Schedule III (Consolidated) - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2023

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, 2023

(in thousands)

			Initial Cost to Company (b)						Gross Amount as of December 31, 2023
							Costs Capitalized
							Subsequent to								Accumulated		Date of
			Land &		Buildings &		Acquisition or		Land & Land		Buildings and				Depreciation and		Construction or
Description (a)	Encumbrances		Improvements		Improvements		Construction (c)		Improvements		Improvements		Total*		Amortization (d)		Acquisition
Residential developments
Bay County, FL	$	17	$	2,626	$	—	$	68,998	$	71,624	$	—	$	71,624	$	—	through 2023
Gulf County, FL		—		4,000		—		28,411		32,411		—		32,411		—	through 2023
Walton County, FL		—		—		—		32,355		32,355		—		32,355		—	through 2023
Franklin and Leon Counties, FL		1,114		8,873		—		(4,145)		4,728		—		4,728		—	through 2022
Residential operating property		—		6,287		12,110		(7,465)		6,329		4,603		10,932		2,636	2004 - 2007, 2011 - 2012, 2018, 2023
Hospitality
WaterColor Hospitality		—		1,137		19,520		13,802		4,399		30,060		34,459		13,530	2002, 2013, 2022
The Pearl Hotel		35,520		10,518		38,742		—		10,518		38,742		49,260		1,136	2022
Pier Park Resort Hotel JV		51,888		5,500		57,803		—		5,500		57,803		63,303		1,347	2023
The Lodge 30A JV		14,655		3,303		12,339		—		3,303		12,339		15,642		363	2023
Hotel Indigo/Harrison's Kitchen & Bar (e)		20,690		2,426		30,758		92		2,518		30,758		33,276		633	2022-2023
Hilton Garden Inn Panama City Airport		13,010		1,693		17,101		—		1,693		17,101		18,794		1,341	2021
Homewood Suites by Hilton Panama City Beach		15,937		1,953		20,193		22		1,975		20,193		22,168		1,151	2022
Home2 Suites by Hilton Santa Rosa Beach		12,307		2,304		14,958		—		2,304		14,958		17,262		285	2023
Watersound Club - Camp Creek Inn, amenity and golf course		27,999		34,475		45,830		456		34,931		45,830		80,761		9,036	2001, 2023
Watersound Club other		—		20,906		29,483		(92)		34,439		15,858		50,297		16,805	2006, 2007, 2018, 2019
Marinas		—		24,252		10,623		202		24,936		10,141		35,077		2,327	2022
Other		3,331		11,684		12,983		(2,238)		9,904		12,525		22,429		3,928	2008, 2010, 2016, 2019 - 2020
Commercial
Leasing properties:
Pier Park North JV		41,485		13,175		35,243		4,064		13,320		39,162		52,482		16,294	2014 - 2017
VentureCrossings		—		7,199		29,823		(1,790)		5,717		29,515		35,232		8,931	2012, 2017, 2019
FSU/TMH Medical Campus		—		1,724		22,970		—		1,724		22,970		24,694		—	2022-2023
Watersound Origins Crossings JV		52,546		6,853		33,912		12		6,859		33,918		40,777		3,149	2020 - 2021
Pier Park Crossings JV		34,675		8,456		28,663		—		8,456		28,663		37,119		4,807	2019 - 2020
Pier Park Crossings Phase II JV		22,215		3,567		15,587		—		3,567		15,587		19,154		1,725	2020
Mexico Beach Crossings JV		42,405		10,929		33,787		—		10,928		33,788		44,716		452	2023
North Bay Landing		26,750		3,502		34,383		19		3,521		34,383		37,904		1,123	2022-2023
Origins Crossings Townhomes		—		2,944		18,352		—		2,944		18,352		21,296		959	2022-2023
Watercrest JV		20,074		3,074		18,475		11		3,085		18,475		21,560		1,778	2020
Self-Storage		4,666		1,003		6,180		—		1,303		5,880		7,183		439	2021

			Initial Cost to Company (b)						Gross Amount as of December 31, 2023
							Costs Capitalized
							Subsequent to								Accumulated		Date of
			Land &		Buildings &		Acquisition or		Land & Land		Buildings and				Depreciation and		Construction or
Description (a)	Encumbrances		Improvements		Improvements		Construction (c)		Improvements		Improvements		Total*		Amortization (d)		Acquisition
Beckrich Office Park		5,014		2,200		13,298		360		2,223		13,635		15,858		1,994	2017, 2020
Watersound Town Center		10,531		12,827		46,433		16		12,843		46,433		59,276		2,182	2020, 2021, 2022, 2023
Watersound West Bay, WindMark Beach, WaterColor and WaterSound Gatehouse Town centers		—		5,505		12,655		2,571		5,513		15,218		20,731		12,139	2001 - 2007, 2016, 2022-2023
Other leasing		2,392		4,575		16,795		449		4,996		16,823		21,819		5,740	through 2023
Commercial developments		—		31,247		—		23,873		55,120		—		55,120		35	through 2023
Timberlands and other unimproved land		—		6,649		1,774		16,046		22,695		1,774		24,469		2,209	N/A
Mitigation banks and other		—		—		—		2,924		2,924		—		2,924		—	through 2023
Total	$	459,221	$	267,366	$	690,773	$	178,953	$	451,605	$	685,487	$	1,137,092	$	118,474

* Excludes unconsolidated JVs.

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

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

(c) Includes cumulative impairments.

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

(i) Land improvements 15 – 20 years

(ii) Buildings 20 – 40 years

(iii) Building improvements 5 – 25 years

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

(e) Properties are located on leased land.

Notes:

(A) The aggregate cost of real estate owned as of December 31, 2023 for federal income tax purposes is approximately $1,055.3 million.

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

	December 31, 2023		December 31, 2022		December 31, 2021
Balance at beginning of the year	$	1,092,229	$	777,279	$	627,613
Amounts capitalized		165,474		379,183		222,303
Impairments		—		—		—
Cost of real estate sold		(82,610)		(48,646)		(55,932)
Amounts retired or adjusted (a)		(38,001)		(15,587)		(16,705)
Balance at the end of the year	$	1,137,092	$	1,092,229	$	777,279

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

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

	December 31, 2023		December 31, 2022		December 31, 2021
Balance at beginning of the year	$	95,968	$	87,168	$	75,960
Depreciation expense		22,734		13,886		11,730
Amounts retired or adjusted		(228)		(5,086)		(522)
Balance at the end of the year	$	118,474	$	95,968	$	87,168