Segment Information (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Information by Business Segment



	Year Ended December 31,
	2022		2021		2020
Operating revenue:
Residential	$	92,886	$	144,854	$	74,303
Hospitality		97,236		74,591		47,374
Commercial		59,379		45,557		37,077
Other		2,820		1,994		1,801
Consolidated operating revenue	$	252,321	$	266,996	$	160,555

Cost of revenue:
Cost of residential revenue	$	44,115	$	56,889	$	29,790
Cost of hospitality revenue^(a)		77,862		57,494		34,670
Cost of commercial revenue^(b)		21,786		15,393		12,797
Cost of other revenue		2,135		1,538		519
Consolidated cost of revenue	$	145,898	$	131,314	$	77,776

Corporate and other operating expenses:
Residential	$	3,994	$	4,883	$	5,272
Hospitality		1,086		919		1,180
Commercial		4,239		3,969		3,692
Other		12,749		13,252		12,762
Consolidated corporate and other operating expenses	$	22,068	$	23,023	$	22,906

Depreciation, depletion and amortization:
Residential	$	156	$	179	$	180
Hospitality		9,366		6,966		4,638
Commercial		12,968		10,662		7,125
Other		398		395		845
Consolidated depreciation, depletion and amortization	$	22,888	$	18,202	$	12,788

Investment income, net:
Residential and commercial	$	1,079	$	874	$	298
Other ^(c)		8,783		6,380		4,685
Consolidated investment income, net	$	9,862	$	7,254	$	4,983

Interest expense:
Residential	$	484	$	581	$	683
Hospitality		1,709		488		222
Commercial		7,343		5,949		3,836
Other ^(d)		8,847		8,836		8,823
Consolidated interest expense	$	18,383	$	15,854	$	13,564

Gain on contributions to unconsolidated joint ventures:
Residential^(e)	$	939	$	503	$	15,706
Commercial^{(f) (g) (h)}		1,799		3,055		3,949
Other		—		—		328
Consolidated gain on contributions to unconsolidated joint ventures	$	2,738	$	3,558	$	19,983

Equity in income (loss) from unconsolidated joint ventures:
Residential⁽ⁱ⁾	$	3,859	$	(1,861)	$	(524)
Commercial ^(j)		22,127		996		(142)
Consolidated equity in income (loss) from unconsolidated joint ventures	$	25,986	$	(865)	$	(666)

Other (expense) income, net:
Residential	$	(508)	$	113	$	(22)
Hospitality		1,807		635		575
Commercial^(k)		(687)		3,722		51
Other^(l)		12,335		5,711		725
Other income, net	$	12,947	$	10,181	$	1,329

Income (loss) before income taxes:
Residential^(e)	$	49,474	$	81,905	$	53,780
Hospitality^(a)		9,021		9,359		7,238
Commercial^{(b) (f) (g) (h) (j) (k)}		36,316		17,403		13,539
Other^{(c) (d) (l)}		(194)		(9,936)		(15,407)
Consolidated income before income taxes	$	94,617	$	98,731	$	59,150


Capital expenditures:
Residential	$	92,203	$	52,838	$	33,634
Hospitality^(m)		171,056		101,686		42,770
Commercial		92,992		45,843		85,070
Other		441		452		769
Total capital expenditures	$	356,692	$	200,819	$	162,243


	December 31,		December 31,
	2022		2021
Investment in unconsolidated joint ventures:
Residential	$	33,236	$	30,039
Commercial		16,789		21,988
Total investment in unconsolidated joint ventures	$	50,025	$	52,027

Total assets:
Residential	$	231,054	$	192,290
Hospitality		420,329		256,751
Commercial		470,629		378,118
Other		308,827		380,992
Total assets	$	1,430,839	$	1,208,151

(a)	Includes business interruption insurance proceeds for the marinas related to Hurricane Michael of $0.7 million and $1.3 million in 2021 and 2020, respectively. See Note 18. Other Income, Net for additional information.

(b)	Includes business interruption insurance proceeds for the Pier Park Crossings JV related to Hurricane Michael of $0.7 million in 2020.

(c)	Includes interest income from investments in SPEs of $8.0 million, $8.1 million and $8.2 million in 2022, 2021 and 2020, respectively.

(d)	Includes interest expense from Senior Notes issued by SPE of $8.8 million in each 2022, 2021 and 2020.

(e)	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.

(f)	Includes gains in 2022 of $1.4 million on land and impact fees contributed to the unconsolidated Pier Park RI JV and $0.4 million on land contributed to the unconsolidated Electric Cart Watersound JV. See Note 4. Joint Ventures and Note 18. Other Income, Net for additional information.

(g)	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.

(h)	Includes a gain of $3.9 million in 2020 on land contributed to the unconsolidated Sea Sound JV. See Note 4. Joint Ventures and Note 18. Other Income, Net for additional information.

(i)	Includes the Latitude Margaritaville Watersound JV, which began completing home sale transactions in the fourth quarter of 2021. See Note 4. Joint Ventures for additional information.

(j)	Includes a gain of $21.7 million in 2022 related to the sale of the Sea Sound JV assets. See Note 4. Joint Ventures and Note 18. Other Income, Net for additional information.

(k)	Includes $3.6 million in 2021 received from the Florida Division of Emergency Management’s TRBG program. See Note 18. Other Income, Net for additional information.

(l)

Includes gain on insurance recovery of $9.7 million, $4.9 million and $0.7 million in 2022, 2021 and 2020, respectively, related to Hurricane Michael. In addition, includes loss from hurricane damage of $0.1 million in both 2022 and 2021 and $1.1 million in 2020 related to Hurricane Michael. See Note 18. Other Income, Net for additional information.

(m)	Includes acquisition of The Pearl Hotel. See Note 3. Investment in Real Estate, Net for additional information.