Schedule III (Consolidated) - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2022

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, 2022

(in thousands)

			Initial Cost to Company (b)						Gross Amount as of December 31, 2022
							Costs Capitalized
							Subsequent to								Accumulated		Date of
			Land &		Buildings &		Acquisition or		Land & Land		Buildings and				Depreciation and		Construction or
Description (a)	Encumbrances		Improvements		Improvements		Construction (c)		Improvements		Improvements		Total*		Amortization (d)		Acquisition
Residential developments
Bay County, FL	$	19	$	10,398	$	—	$	68,333	$	78,731	$	—	$	78,731	$	—	through 2022
Gulf County, FL		—		4,000		—		22,710		26,710		—		26,710		—	through 2022
Walton County, FL		—		—		—		56,268		56,268		—		56,268		—	through 2022
Franklin and Leon Counties, FL		634		8,789		—		1,007		9,796		—		9,796		—	through 2022
Residential operating property		—		5,953		9,447		(7,547)		5,913		1,940		7,853		2,446	2004 - 2007, 2011 - 2012, 2018
Hospitality
WaterColor Hospitality		—		1,137		19,520		11,466		2,915		29,208		32,123		12,340	2002, 2013, 2022
The Pearl Hotel		37,000		10,518		38,742		—		10,518		38,742		49,260		89	2022
Pier Park Resort Hotel JV		45,209		1,438		72,047		—		1,438		72,047		73,485		—	2022
The Lodge 30A JV		13,304		2,143		16,878		—		2,143		16,878		19,021		—	2022
Hotel Indigo/Harrison's Kitchen & Bar (e)		10,427		268		28,440		—		268		28,440		28,708		32	2022
Hilton Garden Inn Panama City Airport		14,642		1,693		17,100		—		1,693		17,100		18,793		806	2021
Homewood Suites by Hilton Panama City Beach		16,376		1,952		20,194		—		1,952		20,194		22,146		524	2022
Home2 Suites by Hilton Santa Rosa Beach		5,199		817		15,637		—		817		15,637		16,454		—	2022
Watersound Club		13,131		34,608		75,563		(330)		36,287		73,554		109,841		22,948	2001 - 2007, 2018 - 2022
Marinas		—		16,698		18,084		(212)		16,940		17,630		34,570		996	2022
Other		3,501		3,994		12,509		847		4,752		12,598		17,350		3,539	2008, 2010, 2016, 2019 - 2020
Commercial
Leasing properties:
Pier Park North JV		42,555		13,175		35,243		4,064		13,601		38,881		52,482		14,545	2014 - 2017
VentureCrossings		—		7,199		29,823		(1,852)		5,717		29,453		35,170		7,746	2012, 2017, 2019
FSU/TMH Medical Campus		—		3,183		3,697		—		3,183		3,697		6,880		—	2022
Watersound Origins Crossings JV		44,015		6,853		33,912		—		6,853		33,912		40,765		1,932	2020 - 2021
Pier Park Crossings JV		35,180		8,456		28,662		—		8,456		28,662		37,118		3,685	2019 - 2020
Pier Park Crossings Phase II JV		22,623		3,567		15,586		—		3,567		15,586		19,153		1,166	2020
Mexico Beach Crossings		23,374		670		30,608		—		669		30,609		31,278		—	2022
North Bay Landing		18,222		1,924		30,102		—		1,924		30,102		32,026		156	2022
Origins Crossings Townhomes		—		2,425		15,953		1		2,426		15,953		18,379		298	2022
Watercrest JV		21,038		3,073		18,475		—		3,073		18,475		21,548		1,168	2020
Self-Storage		4,666		1,003		5,880		52		1,055		5,880		6,935		251	2021
Beckrich Office Park		5,020		2,200		13,298		360		2,223		13,635		15,858		1,563	2017, 2020

			Initial Cost to Company (b)						Gross Amount as of December 31, 2022
							Costs Capitalized
							Subsequent to								Accumulated		Date of
			Land &		Buildings &		Acquisition or		Land & Land		Buildings and				Depreciation and		Construction or
Description (a)	Encumbrances		Improvements		Improvements		Construction (c)		Improvements		Improvements		Total*		Amortization (d)		Acquisition
Watersound Town Center		11,379		10,185		39,367		—		10,185		39,367		49,552		886	2020, 2021, 2022
Watersound West Bay, WindMark Beach, WaterColor and WaterSound Gatehouse Town centers		—		64		16,391		2,571		71		18,955		19,026		11,510	2001 - 2007, 2016, 2022
Other		2,491		4,496		16,740		517		4,930		16,823		21,753		5,089	through 2022
Commercial developments		1,406		32,361		—		23,309		55,670		—		55,670		35	through 2022
Timberlands and other unimproved land		—		6,686		1,788		15,308		21,994		1,788		23,782		2,137	N/A
Mitigation banks and other		—		—		—		3,745		3,663		82		3,745		81	through 2022
Total	$	391,411	$	211,926	$	679,686	$	200,617	$	406,401	$	685,828	$	1,092,229	$	95,968

* Excludes unconsolidated JVs.

(a) All real estate properties are located in Northwest Florida.

(b) Includes initial costs to the Company to place the assets in service.

(c) Includes cumulative impairments.

(d) Depreciation is computed based on the following estimated useful lives. See Note 2. Significant Accounting Policies for additional information.

(i) Land improvements 15 – 20 years

(ii) Buildings 20 – 40 years

(iii) Building improvements 5 – 25 years

(iv) Leasehold improvements 2 – 25 years (shorter of the minimum lease term or the estimated economic life)

(e) Properties are located on leased land.

Notes:

(A) The aggregate cost of real estate owned as of December 31, 2022 for federal income tax purposes is approximately $992.6 million.

(B) Reconciliation of real estate owned (in thousands of dollars):

	December 31,		December 31,		December 31,
	2022		2021		2020
Balance at beginning of the year	$	777,279	$	627,613	$	505,032
Amounts capitalized		379,183		222,303		167,258
Impairments		—		—		—
Cost of real estate sold		(48,646)		(55,932)		(33,324)
Amounts retired or adjusted (a)		(15,587)		(16,705)		(11,353)
Balance at the end of the year	$	1,092,229	$	777,279	$	627,613

(a) Includes transfers of operating property to property and equipment, net.

(C) Reconciliation of accumulated depreciation (in thousands of dollars):

	December 31,		December 31,		December 31,
	2022		2021		2020
Balance at beginning of the year	$	87,168	$	75,960	$	74,256
Depreciation expense		13,886		11,730		8,298
Amounts retired or adjusted		(5,086)		(522)		(6,594)
Balance at the end of the year	$	95,968	$	87,168	$	75,960