as a percent of principal repaid | 1.00% | |||||||||||||||||||||
PPC JV Loan, due June 2060, bearing interest at 3.99% | Maximum | Forecast | ||||||||||||||||||||||
Debt instruments | ||||||||||||||||||||||
Prepayment premium, as a percent of principal repaid | 9.00% | |||||||||||||||||||||
Watercrest JV Loan, due June 2047, bearing interest at LIBOR plus 2.2% and swapped to a fixed rate of 4.4% | ||||||||||||||||||||||
Debt instruments | ||||||||||||||||||||||
Loan amount | $ 22,500 | |||||||||||||||||||||
Outstanding debt | 20,053 | 18,066 | ||||||||||||||||||||
Debt instrument, period subject to interest payments only | 36 months | |||||||||||||||||||||
Watercrest JV Loan, due June 2047, bearing interest at LIBOR plus 2.2% and swapped to a fixed rate of 4.4% | Interest Rate Swap [Member] | ||||||||||||||||||||||
Debt instruments | ||||||||||||||||||||||
Notional amount | $ 20,000 | |||||||||||||||||||||
Fixed interest rate (as a percent) | 4.40% | |||||||||||||||||||||
PPC II JV Loan, due October 2024, bearing interest at LIBOR plus 2.1% | ||||||||||||||||||||||
Debt instruments | ||||||||||||||||||||||
Loan amount | $ 17,500 | |||||||||||||||||||||
Outstanding debt | 17,374 | 15,921 | ||||||||||||||||||||
Company's liability as guarantor, upon satisfaction of final advance conditions (as a percent) | 50.00% | |||||||||||||||||||||
Company's liability as guarantor, upon reaching and maintaining a certain debt service coverage ratio (as a percent) | 25.00% | |||||||||||||||||||||
Airport Hotel Loan, due March 2025, bearing interest at LIBOR plus 2.0%, with a floor rate of 3.0% | ||||||||||||||||||||||
Debt instruments | ||||||||||||||||||||||
Loan amount | $ 15,300 | |||||||||||||||||||||
Outstanding debt | 14,642 | 3,548 | ||||||||||||||||||||
Debt instrument, period subject to interest payments only | 36 months | |||||||||||||||||||||
Breakfast Point Hotel Loan, due November 2042, bearing interest at LIBOR plus 2.8%, with a floor rate of 3.8% | ||||||||||||||||||||||
Debt instruments | ||||||||||||||||||||||
Loan amount | $ 16,800 | |||||||||||||||||||||
Outstanding debt | 11,843 | |||||||||||||||||||||
Debt instrument, period subject to interest payments only | 24 months | |||||||||||||||||||||
Beckrich Building III Loan, due August 2029, bearing interest at LIBOR plus 1.7% | ||||||||||||||||||||||
Debt instruments | ||||||||||||||||||||||
Loan amount | $ 5,500 | |||||||||||||||||||||
Outstanding debt | 5,188 | 5,421 | ||||||||||||||||||||
Community Development District debt, secured by certain real estate or other collateral, due May 2022 through May 2039, bearing interest at 3.6% to 6.0% | ||||||||||||||||||||||
Debt instruments | ||||||||||||||||||||||
Outstanding debt | $ 4,909 | $ 6,294 | ||||||||||||||||||||
Community Development District debt, secured by certain real estate or other collateral, due May 2022 through May 2039, bearing interest at 3.6% to 6.0% | Minimum | ||||||||||||||||||||||
Debt instruments | ||||||||||||||||||||||
Debt interest rate (as a percent) | 3.60% | 3.60% | ||||||||||||||||||||
Community Development District debt, secured by certain real estate or other collateral, due May 2022 through May 2039, bearing interest at 3.6% to 6.0% | Maximum | ||||||||||||||||||||||
Debt instruments | ||||||||||||||||||||||
Debt interest rate (as a percent) | 6.00% | 6.00% | ||||||||||||||||||||
The Lodge 30A JV Loan, due January 2028, bearing interest at 3.8% | ||||||||||||||||||||||
Debt instruments | ||||||||||||||||||||||
Loan amount | $ 15,000 | |||||||||||||||||||||
Outstanding debt | $ 7,474 | |||||||||||||||||||||
Debt instrument, period subject to interest payments only | 24 months | |||||||||||||||||||||
Debt service coverage period | 24 months | |||||||||||||||||||||
Debt interest rate (as a percent) | 3.80% | |||||||||||||||||||||
Company's liability as guarantor, third year (as a percent) | 75.00% | |||||||||||||||||||||
Company's liability as guarantor, fourth year (as a percent) | 50.00% | |||||||||||||||||||||
Company's liability as guarantor, fifth year (as a percent) | 25.00% | |||||||||||||||||||||
Self-Storage Facility Loan, due November 2025, bearing interest at LIBOR plus 2.4%, with a floor rate of 2.9% | ||||||||||||||||||||||
Debt instruments | ||||||||||||||||||||||
Loan amount | $ 5,800 | |||||||||||||||||||||
Outstanding debt | $ 4,666 | |||||||||||||||||||||
Debt instrument, period subject to interest payments only | 48 months | |||||||||||||||||||||
Self-Storage Facility Loan, due November 2025, bearing interest at LIBOR plus 2.4%, with a floor rate of 2.9% | Maximum | ||||||||||||||||||||||
Debt instruments | ||||||||||||||||||||||
Amount of liability as guarantor | $ 2,900 | |||||||||||||||||||||
Beach Homes Loan, due May 2029, bearing interest at LIBOR plus 1.7%. | ||||||||||||||||||||||
Debt instruments | ||||||||||||||||||||||
Loan amount | $ 1,700 | |||||||||||||||||||||
Outstanding debt | 1,492 | $ 1,545 | ||||||||||||||||||||
Number of homes financed | item | 2 | |||||||||||||||||||||
Pier Park Outparcel Loan, due March 2027, bearing interest at LIBOR plus 1.7% | ||||||||||||||||||||||
Debt instruments | ||||||||||||||||||||||
Loan amount | $ 1,600 | |||||||||||||||||||||
Outstanding debt | 1,370 | 1,458 | ||||||||||||||||||||
WaterColor Crossings Loan, due February 2029, bearing interest at LIBOR plus 1.7% | ||||||||||||||||||||||
Debt instruments | ||||||||||||||||||||||
Loan amount | $ 1,900 | |||||||||||||||||||||
Outstanding debt | 1,265 | $ 1,334 | ||||||||||||||||||||
Pier Park Resort Hotel JV Loan, due April 2027, bearing interest at LIBOR plus 2.2% | ||||||||||||||||||||||
Debt instruments | ||||||||||||||||||||||
Loan amount | $ 52,500 | |||||||||||||||||||||
Outstanding debt | 14,650 | |||||||||||||||||||||
Debt instrument, period subject to interest payments only | 36 months | |||||||||||||||||||||
Debt service coverage period | 12 months | |||||||||||||||||||||
Pier Park Resort Hotel JV Loan, due April 2027, bearing interest at LIBOR plus 2.2% | Maximum | ||||||||||||||||||||||
Debt instruments | ||||||||||||||||||||||
Loan amount | $ 60,000 | |||||||||||||||||||||
Pier Park Resort Hotel JV Loan, due April 2027, bearing interest at LIBOR plus 2.2% | Interest Rate Swap [Member] | ||||||||||||||||||||||
Debt instruments | ||||||||||||||||||||||
Notional amount | $ 42,000 | |||||||||||||||||||||
Pier Park Resort Hotel JV Loan, due April 2027, bearing interest at LIBOR plus 2.2% | Interest Rate Swap [Member] | Forecast | ||||||||||||||||||||||
Debt instruments | ||||||||||||||||||||||
Fixed interest rate (as a percent) | 3.20% | |||||||||||||||||||||
North Bay Landing Apartments Loan, due September 2024, bearing interest at LIBOR plus 2.5%, with a floor rate of 3.2% | ||||||||||||||||||||||
Debt instruments | ||||||||||||||||||||||
Loan amount | $ 26,800 | |||||||||||||||||||||
Outstanding debt | 1,342 | |||||||||||||||||||||
Loan extension period | 18 months | |||||||||||||||||||||
Company's liability as guarantor, upon satisfaction of final advance conditions (as a percent) | 50.00% | |||||||||||||||||||||
Company's liability as guarantor, upon reaching and maintaining a certain debt service coverage ratio (as a percent) | 25.00% | |||||||||||||||||||||
Watersound Camp Creek Loan, due December 2047, bearing interest at LIBOR plus 2.1%, with a floor rate of 2.6% (effective rate of 2.6% at December 31, 2021) | ||||||||||||||||||||||
Debt instruments | ||||||||||||||||||||||
Loan amount | $ 28,000 | |||||||||||||||||||||
Outstanding debt | 3,437 | |||||||||||||||||||||
Debt instrument, period subject to interest payments only | 18 months | |||||||||||||||||||||
Company's liability as guarantor, upon reaching and maintaining a trailing six months operations with a certain debt service coverage ratio (as a percent) | 50.00% | |||||||||||||||||||||
Trailing period one for determining Company's liability as guarantor under loan | 6 months | |||||||||||||||||||||
Company's liability as guarantor, upon reaching and maintaining a trailing twelve months operations with a certain debt service coverage ratio (as a percent) | 25.00% | |||||||||||||||||||||
Trailing period two for determining Company's liability as guarantor under loan | 12 months | |||||||||||||||||||||
Watersound Town Center Grocery LoanWatersound Town Center Grocery Loan, due August 2031, bearing interest at LIBOR plus 2.0%, with a floor rate of 2.2% | ||||||||||||||||||||||
Debt instruments | ||||||||||||||||||||||
Loan amount | $ 12,000 | |||||||||||||||||||||
Outstanding debt | 620 | |||||||||||||||||||||
Debt instrument, period subject to interest payments only | 24 months | |||||||||||||||||||||
Company's liability as guarantor, upon satisfaction of final advance conditions (as a percent) | 50.00% | |||||||||||||||||||||
Company's liability as guarantor, upon reaching and maintaining a certain debt service coverage ratio (as a percent) | 25.00% | |||||||||||||||||||||
Occupancy requirement (as a percent) | 93.00% | |||||||||||||||||||||
Occupancy period | 90 days | |||||||||||||||||||||
Hotel Indio Loan | ||||||||||||||||||||||
Debt instruments | ||||||||||||||||||||||
Loan amount | $ 21,200 | |||||||||||||||||||||
Outstanding debt | 0 | |||||||||||||||||||||
Debt instrument, period subject to interest payments only | 24 months | |||||||||||||||||||||
Loan costs | $ 300 | |||||||||||||||||||||
Loan extension period | 60 months |
Debt, Net - Maturities of Debt
Debt, Net - Maturities of Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt, Net | ||
2022 | $ 3,627 | |
2023 | 5,660 | |
2024 | 60,330 | |
2025 | 62,655 | |
2025 | 3,809 | |
Thereafter | 91,393 | |
Long term debt | $ 227,474 | $ 161,418 |
Other Liabilities - Schedule of
Other Liabilities - Schedule of Other Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Other Liabilities | ||
Accounts payable | $ 48,597 | $ 25,376 |
Finance lease liabilities | 380 | 316 |
Operating lease liabilities | 732 | 808 |
Accrued compensation | 4,877 | 3,337 |
Other accrued liabilities | 4,807 | 6,892 |
Deferred revenue | 13,357 | 16,632 |
Club initiation fees | 22,850 | 10,716 |
Club membership deposits | 3,602 | 3,764 |
Advance deposits | 2,140 | 1,344 |
Accrued interest expense for Senior Notes held by SPE | 2,850 | 2,850 |
Total other liabilities | $ 104,192 | $ 72,035 |
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Total other liabilities | Total other liabilities |
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Total other liabilities | Total other liabilities |
Other Liabilities - Additional
Other Liabilities - Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Other Liabilities | ||
Deferred revenue | $ 13,357 | $ 16,632 |
Florida Department of Transportation | ||
Other Liabilities | ||
Deferred revenue | $ 10,900 | $ 11,500 |
Other Liabilities - Changes in
Other Liabilities - Changes in Club Initiation Fees (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Change in contract with customer liability | ||
Balance at beginning of period | $ 10,716 | $ 6,917 |
New club memberships | 16,804 | 6,268 |
Revenue from amounts included in contract liability opening balance | (3,037) | (2,062) |
Revenue from current period new memberships | (1,633) | (407) |
Balance at end of period | $ 22,850 | $ 10,716 |
Other Liabilities - Performance
Other Liabilities - Performance Obligations (Details) $ in Millions | Dec. 31, 2021USD ($) |
Performance obligations | |
Remaining performance obligations | $ 22.8 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Performance obligations | |
Remaining performance obligations | $ 5.2 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Performance obligations | |
Remaining performance obligations | $ 9 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 2 years |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Performance obligations | |
Remaining performance obligations | $ 7.2 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 2 years |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Performance obligations | |
Remaining performance obligations | $ 1.4 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period |
Income Taxes - Provision for In
Income Taxes - Provision for Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current: | |||
Federal | $ 9,005 | $ 5,146 | $ 1,070 |
Total | 9,005 | 5,146 | 1,070 |
Deferred: | |||
Federal | 12,120 | 6,321 | 5,903 |
State | 3,857 | 2,203 | 2,474 |
Total | 15,977 | 8,524 | 8,377 |
Total income tax expense | $ 24,982 | $ 13,670 | $ 9,447 |
Income Taxes - Allocation of Ta
Income Taxes - Allocation of Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Taxes | |||
Income tax expense | $ 24,982 | $ 13,670 | $ 9,447 |
Income tax recorded in accumulated other comprehensive loss, Income tax expense (benefit) | 367 | (386) | 116 |
Total income tax expense | $ 25,349 | $ 13,284 | $ 9,563 |
Income Taxes - Expense (Benefit
Income Taxes - Expense (Benefit) Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Taxes | |||
Statutory federal income tax rate (as a percent) | 21.00% | 21.00% | 21.00% |
Tax at the statutory federal rate | $ 20,902 | $ 12,385 | $ 7,607 |
State income taxes (net of federal benefit) | 3,581 | 2,203 | 1,477 |
Increase in valuation allowance, net | 275 | ||
Change in US and State tax rates | 458 | 1,006 | |
Income tax credits | (186) | (454) | |
Benefit of Qualified Opportunity Zone investments | (195) | (161) | (561) |
Dividend received deduction | (33) | (188) | |
Other permanents items | 147 | (270) | 106 |
Total income tax expense | $ 24,982 | $ 13,670 | $ 9,447 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets: | ||
State net operating loss carryforwards | $ 10,617 | $ 13,355 |
Impairment losses | 28,496 | 33,660 |
Prepaid income from land sales | 6,177 | 3,812 |
Capital loss carryforwards | 4,090 | |
Capitalized costs | 2,462 | 2,851 |
Reserves and accruals | 1,950 | 1,586 |
Unrealized losses on investments | 359 | 3,403 |
Other | 1,446 | 765 |
Total gross deferred tax assets | 55,597 | 59,432 |
Valuation allowance | (305) | |
Total net deferred tax assets | 55,292 | 59,432 |
Deferred tax liabilities: | ||
Investment in real estate and property and equipment basis differences | 14,014 | 5,929 |
Deferred gain on land sales and involuntary conversions | 33,643 | 29,101 |
Installment sales | 83,498 | 83,337 |
Pension Plan assets transferred to the 401(k) Plan | 287 | |
Other | 1,396 | 1,693 |
Total gross deferred tax liabilities | 132,551 | 120,347 |
Net deferred tax liabilities | $ (77,259) | $ (60,915) |
Income Taxes - Operating Loss C
Income Taxes - Operating Loss Carryforwards (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Operating loss carryforwards | ||
Income tax payable | $ 0.7 | $ 2.7 |
State and Local Jurisdiction | ||
Operating loss carryforwards | ||
Operating loss carryforwards | 229.3 | 304 |
Domestic Tax Authority | ||
Operating loss carryforwards | ||
Operating loss carryforwards | $ 3.1 | $ 2.3 |
Income Taxes - Tax Rates (Detai
Income Taxes - Tax Rates (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income taxes | |||||
Impact of change in tax rate | $ 458 | $ 1,006 | |||
Change in state tax rate | $ 500 | ||||
Florida Department of Revenue | |||||
Income taxes | |||||
Tax at the state statutory rate (as a percent) | 3.50% | 4.50% | 4.50% | 5.50% | |
Impact of change in tax rate | $ 1,000 | ||||
Florida Department of Revenue | Forecast | |||||
Income taxes | |||||
Tax at the state statutory rate (as a percent) | 5.50% |
Income Taxes - Valuation Allowa
Income Taxes - Valuation Allowances and Unrecognized Tax Benefits (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Income Taxes | |
Valuation allowance | $ 305 |
Income Taxes - Tax Refund (Deta
Income Taxes - Tax Refund (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Income Taxes | ||
Unrecognized tax benefits, income tax penalties accrued | $ 0 | $ 0 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Summary of Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Summary of changes in accumulated other comprehensive loss | |||
Beginning Balance | $ 568,170 | $ 529,670 | $ 533,111 |
Amounts reclassified from accumulated other comprehensive (loss) income | 303 | (3) | |
Total other comprehensive income (loss), net of tax | 1,083 | (1,137) | 339 |
Ending Balance | 626,100 | 568,170 | 529,670 |
Accumulated Other Comprehensive (Loss) Income | |||
Summary of changes in accumulated other comprehensive loss | |||
Beginning Balance | (1,472) | (335) | (674) |
Other comprehensive (loss) income before reclassifications | 780 | (1,134) | |
Amounts reclassified from accumulated other comprehensive (loss) income | 303 | (3) | |
Total other comprehensive income (loss), net of tax | 1,083 | (1,137) | 339 |
Ending Balance | (389) | (1,472) | (335) |
Unrealized (Loss) Gain on Available-for-Sale Securities | |||
Summary of changes in accumulated other comprehensive loss | |||
Beginning Balance | 16 | (84) | |
Other comprehensive (loss) income before reclassifications | (12) | 103 | |
Amounts reclassified from accumulated other comprehensive (loss) income | (11) | (3) | |
Total other comprehensive income (loss), net of tax | (23) | 100 | |
Ending Balance | (7) | 16 | (84) |
Unrealized (Loss) Gain Cash Flow Hedges, Interest rate swap | |||
Summary of changes in accumulated other comprehensive loss | |||
Beginning Balance | (1,488) | (251) | |
Other comprehensive (loss) income before reclassifications | 792 | (1,237) | |
Amounts reclassified from accumulated other comprehensive (loss) income | 314 | ||
Total other comprehensive income (loss), net of tax | 1,106 | (1,237) | |
Ending Balance | $ (382) | $ (1,488) | $ (251) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss - Summary of the Tax Effects Allocated to Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accumulated Other Comprehensive Loss | |||
Reclassification adjustment for net loss (gain) included in earnings before-tax amount | $ 405 | $ (4) | $ (69) |
Reclassification adjustment for net loss (gain) included in earnings, Tax (expense) or benefit | (102) | 1 | |
Reclassification adjustment for net loss (gain) included in earnings net-of-tax amount | 303 | (3) | |
Total before income taxes | 1,450 | (1,523) | 455 |
Other comprehensive loss, Tax (expense) or benefit | (367) | 386 | (116) |
Total other comprehensive income (loss), net of tax | 1,083 | (1,137) | 339 |
Accumulated Other Comprehensive (Loss) Income | |||
Accumulated Other Comprehensive Loss | |||
Unrealized loss on investments, Net-of-tax amount | 780 | (1,134) | |
Reclassification adjustment for net loss (gain) included in earnings net-of-tax amount | 303 | (3) | |
Total other comprehensive income (loss), net of tax | 1,083 | (1,137) | $ 339 |
Unrealized (Loss) Gain on Available-for-Sale Securities | |||
Accumulated Other Comprehensive Loss | |||
Unrealized loss on investments, Net-of-tax amount | (12) | 103 | |
Reclassification adjustment for net loss (gain) included in earnings net-of-tax amount | (11) | (3) | |
Total other comprehensive income (loss), net of tax | (23) | 100 | |
Unrealized (Loss) Gain Cash Flow Hedges, Interest rate swap | |||
Accumulated Other Comprehensive Loss | |||
Unrealized loss on investments, Net-of-tax amount | 792 | (1,237) | |
Reclassification adjustment for net loss (gain) included in earnings net-of-tax amount | 314 | ||
Total other comprehensive income (loss), net of tax | 1,106 | (1,237) | |
Unrealized (Loss) Gain Cash Flow Hedges, Interest rate swap | Interest rate swaps | |||
Accumulated Other Comprehensive Loss | |||
Unrealized gain (loss) on investments, Before-tax amount | 848 | (836) | |
Unrealized gain (loss) on investments, Tax (expense) or benefit | (215) | 212 | |
Unrealized loss on investments, Net-of-tax amount | 633 | (624) | |
Unrealized (Loss) Gain Cash Flow Hedges, Interest rate swap | Interest rate swap - unconsolidated joint venture | |||
Accumulated Other Comprehensive Loss | |||
Unrealized gain (loss) on investments, Before-tax amount | 213 | (821) | |
Unrealized gain (loss) on investments, Tax (expense) or benefit | (54) | 208 | |
Unrealized loss on investments, Net-of-tax amount | 159 | (613) | |
Unrestricted available-for-sale, Debt securities | Unrealized (Loss) Gain on Available-for-Sale Securities | |||
Accumulated Other Comprehensive Loss | |||
Unrealized gain (loss) on investments, Before-tax amount | (16) | 130 | |
Unrealized gain (loss) on investments, Tax (expense) or benefit | 4 | (33) | |
Unrealized loss on investments, Net-of-tax amount | $ (12) | 97 | |
Restricted | Unrealized (Loss) Gain on Available-for-Sale Securities | |||
Accumulated Other Comprehensive Loss | |||
Unrealized gain (loss) on investments, Before-tax amount | 8 | ||
Unrealized gain (loss) on investments, Tax (expense) or benefit | (2) | ||
Unrealized loss on investments, Net-of-tax amount | $ 6 |
Stockholders' Equity - Dividend
Stockholders' Equity - Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Stockholders' Equity | |||
Dividends paid (in dollars per share) | $ 0.32 | $ 0.07 | |
Amount of dividends paid | $ 18,844 | $ 4,122 | $ 0 |
Stockholders' Equity - Stock Re
Stockholders' Equity - Stock Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Stockholders' Equity | ||||
Average purchase price per share for share repurchase (in dollars per share) | $ 16.54 | |||
Aggregate cost | $ 8,803 | $ 20,845 | ||
Remaining authorized repurchase amount | $ 77,400 | |||
Common Stock | ||||
Stockholders' Equity | ||||
Shares repurchased during the period (in shares) | 0 | 532,034 | 1,263,159 | |
Treasury stock, shares, retired (in shares) | 532,034 | |||
Retirement of treasury stock | $ 8,800 | $ 8,803 | $ 20,845 |
Stockholders' Equity - Issuance
Stockholders' Equity - Issuance of Common Stock (Details) $ in Thousands | Jul. 01, 2019directorshares | Jul. 02, 2018directorshares | Dec. 31, 2021USD ($)shares | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018shares | May 20, 2019USD ($) | May 23, 2018USD ($) |
Share-based compensation | ||||||||
Stock compensation expense before tax benefit | $ 45 | $ 77 | ||||||
Director | Restricted Stock | ||||||||
Share-based compensation | ||||||||
Fair value of equity grant award approved for each director | $ 50 | $ 50 | ||||||
Number of restricted stock awards granted | shares | 5,708 | 2,778 | 0 | 0 | 5,708 | 2,778 | ||
Number of directors granted restricted stock awards | director | 2 | 1 | ||||||
Number of directors who elected to receive cash in lieu of the stock | director | 2 | 3 | ||||||
Stock compensation expense before tax benefit | $ 0 | |||||||
Director | Restricted Stock | Maximum | ||||||||
Share-based compensation | ||||||||
Stock compensation expense before tax benefit | $ 100 | $ 100 |
Stock Based Compensation - Plan
Stock Based Compensation - Plans (Details) | Dec. 31, 2021shares |
Stock Based Compensation | |
Shares available for future issuance | 1,463,543 |
Stock Based Compensation - Expe
Stock Based Compensation - Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Stock Based Compensation | ||
Stock compensation expense before tax benefit | $ 45 | $ 77 |
Income tax benefit | (11) | (19) |
Stock compensation expense after tax benefit | $ 34 | $ 58 |
Stock Based Compensation - Rest
Stock Based Compensation - Restricted stock (Details) - Restricted Stock - USD ($) $ / shares in Units, $ in Millions | Jul. 01, 2019 | Jul. 02, 2018 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Number of Units | ||||||
Unvested restricted stock units outstanding | 0 | |||||
Weighted Average Grant Date Fair Value | ||||||
Fair values of vested restricted stock and stock options | $ 0.1 | $ 0.1 | ||||
Director | ||||||
Number of Units | ||||||
Number of restricted stock awards granted | 5,708 | 2,778 | 0 | 0 | 5,708 | 2,778 |
Number of units, vested | 5,708 | 2,778 | ||||
Weighted Average Grant Date Fair Value | ||||||
Weighted average grant date fair value, granted (in dollars per share) | $ 17.52 | $ 18 |
Employee Benefit Plan (Details)
Employee Benefit Plan (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2014 | |
Employee Benefit Plan | ||||
Employee defined contribution plan expense | $ 0.1 | |||
Assets contributed to 401(k) Plan | $ 7.9 | |||
Restricted investments | $ 1.2 | |||
Compensation expense for assets allocated to participants | $ 1.2 | 1.2 | $ 1.1 | |
First 3% of employee contributions | ||||
Employee Benefit Plan | ||||
Percentage employer matches of the employee's percentage contribution | 100.00% | |||
Percentage of employee's gross pay for which the employer contributes a matching contribution (as a percent) | 3.00% | |||
3% - 5% of employee contributions | ||||
Employee Benefit Plan | ||||
Percentage employer matches of the employee's percentage contribution | 50.00% | |||
Percentage of employee's gross pay for which the employer contributes a matching contribution (as a percent) | 2.00% | |||
Low end of gross pay (as a percent) | 3.00% | |||
High end of gross pay (as a percent) | 5.00% | |||
Restricted | Maximum | ||||
Employee Benefit Plan | ||||
Gain (loss) on assets | $ 0.1 | $ 0.1 | $ (0.1) |
Other Income, Net - Components
Other Income, Net - Components (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Investment income, net | |||
Interest, dividend and accretion income | $ 157 | $ 1,194 | $ 7,459 |
Net realized gain (loss) on the sale of investments | 17 | (48) | 87 |
Unrealized loss on investments, net | (1,872) | (4,688) | (5,342) |
Interest income from investments in SPEs | 8,078 | 8,180 | 8,190 |
Interest earned on notes receivable and other interest | 874 | 345 | 320 |
Total investment income, net | 7,254 | 4,983 | 10,714 |
Interest expense | |||
Interest expense and amortization of discount and issuance costs for Senior Notes issued by SPE | (8,827) | (8,813) | (8,801) |
Other interest expense | (7,027) | (4,751) | (3,501) |
Total interest expense | (15,854) | (13,564) | (12,302) |
Gain on contribution to unconsolidated joint ventures | 3,558 | 19,983 | 2,317 |
Other (expense) income: | |||
Accretion income from retained interest investments | 1,532 | 1,391 | 1,325 |
Gain on insurance recovery | 4,853 | 690 | 5,314 |
Loss from hurricane damage | (56) | (1,123) | (2,704) |
Miscellaneous income, net | 3,852 | 371 | 198 |
Other income, net | 10,181 | 1,329 | 4,133 |
Total other income (expense) | $ 5,139 | $ 12,731 | $ 4,862 |
Other Income, Net - Interest Ex
Other Income, Net - Interest Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other Income, Net | |||
Capitalized interest cost | $ 1 | $ 1.1 | $ 0.6 |
Senior Notes held by special purpose entity | |||
Other Income, Net | |||
Effective interest rate (as a percent) | 4.90% |
Other Income, Net - Gain on Con
Other Income, Net - Gain on Contribution and Other Income, Net (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2020 | |
Watersound Fountains Independent Living JV | ||||
Other Income, Net | ||||
Gain on land contribution | $ 3.1 | |||
Busy Bee JV | ||||
Other Income, Net | ||||
Gain on land contribution | $ 0.8 | |||
Pier Park TPS JV | ||||
Other Income, Net | ||||
Gain on land contribution | 1.4 | |||
Gain on land and mitigation credits | $ 1.5 | |||
Sea Sound Apartments JV | ||||
Other Income, Net | ||||
Gain on land contribution | $ 3.9 | |||
Gain on land and mitigation credits | 4.3 | |||
Latitude Margaritaville Watersound JV | ||||
Other Income, Net | ||||
Gain on additional infrastructure improvements contributed | $ 0.5 | |||
Gain on land and additional infrastructure improvements contributed to to unconsolidated joint venture | $ 15.7 | |||
Net present value of land contribution | $ 16.6 | |||
Imputed interest rate (as a percent) | 5.80% |
Other Income, Net - Other Incom
Other Income, Net - Other Income, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other Income, Net | |||
Gain on insurance recovery | $ 4,853 | $ 690 | $ 5,314 |
Loss from hurricane damage | 56 | 1,123 | 2,704 |
Florida Division of Emergency Management's Florida Timber Recovery Block Grant Program | |||
Other Income, Net | |||
Miscellaneous income | $ 3,600 | ||
Minimum | |||
Other Income, Net | |||
Retained interest, effective interest rate (as a percent) | 3.70% | ||
Maximum | |||
Other Income, Net | |||
Retained interest, effective interest rate (as a percent) | 11.70% | ||
Hurricane Michael. | |||
Other Income, Net | |||
Gain on insurance recovery | $ 4,900 | 700 | 5,300 |
Loss from hurricane damage | $ 100 | $ 1,100 | $ 2,700 |
Segment Information - Reportabl
Segment Information - Reportable Segments (Details) | 12 Months Ended |
Dec. 31, 2021segment | |
Segment Information | |
Number of reportable segments | 3 |
Segment Information - Informati
Segment Information - Information by Business Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segments | |||
Total revenue | $ 266,996 | $ 160,555 | $ 127,085 |
Cost of revenue | 131,314 | 77,776 | 64,086 |
Corporate and other operating expenses | 23,023 | 22,906 | 21,389 |
Depreciation, depletion and amortization | 18,202 | 12,788 | 10,287 |
Investment income, net | 7,254 | 4,983 | 10,714 |
Interest expense | 15,854 | 13,564 | 12,302 |
Gain on contribution to unconsolidated joint ventures | 3,558 | 19,983 | 2,317 |
Other income (expense), net | 10,181 | 1,329 | 4,133 |
Income (loss) before equity in loss from unconsolidated joint ventures and income taxes | 99,596 | 59,816 | 36,185 |
Equity in (loss) income from unconsolidated joint ventures | (865) | (666) | (77) |
Capital expenditures | 200,819 | 162,243 | 114,286 |
Investment in unconsolidated joint ventures | 52,027 | 37,965 | |
Total assets | 1,208,151 | 1,037,324 | |
Interest income from investments in SPEs | 8,078 | 8,180 | 8,190 |
Interest expense from Senior Notes issued by SPE | (8,827) | (8,813) | (8,801) |
Gain on insurance recovery | 4,853 | 690 | 5,314 |
Loss from hurricane damage | 56 | 1,123 | 2,704 |
Latitude Margaritaville Watersound JV | |||
Segments | |||
Equity in (loss) income from unconsolidated joint ventures | (1,861) | (524) | (71) |
Investment in unconsolidated joint ventures | 30,040 | 24,288 | |
Gain on land and additional infrastructure improvements contributed to to unconsolidated joint venture | 15,700 | ||
Watersound Fountains Independent Living JV | |||
Segments | |||
Investment in unconsolidated joint ventures | 7,508 | ||
Gain on land contribution | 3,100 | ||
Florida Division of Emergency Management's Florida Timber Recovery Block Grant Program | |||
Segments | |||
Other income (expense), net | 3,600 | ||
Sea Sound Apartments JV | |||
Segments | |||
Equity in (loss) income from unconsolidated joint ventures | (15) | ||
Investment in unconsolidated joint ventures | 10,333 | 10,348 | |
Gain on land contribution | 3,900 | ||
Busy Bee JV | |||
Segments | |||
Equity in (loss) income from unconsolidated joint ventures | 441 | (30) | |
Investment in unconsolidated joint ventures | 1,621 | 1,180 | |
Gain on land contribution | 800 | ||
Pier Park TPS JV | |||
Segments | |||
Equity in (loss) income from unconsolidated joint ventures | 551 | (112) | (6) |
Investment in unconsolidated joint ventures | 1,961 | 2,149 | |
Gain on land contribution | 1,400 | ||
Residential real estate | |||
Segments | |||
Equity in (loss) income from unconsolidated joint ventures | (1,861) | (524) | (71) |
Investment in unconsolidated joint ventures | 30,039 | 24,287 | |
Commercial leasing and sales | |||
Segments | |||
Equity in (loss) income from unconsolidated joint ventures | 996 | (142) | (6) |
Investment in unconsolidated joint ventures | 21,988 | 13,678 | |
Operating Segments | Residential real estate | |||
Segments | |||
Total revenue | 145,784 | 74,715 | 41,586 |
Cost of revenue | 57,842 | 30,359 | 20,492 |
Corporate and other operating expenses | 4,872 | 5,283 | 4,873 |
Depreciation, depletion and amortization | 351 | 318 | 283 |
Interest expense | 581 | 683 | 717 |
Gain on contribution to unconsolidated joint ventures | 503 | 15,706 | |
Other income (expense), net | 113 | (22) | (217) |
Income (loss) before equity in loss from unconsolidated joint ventures and income taxes | 83,582 | 53,998 | 15,144 |
Capital expenditures | 52,838 | 33,634 | 28,639 |
Total assets | 195,142 | 172,610 | |
Operating Segments | Hospitality Segment | |||
Segments | |||
Total revenue | 74,591 | 47,374 | 45,720 |
Cost of revenue | 57,494 | 34,670 | 33,924 |
Corporate and other operating expenses | 919 | 1,180 | 838 |
Depreciation, depletion and amortization | 6,966 | 4,638 | 4,579 |
Interest expense | 488 | 222 | 30 |
Other income (expense), net | 635 | 575 | 225 |
Income (loss) before equity in loss from unconsolidated joint ventures and income taxes | 9,359 | 7,238 | 6,574 |
Capital expenditures | 101,686 | 42,770 | 15,923 |
Total assets | 256,751 | 146,724 | |
Operating Segments | Commercial leasing and sales | |||
Segments | |||
Total revenue | 44,627 | 36,665 | 38,823 |
Cost of revenue | 14,440 | 12,228 | 9,593 |
Corporate and other operating expenses | 3,980 | 3,681 | 3,479 |
Depreciation, depletion and amortization | 10,490 | 6,987 | 5,253 |
Interest expense | 5,949 | 3,836 | 2,739 |
Gain on contribution to unconsolidated joint ventures | 3,055 | 3,949 | 2,244 |
Other income (expense), net | 3,722 | 51 | 1,190 |
Income (loss) before equity in loss from unconsolidated joint ventures and income taxes | 16,591 | 13,988 | 21,239 |
Capital expenditures | 45,843 | 85,070 | 69,219 |
Total assets | 375,266 | 332,649 | |
Operating Segments | Residential and commercial | |||
Segments | |||
Investment income, net | 874 | 298 | 184 |
Corporate And Reconciling Items [Member] | |||
Segments | |||
Total revenue | 1,994 | 1,801 | 956 |
Cost of revenue | 1,538 | 519 | 77 |
Corporate and other operating expenses | 13,252 | 12,762 | 12,199 |
Depreciation, depletion and amortization | 395 | 845 | 172 |
Investment income, net | 6,380 | 4,685 | 10,530 |
Interest expense | 8,836 | 8,823 | 8,816 |
Gain on contribution to unconsolidated joint ventures | 328 | 73 | |
Other income (expense), net | 5,711 | 725 | 2,935 |
Income (loss) before equity in loss from unconsolidated joint ventures and income taxes | (9,936) | (15,408) | (6,772) |
Capital expenditures | 452 | 769 | 505 |
Total assets | 380,992 | 385,341 | |
Interest expense from Senior Notes issued by SPE | $ (8,800) | $ (8,800) | $ (8,800) |
Commitments and Contingencies -
Commitments and Contingencies - (Details) - USD ($) $ in Thousands | Jun. 29, 2020 | Apr. 30, 2021 | Nov. 30, 2020 | Nov. 30, 2019 | Jan. 31, 2019 | Nov. 12, 2035 | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Obligations | |||||||||
Accrued liabilities for other litigation, claims, other disputes and governmental proceedings | $ 400 | $ 700 | |||||||
Amount of letters of credit outstanding | 12,900 | 6,600 | |||||||
Purchase obligations, total | 217,000 | ||||||||
Principal balance | 227,474 | 161,418 | |||||||
Deferred tax liabilities | 132,551 | 120,347 | |||||||
Allowance for credit losses within other liabilities | 100 | 100 | |||||||
Tax years 2007 and 2008 | |||||||||
Obligations | |||||||||
Deferred tax liabilities | 33,700 | ||||||||
Tax Year 2014 | |||||||||
Obligations | |||||||||
Deferred tax liabilities | 37,800 | ||||||||
Pier Park TPS JV Loan | |||||||||
Obligations | |||||||||
Guarantor liability, Scenario 2 (as a percent) | 25.00% | ||||||||
Busy Bee JV Construction and Equipment Loans | |||||||||
Obligations | |||||||||
Guarantor liability, Scenario 3 (as a percent) | 50.00% | ||||||||
Period of financial reporting and financial covenant obligations upon completion at specified rate | 12 months | ||||||||
Latitude Margaritaville Watersound JV | |||||||||
Obligations | |||||||||
Amount as lender of secured revolving promissory note | 10,000 | $ 10,000 | |||||||
Notes receivable | 7,100 | 2,700 | |||||||
Surety bonds | |||||||||
Obligations | |||||||||
Commitment obligations | 36,900 | 24,200 | |||||||
Unconsolidated joint ventures | |||||||||
Obligations | |||||||||
Principal balance | 62,701 | 33,088 | |||||||
Pier Park TPS JV | |||||||||
Obligations | |||||||||
Principal balance | 14,124 | 14,388 | |||||||
Pier Park TPS JV | Pier Park TPS JV Loan | |||||||||
Obligations | |||||||||
Loan amount | $ 14,400 | ||||||||
Debt interest rate (as a percent) | 5.20% | ||||||||
Principal balance | 14,100 | 14,400 | |||||||
Pier Park TPS JV | Pier Park TPS JV Loan | LIBOR | |||||||||
Obligations | |||||||||
Basis spread on variable rate (as a percent) | 2.50% | ||||||||
Pier Park TPS JV | Interest Rate Swap [Member] | |||||||||
Obligations | |||||||||
Notional amount | $ 14,400 | ||||||||
Busy Bee JV | |||||||||
Obligations | |||||||||
Principal balance | 6,317 | 6,614 | |||||||
Busy Bee JV | Busy Bee JV Construction and Equipment Loans | LIBOR | |||||||||
Obligations | |||||||||
Basis spread on variable rate (as a percent) | 1.50% | ||||||||
Busy Bee JV | Busy Bee JV Construction Loan, due November 2035 | |||||||||
Obligations | |||||||||
Loan amount | $ 5,400 | ||||||||
Principal balance | 5,300 | 5,400 | |||||||
Busy Bee JV | Busy Bee JV Equipment Loan, due November 2027 | |||||||||
Obligations | |||||||||
Notional amount | 1,200 | ||||||||
Loan amount | 1,200 | ||||||||
Principal balance | 1,100 | 1,200 | |||||||
Busy Bee JV | Interest Rate Swap [Member] | Busy Bee JV Construction Loan, due November 2035 | |||||||||
Obligations | |||||||||
Notional amount | $ 5,400 | ||||||||
Fixed interest rate (as a percent) | 2.70% | ||||||||
Busy Bee JV | Interest Rate Swap [Member] | Busy Bee JV Construction Loan, due November 2035 | Forecast | |||||||||
Obligations | |||||||||
Notional amount | $ 2,800 | ||||||||
Busy Bee JV | Interest Rate Swap [Member] | Busy Bee JV Equipment Loan, due November 2027 | |||||||||
Obligations | |||||||||
Fixed interest rate (as a percent) | 2.10% | ||||||||
Latitude Margaritaville Watersound JV | |||||||||
Obligations | |||||||||
Principal balance | 7,147 | 3,297 | |||||||
Latitude Margaritaville Watersound JV | Latitude Margaritaville Watersound JV Loan, due November 2023 | |||||||||
Obligations | |||||||||
Loan amount | $ 25,000 | ||||||||
Principal balance | 0 | $ 600 | |||||||
Floor rate (as a percent) | 3.30% | ||||||||
Debt instrument, period by which maturity date may be extended | 3 years | ||||||||
Latitude Margaritaville Watersound JV | Latitude Margaritaville Watersound JV Loan, due November 2023 | LIBOR | |||||||||
Obligations | |||||||||
Basis spread on variable rate (as a percent) | 2.50% | ||||||||
Watersound Fountains Independent Living JV | |||||||||
Obligations | |||||||||
Principal balance | 66 | ||||||||
Watersound Fountains Independent Living JV | Watersound Fountains JV Loan, due April 2026 | |||||||||
Obligations | |||||||||
Loan amount | $ 41,900 | ||||||||
Basis spread on variable rate (as a percent) | 2.00% | ||||||||
Guarantor liability, Scenario 1 (as a percent) | 50.00% | ||||||||
Guarantor liability, Scenario 2 (as a percent) | 25.00% | ||||||||
Guarantor liability, Scenario 3 (as a percent) | 0.00% | ||||||||
Principal balance | $ 100 | ||||||||
Floor rate (as a percent) | 2.50% | ||||||||
Debt instrument, period subject to interest payments only | 48 months | ||||||||
Debt instrument, period by which maturity date may be extended | 12 months |
Subsequent Event (Details)
Subsequent Event (Details) - USD ($) $ / shares in Units, $ in Millions | Mar. 29, 2022 | Feb. 23, 2022 | Feb. 23, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Feb. 22, 2022 |
Subsequent Event | ||||||
Dividends declared (in dollars per share) | $ 0.32 | $ 0.07 | ||||
Dividends paid (in dollars per share) | $ 0.32 | $ 0.07 | ||||
Subsequent Event | ||||||
Subsequent Event | ||||||
Dividends declared (in dollars per share) | $ 0.10 | |||||
Dividends paid (in dollars per share) | $ 0.10 | |||||
Increase in dividend payment (as a percent) | 25.00% | |||||
Additional authorized repurchase amount | $ 22.6 | |||||
Amount authorized to be repurchased under Stock Repurchase Program | $ 100 |
Schedule III (Consolidated) -_2
Schedule III (Consolidated) - Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule III, Real Estate | ||||
Encumbrances | $ 227,474 | |||
Initial Cost to Company, Land & Improvements | 173,333 | |||
Initial Cost to Company, Buildings & Improvements | 454,587 | |||
Costs Capitalized Subsequent to Acquisition or Construction | 149,359 | |||
Land & Land Improvements | 314,132 | |||
Buildings and Improvements | 463,147 | |||
Total | 777,279 | $ 627,613 | $ 505,032 | $ 418,494 |
Accumulated Depreciation | 87,166 | |||
Aggregate cost of real estate owned for federal income tax purposes | 715,500 | |||
Residential developments | ||||
Schedule III, Real Estate | ||||
Encumbrances | 1,088 | |||
Initial Cost to Company, Land & Improvements | 29,284 | |||
Initial Cost to Company, Buildings & Improvements | 14,846 | |||
Costs Capitalized Subsequent to Acquisition or Construction | 91,527 | |||
Land & Land Improvements | 128,317 | |||
Buildings and Improvements | 7,340 | |||
Total | 135,657 | |||
Accumulated Depreciation | $ 5,019 | |||
Residential developments | Minimum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 3 years | |||
Residential developments | Maximum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 25 years | |||
WaterColor Hospitality | ||||
Schedule III, Real Estate | ||||
Initial Cost to Company, Land & Improvements | $ 1,137 | |||
Initial Cost to Company, Buildings & Improvements | 13,688 | |||
Costs Capitalized Subsequent to Acquisition or Construction | 13,007 | |||
Land & Land Improvements | 4,023 | |||
Buildings and Improvements | 23,809 | |||
Total | 27,832 | |||
Accumulated Depreciation | $ 11,794 | |||
WaterColor Hospitality | Minimum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 2 years | |||
WaterColor Hospitality | Maximum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 40 years | |||
Pier Park Resort Hotel JV. | ||||
Schedule III, Real Estate | ||||
Encumbrances | $ 14,650 | |||
Initial Cost to Company, Land & Improvements | 1,438 | |||
Initial Cost to Company, Buildings & Improvements | 37,450 | |||
Land & Land Improvements | 1,438 | |||
Buildings and Improvements | 37,450 | |||
Total | 38,888 | |||
The Lodge 30A JV | ||||
Schedule III, Real Estate | ||||
Encumbrances | 7,474 | |||
Initial Cost to Company, Land & Improvements | 2,143 | |||
Initial Cost to Company, Buildings & Improvements | 11,954 | |||
Land & Land Improvements | 2,143 | |||
Buildings and Improvements | 11,954 | |||
Total | 14,097 | |||
Airport Hospitality | ||||
Schedule III, Real Estate | ||||
Encumbrances | 14,642 | |||
Initial Cost to Company, Land & Improvements | 1,693 | |||
Initial Cost to Company, Buildings & Improvements | 17,101 | |||
Land & Land Improvements | 1,693 | |||
Buildings and Improvements | 17,101 | |||
Total | 18,794 | |||
Accumulated Depreciation | $ 270 | |||
Airport Hospitality | Minimum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 15 years | |||
Airport Hospitality | Maximum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 39 years | |||
Breakfast Point Hospitality | ||||
Schedule III, Real Estate | ||||
Encumbrances | $ 11,843 | |||
Initial Cost to Company, Buildings & Improvements | 23,145 | |||
Buildings and Improvements | 23,145 | |||
Total | 23,145 | |||
Watersound Club | ||||
Schedule III, Real Estate | ||||
Encumbrances | 3,437 | |||
Initial Cost to Company, Land & Improvements | 34,608 | |||
Initial Cost to Company, Buildings & Improvements | 48,092 | |||
Costs Capitalized Subsequent to Acquisition or Construction | 2,061 | |||
Land & Land Improvements | 37,264 | |||
Buildings and Improvements | 47,497 | |||
Total | 84,761 | |||
Accumulated Depreciation | $ 24,266 | |||
Watersound Club | Minimum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 5 years | |||
Watersound Club | Maximum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 39 years | |||
Marinas | ||||
Schedule III, Real Estate | ||||
Initial Cost to Company, Land & Improvements | $ 5,350 | |||
Initial Cost to Company, Buildings & Improvements | 20,132 | |||
Costs Capitalized Subsequent to Acquisition or Construction | 246 | |||
Land & Land Improvements | 5,596 | |||
Buildings and Improvements | 20,132 | |||
Total | 25,728 | |||
Accumulated Depreciation | $ 2,489 | |||
Marinas | Minimum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 15 years | |||
Marinas | Maximum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 39 years | |||
Other Hospitality | ||||
Schedule III, Real Estate | ||||
Encumbrances | $ 3,680 | |||
Initial Cost to Company, Land & Improvements | 3,511 | |||
Initial Cost to Company, Buildings & Improvements | 22,775 | |||
Costs Capitalized Subsequent to Acquisition or Construction | 2,007 | |||
Land & Land Improvements | 5,429 | |||
Buildings and Improvements | 22,864 | |||
Total | 28,293 | |||
Accumulated Depreciation | $ 3,123 | |||
Other Hospitality | Minimum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 5 years | |||
Other Hospitality | Maximum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 39 years | |||
Pier Park North JV. | ||||
Schedule III, Real Estate | ||||
Encumbrances | $ 43,582 | |||
Initial Cost to Company, Land & Improvements | 13,176 | |||
Initial Cost to Company, Buildings & Improvements | 35,243 | |||
Costs Capitalized Subsequent to Acquisition or Construction | 3,236 | |||
Land & Land Improvements | 13,297 | |||
Buildings and Improvements | 38,358 | |||
Total | 51,655 | |||
Accumulated Depreciation | $ 12,807 | |||
Pier Park North JV. | Minimum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 15 years | |||
Pier Park North JV. | Maximum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 39 years | |||
Town centers | ||||
Schedule III, Real Estate | ||||
Initial Cost to Company, Land & Improvements | $ 64 | |||
Initial Cost to Company, Buildings & Improvements | 12,013 | |||
Costs Capitalized Subsequent to Acquisition or Construction | 3,082 | |||
Land & Land Improvements | 74 | |||
Buildings and Improvements | 15,085 | |||
Total | 15,159 | |||
Accumulated Depreciation | $ 10,943 | |||
Town centers | Minimum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 5 years | |||
Town centers | Maximum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 25 years | |||
VentureCrossings | ||||
Schedule III, Real Estate | ||||
Initial Cost to Company, Land & Improvements | $ 4,983 | |||
Initial Cost to Company, Buildings & Improvements | 29,274 | |||
Costs Capitalized Subsequent to Acquisition or Construction | 188 | |||
Land & Land Improvements | 4,992 | |||
Buildings and Improvements | 29,453 | |||
Total | 34,445 | |||
Accumulated Depreciation | $ 6,549 | |||
VentureCrossings | Minimum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 5 years | |||
VentureCrossings | Maximum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 39 years | |||
Watersound Origins Crossings JV. | ||||
Schedule III, Real Estate | ||||
Encumbrances | $ 37,897 | |||
Initial Cost to Company, Land & Improvements | 6,853 | |||
Initial Cost to Company, Buildings & Improvements | 33,912 | |||
Land & Land Improvements | 6,853 | |||
Buildings and Improvements | 33,912 | |||
Total | 40,765 | |||
Accumulated Depreciation | $ 716 | |||
Watersound Origins Crossings JV. | Minimum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 20 years | |||
Watersound Origins Crossings JV. | Maximum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 39 years | |||
Pier Park Crossings JV. | ||||
Schedule III, Real Estate | ||||
Encumbrances | $ 35,670 | |||
Initial Cost to Company, Land & Improvements | 8,456 | |||
Initial Cost to Company, Buildings & Improvements | 28,662 | |||
Land & Land Improvements | 8,456 | |||
Buildings and Improvements | 28,662 | |||
Total | 37,118 | |||
Accumulated Depreciation | $ 2,562 | |||
Pier Park Crossings JV. | Minimum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 20 years | |||
Pier Park Crossings JV. | Maximum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 39 years | |||
Pier Park Crossings II JV. | ||||
Schedule III, Real Estate | ||||
Encumbrances | $ 17,374 | |||
Initial Cost to Company, Land & Improvements | 3,567 | |||
Initial Cost to Company, Buildings & Improvements | 15,586 | |||
Land & Land Improvements | 3,567 | |||
Buildings and Improvements | 15,586 | |||
Total | 19,153 | |||
Accumulated Depreciation | $ 606 | |||
Pier Park Crossings II JV. | Minimum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 20 years | |||
Pier Park Crossings II JV. | Maximum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 39 years | |||
North Bay Landing | ||||
Schedule III, Real Estate | ||||
Encumbrances | $ 1,343 | |||
Initial Cost to Company, Buildings & Improvements | 16,979 | |||
Buildings and Improvements | 16,979 | |||
Total | 16,979 | |||
Watercrest JV. | ||||
Schedule III, Real Estate | ||||
Encumbrances | 20,053 | |||
Initial Cost to Company, Land & Improvements | 3,073 | |||
Initial Cost to Company, Buildings & Improvements | 18,475 | |||
Land & Land Improvements | 3,073 | |||
Buildings and Improvements | 18,475 | |||
Total | 21,548 | |||
Accumulated Depreciation | $ 559 | |||
Watercrest JV. | Minimum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 15 years | |||
Watercrest JV. | Maximum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 39 years | |||
Self-Storage | ||||
Schedule III, Real Estate | ||||
Encumbrances | $ 4,666 | |||
Initial Cost to Company, Land & Improvements | 1,003 | |||
Initial Cost to Company, Buildings & Improvements | 5,871 | |||
Land & Land Improvements | 1,003 | |||
Buildings and Improvements | 5,871 | |||
Total | 6,874 | |||
Accumulated Depreciation | $ 63 | |||
Self-Storage | Minimum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 15 years | |||
Self-Storage | Maximum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 39 years | |||
Beckrich | ||||
Schedule III, Real Estate | ||||
Encumbrances | $ 5,188 | |||
Initial Cost to Company, Land & Improvements | 2,200 | |||
Initial Cost to Company, Buildings & Improvements | 13,298 | |||
Costs Capitalized Subsequent to Acquisition or Construction | 183 | |||
Land & Land Improvements | 2,223 | |||
Buildings and Improvements | 13,458 | |||
Total | 15,681 | |||
Accumulated Depreciation | $ 1,198 | |||
Beckrich | Minimum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 3 years | |||
Beckrich | Maximum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 39 years | |||
Watersound Town Center | ||||
Schedule III, Real Estate | ||||
Encumbrances | $ 620 | |||
Initial Cost to Company, Land & Improvements | 2,796 | |||
Initial Cost to Company, Buildings & Improvements | 22,722 | |||
Land & Land Improvements | 2,796 | |||
Buildings and Improvements | 22,722 | |||
Total | 25,518 | |||
Accumulated Depreciation | $ 300 | |||
Watersound Town Center | Minimum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 15 years | |||
Watersound Town Center | Maximum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 39 years | |||
Other commercial | ||||
Schedule III, Real Estate | ||||
Encumbrances | $ 2,635 | |||
Initial Cost to Company, Land & Improvements | 6,711 | |||
Initial Cost to Company, Buildings & Improvements | 11,581 | |||
Costs Capitalized Subsequent to Acquisition or Construction | (948) | |||
Land & Land Improvements | 5,920 | |||
Buildings and Improvements | 11,424 | |||
Total | 17,344 | |||
Accumulated Depreciation | $ 1,743 | |||
Other commercial | Minimum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 5 years | |||
Other commercial | Maximum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 39 years | |||
Commercial developments | ||||
Schedule III, Real Estate | ||||
Encumbrances | $ 1,632 | |||
Initial Cost to Company, Land & Improvements | 34,667 | |||
Costs Capitalized Subsequent to Acquisition or Construction | 16,673 | |||
Land & Land Improvements | 51,340 | |||
Total | 51,340 | |||
Accumulated Depreciation | $ 35 | |||
Commercial developments | Minimum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 3 years | |||
Commercial developments | Maximum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 5 years | |||
Timberlands and other unimproved land | ||||
Schedule III, Real Estate | ||||
Initial Cost to Company, Land & Improvements | $ 6,620 | |||
Initial Cost to Company, Buildings & Improvements | 1,788 | |||
Costs Capitalized Subsequent to Acquisition or Construction | 14,738 | |||
Land & Land Improvements | 21,358 | |||
Buildings and Improvements | 1,788 | |||
Total | 23,146 | |||
Accumulated Depreciation | $ 2,060 | |||
Timberlands and other unimproved land | Minimum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 5 years | |||
Timberlands and other unimproved land | Maximum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 39 years | |||
Mitigation banks and other | ||||
Schedule III, Real Estate | ||||
Costs Capitalized Subsequent to Acquisition or Construction | $ 3,359 | |||
Land & Land Improvements | 3,277 | |||
Buildings and Improvements | 82 | |||
Total | 3,359 | |||
Accumulated Depreciation | $ 64 | |||
Mitigation banks and other | Minimum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 5 years | |||
Mitigation banks and other | Maximum | ||||
Schedule III, Real Estate | ||||
Depreciation Life (in years) | 20 years |
Schedule III (Consolidated) -_3
Schedule III (Consolidated) - Real Estate and Accumulated Depreciation - Reconciliation of Real Estate Owned (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
SEC Schedule III, Reconciliation of real estate owned | |||
Balance at beginning of the year | $ 627,613 | $ 505,032 | $ 418,494 |
Amounts capitalized | 222,303 | 167,258 | 109,699 |
Cost of real estate sold | (55,932) | (33,324) | (23,608) |
Amounts retired or adjusted | (16,705) | (11,353) | 447 |
Balance at the end of the year | $ 777,279 | $ 627,613 | $ 505,032 |
Schedule III (Consolidated) -_4
Schedule III (Consolidated) - Real Estate and Accumulated Depreciation - Reconciliation of Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
SEC Schedule III, Reconciliation of accumulated depreciation | |||
Balance at beginning of the year | $ 75,960 | $ 74,256 | $ 67,500 |
Depreciation expense | 11,728 | 8,298 | 6,756 |
Amounts retired or adjusted | (522) | (6,594) | |
Balance at the end of the year | $ 87,166 | $ 75,960 | $ 74,256 |
Schedule IV (Consolidated) - _2
Schedule IV (Consolidated) - Mortgage Loans on Real Estate (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Mortgage Loans on Real Estate | ||||
Face amount of mortgages | $ 12,014 | |||
Carrying amount of mortgages | $ 11,942 | $ 10,321 | $ 2,683 | $ 1,462 |
Secured revolving promissory note with unconsolidated Latitude Margaritaville Watersound JV, homesite development, due June 2025 | ||||
Mortgage Loans on Real Estate | ||||
Interest rate, mortgage (as a percent) | 5.00% | |||
Face amount of mortgages | $ 7,147 | |||
Carrying amount of mortgages | $ 7,075 | |||
Seller financing | Interest bearing homebuilder note - 5.5% interest rate, due May 2023 | ||||
Mortgage Loans on Real Estate | ||||
Interest rate, mortgage (as a percent) | 5.50% | |||
Face amount of mortgages | $ 1,175 | |||
Carrying amount of mortgages | $ 1,175 | |||
Amortization period | 20 years | |||
Seller financing | Interest bearing homebuilder note - 5.5% interest rate, due November 2022, Note 1 | ||||
Mortgage Loans on Real Estate | ||||
Interest rate, mortgage (as a percent) | 5.50% | |||
Face amount of mortgages | $ 947 | |||
Carrying amount of mortgages | $ 947 | |||
Amortization period | 20 years | |||
Seller financing | Interest bearing homebuilder note - 5.5% interest rate, due November 2022, Note 2 | ||||
Mortgage Loans on Real Estate | ||||
Interest rate, mortgage (as a percent) | 5.50% | |||
Face amount of mortgages | $ 882 | |||
Carrying amount of mortgages | $ 882 | |||
Amortization period | 20 years | |||
Seller financing | Interest bearing homebuilder note - 5.5% interest rate, due March 2023 | ||||
Mortgage Loans on Real Estate | ||||
Interest rate, mortgage (as a percent) | 5.50% | |||
Face amount of mortgages | $ 723 | |||
Carrying amount of mortgages | $ 723 | |||
Amortization period | 20 years | |||
Seller financing | Interest bearing homebuilder note - 5.5% interest rate, due December 2022, Note 2 | ||||
Mortgage Loans on Real Estate | ||||
Interest rate, mortgage (as a percent) | 5.50% | |||
Face amount of mortgages | $ 742 | |||
Carrying amount of mortgages | $ 742 | |||
Amortization period | 20 years | |||
Seller financing | Interest bearing homebuilder note - 5.5% interest rate, due September 2022, Note 2 | ||||
Mortgage Loans on Real Estate | ||||
Interest rate, mortgage (as a percent) | 5.50% | |||
Face amount of mortgages | $ 355 | |||
Carrying amount of mortgages | $ 355 | |||
Amortization period | 20 years | |||
Various other seller financing | Various mortgage notes, secured by certain real estate, bearing interest at various rates | ||||
Mortgage Loans on Real Estate | ||||
Face amount of mortgages | $ 43 | |||
Carrying amount of mortgages | $ 43 |
Schedule IV (Consolidated) - _3
Schedule IV (Consolidated) - Mortgage Loans on Real Estate - Carrying Amount of Mortgage Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Changes in carrying amount of mortgage loans | |||
Balance at beginning of the year | $ 10,321 | $ 2,683 | $ 1,462 |
Additions during the year - new mortgage loans | 7,798 | 9,615 | 2,386 |
Collections of principal | 6,005 | 1,949 | 1,165 |
Foreclosures | 128 | ||
Other | 44 | 28 | |
Balance at the end of the year | $ 11,942 | $ 10,321 | $ 2,683 |