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

THE ST. JOE COMPANY

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