The St. Joe Company (JOE) 10-Q 27 Apr 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	Apr. 25, 2022
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		58,912,504
Entity Central Index Key	0000745308
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
ASSETS
Investment in real estate, net	$ 741,455	$ 690,113
Investment in unconsolidated joint ventures	52,622	52,027
Cash and cash equivalents	33,115	70,162
Investments - debt securities	118,173	88,956
Other assets	69,875	70,235
Property and equipment, net of accumulated depreciation of $66,009 and $64,251 as of March 31, 2022 and December 31, 2021, respectively	35,974	31,145
Investments held by special purpose entities	205,131	205,513
Total assets	1,256,345	1,208,151
Liabilities:
Debt, net	256,763	223,034
Other liabilities	67,799	67,985
Deferred revenue	37,368	36,207
Deferred tax liabilities, net	79,746	77,259
Senior Notes held by special purpose entity	177,637	177,566
Total liabilities	619,313	582,051
Commitments and contingencies (Note 19)
Equity:
Common stock, no par value; 180,000,000 shares authorized; 58,908,143 and 58,882,549 issued and outstanding at March 31, 2022 and December 31, 2021, respectively	296,915	296,873
Retained earnings	318,448	310,925
Accumulated other comprehensive income (loss)	920	(389)
Total stockholders' equity	616,283	607,409
Non-controlling interest	20,749	18,691
Total equity	637,032	626,100
Total liabilities and equity	$ 1,256,345	$ 1,208,151

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
CONDENSED CONSOLIDATED BALANCE SHEETS
Property and equipment, Accumulated depreciation	$ 66,009	$ 64,251
Common stock, par value	$ 0	$ 0
Common stock, shares authorized (in shares)	180,000,000	180,000,000
Common stock, issued (in shares)	58,908,143	58,882,549
Common stock, outstanding (in shares)	58,908,143	58,882,549

CONDENSED CONSOLIDATED BALANC_3

CONDENSED CONSOLIDATED BALANCE SHEETS - VIEs - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
ASSETS
Investment in real estate	$ 741,455	$ 690,113
Cash and cash equivalents	33,115	70,162
Other assets	69,875	70,235
Investments held by special purpose entities	205,131	205,513
Total assets	1,256,345	1,208,151
LIABILITIES
Debt, net	256,763	223,034
Other liabilities	67,799	67,985
Deferred revenue	37,368	36,207
Senior Notes held by special purpose entity	177,637	177,566
Total liabilities	619,313	582,051
Variable Interest Entity, Primary Beneficiary
ASSETS
Investment in real estate	222,582	206,565
Cash and cash equivalents	5,458	10,564
Other assets	21,366	17,392
Investments held by special purpose entities	205,131	205,513
Total assets	454,537	440,034
LIABILITIES
Debt, net	190,878	173,531
Other liabilities	12,941	17,602
Deferred revenue	312	234
Senior Notes held by special purpose entity	177,637	177,566
Total liabilities	$ 381,768	$ 368,933

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue:
Leasing revenue	$ 8,822	$ 5,594
Total revenue	64,871	41,305
Expenses:
Corporate and other operating expenses	5,656	7,069
Depreciation, depletion and amortization	5,026	3,853
Total expenses	44,647	35,766
Operating income (loss)	20,224	5,539
Other income (expense):
Investment income, net	2,300	1,195
Interest expense	(4,153)	(3,671)
Gain on contributions to unconsolidated joint ventures	482	120
Other (expense) income, net	(369)	1,294
Total other expense, net	(1,740)	(1,062)
Income before equity in loss from unconsolidated joint ventures and income taxes	18,484	4,477
Equity in loss from unconsolidated joint ventures	(495)	(468)
Income tax expense	(4,536)	(1,052)
Net income (loss)	13,453	2,957
Net (income) loss attributable to non-controlling interest	(41)	239
Net income attributable to the Company	$ 13,412	$ 3,196
NET INCOME PER SHARE ATTRIBUTABLE TO THE COMPANY
Basic (in dollars per share)	$ 0.23	$ 0.05
Diluted (in dollars per share)	$ 0.23	$ 0.05
WEIGHTED AVERAGE SHARES OUTSTANDING
Basic (in shares)	58,882,549	58,882,549
Diluted (in shares)	58,886,931	58,882,549
Real Estate
Revenue:
Revenue	$ 36,774	$ 21,053
Expenses:
Cost of revenue	15,295	10,544
Hospitality
Revenue:
Revenue	16,321	13,067
Expenses:
Cost of revenue	14,868	11,495
Leasing
Expenses:
Cost of revenue	3,652	2,664
Timber
Revenue:
Revenue	2,954	1,591
Expenses:
Cost of revenue	$ 150	$ 141

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Net income	$ 13,453	$ 2,957
Other comprehensive (loss) income:
Interest rate swap	2,308	157
Interest rate swap - unconsolidated affiliate	313	211
Reclassification of net realized loss (gain) included in earnings	147	(15)
Total before income taxes	2,446	351
Income tax expense	(445)	(89)
Total other comprehensive income, net of tax	2,001	262
Total comprehensive income, net of tax	15,454	3,219
Total comprehensive (income) loss attributable to non-controlling interest	(733)	239
Total comprehensive income attributable to the Company	14,721	3,458
Unrestricted available-for-sale, Debt securities
Other comprehensive (loss) income:
Net unrealized loss on available-for-sale investments	$ (322)	$ (2)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Retained Earnings	Accumulated Other Comprehensive (Loss) Income	Non-controlling Interest	Total
Beginning Balance at Dec. 31, 2020	$ 296,873	$ 255,216	$ (1,472)	$ 17,553	$ 568,170
Beginning Balance (in shares) at Dec. 31, 2020	58,882,549
Increase (Decrease) in Stockholders' Equity
Capital contributions from non-controlling interest				1,745	1,745
Capital distributions to non-controlling interest				(319)	(319)
Dividends		(4,711)			(4,711)
Other comprehensive income (loss), net of tax			262		262
Net income		3,196		(239)	2,957
Ending Balance at Mar. 31, 2021	$ 296,873	253,701	(1,210)	18,740	568,104
Ending Balance (in shares) at Mar. 31, 2021	58,882,549
Beginning Balance at Dec. 31, 2021	$ 296,873	310,925	(389)	18,691	$ 626,100
Beginning Balance (in shares) at Dec. 31, 2021	58,882,549				58,882,549
Increase (Decrease) in Stockholders' Equity
Capital contributions from non-controlling interest				2,035	$ 2,035
Capital distributions to non-controlling interest				(710)	(710)
Issuance of restricted stock (in shares)	25,594
Stock based compensation expense	$ 42				42
Dividends		(5,889)			(5,889)
Other comprehensive income (loss), net of tax			1,309	692	2,001
Net income		13,412		41	13,453
Ending Balance at Mar. 31, 2022	$ 296,915	$ 318,448	$ 920	$ 20,749	$ 637,032
Ending Balance (in shares) at Mar. 31, 2022	58,908,143				58,908,143

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
Dividends (in dollars per share)	$ 0.10	$ 0.08

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net income	$ 13,453	$ 2,957
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	5,026	3,853
Stock based compensation	42
Gain on sale of investments		(17)
Unrealized (gain) loss on investments, net	(25)	1,049
Equity in loss from unconsolidated joint ventures, net of distributions	528	468
Deferred income tax expense	2,042	268
Cost of real estate sold	14,064	9,839
Expenditures for and acquisition of real estate to be sold	(25,937)	(12,038)
Accretion income and other	(259)	(188)
Gain on disposal of property and equipment	(10)
Gain on contributions to unconsolidated joint ventures	(482)	(120)
Gain on insurance for damage to property and equipment, net	(723)	(866)
Changes in operating assets and liabilities:
Other assets	8,427	816
Deferred revenue	1,133	2,009
Other liabilities	2,534	1,798
Net cash provided by operating activities	19,813	9,828
Cash flows from investing activities:
Expenditures for operating property	(51,633)	(24,319)
Expenditures for property and equipment	(1,440)	(803)
Proceeds from the disposition of assets	10
Proceeds from insurance claims	723	866
Purchases of investments - debt securities	(74,476)	(84,971)
Maturities of investments - debt securities	45,000	39,000
Sales of investments - debt securities		36
Sales of investments - equity securities		9
Sales of restricted investments		1,173
Capital contributions to unconsolidated joint ventures	(142)	(2,500)
Capital distributions from unconsolidated joint ventures	206
Maturities of assets held by special purpose entities	413	416
Net cash used in investing activities	(81,339)	(71,093)
Cash flows from financing activities:
Capital contributions from non-controlling interest	2,035	1,745
Capital distributions to non-controlling interest	(710)	(319)
Dividends paid	(5,889)	(4,711)
Borrowings on debt	35,168	11,343
Principal payments for debt	(536)	(449)
Principal payments for finance leases	(35)	(21)
Debt issuance costs	(1,105)	(540)
Net cash provided by financing activities	28,928	7,048
Net decrease in cash, cash equivalents and restricted cash	(32,598)	(54,217)
Cash, cash equivalents and restricted cash at beginning of the year	74,400	110,119
Cash, cash equivalents and restricted cash at end of the year	$ 41,802	$ 55,902

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash, cash equivalents and restricted cash:
Cash and cash equivalents	$ 33,115	$ 52,313
Restricted cash included in other assets	8,687	3,589
Total cash, cash equivalents and restricted cash shown in the accompanying consolidated statements of cash flows	41,802	55,902
Cash paid during the period for:
Interest, net of amounts capitalized	5,692	5,207
Non-cash investing and financing activities:
Non-cash contributions to unconsolidated joint venture	(831)	(574)
Decrease in Community Development District debt	(15)	(2)
Transfers of operating property to property and equipment	4,960	7,092
Increase (decrease) in expenditures for operating properties and property and equipment financed through accounts payable	1,070	(551)
Unrealized gain on cash flow hedges	$ 2,621	$ 368

Nature of Operations

Nature of Operations	3 Months Ended
	Mar. 31, 2022
Nature of Operations
Nature of Operations	1. Nature of Operations The St. Joe Company together with its consolidated subsidiaries (“St. Joe” or the “Company”) 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. The Company conducts primarily all of its business in the following three reportable segments: 1) residential, 2) hospitality and 3) commercial. See Note 18. Segment Information.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Significant Accounting Policies
Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying unaudited interim condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for reporting on Form 10-Q. Accordingly, certain information and footnotes required by United States generally accepted accounting principles (“GAAP”) for complete financial statements are not included herein. The unaudited interim condensed consolidated financial statements include the accounts of the Company and all of its majority-owned and controlled subsidiaries, voting interest entities where the Company has a majority voting interest or control and variable interest entities where the Company deems itself the primary beneficiary. Investments in joint ventures (“JV”) 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. The December 31, 2021 condensed consolidated balance sheet amounts have been derived from the Company’s December 31, 2021 audited consolidated financial statements. Certain prior period amounts in the accompanying condensed consolidated financial statements have been reclassified to conform to the current year presentation. These reclassifications had no effect on the Company’s previously reported total assets and liabilities, stockholders’ equity or net income. Operating results for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2022. 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 evaluate whether it is the primary beneficiary as needed when assessing reconsideration events. Joint Ventures The unaudited interim condensed consolidated financial statements reflect all normal recurring adjustments that, in the opinion of management, are necessary for fair presentation of the information contained herein. The unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. The Company adheres to the same accounting policies in preparation of its unaudited interim condensed consolidated financial statements as the Company’s December 31, 2021 annual financial statements, except for any recently adopted accounting pronouncements. As required under GAAP, interim accounting for certain expenses, including income taxes, are based on full year assumptions. For interim financial reporting purposes, income taxes are recorded based upon estimated annual income tax rates. Concentration of Risks and Uncertainties All of the Company’s real estate investments 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 United States have been negatively impacted by the continued threat of 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. 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 March 31, 2022, these balances exceeded the amount of F.D.I.C. insurance provided on such deposits. In addition, as of March 31, 2022 the Company had $8.9 million invested in U.S. Treasury Money Market Funds, $118.2 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 earnings per share is calculated by dividing net income attributable to the Company by the basic weighted average number of common shares outstanding for the period. Diluted earnings per share is calculated by dividing net income attributable to the Company by the weighted average number of shares of common stock outstanding for the period, including potential dilutive common shares. The treasury stock method is used to determine the effect on diluted earnings. For the three months ended March 31, 2022, the Company had 25,594 unvested shares of restricted stock. As of March 31, 2021, there were no outstanding common stock equivalents. For the three months ended March 31, 2021, the Company did not have any potential dilutive instruments, therefore, basic and diluted weighted average shares outstanding were equal. See Note 15. Stockholders’ Equity The computation of basic and diluted earnings per share shares are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2022 ​ 2021 ​ ​ (Dollars in thousands except per share amounts) Income ​ ​ ​ ​ ​ ​ Net income attributable to the Company ​ $ 13,412 ​ $ 3,196 ​ ​ ​ ​ ​ ​ ​ Shares ​ ​ ​ ​ ​ ​ Weighted-average shares outstanding - basic ​ ​ 58,882,549 ​ ​ 58,882,549 Incremental shares from restricted stock ​ ​ 4,382 ​ ​ — Weighted-average shares outstanding - diluted ​ ​ 58,886,931 ​ ​ 58,882,549 ​ ​ ​ ​ ​ ​ ​ Net income per share attributable to the Company ​ ​ ​ ​ ​ ​ Basic income per share ​ $ 0.23 ​ $ 0.05 Diluted income per share ​ $ 0.23 ​ $ 0.05 ​ Recently Adopted Accounting Pronouncements There were no recently adopted accounting pronouncements which would have a material effect on the Company’s financial condition, results of operations and cash flows. Recently Issued Accounting Pronouncements Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting Reference Rate Reform (Topic 848) . ​

Investment in Real Estate

Investment in Real Estate	3 Months Ended
	Mar. 31, 2022
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: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2022 ​ 2021 Development property: ​ ​ Residential ​ $ 125,784 ​ $ 122,404 Hospitality ​ 146,298 ​ 137,089 Commercial ​ 104,553 ​ 85,931 Other ​ 3,261 ​ 3,232 Total development property ​ 379,896 ​ 348,656 ​ ​ ​ ​ ​ ​ ​ Operating property: ​ ​ Residential ​ 13,253 ​ 13,253 Hospitality ​ 144,857 ​ 124,449 Commercial ​ 293,535 ​ 290,794 Other ​ 128 ​ 127 Total operating property ​ 451,773 ​ 428,623 Less: Accumulated depreciation ​ 90,214 ​ 87,166 Total operating property, net ​ 361,559 ​ 341,457 Investment in real estate, net ​ $ 741,455 ​ $ 690,113 ​ 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 property that the Company uses for operations and activities. Residential operating property consists primarily of residential utility assets and certain rental properties. 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 March 31, 2022 and December 31, 2021, operating property, net related to operating leases was $228.5 million and $230.0 million, respectively.

Joint Ventures

Joint Ventures	3 Months Ended
	Mar. 31, 2022
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 voting interest entities where the Company has a majority voting interest or control and 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 evaluate whether it is the primary beneficiary as needed when assessing reconsideration events 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 Mexico Beach Crossings JV Mexico Beach Crossings JV was formed in January 2022, when the Company entered into a JV agreement to develop, manage and lease apartments in Mexico Beach, Florida. The JV parties are working together to develop and construct the 216-unit apartment community. The community is located on land that was contributed to the JV by the Company. As of March 31, 2022, the Company owned a 75.0% interest in the consolidated JV. The Company’s partner is currently responsible for the construction activities of the JV, but once operational, Watersound Management, LLC (“Watersound Management JV”), the Company’s unconsolidated JV, will be responsible for the day-to-day activities of the JV. The Company approves all major decisions, including project development, annual budgets and financing. The Company determined Mexico Beach Crossings JV is a voting interest entity and that the Company has a majority voting interest as of March 31, 2022. The Lodge 30A JV The Lodge 30A JV was formed in July 2020, when the Company entered into a JV agreement to develop and operate a boutique hotel on Scenic County Highway 30A in Seagrove Beach, Florida. The JV parties are working together to develop and construct the 85-room hotel. As of March 31, 2022 and December 31, 2021, the Company owned a 52.8% interest in the consolidated JV. The Company’s partner is currently responsible for the construction activities of the JV, but once operational, a wholly-owned subsidiary of the Company will manage the day-to-day operations of the hotel. The Company has significant involvement in the project design and development and approves all major decisions, including annual budgets and financing. The Company determined The Lodge 30A JV is a VIE and that the Company is the VIE’s primary beneficiary as of March 31, 2022 and December 31, 2021. Pier Park Resort Hotel JV Pier Park Resort Hotel JV was formed in April 2020, when the Company entered into a JV agreement to develop and operate an Embassy Suites by Hilton hotel in the Pier Park area of Panama City Beach, Florida. The JV parties are working together to develop and construct the 255-room hotel. As of March 31, 2022 and December 31, 2021, the Company owned a 70.0% interest in the consolidated JV. The Company’s partner is currently responsible for the construction activities of the JV, but once operational, a wholly-owned subsidiary of the Company will manage the day- to-day operations of the hotel. The Company has significant involvement in the project design and development, annual budgets and financing. The Company determined Pier Park Resort Hotel JV is a VIE and that the Company is the VIE’s primary beneficiary as of March 31, 2022 and December 31, 2021. Pier Park Crossings Phase II JV Pier Park Crossings Phase II JV was formed in October 2019, when the Company entered into a JV agreement to develop, manage and lease a 120-unit apartment community in the Pier Park area of Panama City Beach, Florida. As of March 31, 2022 and December 31, 2021, the Company owned a 75.0% interest in the consolidated JV. The Company’s unconsolidated Watersound Management JV is responsible for the day-to-day activities of the JV. The Company approves all major decisions, including project development, annual budgets and financing. The Company determined Pier Park Crossings Phase II JV is a VIE and that the Company is the VIE’s primary beneficiary as of March 31, 2022 and December 31, 2021. Watersound Closings JV Watersound Closings JV was formed in October 2019, when the Company entered into a JV agreement to own, operate and manage a real estate title insurance agency business. As of March 31, 2022 and December 31, 2021, the Company owned a 58.0% interest in the consolidated JV. A wholly-owned subsidiary of the Company is the managing member of Watersound Closings JV and is responsible for the day-to-day activities of the business. As the manager of the JV, as well as the majority member, the Company has the power to direct all of the activities of the JV that most significantly impact economic performance. The Company determined Watersound Closings JV is a VIE and that the Company is the VIE’s primary beneficiary as of March 31, 2022 and December 31, 2021. Watercrest JV Watercrest JV was formed in May 2019, when the Company entered into a JV agreement to develop and operate a 107-unit senior living community in Santa Rosa Beach, Florida. As of March 31, 2022 and December 31, 2021, the Company owned an 87.0% interest in the consolidated JV. A wholly-owned subsidiary of the Company’s JV partner is responsible for the day-to-day activities of the community. However, the Company approves all major decisions, including project development, annual budgets and financing. The Company determined Watercrest JV is a VIE and that the Company is the VIE’s primary beneficiary as of March 31, 2022 and December 31, 2021. Watersound Origins Crossings JV Watersound Origins Crossings JV was formed in January 2019, when the Company entered into a JV agreement to develop, manage and lease apartments near the entrance to the Watersound Origins residential community. Construction of the 217-unit apartment community was completed in the fourth quarter of 2021. As of March 31, 2022 and December 31, 2021, the Company owned a 75.0% interest in the consolidated JV. The Company’s unconsolidated Watersound Management JV is responsible for the day-to-day activities of the community. The Company has significant involvement in the design of the development and approves all major decisions, including project development, annual budgets and financing. The Company determined Watersound Origins Crossings JV is a VIE and that the Company is the VIE’s primary beneficiary as of March 31, 2022 and December 31, 2021. Pier Park Crossings JV Pier Park Crossings JV was formed in April 2017, when the Company entered into a JV agreement to develop, manage and lease a 240-unit apartment community in the Pier Park area of Panama City Beach, Florida. As of March 31, 2022 and December 31, 2021, the Company owned a 75.0% interest in the consolidated JV. The Company’s unconsolidated Watersound Management JV is responsible for the day-to-day activities of the community. The Company approves all major decisions, including project development, annual budgets and financing. The Company determined Pier Park Crossings JV is a VIE and that the Company is the VIE’s primary beneficiary as of March 31, 2022 and December 31, 2021. 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 March 31, 2022 and December 31, 2021, the Company owned a 60.0% interest in the consolidated JV. A wholly-owned subsidiary of the Company’s JV 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 March 31, 2022 and December 31, 2021. 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2022 ​ 2021 Investment in unconsolidated joint ventures ​ ​ Latitude Margaritaville Watersound JV ​ $ 29,583 ​ $ 30,040 Sea Sound Apartments JV ​ ​ 10,316 ​ ​ 10,333 Watersound Fountains Independent Living JV ​ ​ 7,508 ​ ​ 7,508 Pier Park TPS JV ​ 2,169 ​ 1,961 Busy Bee JV ​ 1,819 ​ 1,621 Electric Cart Watersound JV (a) ​ ​ 685 ​ ​ — Watersound Management JV ​ ​ 542 ​ ​ 564 Total investment in unconsolidated joint ventures ​ $ 52,622 ​ $ 52,027 ​ ​ ​ Outstanding debt of unconsolidated JVs ​ ​ ​ ​ ​ ​ Latitude Margaritaville Watersound JV (b) ​ $ 15,674 ​ $ 7,147 Sea Sound Apartments JV ​ ​ 35,905 ​ ​ 35,047 Watersound Fountains Independent Living JV ​ ​ 7,287 ​ ​ 66 Pier Park TPS JV ​ ​ 14,050 ​ ​ 14,124 Busy Bee JV ​ ​ 6,241 ​ ​ 6,317 Total outstanding debt of unconsolidated JVs (c) ​ $ 79,157 ​ $ 62,701 (a) JV was formed in February 2022. (b) 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. (c) See Note 19. Commitments and Contingencies for additional information. The Company's maximum exposure to loss due to involvement with the unconsolidated joint ventures as of March 31, 2022 was $74.1 million, which includes the carrying amounts of the investments, guarantees, promissory note receivable, other receivables and derivative instruments. The following table presents detail of the Company’s equity in (loss) income from unconsolidated JVs: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ ​ 2022 ​ 2021 Equity in (loss) income from unconsolidated joint ventures ​ ​ ​ ​ ​ ​ ​ Latitude Margaritaville Watersound JV ​ ​ $ (623) ​ $ (642) Sea Sound Apartments JV ​ ​ ​ (17) ​ ​ (2) Pier Park TPS JV ​ ​ ​ (74) ​ ​ (46) Busy Bee JV ​ ​ ​ 197 ​ ​ 222 Watersound Management JV (a) ​ ​ ​ 22 ​ ​ — Total equity in loss from unconsolidated joint ventures ​ ​ $ (495) ​ $ (468) (a) JV was formed in June 2021. Summarized balance sheets for the Company’s unconsolidated JVs are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ ​ Latitude Margaritaville Watersound JV ​ Sea Sound Apartments JV ​ Watersound Fountains Independent Living JV ​ Pier Park TPS JV ​ Busy Bee JV ​ Electric Cart Watersound JV ​ Watersound Management JV ​ Total ASSETS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment in real estate ​ $ 78,274 (a) $ 54,180 ​ $ 24,503 ​ $ 16,190 ​ $ 7,891 ​ $ 894 ​ $ — ​ $ 181,932 Cash and cash equivalents ​ ​ 8,777 ​ ​ 1,511 ​ ​ 243 ​ ​ 1,897 ​ ​ 765 ​ ​ 712 ​ ​ 94 ​ ​ 13,999 Other assets ​ ​ 1,835 ​ ​ 268 ​ ​ 10 ​ ​ 455 ​ ​ 1,434 ​ ​ 20 ​ ​ — ​ ​ 4,022 Total assets ​ $ 88,886 ​ $ 55,959 ​ $ 24,756 ​ $ 18,542 ​ $ 10,090 ​ $ 1,626 ​ $ 94 ​ $ 199,953 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ LIABILITIES AND EQUITY ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt, net ​ $ 15,378 ​ $ 35,740 ​ $ 7,287 ​ $ 13,768 ​ $ 6,185 ​ $ — ​ $ — ​ $ 78,358 Other liabilities ​ ​ 49,705 ​ ​ 2,989 ​ ​ 3,513 ​ ​ 444 ​ ​ 326 ​ ​ 360 ​ ​ — ​ ​ 57,337 Equity ​ ​ 23,803 ​ ​ 17,230 ​ ​ 13,956 ​ ​ 4,330 ​ ​ 3,579 ​ ​ 1,266 ​ ​ 94 ​ ​ 64,258 Total liabilities and equity ​ $ 88,886 ​ $ 55,959 ​ $ 24,756 ​ $ 18,542 ​ $ 10,090 ​ $ 1,626 ​ $ 94 ​ $ 199,953 (a) As of March 31, 2022, investment in real estate includes the land contributed to the Latitude Margaritaville Watersound JV at the Company’s initial historical cost basis of $1.3 million and additional completed infrastructure improvements of $5.1 million. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ Latitude Margaritaville Watersound JV ​ Sea Sound Apartments JV ​ Watersound Fountains Independent Living JV ​ Pier Park TPS JV ​ Busy Bee JV ​ Electric Cart Watersound JV (b) ​ 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 initial historical cost basis of $1.3 million and additional completed infrastructure improvements of $4.8 million. (b) JV was formed in February 2022. ​ Summarized statements of operations for the Company’s unconsolidated JVs are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2022 ​ ​ Latitude Margaritaville Watersound JV ​ Sea Sound Apartments JV ​ Watersound Fountains Independent Living JV (a) ​ Pier Park TPS JV ​ Busy Bee JV ​ Electric Cart Watersound JV (a) ​ Watersound Management JV ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenue ​ $ 7,140 ​ $ 1,154 ​ $ — ​ $ 1,124 ​ $ 3,704 ​ $ — ​ $ 252 ​ $ 13,374 Expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost of revenue ​ ​ 5,726 ​ ​ 433 ​ ​ — ​ ​ 632 ​ ​ 3,146 ​ ​ — ​ ​ 208 ​ ​ 10,145 Other operating expenses ​ ​ 2,581 ​ ​ 87 ​ ​ — ​ ​ 93 ​ ​ 436 ​ ​ — ​ ​ — ​ ​ 3,197 Depreciation and amortization ​ ​ 56 ​ ​ 351 ​ ​ — ​ ​ 362 ​ ​ 115 ​ ​ — ​ ​ — ​ ​ 884 Total expenses ​ ​ 8,363 ​ ​ 871 ​ ​ — ​ ​ 1,087 ​ ​ 3,697 ​ ​ — ​ ​ 208 ​ ​ 14,226 Operating (loss) income ​ ​ (1,223) ​ ​ 283 ​ ​ — ​ ​ 37 ​ ​ 7 ​ ​ — ​ ​ 44 ​ ​ (852) Other (expense) income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest expense ​ ​ — ​ ​ (312) ​ ​ — ​ ​ (187) ​ ​ (45) ​ ​ — ​ ​ — ​ ​ (544) Other income, net ​ ​ — ​ ​ — ​ ​ — ​ ​ 1 ​ ​ 398 ​ ​ — ​ ​ — ​ ​ 399 Total other (expense) income ​ ​ — ​ ​ (312) ​ ​ — ​ ​ (186) ​ ​ 353 ​ ​ — ​ ​ — ​ ​ (145) Net (loss) income ​ $ (1,223) ​ $ (29) ​ $ — ​ $ (149) ​ $ 360 ​ $ — ​ $ 44 ​ $ (997) (a) The project is under construction with no income or loss for the three months ended March 31, 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2021 ​ ​ Latitude Margaritaville Watersound JV ​ Sea Sound Apartments JV ​ Watersound Fountains Independent Living JV (a) ​ Pier Park TPS JV ​ Busy Bee JV ​ Electric Cart Watersound JV (b) ​ Watersound Management JV (c) ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenue ​ $ — ​ $ — ​ $ — ​ $ 937 ​ $ 2,792 ​ $ — ​ $ — ​ $ 3,729 Expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost of revenue ​ ​ — ​ ​ — ​ ​ — ​ ​ 435 ​ ​ 2,247 ​ ​ — ​ ​ — ​ ​ 2,682 Other operating expenses ​ ​ 1,239 ​ ​ 3 ​ ​ — ​ ​ 78 ​ ​ 462 ​ ​ — ​ ​ — ​ ​ 1,782 Depreciation and amortization ​ ​ — ​ ​ — ​ ​ — ​ ​ 358 ​ ​ 115 ​ ​ — ​ ​ — ​ ​ 473 Total expenses ​ ​ 1,239 ​ ​ 3 ​ ​ — ​ ​ 871 ​ ​ 2,824 ​ ​ — ​ ​ — ​ ​ 4,937 Operating (loss) income ​ ​ (1,239) ​ ​ (3) ​ ​ — ​ ​ 66 ​ ​ (32) ​ ​ — ​ ​ — ​ ​ (1,208) Other (expense) income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest expense ​ ​ — ​ ​ — ​ ​ — ​ ​ (158) ​ ​ (53) ​ ​ — ​ ​ — ​ ​ (211) Other income, net ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 474 ​ ​ — ​ ​ — ​ ​ 474 Total other (expense) income ​ ​ — ​ ​ — ​ ​ — ​ ​ (158) ​ ​ 421 ​ ​ — ​ ​ — ​ ​ 263 Net (loss) income ​ $ (1,239) ​ $ (3) ​ $ — ​ $ (92) ​ $ 389 ​ $ — ​ $ — ​ $ (945) (a) The JV was formed in April 2021. (b) The JV was formed in February 2022. (c) The JV was formed in June 2021. ​ Latitude Margaritaville Watersound JV LMWS, LLC (“Latitude Margaritaville Watersound JV”) was formed in June 2019, when the Company entered into a JV agreement to develop a 55+ active adult residential community in Bay County, Florida. Construction is underway on customer homes and town center amenities. As of March 31, 2022, the Latitude Margaritaville Watersound JV had 527 homes under contract and has completed 65 home sale transactions of the total estimated 3,500 homes in the community. The community is located on land that was contributed to the JV by the Company in June 2020. As part of the land 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 March 31, 2022 and December 31, 2021, the Company’s investment in the unconsolidated Latitude Margaritaville Watersound JV was $29.6 million and $30.0 million, respectively, which includes the net present value of the land contribution, cash contributions, additional completed infrastructure improvements, equity in loss, return of land contribution and interest related to the revolving promissory note receivable. The initial 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 March 31, 2022, the Company completed $5.1 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. As of March 31, 2022 and December 31, 2021, the Company owned a 50.0% voting interest in the JV. Each JV member will continue to contribute an equal amount of cash t owards the development and construction of the main spine infrastructure and amenities. 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 (the “Latitude JV Note”) to the Latitude Margaritaville Watersound JV, as borrower, to finance the development of the pod-level, non-spine infrastructure. As of March 31, 2022, there was no balance outstanding on the Other Assets Commitments and Contingencies Sea Sound Apartments JV FDSJ Eventide, LLC (“Sea Sound Apartments JV”) was formed in January 2020. The Company entered into a JV agreement to develop, construct and manage a 300-unit apartment community near the Breakfast Point residential community in Panama City Beach, Florida. Construction of the community was completed in the first quarter of 2022. As of March 31, 2022 and December 31, 2021, 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. Watersound Fountains Independent Living JV WOSL, LLC (“Watersound Fountains Independent Living JV”) was formed in April 2021. The Company entered into a JV agreement to develop, construct and manage a 148-unit independent senior living community 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 . Commitments and Contingencies Pier Park TPS, LLC Pier Park TPS, LLC (“Pier Park TPS JV”) was formed in April 2018. The Company entered into a JV agreement to develop and operate a 124-room hotel in Panama City Beach, Florida. As of March 31, 2022 and December 31, 2021, 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 19. Commitments and Contingencies SJBB, LLC SJBB, LLC (“Busy Bee JV”) was formed 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. As of March 31, 2022 and December 31, 2021, 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. In November 2019, the JV, entered into a $5.4 million construction 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. The Company’s JV partner is the sole guarantor and receives 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 Busy Bee JV Construction Loan and the Busy Bee JV Equipment Loan. The Busy Bee JV Construction Loan 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 Busy Bee JV Equipment Loan 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% . SJECC, LLC SJECC, LLC (“Electric Cart Watersound JV”) was formed in February 2022, when the Company entered into a JV agreement to develop, construct, lease, manage and operate a golf cart and low speed vehicle “LSV” business at the new Watersound West Bay Center adjacent to the Latitude Margaritaville Watersound residential community in Panama City Beach, Florida. This land was contributed to the JV by the Company in February 2022, with a fair value of $0.5 million. In addition, during 2022 the Company contributed cash of $0.2 million and the JV partner contributed cash of $0.6 million. The Watersound West Bay Center location is currently under development, with the JV to operate from temporary facilities. An additional sales showroom will be located at the Watersound Town Center near the Watersound Origins residential community on property to be leased to the JV by the Company. As of March 31, 2022, the Company owned a 51% interest in the JV. The Company is currently responsible for the construction activities of the JV, but once operational, the Company’s JV partner will manage the day-to-day operations of the business. The Company has determined Electric Cart Watersound 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 Electric Cart Watersound JV is accounted for using the equity method. Watersound Management JV Watersound Management, LLC was formed 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

Investments

Investments	3 Months Ended
	Mar. 31, 2022
Investments
Investments	​ 5. Investments Available-For-Sale Investments Investments classified as available-for-sale securities were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ ​ ​ Gross Unrealized Gross Unrealized ​ ​ ​ ​ Amortized Cost ​ Gains ​ (Losses) ​ Fair Value Investments - debt securities: ​ ​ ​ ​ U.S. Treasury Bills ​ $ 118,504 ​ $ — ​ $ (331) ​ $ 118,173 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ During the three months ended March 31, 2022, the Company did not have any realized gains or losses proceeds During the three months ended March 31, 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 $39.0 million and purchases of available-for sale securities were $85.0 million. The following table provides the available-for-sale investments with an unrealized loss position and their related fair values: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ December 31, 2021 ​ ​ 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 ​ $ 118,173 ​ $ 331 ​ $ — ​ $ — ​ $ 43,959 ​ $ 11 ​ $ — ​ $ — ​ As of March 31, 2022, the Company had unrealized losses of $0.3 million related to U.S. Treasury Bills. As of December 31, 2021, the Company had de minimis unrealized losses related to U.S. Treasury Bills. As of March 31, 2022 and 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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ Amortized Cost Fair Value Due in one year or less ​ $ 118,504 ​ $ 118,173 ​ Investment Management Agreement Mr. Bruce R. Berkowitz is the Chairman of the Company’s Board of Directors (the “Board”). He is the Manager of, and controls entities that own and control, Fairholme Holdings, LLC, which wholly owns Fairholme Capital Management, L.L.C. (“FCM”), an investment advisor registered with the SEC. 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 March 31, 2022, clients of FCM, including Mr. Berkowitz, beneficially owned approximately 41.8% of the Company’s common stock. FCM and its client, The Fairholme Fund, (“Fairholme”) a series of investments originating from the Fairholme Funds, Inc., may be deemed affiliates of the Company. Pursuant to the terms of an Investment Management Agreement, as amended, (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	3 Months Ended
	Mar. 31, 2022
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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ ​ ​ ​ ​ ​ ​ Total Fair ​ ​ Level 1 ​ Level 2 ​ Level 3 ​ Value Cash equivalents: ​ ​ ​ ​ Money market funds ​ $ 8,936 ​ $ — ​ $ — ​ $ 8,936 ​ ​ 8,936 ​ — ​ — ​ 8,936 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments - debt securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasury Bills ​ ​ 118,173 ​ ​ — ​ ​ — ​ ​ 118,173 ​ ​ ​ 118,173 ​ ​ — ​ ​ — ​ ​ 118,173 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments - equity securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Preferred stock ​ ​ — ​ ​ 474 ​ ​ — ​ ​ 474 ​ ​ ​ — ​ ​ 474 ​ ​ — ​ ​ 474 ​ ​ $ 127,109 ​ $ 474 ​ $ — ​ $ 127,583 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ Money market funds and U.S. Treasury Bills 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 condensed consolidated balance sheets. The Company’s 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 preferred stock investments are categorized as Level 2 financial instruments since their fair values were determined from market inputs in an inactive market. 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 ​ ​ March 31, 2022 ​ March 31, 2022 ​ December 31, 2021 ​ Level ​ Balance Sheets ​ ​ ​ ​ ​ ​ ​ ​ ​ In Millions ​ In Thousands ​ ​ ​ ​ Pier Park Resort Hotel JV Loan (a) ​ 12/10/2022 ​ 4/12/2027 ​ 3.2% ​ $ 42.0 ​ $ 2,285 ​ $ 558 ​ 2 ​ Other assets Watercrest JV Loan (a) ​ 6/1/2021 ​ 6/1/2024 ​ 4.4% ​ $ 20.0 ​ $ 49 ​ $ (634) ​ 2 ​ Other assets (liabilities) Pier Park TPS JV Loan (b) ​ 1/14/2021 ​ 1/14/2026 ​ 5.2% ​ $ 14.0 ​ $ (77) ​ $ (436) ​ 2 ​ Investment in unconsolidated joint ventures (a) See Note 10. 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 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 19. Commitments and Contingencies for additional information. The following is a summary of the effect of derivative instruments on the Company’s condensed consolidated statements of income and condensed consolidated statements of comprehensive income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ ​ 2022 ​ 2021 ​ ​ ​ ​ ​ ​ ​ ​ Amount of gain recognized in other comprehensive income on derivatives ​ ​ $ 2,621 ​ $ 368 Amount of loss reclassified into interest expense ​ ​ $ 101 ​ $ — Amount of loss reclassified into equity in loss from unconsolidated joint ventures ​ ​ $ 46 ​ $ — ​ As of March 31, 2022, based on current value, the Company expects to reclassify $0.7 million of net losses on derivative instruments from accumulated other comprehensive income (loss) to earnings during the next twelve months . Investment in Unconsolidated Joint Ventures 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. 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 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 the three months ended March 31, 2022 and 2021. See Note 4. Joint Ventures 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 SPEs - 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 SPEs - 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ December 31, 2021 ​ 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 ​ $ 4,754 ​ $ 4,873 1 ​ $ 5,132 ​ $ 5,475 1 ​ ​ ​ ​ ​ ​ ​ Senior Notes held by SPE ​ $ 177,637 ​ $ 193,575 3 ​ $ 177,566 ​ $ 204,802 3 Debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed-rate debt ​ $ 98,192 ​ $ 97,983 ​ 2 ​ $ 129,532 ​ $ 126,722 ​ 2 Variable-rate debt ​ ​ 163,899 ​ ​ 163,899 ​ 2 ​ ​ 97,942 ​ ​ 97,942 ​ 2 Total debt ​ $ 262,091 ​ $ 261,882 ​ ​ ​ $ 227,474 ​ $ 224,664 ​ ​ ​ 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 (the “Senior Notes”) 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 March 31, 2022, 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 $4.7 million and cash of $0.4 million. The Senior Notes held by Northwest Florida Timber Finance, LLC as of March 31, 2022 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	3 Months Ended
	Mar. 31, 2022
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 Point South Marina Bay Point in Bay County and Point South Marina Port St. Joe 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. During the three months ended March 31, 2022 and 2021, no insurance proceeds were received related to business interruption. During the three months ended March 31, 2022 and 2021, the Company recognized $0.7 million and $0.9 million, respectively, of gain on insurance recovery and incurred loss from hurricane damage of less than $0.1 million during each period. The gain on insurance recovery and loss from hurricane damage were included in other (expense) income, net on the condensed consolidated statements of income. ​

Leases

Leases	3 Months Ended
	Mar. 31, 2022
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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2022 ​ 2021 Leasing revenue ​ ​ ​ ​ ​ ​ Lease payments ​ $ 7,379 ​ $ 4,466 Variable lease payments ​ ​ 1,443 ​ ​ 1,128 Total leasing revenue ​ $ 8,822 ​ $ 5,594 ​ Minimum future base rental revenue on non-cancelable leases subsequent to March 31, 2022, for the years ending December 31 are: ​ ​ ​ ​ ​ 2022 ​ $ 16,012 2023 ​ 12,541 2024 ​ 9,900 2025 ​ 6,904 2026 ​ ​ 5,275 Thereafter ​ ​ 18,971 ​ ​ $ 69,603 ​ The Company as Lessee As of March 31, 2022, 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 condensed 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 condensed 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2022 ​ 2021 ​ Lease cost ​ ​ ​ ​ ​ ​ Finance lease cost: ​ ​ ​ ​ ​ ​ Amortization of right-of-use assets $ 29 ​ $ 27 ​ Interest on lease liability 4 ​ 5 ​ Operating lease cost 102 ​ 77 ​ Short-term lease cost 192 ​ 193 ​ Total lease cost $ 327 ​ $ 302 ​ ​ ​ ​ ​ ​ ​ ​ Other information ​ ​ ​ ​ ​ ​ Weighted-average remaining lease term - finance lease (in years) ​ 3.2 ​ ​ 4.0 ​ Weighted-average remaining lease term - operating leases (in years) ​ 3.4 ​ ​ 3.4 ​ Weighted-average discount rate - finance lease ​ 4.6 % ​ 4.5 % Weighted-average discount rate - operating leases ​ 4.9 % ​ 4.9 % ​ The aggregate payments of finance and operating lease liabilities subsequent to March 31, 2022, for the years ending December 31 are: ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance Leases ​ Operating Leases 2022 ​ $ 99 ​ $ 266 2023 ​ 131 ​ 315 2024 ​ 85 ​ 164 2025 ​ 48 ​ 51 2026 ​ ​ 5 ​ ​ 12 Thereafter ​ ​ — ​ ​ 269 Total ​ ​ 368 ​ ​ 1,077 Less imputed interest ​ ​ (24) ​ ​ (191) Total lease liabilities ​ $ 344 ​ $ 886 ​ ​

Other Assets

Other Assets	3 Months Ended
	Mar. 31, 2022
Other Assets
Other Assets	9. Other Assets Other assets consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2022 ​ 2021 Investments - equity securities ​ $ 474 ​ $ 450 Accounts receivable, net ​ ​ 13,765 ​ ​ 13,813 Homesite sales receivable ​ ​ 8,835 ​ ​ 7,651 Notes receivable, net ​ 4,770 ​ 12,377 Inventory ​ ​ 3,325 ​ ​ 2,797 Prepaid expenses ​ 7,907 ​ 7,175 Straight-line rent ​ 2,569 ​ 2,489 Operating lease right-of-use assets ​ ​ 886 ​ ​ 732 Other assets ​ 12,336 ​ 5,987 Retained interest investments ​ ​ 14,073 ​ ​ 13,826 Accrued interest receivable for Senior Notes held by SPE ​ 935 ​ 2,938 Total other assets ​ $ 69,875 ​ $ 70,235 ​ Investments - Equity Securities As of both March 31, 2022 and December 31, 2021 investments - equity securities included $0.5 million of preferred stock investments recorded at fair value. During the three months ended March 31, 2022, the Company recognized unrealized gain of less than $0.1 million on investments related to equity securities still held as of March 31, 2022. During the three months ended March 31, 2021, the Company recognized unrealized loss of $1.0 million on investments related to equity securities still held as of March 31, 2021. These amounts were included within investment income, net on the condensed consolidated statements of income. Accounts Receivable, Net The Company’s accounts receivable, net primarily includes leasing receivables, membership initiation fees, hospitality receivables and other receivables. At each reporting period, accounts receivable 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. 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. The following table presents the changes in homesite sales receivable: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ March 31, 2021 Balance at beginning of period ​ $ 7,651 ​ $ 5,675 Increases due to revenue recognized for homesites sold ​ ​ 2,375 ​ ​ 1,768 Decreases due to amounts received ​ ​ (1,191) ​ ​ (987) Balance at end of period ​ $ 8,835 ​ $ 6,456 ​ Notes Receivable, Net Notes receivable, net consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2022 ​ 2021 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 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 ​ ​ 4,303 ​ ​ 4,824 Interest bearing notes with JV partner, secured by the partner's membership interest in the JV — bearing interest at a rate of 8.0%, due May 2039 ​ ​ 359 ​ ​ 359 Non-interest bearing note with a tenant for tenant improvements, due October 2025 ​ ​ 74 ​ ​ 76 Mortgage note, secured by certain real estate, bearing interest at a rate of 4.7% due November 2023 ​ 34 ​ 43 Total notes receivable, net ​ $ 4,770 ​ $ 12,377 ​ In June 2020, the Company entered into a $10.0 million secured revolving promissory note with the unconsolidated Latitude Margaritaville Watersound JV. The to finance the development of the pod-level, non-spine infrastructure. 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 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 receivable and the need for an allowance for credit losses at each reporting period. As of both March 31, 2022 and December 31, 2021, notes receivable were presented net of allowance for credit losses of $0.1 million. As of both March 31, 2022 and December 31, 2021, accrued interest receivable related to notes receivable was $0.1 million, which is included within other assets on the condensed 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 condensed consolidated financial statements as of March 31, 2022 and December 31, 2021. The Company’s continuing involvement with the SPEs is the receipt of the net interest payments and the remaining principal of approximately $16.9 million to be received at the end of the installment notes’ fifteen-year maturity period, in 2022 through 2024 . The Company has a beneficial or retained interest investment related to these SPEs of $14.1 million and $13.8 million as of March 31, 2022 and December 31, 2021, respectively, recorded in other assets on the Company’s condensed consolidated balance sheets.

Debt, Net

Debt, Net	3 Months Ended
	Mar. 31, 2022
Debt, Net
Debt, Net	10. Debt, Net Debt consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maturity Date ​ Interest Rate Terms ​ Effective Rate March 31, 2022 ​ ​ March 31, 2022 ​ ​ December 31, 2021 Watersound Origins Crossings JV Loan ​ May 2024 ​ SOFR plus 2.8 , floor 3.3% (a) ​ 3.3 % ​ $ 44,015 ​ ​ $ 37,897 PPN JV Loan ​ November 2025 ​ Fixed ​ 4.1 % ​ ​ 43,329 ​ ​ ​ 43,582 PPC JV Loan (insured by HUD) ​ June 2060 ​ Fixed ​ 3.1 % ​ ​ 35,550 ​ ​ ​ 35,670 Watercrest JV Loan ​ June 2047 ​ LIBOR plus 2.2% , swapped to a fixed rate of 4.4% ​ 4.4 % ​ ​ 20,263 ​ ​ ​ 20,053 Pier Park Resort Hotel JV Loan ​ April 2027 ​ LIBOR plus 2.2% ​ 2.6 % ​ ​ 20,087 ​ ​ ​ 14,650 PPC II JV Loan ​ October 2024 ​ LIBOR plus 2.1% ​ 2.6 % ​ ​ 17,325 ​ ​ ​ 17,374 Airport Hotel Loan ​ March 2025 ​ LIBOR plus 2.0% , floor 3.0% ​ 3.0 % ​ ​ 14,642 ​ ​ ​ 14,642 Breakfast Point Hotel Loan ​ November 2042 ​ LIBOR plus 2.8% , floor 3.8% ​ 3.8 % ​ ​ 13,736 ​ ​ ​ 11,843 Watersound Camp Creek Loan ​ December 2047 ​ LIBOR plus 2.1% , floor 2.6% ​ 2.6 % ​ ​ 10,293 ​ ​ ​ 3,437 Lodge 30A JV Loan ​ January 2028 ​ Fixed ​ 3.8 % ​ ​ 10,262 ​ ​ ​ 7,474 North Bay Landing Apartments Loan ​ September 2024 ​ LIBOR plus 2.5% , floor 3.2% ​ 3.2 % ​ ​ 5,146 ​ ​ ​ 1,342 Beckrich Building III Loan ​ August 2029 ​ LIBOR plus 1.7% ​ 2.2 % ​ ​ 5,129 ​ ​ ​ 5,188 Community Development District debt ​ May 2022-May 2039 ​ Fixed ​ 3.6 to 6.0 % ​ 4,894 ​ ​ ​ 4,909 Self-Storage Facility Loan ​ November 2025 ​ LIBOR plus 2.4% , floor 2.9% ​ 2.9 % ​ ​ 4,666 ​ ​ ​ 4,666 Watersound Town Center Grocery Loan ​ August 2031 ​ LIBOR plus 2.0% , floor 2.2% ​ 2.4 % ​ ​ 4,525 ​ ​ ​ 620 Mexico Beach Crossings JV Loan (insured by HUD) ​ March 2064 ​ Fixed ​ 3.0 % ​ ​ 4,157 ​ ​ ​ — Beach Homes Loan ​ May 2029 ​ LIBOR plus 1.7% ​ 2.2 % ​ 1,478 ​ ​ ​ 1,492 Pier Park Outparcel Loan ​ March 2027 ​ LIBOR plus 1.7% ​ 2.2 % ​ ​ 1,348 ​ ​ ​ 1,370 WaterColor Crossings Loan ​ February 2029 ​ LIBOR plus 1.7% ​ 2.2 % ​ ​ 1,246 ​ ​ ​ 1,265 Total principal outstanding ​ ​ ​ ​ ​ ​ ​ ​ ​ 262,091 ​ ​ ​ 227,474 Unamortized discount and debt issuance costs ​ ​ ​ ​ ​ ​ ​ (5,328) ​ ​ ​ (4,440) Total debt, net ​ ​ ​ ​ ​ ​ ​ ​ $ 256,763 ​ ​ $ 223,034 (a) In January 2022, the Watersound Origins Crossings JV Loan interest rate was modified from a fixed rate of 5.0% as of December 31, 2021. In May 2019, the Watersound Origins Crossings JV entered into a $37.9 million loan (the “Watersound Origins Crossings JV Loan”) to finance the construction of apartments located near the entrance to the Watersound Origins residential community. In January 2022, the Watersound Origins Crossings JV entered into a modification of the Watersound Origins Crossings JV Loan, that increased the principal amount of the loan to $44.0 million, modified the interest rate from 5.0% to the Secured Overnight Financing Rate (“SOFR”) plus 2.8%, with a floor of 3.3% and provides for payments of interest only 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. As guarantor, the Company may request a reduction of the Company’s liability under the Watersound Origins Crossings JV Loan to either 50% or 25% of the outstanding principal amount based on meeting certain debt service coverage and loan to value requirements. 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. 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. As of March 31, 2022, the Company incurred less than $0.1 million of additional loan cost due to the Watersound Origins Crossings JV Loan modification. In October 2015, the Pier Park North JV entered into a $48.2 million loan (the “PPN JV 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 May 2018, the Pier Park Crossings JV entered into a $36.6 million loan, insured by the U.S. Department of Housing and Urban Development (“HUD”), to finance the construction of apartments in Panama City Beach, Florida (the “PPC JV Loan”). The PPC JV Loan provides for monthly principal and interest payments through maturity in June 2060. The PPC JV Loan may not be prepaid prior to September 1, 2022 and if any additional principal is prepaid from September 1, 2022 through August 31, 2031 a premium is due to the lender of 2% - 10%. The PPC JV Loan is secured by the Pier Park Crossings JV’s real property and the assignment of rents and leases. In June 2019, the Watercrest JV entered into a $22.5 million loan (the “Watercrest JV 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 April 2020, the Pier Park Resort Hotel JV entered into a loan with an initial amount of $52.5 million and up to a maximum of $60.0 million through additional earn-out requests (the “Pier Park Resort Hotel JV Loan”). 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 guarantors, 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 the guarantors 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 October 2019, the Pier Park Crossings Phase II JV entered into a $17.5 million loan (the “PPC II JV 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 is 50% of the outstanding principal amount and will be reduced to 25% of the outstanding 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. The Pier Park Crossings Phase II JV is in the process of refinancing the PPC II JV Loan, which will be a HUD insured loan. In March 2020, a wholly-owned subsidiary of the Company entered into a $15.3 million loan (the “Airport Hotel Loan”) to finance 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 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”). 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 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”). 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 outstanding principal amount upon the project reaching and maintaining a trailing six months of operations with a certain debt service coverage ratio and reduced to 25% of the outstanding principal amount upon reaching and maintaining a trailing twelve months of 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 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”). 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% of the outstanding principal amount 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 March 2021, a wholly-owned subsidiary of the Company entered into a $26.8 million construction loan to finance the construction of apartments in Panama City, Florida (the “North Bay Landing Apartments Loan”). 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, which 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 outstanding 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 August 2019, a wholly-owned subsidiary of the Company entered into a $5.5 million loan (the “Beckrich Building III 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. Community Development District (“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. CDD debt is secured by certain real estate or other collateral. 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 $14.0 million and $14.1 million as of March 31, 2022 and December 31, 2021, 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”). 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 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”). 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 outstanding 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 outstanding principal amount upon reaching a certain debt service coverage ratio and the project maintaining 93% occupancy for ninety consecutive days. In January 2022, the Mexico Beach Crossings JV entered into a $43.5 million loan, insured by HUD, to finance the construction of apartments in Mexico Beach, Florida (the “Mexico Beach Crossings JV Loan”). The Mexico Beach Crossings JV Loan provides for interest only payments for the first twenty-seven months and principal and interest payments thereafter through maturity in March 2064. The Mexico Beach Crossings JV Loan may not be prepaid prior to April 1, 2024 and if any additional principal is prepaid from April 1, 2024 through March 31, 2034 a premium is due to the lender of 1% - 10%. The Mexico Beach Crossings JV Loan is secured by the Mexico Beach Crossings JV’s real property and the assignment of rents and leases. 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 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 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”). 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, which 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 March 31, 2022 and 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 of both March 31, 2022 and December 31, 2021, the Company was in compliance with the financial debt covenants. As of March 31, 2022, assets that were pledged as collateral related to the Company’s debt agreements, including unfunded commitments, had an approximate carrying amount of $382.6 million. These assets are included within investment in real estate, net and property and equipment, net on the condensed consolidated balance sheets. The aggregate maturities of debt subsequent to March 31, 2022, for the years ending December 31 are: ​ ​ ​ ​ 2022 ​ $ 2,520 2023 ​ ​ 5,280 2024 ​ 72,109 2025 ​ 63,530 2026 ​ 4,723 Thereafter ​ 113,929 ​ ​ $ 262,091 ​

Other Liabilities

Other Liabilities	3 Months Ended
	Mar. 31, 2022
Other Liabilities
Other Liabilities	11. Other Liabilities Other liabilities consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2022 ​ 2021 Accounts payable ​ $ 46,056 ​ $ 48,597 Income tax payable ​ ​ 3,175 ​ ​ 681 Finance lease liabilities ​ ​ 344 ​ ​ 380 Operating lease liabilities ​ ​ 886 ​ ​ 732 Accrued compensation ​ 2,820 ​ 4,877 Other accrued liabilities ​ 4,363 ​ 4,126 Club membership deposits ​ 3,636 ​ 3,602 Advance deposits ​ 5,806 ​ 2,140 Accrued interest expense for Senior Notes held by SPE ​ 713 ​ 2,850 Total other liabilities ​ $ 67,799 ​ $ 67,985 ​ Accounts payable as of March 31, 2022 and December 31, 2021, includes payables for projects under development and construction such as the Embassy Suites by Hilton hotel, the Camp Creek Inn and amenity center, Watersound Town Center and the Watersound Origins residential community. Other accrued liabilities include $1.6 million and $0.2 million of accrued property taxes as of March 31, 2022 and December 31, 2021, respectively, which are generally paid annually in November. Advance deposits consist of deposits received on hotel rooms and related hospitality activities. Advance deposits are recorded as other liabilities in the condensed 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.

Deferred Revenue

Deferred Revenue	3 Months Ended
	Mar. 31, 2022
Deferred Revenue
Deferred Revenue	12. Deferred Revenue Deferred revenue includes club initiation fees of $23.6 million and $22.9 million and other deferred revenue of $13.8 million and $13.4 million as of March 31, 2022 and December 31, 2021, respectively. 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ March 31, 2021 Balance at beginning of period ​ $ 22,850 ​ $ 10,716 New club memberships ​ ​ 2,270 ​ ​ 2,848 Revenue from amounts included in contract liability opening balance ​ ​ (1,491) ​ ​ (852) Revenue from current period new memberships ​ ​ (56) ​ ​ (71) Balance at end of period ​ $ 23,573 ​ $ 12,641 ​ Remaining performance obligations represent contracted revenue that has not been recognized related to club initiation fees. As of March 31, 2022, remaining performance obligations were $23.6 million, of which the Company expects to recognize as revenue $4.1 million in 2022 2023 through 2024 2025 through 2026 Other deferred revenue as of both March 31, 2022 and December 31, 2021, includes $10.9 million 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.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
Income Taxes
Income Taxes	13. Income Taxes Income tax expense attributable to income from operations differed from the amount computed by applying the statutory federal income tax rate of 21% as of March 31, 2022 and 2021 to pre-tax income as a result of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2022 2021 Tax at the federal statutory rate $ 3,769 $ 892 State income taxes (net of federal benefit) ​ 787 ​ 150 Tax credits ​ ​ (55) ​ ​ — Other ​ 35 ​ 10 Total income tax expense $ 4,536 $ 1,052 ​ As of March 31, 2022 and December 31, 2021, the Company had income tax payable of $3.2 million and $0.7 million, respectively, included within other liabilities on the condensed 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 has reverted to 5.5% for tax year 2022 and years forward. 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 both March 31, 2022 and December 31, 2021, the Company’s valuation allowance was $0.3 million. 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 either March 31, 2022 or December 31, 2021.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	Mar. 31, 2022
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Loss	14. Accumulated Other Comprehensive Income (Loss) Following is a summary of the changes in the balances of accumulated other comprehensive (loss) income, which is presented net of tax: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrealized Loss Unrealized ​ ​ ​ ​ on Available-for- (Loss) Gain ​ ​ ​ ​ ​ Sale Securities ​ Cash Flow Hedges ​ Total Accumulated other comprehensive loss as of December 31, 2021 ​ $ (7) ​ $ (382) ​ $ (389) Other comprehensive (loss) income before reclassifications ​ (241) ​ ​ 2,129 ​ ​ 1,888 Amounts reclassified from accumulated other comprehensive income ​ — ​ ​ 113 ​ ​ 113 Other comprehensive (loss) income ​ (241) ​ ​ 2,242 ​ ​ 2,001 Less: other comprehensive income attributable to non-controlling interest ​ ​ — ​ ​ (692) ​ ​ (692) Accumulated other comprehensive (loss) income as of March 31, 2022 ​ $ (248) ​ $ 1,168 ​ $ 920 ​ Following is a summary of the tax effects allocated to other comprehensive income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2022 ​ Before- Tax Benefit Net-of- ​ ​ Tax Amount ​ (Expense) ​ Tax Amount Unrealized loss on available-for-sale investments ​ $ (322) ​ $ 81 ​ $ (241) Interest rate swaps ​ ​ 2,308 ​ ​ (413) ​ ​ 1,895 Interest rate swap - unconsolidated joint venture ​ ​ 313 ​ ​ (79) ​ ​ 234 Reclassification adjustment for net loss included in earnings ​ 147 ​ (34) ​ 113 Net unrealized gain ​ 2,446 ​ (445) ​ 2,001 Other comprehensive income ​ $ 2,446 ​ $ (445) ​ $ 2,001 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2021 ​ Before- Tax Benefit Net-of- ​ ​ Tax Amount ​ (Expense) ​ Tax Amount Unrealized loss on available-for-sale investments ​ $ (2) ​ $ 1 ​ $ (1) Interest rate swaps ​ ​ 157 ​ ​ (40) ​ ​ 117 Interest rate swap - unconsolidated joint venture ​ ​ 211 ​ ​ (54) ​ ​ 157 Reclassification adjustment for net gain included in earnings ​ (15) ​ 4 ​ (11) Net unrealized gain ​ 351 ​ (89) ​ 262 Other comprehensive income ​ $ 351 ​ $ (89) ​ $ 262 ​

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2022
Stockholders' Equity
Stockholders' Equity	15. Stockholders’ Equity Dividends During the three months ended March 31, 2022 and 2021, the Company paid cash dividends of $0.10 and $0.08, respectively, per share on the Company’s common stock for a total of $5.9 million and $4.7 million, respectively. Stock Repurchase Program The Company’s Board approved a stock repurchase program (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 three months ended March 31, 2022 and 2021, the Company did not repurchase shares of its common stock outstanding. As of March 31, 2022, the Company had a total authority of $100.0 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 Securities Exchange Act of 1934, as amended (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. Issuance of Common Stock for Employee Compensation On February 22, 2022, the Company granted 25,594 restricted stock awards to certain employees pursuant to the 2015 Performance and Equity Incentive Plan (the “2015 Plan”). The restricted shares will vest in equal annual installments on the first, second and third annual anniversary of the grant date, subject to the recipient’s continued employment through and on the applicable vesting date. The weighted average grant date fair value of restricted shares during the three months ended March 31, 2022 was $46.73. During the three months ended March 31, 2022 and 2021, there were no restricted shares vested or forfeited. 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. Forfeitures are accounted for as they occur. For the three months ended March 31, 2022, the Company recorded expense of less than $0.1 million related to restricted stock awards. During the three months ended March 31, 2021, the Company did not have expense related to restricted stock awards. As of March 31, 2022, there was $1.2 million of unrecognized compensation cost, related to non-vested restricted shares which will be recognized over a weighted average period of 2.9 years.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2022
Revenue Recognition
Revenue Recognition	16. 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. The following represents revenue disaggregated by segment, good or service and timing: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2022 ​ ​ Residential ​ Hospitality ​ Commercial ​ Other ​ Total Revenue by Major Good/Service: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Real estate revenue ​ $ 32,674 ​ $ — ​ $ 3,618 ​ $ 482 ​ $ 36,774 Hospitality revenue ​ ​ 94 ​ ​ 16,227 ​ ​ — ​ ​ — ​ ​ 16,321 Leasing revenue ​ ​ 129 ​ ​ 11 ​ ​ 8,642 ​ ​ 40 ​ ​ 8,822 Timber revenue ​ ​ — ​ ​ — ​ ​ 2,954 ​ ​ — ​ ​ 2,954 Total revenue ​ $ 32,897 ​ $ 16,238 ​ $ 15,214 ​ $ 522 ​ $ 64,871 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Timing of Revenue Recognition: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recognized at a point in time ​ $ 32,768 ​ $ 9,916 ​ $ 6,572 ​ $ 482 ​ $ 49,738 Recognized over time ​ ​ — ​ ​ 6,311 ​ ​ — ​ ​ — ​ ​ 6,311 Over lease term ​ ​ 129 ​ ​ 11 ​ ​ 8,642 ​ ​ 40 ​ ​ 8,822 Total revenue ​ $ 32,897 ​ $ 16,238 ​ $ 15,214 ​ $ 522 ​ $ 64,871 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2021 ​ ​ Residential ​ Hospitality ​ Commercial ​ Other ​ Total Revenue by Major Good/Service: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Real estate revenue ​ $ 20,539 ​ $ — ​ $ 35 ​ $ 479 ​ $ 21,053 Hospitality revenue ​ ​ 81 ​ ​ 12,986 ​ ​ — ​ ​ — ​ ​ 13,067 Leasing revenue ​ ​ 40 ​ ​ 8 ​ ​ 5,546 ​ ​ — ​ ​ 5,594 Timber revenue ​ ​ — ​ ​ — ​ ​ 1,591 ​ ​ — ​ ​ 1,591 Total revenue ​ $ 20,660 ​ $ 12,994 ​ $ 7,172 ​ $ 479 ​ $ 41,305 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Timing of Revenue Recognition: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recognized at a point in time ​ $ 20,620 ​ $ 9,141 ​ $ 1,626 ​ $ 479 ​ $ 31,866 Recognized over time ​ ​ — ​ ​ 3,845 ​ ​ — ​ ​ — ​ ​ 3,845 Over lease term ​ ​ 40 ​ ​ 8 ​ ​ 5,546 ​ ​ — ​ ​ 5,594 Total revenue ​ $ 20,660 ​ $ 12,994 ​ $ 7,172 ​ $ 479 ​ $ 41,305 ​

Other Expense, Net

Other Expense, Net	3 Months Ended
	Mar. 31, 2022
Other Income, Net
Other Income, Net	17. Other Expense, Net Other income (expense), net consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ March 31, ​ ​ 2022 2021 Investment income, net ​ ​ Interest, dividend and accretion income ​ $ 100 ​ $ 24 ​ Net realized gain on the sale of investments ​ — ​ 17 ​ Unrealized gain (loss) on investments, net ​ ​ 25 ​ ​ (1,049) ​ Interest income from investments in SPEs ​ 2,003 ​ 2,043 ​ Interest earned on notes receivable and other interest ​ 172 ​ 160 ​ Total investment income, net ​ 2,300 ​ 1,195 ​ Interest expense ​ ​ ​ Interest expense and amortization of discount and issuance costs for Senior Notes issued by SPE ​ (2,209) ​ (2,205) ​ Other interest expense ​ (1,944) ​ (1,466) ​ Total interest expense ​ (4,153) ​ (3,671) ​ Gain on contributions to unconsolidated joint ventures ​ 482 ​ 120 ​ Other income (expense), net ​ ​ ​ Accretion income from retained interest investments ​ 417 ​ 361 ​ Gain on insurance recovery ​ ​ 723 ​ ​ 866 ​ Loss from hurricane damage ​ ​ (32) ​ ​ (7) ​ Miscellaneous (expense) income, net ​ (1,477) ​ 74 ​ Other (expense) income, net ​ (369) ​ 1,294 ​ Total other expense, net ​ $ (1,740) ​ $ (1,062) ​ ​ 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 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 gain (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 the three months ended March 31, 2022 and 2021, the Company capitalized $0.3 million and $0.4 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 condensed consolidated balance sheets. Gain on Contributions to Unconsolidated Joint Ventures Gain on contributions to unconsolidated joint ventures for ach of the three months ended March 31, 2022 and 2021, also includes a gain of $0.1 million on contributed to the Company’s unconsolidated Latitude Margaritaville Watersound JV Joint Ventures Other (Expense) Income, Net Other (expense) 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 investment over the life of the retained interest using the effective yield method with rates ranging from 3.7% to 12.2%. During the three months ended March 31, 2022 and 2021, the Company had a gain on insurance recovery of $0.7 million and $0.9 million, respectively, and incurred loss from hurricane damage of less than $0.1 million, during each period, related to Hurricane Michael. See Note 7. Hurricane Michael

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2022
Segment Information
Segment Information	18. Segment Information The Company conducts primarily all of its business in the following three reportable segments: (1) residential, (2) hospitality and (3) commercial. 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 set forth in Note 2 to the Company’s consolidated financial statements contained in Item 15 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. Total revenue represents sales to unaffiliated customers, as reported in the Company’s condensed consolidated statements of income. All significant intercompany transactions have been eliminated in consolidation. The caption 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ March 31, ​ ​ 2022 2021 Operating revenue: ​ ​ Residential ​ $ 32,897 ​ $ 20,660 ​ Hospitality ​ 16,238 ​ 12,994 ​ Commercial ​ 15,214 ​ 7,172 ​ Other ​ 522 ​ 479 ​ Consolidated operating revenue ​ $ 64,871 ​ $ 41,305 ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) before equity in loss from unconsolidated joint ventures and income taxes: ​ ​ ​ Residential ​ $ 17,084 ​ $ 8,595 ​ Hospitality ​ (963) ​ 284 ​ Commercial (a) ​ 4,818 ​ 17 ​ Other (b) ​ (2,455) ​ (4,419) ​ Consolidated income before equity in loss from unconsolidated joint ventures and income taxes ​ $ 18,484 ​ $ 4,477 ​ ​ ​ ​ ​ ​ ​ ​ ​ (a) The three months ended March 31, 2022, includes a gain of $0.4 million on land contributed to the Electric Cart Watersound JV. See Note 4. Joint Ventures and Note 17. Other Expense, Net for additional information . (b) Includes gain on insurance recovery of $0.7 million and $0.9 million during the three months ended March 31, 2022 and 2021, respectively, related to Hurricane Michael. See Note 7. Hurricane Michael for additional information. ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2022 ​ 2021 Total assets: ​ ​ Residential ​ $ 196,497 ​ $ 195,142 Hospitality ​ 287,270 ​ 256,751 Commercial ​ 396,870 ​ 375,266 Other ​ 375,708 ​ 380,992 Total assets ​ $ 1,256,345 ​ $ 1,208,151 ​

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies
Commitments and Contingencies	19. 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 a 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 as of both March 31, 2022 and December 31, 2021. 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 the 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 March 31, 2022, there was no balance outstanding on the The to finance the development of the pod-level, non-spine infrastructure. 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 Joint Ventures Other Assets As of March 31, 2022 and December 31, 2021, 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 $37.3 million and $36.9 million, respectively, as well as standby letters of credit in the amount of $16.8 million and $12.9 million, respectively, which may potentially result in liability to the Company if certain obligations of the Company are not met. As of March 31, 2022, the Company had a total of $220.1 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 amount, 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 March 31, 2022 and December 31, 2021, $14.0 million and $14.1 million, respectively, was outstanding on the Pier Park TPS JV Loan. See Note 6. Financial Instruments and Fair Value Measurements 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, which 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 outstanding 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 March 31, 2022 and December 31, 2021, $7.3 million and $0.1 million, respectively, 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 March 31, 2022 and December 31, 2021. As of both March 31, 2022 and December 31, 2021, 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 condensed consolidated balance sheets.

Subsequent Event

Subsequent Event	3 Months Ended
	Mar. 31, 2022
Subsequent Event
Subsequent Event	20. Subsequent Event On April 27, 2022, the Company’s Board of Directors declared a cash dividend of $0.10 per share ​

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Significant Accounting Policies
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The accompanying unaudited interim condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for reporting on Form 10-Q. Accordingly, certain information and footnotes required by United States generally accepted accounting principles (“GAAP”) for complete financial statements are not included herein. The unaudited interim condensed consolidated financial statements include the accounts of the Company and all of its majority-owned and controlled subsidiaries, voting interest entities where the Company has a majority voting interest or control and variable interest entities where the Company deems itself the primary beneficiary. Investments in joint ventures (“JV”) 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. The December 31, 2021 condensed consolidated balance sheet amounts have been derived from the Company’s December 31, 2021 audited consolidated financial statements. Certain prior period amounts in the accompanying condensed consolidated financial statements have been reclassified to conform to the current year presentation. These reclassifications had no effect on the Company’s previously reported total assets and liabilities, stockholders’ equity or net income. Operating results for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2022. 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 evaluate whether it is the primary beneficiary as needed when assessing reconsideration events. Joint Ventures The unaudited interim condensed consolidated financial statements reflect all normal recurring adjustments that, in the opinion of management, are necessary for fair presentation of the information contained herein. The unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. The Company adheres to the same accounting policies in preparation of its unaudited interim condensed consolidated financial statements as the Company’s December 31, 2021 annual financial statements, except for any recently adopted accounting pronouncements. As required under GAAP, interim accounting for certain expenses, including income taxes, are based on full year assumptions. For interim financial reporting purposes, income taxes are recorded based upon estimated annual income tax rates.
Concentration of Risks and Uncertainties	Concentration of Risks and Uncertainties All of the Company’s real estate investments 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 United States have been negatively impacted by the continued threat of 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. 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 March 31, 2022, these balances exceeded the amount of F.D.I.C. insurance provided on such deposits. In addition, as of March 31, 2022 the Company had $8.9 million invested in U.S. Treasury Money Market Funds, $118.2 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 earnings per share is calculated by dividing net income attributable to the Company by the basic weighted average number of common shares outstanding for the period. Diluted earnings per share is calculated by dividing net income attributable to the Company by the weighted average number of shares of common stock outstanding for the period, including potential dilutive common shares. The treasury stock method is used to determine the effect on diluted earnings. For the three months ended March 31, 2022, the Company had 25,594 unvested shares of restricted stock. As of March 31, 2021, there were no outstanding common stock equivalents. For the three months ended March 31, 2021, the Company did not have any potential dilutive instruments, therefore, basic and diluted weighted average shares outstanding were equal. See Note 15. Stockholders’ Equity The computation of basic and diluted earnings per share shares are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2022 ​ 2021 ​ ​ (Dollars in thousands except per share amounts) Income ​ ​ ​ ​ ​ ​ Net income attributable to the Company ​ $ 13,412 ​ $ 3,196 ​ ​ ​ ​ ​ ​ ​ Shares ​ ​ ​ ​ ​ ​ Weighted-average shares outstanding - basic ​ ​ 58,882,549 ​ ​ 58,882,549 Incremental shares from restricted stock ​ ​ 4,382 ​ ​ — Weighted-average shares outstanding - diluted ​ ​ 58,886,931 ​ ​ 58,882,549 ​ ​ ​ ​ ​ ​ ​ Net income per share attributable to the Company ​ ​ ​ ​ ​ ​ Basic income per share ​ $ 0.23 ​ $ 0.05 Diluted income per share ​ $ 0.23 ​ $ 0.05
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements	Recently Adopted Accounting Pronouncements There were no recently adopted accounting pronouncements which would have a material effect on the Company’s financial condition, results of operations and cash flows. Recently Issued Accounting Pronouncements Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting Reference Rate Reform (Topic 848) .

Summary of Significant Accounti

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2022
Significant Accounting Policies
Schedule of computation of basic and diluted earnings per share shares	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2022 ​ 2021 ​ ​ (Dollars in thousands except per share amounts) Income ​ ​ ​ ​ ​ ​ Net income attributable to the Company ​ $ 13,412 ​ $ 3,196 ​ ​ ​ ​ ​ ​ ​ Shares ​ ​ ​ ​ ​ ​ Weighted-average shares outstanding - basic ​ ​ 58,882,549 ​ ​ 58,882,549 Incremental shares from restricted stock ​ ​ 4,382 ​ ​ — Weighted-average shares outstanding - diluted ​ ​ 58,886,931 ​ ​ 58,882,549 ​ ​ ​ ​ ​ ​ ​ Net income per share attributable to the Company ​ ​ ​ ​ ​ ​ Basic income per share ​ $ 0.23 ​ $ 0.05 Diluted income per share ​ $ 0.23 ​ $ 0.05

Investment in Real Estate (Tabl

Investment in Real Estate (Table)	3 Months Ended
	Mar. 31, 2022
Investment in Real Estate
Schedule of real estate, excluding unconsolidated JVs, by property type and segment	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2022 ​ 2021 Development property: ​ ​ Residential ​ $ 125,784 ​ $ 122,404 Hospitality ​ 146,298 ​ 137,089 Commercial ​ 104,553 ​ 85,931 Other ​ 3,261 ​ 3,232 Total development property ​ 379,896 ​ 348,656 ​ ​ ​ ​ ​ ​ ​ Operating property: ​ ​ Residential ​ 13,253 ​ 13,253 Hospitality ​ 144,857 ​ 124,449 Commercial ​ 293,535 ​ 290,794 Other ​ 128 ​ 127 Total operating property ​ 451,773 ​ 428,623 Less: Accumulated depreciation ​ 90,214 ​ 87,166 Total operating property, net ​ 361,559 ​ 341,457 Investment in real estate, net ​ $ 741,455 ​ $ 690,113

Joint Ventures (Tables)

Joint Ventures (Tables)	3 Months Ended
	Mar. 31, 2022
Joint Ventures
Schedule of financial information of unconsolidated joint ventures	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2022 ​ 2021 Investment in unconsolidated joint ventures ​ ​ Latitude Margaritaville Watersound JV ​ $ 29,583 ​ $ 30,040 Sea Sound Apartments JV ​ ​ 10,316 ​ ​ 10,333 Watersound Fountains Independent Living JV ​ ​ 7,508 ​ ​ 7,508 Pier Park TPS JV ​ 2,169 ​ 1,961 Busy Bee JV ​ 1,819 ​ 1,621 Electric Cart Watersound JV (a) ​ ​ 685 ​ ​ — Watersound Management JV ​ ​ 542 ​ ​ 564 Total investment in unconsolidated joint ventures ​ $ 52,622 ​ $ 52,027 ​ ​ ​ Outstanding debt of unconsolidated JVs ​ ​ ​ ​ ​ ​ Latitude Margaritaville Watersound JV (b) ​ $ 15,674 ​ $ 7,147 Sea Sound Apartments JV ​ ​ 35,905 ​ ​ 35,047 Watersound Fountains Independent Living JV ​ ​ 7,287 ​ ​ 66 Pier Park TPS JV ​ ​ 14,050 ​ ​ 14,124 Busy Bee JV ​ ​ 6,241 ​ ​ 6,317 Total outstanding debt of unconsolidated JVs (c) ​ $ 79,157 ​ $ 62,701 (a) JV was formed in February 2022. (b) 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. (c) See Note 19. Commitments and Contingencies for additional information. The following table presents detail of the Company’s equity in (loss) income from unconsolidated JVs: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ ​ 2022 ​ 2021 Equity in (loss) income from unconsolidated joint ventures ​ ​ ​ ​ ​ ​ ​ Latitude Margaritaville Watersound JV ​ ​ $ (623) ​ $ (642) Sea Sound Apartments JV ​ ​ ​ (17) ​ ​ (2) Pier Park TPS JV ​ ​ ​ (74) ​ ​ (46) Busy Bee JV ​ ​ ​ 197 ​ ​ 222 Watersound Management JV (a) ​ ​ ​ 22 ​ ​ — Total equity in loss from unconsolidated joint ventures ​ ​ $ (495) ​ $ (468) (a) JV was formed in June 2021. Summarized balance sheets for the Company’s unconsolidated JVs are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ ​ Latitude Margaritaville Watersound JV ​ Sea Sound Apartments JV ​ Watersound Fountains Independent Living JV ​ Pier Park TPS JV ​ Busy Bee JV ​ Electric Cart Watersound JV ​ Watersound Management JV ​ Total ASSETS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment in real estate ​ $ 78,274 (a) $ 54,180 ​ $ 24,503 ​ $ 16,190 ​ $ 7,891 ​ $ 894 ​ $ — ​ $ 181,932 Cash and cash equivalents ​ ​ 8,777 ​ ​ 1,511 ​ ​ 243 ​ ​ 1,897 ​ ​ 765 ​ ​ 712 ​ ​ 94 ​ ​ 13,999 Other assets ​ ​ 1,835 ​ ​ 268 ​ ​ 10 ​ ​ 455 ​ ​ 1,434 ​ ​ 20 ​ ​ — ​ ​ 4,022 Total assets ​ $ 88,886 ​ $ 55,959 ​ $ 24,756 ​ $ 18,542 ​ $ 10,090 ​ $ 1,626 ​ $ 94 ​ $ 199,953 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ LIABILITIES AND EQUITY ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt, net ​ $ 15,378 ​ $ 35,740 ​ $ 7,287 ​ $ 13,768 ​ $ 6,185 ​ $ — ​ $ — ​ $ 78,358 Other liabilities ​ ​ 49,705 ​ ​ 2,989 ​ ​ 3,513 ​ ​ 444 ​ ​ 326 ​ ​ 360 ​ ​ — ​ ​ 57,337 Equity ​ ​ 23,803 ​ ​ 17,230 ​ ​ 13,956 ​ ​ 4,330 ​ ​ 3,579 ​ ​ 1,266 ​ ​ 94 ​ ​ 64,258 Total liabilities and equity ​ $ 88,886 ​ $ 55,959 ​ $ 24,756 ​ $ 18,542 ​ $ 10,090 ​ $ 1,626 ​ $ 94 ​ $ 199,953 (a) As of March 31, 2022, investment in real estate includes the land contributed to the Latitude Margaritaville Watersound JV at the Company’s initial historical cost basis of $1.3 million and additional completed infrastructure improvements of $5.1 million. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ Latitude Margaritaville Watersound JV ​ Sea Sound Apartments JV ​ Watersound Fountains Independent Living JV ​ Pier Park TPS JV ​ Busy Bee JV ​ Electric Cart Watersound JV (b) ​ 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 initial historical cost basis of $1.3 million and additional completed infrastructure improvements of $4.8 million. (b) JV was formed in February 2022. ​ Summarized statements of operations for the Company’s unconsolidated JVs are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2022 ​ ​ Latitude Margaritaville Watersound JV ​ Sea Sound Apartments JV ​ Watersound Fountains Independent Living JV (a) ​ Pier Park TPS JV ​ Busy Bee JV ​ Electric Cart Watersound JV (a) ​ Watersound Management JV ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenue ​ $ 7,140 ​ $ 1,154 ​ $ — ​ $ 1,124 ​ $ 3,704 ​ $ — ​ $ 252 ​ $ 13,374 Expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost of revenue ​ ​ 5,726 ​ ​ 433 ​ ​ — ​ ​ 632 ​ ​ 3,146 ​ ​ — ​ ​ 208 ​ ​ 10,145 Other operating expenses ​ ​ 2,581 ​ ​ 87 ​ ​ — ​ ​ 93 ​ ​ 436 ​ ​ — ​ ​ — ​ ​ 3,197 Depreciation and amortization ​ ​ 56 ​ ​ 351 ​ ​ — ​ ​ 362 ​ ​ 115 ​ ​ — ​ ​ — ​ ​ 884 Total expenses ​ ​ 8,363 ​ ​ 871 ​ ​ — ​ ​ 1,087 ​ ​ 3,697 ​ ​ — ​ ​ 208 ​ ​ 14,226 Operating (loss) income ​ ​ (1,223) ​ ​ 283 ​ ​ — ​ ​ 37 ​ ​ 7 ​ ​ — ​ ​ 44 ​ ​ (852) Other (expense) income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest expense ​ ​ — ​ ​ (312) ​ ​ — ​ ​ (187) ​ ​ (45) ​ ​ — ​ ​ — ​ ​ (544) Other income, net ​ ​ — ​ ​ — ​ ​ — ​ ​ 1 ​ ​ 398 ​ ​ — ​ ​ — ​ ​ 399 Total other (expense) income ​ ​ — ​ ​ (312) ​ ​ — ​ ​ (186) ​ ​ 353 ​ ​ — ​ ​ — ​ ​ (145) Net (loss) income ​ $ (1,223) ​ $ (29) ​ $ — ​ $ (149) ​ $ 360 ​ $ — ​ $ 44 ​ $ (997) (a) The project is under construction with no income or loss for the three months ended March 31, 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2021 ​ ​ Latitude Margaritaville Watersound JV ​ Sea Sound Apartments JV ​ Watersound Fountains Independent Living JV (a) ​ Pier Park TPS JV ​ Busy Bee JV ​ Electric Cart Watersound JV (b) ​ Watersound Management JV (c) ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenue ​ $ — ​ $ — ​ $ — ​ $ 937 ​ $ 2,792 ​ $ — ​ $ — ​ $ 3,729 Expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost of revenue ​ ​ — ​ ​ — ​ ​ — ​ ​ 435 ​ ​ 2,247 ​ ​ — ​ ​ — ​ ​ 2,682 Other operating expenses ​ ​ 1,239 ​ ​ 3 ​ ​ — ​ ​ 78 ​ ​ 462 ​ ​ — ​ ​ — ​ ​ 1,782 Depreciation and amortization ​ ​ — ​ ​ — ​ ​ — ​ ​ 358 ​ ​ 115 ​ ​ — ​ ​ — ​ ​ 473 Total expenses ​ ​ 1,239 ​ ​ 3 ​ ​ — ​ ​ 871 ​ ​ 2,824 ​ ​ — ​ ​ — ​ ​ 4,937 Operating (loss) income ​ ​ (1,239) ​ ​ (3) ​ ​ — ​ ​ 66 ​ ​ (32) ​ ​ — ​ ​ — ​ ​ (1,208) Other (expense) income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest expense ​ ​ — ​ ​ — ​ ​ — ​ ​ (158) ​ ​ (53) ​ ​ — ​ ​ — ​ ​ (211) Other income, net ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 474 ​ ​ — ​ ​ — ​ ​ 474 Total other (expense) income ​ ​ — ​ ​ — ​ ​ — ​ ​ (158) ​ ​ 421 ​ ​ — ​ ​ — ​ ​ 263 Net (loss) income ​ $ (1,239) ​ $ (3) ​ $ — ​ $ (92) ​ $ 389 ​ $ — ​ $ — ​ $ (945) (a) The JV was formed in April 2021. (b) The JV was formed in February 2022. (c) The JV was formed in June 2021.

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2022
Investments
Schedule of Investments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ ​ ​ Gross Unrealized Gross Unrealized ​ ​ ​ ​ Amortized Cost ​ Gains ​ (Losses) ​ Fair Value Investments - debt securities: ​ ​ ​ ​ U.S. Treasury Bills ​ $ 118,504 ​ $ — ​ $ (331) ​ $ 118,173 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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
Schedule of Unrealized Loss Position and Related Fair Value of Investments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ December 31, 2021 ​ ​ 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 ​ $ 118,173 ​ $ 331 ​ $ — ​ $ — ​ $ 43,959 ​ $ 11 ​ $ — ​ $ —
Schedule of Contractual Maturities of Investments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ Amortized Cost Fair Value Due in one year or less ​ $ 118,504 ​ $ 118,173

Financial Instruments and Fai_2

Financial Instruments and Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2022
Financial Instruments and Fair Value Measurements
Schedule of financial instruments measured at fair value on recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ ​ ​ ​ ​ ​ ​ Total Fair ​ ​ Level 1 ​ Level 2 ​ Level 3 ​ Value Cash equivalents: ​ ​ ​ ​ Money market funds ​ $ 8,936 ​ $ — ​ $ — ​ $ 8,936 ​ ​ 8,936 ​ — ​ — ​ 8,936 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments - debt securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasury Bills ​ ​ 118,173 ​ ​ — ​ ​ — ​ ​ 118,173 ​ ​ ​ 118,173 ​ ​ — ​ ​ — ​ ​ 118,173 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments - equity securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Preferred stock ​ ​ — ​ ​ 474 ​ ​ — ​ ​ 474 ​ ​ ​ — ​ ​ 474 ​ ​ — ​ ​ 474 ​ ​ $ 127,109 ​ $ 474 ​ $ — ​ $ 127,583 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​
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 ​ ​ March 31, 2022 ​ March 31, 2022 ​ December 31, 2021 ​ Level ​ Balance Sheets ​ ​ ​ ​ ​ ​ ​ ​ ​ In Millions ​ In Thousands ​ ​ ​ ​ Pier Park Resort Hotel JV Loan (a) ​ 12/10/2022 ​ 4/12/2027 ​ 3.2% ​ $ 42.0 ​ $ 2,285 ​ $ 558 ​ 2 ​ Other assets Watercrest JV Loan (a) ​ 6/1/2021 ​ 6/1/2024 ​ 4.4% ​ $ 20.0 ​ $ 49 ​ $ (634) ​ 2 ​ Other assets (liabilities) Pier Park TPS JV Loan (b) ​ 1/14/2021 ​ 1/14/2026 ​ 5.2% ​ $ 14.0 ​ $ (77) ​ $ (436) ​ 2 ​ Investment in unconsolidated joint ventures (a) See Note 10. 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 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 19. Commitments and Contingencies for additional information.
Summary of effect of derivative instruments on consolidated statements of income and consolidated statements of comprehensive income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ ​ 2022 ​ 2021 ​ ​ ​ ​ ​ ​ ​ ​ Amount of gain recognized in other comprehensive income on derivatives ​ ​ $ 2,621 ​ $ 368 Amount of loss reclassified into interest expense ​ ​ $ 101 ​ $ — Amount of loss reclassified into equity in loss from unconsolidated joint ventures ​ ​ $ 46 ​ $ —
Schedule of carrying amount and estimated fair value of financial instruments measured on nonrecurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ December 31, 2021 ​ 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 ​ $ 4,754 ​ $ 4,873 1 ​ $ 5,132 ​ $ 5,475 1 ​ ​ ​ ​ ​ ​ ​ Senior Notes held by SPE ​ $ 177,637 ​ $ 193,575 3 ​ $ 177,566 ​ $ 204,802 3 Debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed-rate debt ​ $ 98,192 ​ $ 97,983 ​ 2 ​ $ 129,532 ​ $ 126,722 ​ 2 Variable-rate debt ​ ​ 163,899 ​ ​ 163,899 ​ 2 ​ ​ 97,942 ​ ​ 97,942 ​ 2 Total debt ​ $ 262,091 ​ $ 261,882 ​ ​ ​ $ 227,474 ​ $ 224,664 ​ ​ ​

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2022
Leases
Schedule of components of leasing revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2022 ​ 2021 Leasing revenue ​ ​ ​ ​ ​ ​ Lease payments ​ $ 7,379 ​ $ 4,466 Variable lease payments ​ ​ 1,443 ​ ​ 1,128 Total leasing revenue ​ $ 8,822 ​ $ 5,594
Schedule of minimum future base rental revenue	​ ​ ​ ​ ​ 2022 ​ $ 16,012 2023 ​ 12,541 2024 ​ 9,900 2025 ​ 6,904 2026 ​ ​ 5,275 Thereafter ​ ​ 18,971 ​ ​ $ 69,603
Schedule of lease cost	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2022 ​ 2021 ​ Lease cost ​ ​ ​ ​ ​ ​ Finance lease cost: ​ ​ ​ ​ ​ ​ Amortization of right-of-use assets $ 29 ​ $ 27 ​ Interest on lease liability 4 ​ 5 ​ Operating lease cost 102 ​ 77 ​ Short-term lease cost 192 ​ 193 ​ Total lease cost $ 327 ​ $ 302 ​ ​ ​ ​ ​ ​ ​ ​ Other information ​ ​ ​ ​ ​ ​ Weighted-average remaining lease term - finance lease (in years) ​ 3.2 ​ ​ 4.0 ​ Weighted-average remaining lease term - operating leases (in years) ​ 3.4 ​ ​ 3.4 ​ Weighted-average discount rate - finance lease ​ 4.6 % ​ 4.5 % Weighted-average discount rate - operating leases ​ 4.9 % ​ 4.9 %
Schedule of aggregate payments of finance lease liability	The aggregate payments of finance and operating lease liabilities subsequent to March 31, 2022, for the years ending December 31 are: ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance Leases ​ Operating Leases 2022 ​ $ 99 ​ $ 266 2023 ​ 131 ​ 315 2024 ​ 85 ​ 164 2025 ​ 48 ​ 51 2026 ​ ​ 5 ​ ​ 12 Thereafter ​ ​ — ​ ​ 269 Total ​ ​ 368 ​ ​ 1,077 Less imputed interest ​ ​ (24) ​ ​ (191) Total lease liabilities ​ $ 344 ​ $ 886
Schedule of aggregate payments of operating lease liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2022 ​ 2021 ​ Lease cost ​ ​ ​ ​ ​ ​ Finance lease cost: ​ ​ ​ ​ ​ ​ Amortization of right-of-use assets $ 29 ​ $ 27 ​ Interest on lease liability 4 ​ 5 ​ Operating lease cost 102 ​ 77 ​ Short-term lease cost 192 ​ 193 ​ Total lease cost $ 327 ​ $ 302 ​ ​ ​ ​ ​ ​ ​ ​ Other information ​ ​ ​ ​ ​ ​ Weighted-average remaining lease term - finance lease (in years) ​ 3.2 ​ ​ 4.0 ​ Weighted-average remaining lease term - operating leases (in years) ​ 3.4 ​ ​ 3.4 ​ Weighted-average discount rate - finance lease ​ 4.6 % ​ 4.5 % Weighted-average discount rate - operating leases ​ 4.9 % ​ 4.9 % ​ The aggregate payments of finance and operating lease liabilities subsequent to March 31, 2022, for the years ending December 31 are: ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance Leases ​ Operating Leases 2022 ​ $ 99 ​ $ 266 2023 ​ 131 ​ 315 2024 ​ 85 ​ 164 2025 ​ 48 ​ 51 2026 ​ ​ 5 ​ ​ 12 Thereafter ​ ​ — ​ ​ 269 Total ​ ​ 368 ​ ​ 1,077 Less imputed interest ​ ​ (24) ​ ​ (191) Total lease liabilities ​ $ 344 ​ $ 886

Other Assets (Tables)

Other Assets (Tables)	3 Months Ended
	Mar. 31, 2022
Other Assets
Schedule of Other Assets	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2022 ​ 2021 Investments - equity securities ​ $ 474 ​ $ 450 Accounts receivable, net ​ ​ 13,765 ​ ​ 13,813 Homesite sales receivable ​ ​ 8,835 ​ ​ 7,651 Notes receivable, net ​ 4,770 ​ 12,377 Inventory ​ ​ 3,325 ​ ​ 2,797 Prepaid expenses ​ 7,907 ​ 7,175 Straight-line rent ​ 2,569 ​ 2,489 Operating lease right-of-use assets ​ ​ 886 ​ ​ 732 Other assets ​ 12,336 ​ 5,987 Retained interest investments ​ ​ 14,073 ​ ​ 13,826 Accrued interest receivable for Senior Notes held by SPE ​ 935 ​ 2,938 Total other assets ​ $ 69,875 ​ $ 70,235
Schedule of Lot Sales Receivable	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ March 31, 2021 Balance at beginning of period ​ $ 7,651 ​ $ 5,675 Increases due to revenue recognized for homesites sold ​ ​ 2,375 ​ ​ 1,768 Decreases due to amounts received ​ ​ (1,191) ​ ​ (987) Balance at end of period ​ $ 8,835 ​ $ 6,456 ​
Schedule of Notes Receivable, Net	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2022 ​ 2021 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 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 ​ ​ 4,303 ​ ​ 4,824 Interest bearing notes with JV partner, secured by the partner's membership interest in the JV — bearing interest at a rate of 8.0%, due May 2039 ​ ​ 359 ​ ​ 359 Non-interest bearing note with a tenant for tenant improvements, due October 2025 ​ ​ 74 ​ ​ 76 Mortgage note, secured by certain real estate, bearing interest at a rate of 4.7% due November 2023 ​ 34 ​ 43 Total notes receivable, net ​ $ 4,770 ​ $ 12,377

Debt, Net (Tables)

Debt, Net (Tables)	3 Months Ended
	Mar. 31, 2022
Debt, Net
Schedule of Debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maturity Date ​ Interest Rate Terms ​ Effective Rate March 31, 2022 ​ ​ March 31, 2022 ​ ​ December 31, 2021 Watersound Origins Crossings JV Loan ​ May 2024 ​ SOFR plus 2.8 , floor 3.3% (a) ​ 3.3 % ​ $ 44,015 ​ ​ $ 37,897 PPN JV Loan ​ November 2025 ​ Fixed ​ 4.1 % ​ ​ 43,329 ​ ​ ​ 43,582 PPC JV Loan (insured by HUD) ​ June 2060 ​ Fixed ​ 3.1 % ​ ​ 35,550 ​ ​ ​ 35,670 Watercrest JV Loan ​ June 2047 ​ LIBOR plus 2.2% , swapped to a fixed rate of 4.4% ​ 4.4 % ​ ​ 20,263 ​ ​ ​ 20,053 Pier Park Resort Hotel JV Loan ​ April 2027 ​ LIBOR plus 2.2% ​ 2.6 % ​ ​ 20,087 ​ ​ ​ 14,650 PPC II JV Loan ​ October 2024 ​ LIBOR plus 2.1% ​ 2.6 % ​ ​ 17,325 ​ ​ ​ 17,374 Airport Hotel Loan ​ March 2025 ​ LIBOR plus 2.0% , floor 3.0% ​ 3.0 % ​ ​ 14,642 ​ ​ ​ 14,642 Breakfast Point Hotel Loan ​ November 2042 ​ LIBOR plus 2.8% , floor 3.8% ​ 3.8 % ​ ​ 13,736 ​ ​ ​ 11,843 Watersound Camp Creek Loan ​ December 2047 ​ LIBOR plus 2.1% , floor 2.6% ​ 2.6 % ​ ​ 10,293 ​ ​ ​ 3,437 Lodge 30A JV Loan ​ January 2028 ​ Fixed ​ 3.8 % ​ ​ 10,262 ​ ​ ​ 7,474 North Bay Landing Apartments Loan ​ September 2024 ​ LIBOR plus 2.5% , floor 3.2% ​ 3.2 % ​ ​ 5,146 ​ ​ ​ 1,342 Beckrich Building III Loan ​ August 2029 ​ LIBOR plus 1.7% ​ 2.2 % ​ ​ 5,129 ​ ​ ​ 5,188 Community Development District debt ​ May 2022-May 2039 ​ Fixed ​ 3.6 to 6.0 % ​ 4,894 ​ ​ ​ 4,909 Self-Storage Facility Loan ​ November 2025 ​ LIBOR plus 2.4% , floor 2.9% ​ 2.9 % ​ ​ 4,666 ​ ​ ​ 4,666 Watersound Town Center Grocery Loan ​ August 2031 ​ LIBOR plus 2.0% , floor 2.2% ​ 2.4 % ​ ​ 4,525 ​ ​ ​ 620 Mexico Beach Crossings JV Loan (insured by HUD) ​ March 2064 ​ Fixed ​ 3.0 % ​ ​ 4,157 ​ ​ ​ — Beach Homes Loan ​ May 2029 ​ LIBOR plus 1.7% ​ 2.2 % ​ 1,478 ​ ​ ​ 1,492 Pier Park Outparcel Loan ​ March 2027 ​ LIBOR plus 1.7% ​ 2.2 % ​ ​ 1,348 ​ ​ ​ 1,370 WaterColor Crossings Loan ​ February 2029 ​ LIBOR plus 1.7% ​ 2.2 % ​ ​ 1,246 ​ ​ ​ 1,265 Total principal outstanding ​ ​ ​ ​ ​ ​ ​ ​ ​ 262,091 ​ ​ ​ 227,474 Unamortized discount and debt issuance costs ​ ​ ​ ​ ​ ​ ​ (5,328) ​ ​ ​ (4,440) Total debt, net ​ ​ ​ ​ ​ ​ ​ ​ $ 256,763 ​ ​ $ 223,034 (a) In January 2022, the Watersound Origins Crossings JV Loan interest rate was modified from a fixed rate of 5.0% as of December 31, 2021.
Schedule of Aggregate Maturities of Debt	The aggregate maturities of debt subsequent to March 31, 2022, for the years ending December 31 are: ​ ​ ​ ​ 2022 ​ $ 2,520 2023 ​ ​ 5,280 2024 ​ 72,109 2025 ​ 63,530 2026 ​ 4,723 Thereafter ​ 113,929 ​ ​ $ 262,091

Other Liabilities (Tables)

Other Liabilities (Tables)	3 Months Ended
	Mar. 31, 2022
Other Liabilities
Schedule of Other Liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2022 ​ 2021 Accounts payable ​ $ 46,056 ​ $ 48,597 Income tax payable ​ ​ 3,175 ​ ​ 681 Finance lease liabilities ​ ​ 344 ​ ​ 380 Operating lease liabilities ​ ​ 886 ​ ​ 732 Accrued compensation ​ 2,820 ​ 4,877 Other accrued liabilities ​ 4,363 ​ 4,126 Club membership deposits ​ 3,636 ​ 3,602 Advance deposits ​ 5,806 ​ 2,140 Accrued interest expense for Senior Notes held by SPE ​ 713 ​ 2,850 Total other liabilities ​ $ 67,799 ​ $ 67,985

Deferred Revenue (Tables)

Deferred Revenue (Tables)	3 Months Ended
	Mar. 31, 2022
Deferred Revenue
Schedule of changes in club initiation fees related to contracts with customers	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ March 31, 2021 Balance at beginning of period ​ $ 22,850 ​ $ 10,716 New club memberships ​ ​ 2,270 ​ ​ 2,848 Revenue from amounts included in contract liability opening balance ​ ​ (1,491) ​ ​ (852) Revenue from current period new memberships ​ ​ (56) ​ ​ (71) Balance at end of period ​ $ 23,573 ​ $ 12,641

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2022
Income Taxes
Schedule of effective income tax rate reconciliation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2022 2021 Tax at the federal statutory rate $ 3,769 $ 892 State income taxes (net of federal benefit) ​ 787 ​ 150 Tax credits ​ ​ (55) ​ ​ — Other ​ 35 ​ 10 Total income tax expense $ 4,536 $ 1,052

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Mar. 31, 2022
Accumulated Other Comprehensive Income (Loss)
Summary of Changes in Accumulated Other Comprehensive Loss	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrealized Loss Unrealized ​ ​ ​ ​ on Available-for- (Loss) Gain ​ ​ ​ ​ ​ Sale Securities ​ Cash Flow Hedges ​ Total Accumulated other comprehensive loss as of December 31, 2021 ​ $ (7) ​ $ (382) ​ $ (389) Other comprehensive (loss) income before reclassifications ​ (241) ​ ​ 2,129 ​ ​ 1,888 Amounts reclassified from accumulated other comprehensive income ​ — ​ ​ 113 ​ ​ 113 Other comprehensive (loss) income ​ (241) ​ ​ 2,242 ​ ​ 2,001 Less: other comprehensive income attributable to non-controlling interest ​ ​ — ​ ​ (692) ​ ​ (692) Accumulated other comprehensive (loss) income as of March 31, 2022 ​ $ (248) ​ $ 1,168 ​ $ 920
Summary of Tax Effects Allocated to Other Comprehensive Income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2022 ​ Before- Tax Benefit Net-of- ​ ​ Tax Amount ​ (Expense) ​ Tax Amount Unrealized loss on available-for-sale investments ​ $ (322) ​ $ 81 ​ $ (241) Interest rate swaps ​ ​ 2,308 ​ ​ (413) ​ ​ 1,895 Interest rate swap - unconsolidated joint venture ​ ​ 313 ​ ​ (79) ​ ​ 234 Reclassification adjustment for net loss included in earnings ​ 147 ​ (34) ​ 113 Net unrealized gain ​ 2,446 ​ (445) ​ 2,001 Other comprehensive income ​ $ 2,446 ​ $ (445) ​ $ 2,001 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2021 ​ Before- Tax Benefit Net-of- ​ ​ Tax Amount ​ (Expense) ​ Tax Amount Unrealized loss on available-for-sale investments ​ $ (2) ​ $ 1 ​ $ (1) Interest rate swaps ​ ​ 157 ​ ​ (40) ​ ​ 117 Interest rate swap - unconsolidated joint venture ​ ​ 211 ​ ​ (54) ​ ​ 157 Reclassification adjustment for net gain included in earnings ​ (15) ​ 4 ​ (11) Net unrealized gain ​ 351 ​ (89) ​ 262 Other comprehensive income ​ $ 351 ​ $ (89) ​ $ 262

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2022
Revenue Recognition
Schedule of revenue disaggregated by segment, good or service and timing	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2022 ​ ​ Residential ​ Hospitality ​ Commercial ​ Other ​ Total Revenue by Major Good/Service: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Real estate revenue ​ $ 32,674 ​ $ — ​ $ 3,618 ​ $ 482 ​ $ 36,774 Hospitality revenue ​ ​ 94 ​ ​ 16,227 ​ ​ — ​ ​ — ​ ​ 16,321 Leasing revenue ​ ​ 129 ​ ​ 11 ​ ​ 8,642 ​ ​ 40 ​ ​ 8,822 Timber revenue ​ ​ — ​ ​ — ​ ​ 2,954 ​ ​ — ​ ​ 2,954 Total revenue ​ $ 32,897 ​ $ 16,238 ​ $ 15,214 ​ $ 522 ​ $ 64,871 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Timing of Revenue Recognition: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recognized at a point in time ​ $ 32,768 ​ $ 9,916 ​ $ 6,572 ​ $ 482 ​ $ 49,738 Recognized over time ​ ​ — ​ ​ 6,311 ​ ​ — ​ ​ — ​ ​ 6,311 Over lease term ​ ​ 129 ​ ​ 11 ​ ​ 8,642 ​ ​ 40 ​ ​ 8,822 Total revenue ​ $ 32,897 ​ $ 16,238 ​ $ 15,214 ​ $ 522 ​ $ 64,871 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2021 ​ ​ Residential ​ Hospitality ​ Commercial ​ Other ​ Total Revenue by Major Good/Service: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Real estate revenue ​ $ 20,539 ​ $ — ​ $ 35 ​ $ 479 ​ $ 21,053 Hospitality revenue ​ ​ 81 ​ ​ 12,986 ​ ​ — ​ ​ — ​ ​ 13,067 Leasing revenue ​ ​ 40 ​ ​ 8 ​ ​ 5,546 ​ ​ — ​ ​ 5,594 Timber revenue ​ ​ — ​ ​ — ​ ​ 1,591 ​ ​ — ​ ​ 1,591 Total revenue ​ $ 20,660 ​ $ 12,994 ​ $ 7,172 ​ $ 479 ​ $ 41,305 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Timing of Revenue Recognition: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recognized at a point in time ​ $ 20,620 ​ $ 9,141 ​ $ 1,626 ​ $ 479 ​ $ 31,866 Recognized over time ​ ​ — ​ ​ 3,845 ​ ​ — ​ ​ — ​ ​ 3,845 Over lease term ​ ​ 40 ​ ​ 8 ​ ​ 5,546 ​ ​ — ​ ​ 5,594 Total revenue ​ $ 20,660 ​ $ 12,994 ​ $ 7,172 ​ $ 479 ​ $ 41,305

Other Expense, Net (Tables)

Other Expense, Net (Tables)	3 Months Ended
	Mar. 31, 2022
Other Income, Net
Schedule of Other Income (Expense), Net	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ March 31, ​ ​ 2022 2021 Investment income, net ​ ​ Interest, dividend and accretion income ​ $ 100 ​ $ 24 ​ Net realized gain on the sale of investments ​ — ​ 17 ​ Unrealized gain (loss) on investments, net ​ ​ 25 ​ ​ (1,049) ​ Interest income from investments in SPEs ​ 2,003 ​ 2,043 ​ Interest earned on notes receivable and other interest ​ 172 ​ 160 ​ Total investment income, net ​ 2,300 ​ 1,195 ​ Interest expense ​ ​ ​ Interest expense and amortization of discount and issuance costs for Senior Notes issued by SPE ​ (2,209) ​ (2,205) ​ Other interest expense ​ (1,944) ​ (1,466) ​ Total interest expense ​ (4,153) ​ (3,671) ​ Gain on contributions to unconsolidated joint ventures ​ 482 ​ 120 ​ Other income (expense), net ​ ​ ​ Accretion income from retained interest investments ​ 417 ​ 361 ​ Gain on insurance recovery ​ ​ 723 ​ ​ 866 ​ Loss from hurricane damage ​ ​ (32) ​ ​ (7) ​ Miscellaneous (expense) income, net ​ (1,477) ​ 74 ​ Other (expense) income, net ​ (369) ​ 1,294 ​ Total other expense, net ​ $ (1,740) ​ $ (1,062) ​

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2022
Segment Information
Schedule of Information by Business Segment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ March 31, ​ ​ 2022 2021 Operating revenue: ​ ​ Residential ​ $ 32,897 ​ $ 20,660 ​ Hospitality ​ 16,238 ​ 12,994 ​ Commercial ​ 15,214 ​ 7,172 ​ Other ​ 522 ​ 479 ​ Consolidated operating revenue ​ $ 64,871 ​ $ 41,305 ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) before equity in loss from unconsolidated joint ventures and income taxes: ​ ​ ​ Residential ​ $ 17,084 ​ $ 8,595 ​ Hospitality ​ (963) ​ 284 ​ Commercial (a) ​ 4,818 ​ 17 ​ Other (b) ​ (2,455) ​ (4,419) ​ Consolidated income before equity in loss from unconsolidated joint ventures and income taxes ​ $ 18,484 ​ $ 4,477 ​ ​ ​ ​ ​ ​ ​ ​ ​ (a) The three months ended March 31, 2022, includes a gain of $0.4 million on land contributed to the Electric Cart Watersound JV. See Note 4. Joint Ventures and Note 17. Other Expense, Net for additional information . (b) Includes gain on insurance recovery of $0.7 million and $0.9 million during the three months ended March 31, 2022 and 2021, respectively, related to Hurricane Michael. See Note 7. Hurricane Michael for additional information. ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2022 ​ 2021 Total assets: ​ ​ Residential ​ $ 196,497 ​ $ 195,142 Hospitality ​ 287,270 ​ 256,751 Commercial ​ 396,870 ​ 375,266 Other ​ 375,708 ​ 380,992 Total assets ​ $ 1,256,345 ​ $ 1,208,151

Nature of Operations - Real Est

Nature of Operations - Real Estate Assets (Details)	3 Months Ended
	Mar. 31, 2022segmentitem
Real estate
Number of reportable segments | segment	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

Significant Accounting Polici_3

Significant Accounting Policies - Concentrations (Details) $ in Thousands	Mar. 31, 2022USD ($)issuer	Dec. 31, 2021USD ($)	Mar. 31, 2021USD ($)
Concentration risk
Cash and cash equivalents	$ 33,115	$ 70,162	$ 52,313
Investments - debt securities	118,173	88,956
Investments - equity securities	474	450
Preferred stock
Concentration risk
Investments - equity securities	500	$ 500
Credit concentration risk | Assets | Money market fund
Concentration risk
Cash and cash equivalents	8,900
Credit concentration risk | Assets | U.S. Treasury Bills
Concentration risk
Investments - debt securities	118,200
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_4

Significant Accounting Policies - EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Significant Accounting Policies
Common stock equivalents (in shares)	25,594	0
Income
Net income attributable to the Company, Basic	$ 13,412	$ 3,196
Net income attributable to the Company, Diluted	$ 13,412	$ 3,196
Shares
Weighted-average shares outstanding - basic	58,882,549	58,882,549
Incremental shares from restricted stock	4,382
Weighted-average shares outstanding - diluted	58,886,931	58,882,549
Net income per share attributable to the Company
Basic income (in dollars per share)	$ 0.23	$ 0.05
Diluted income (in dollars per share)	$ 0.23	$ 0.05

Investment in Real Estate - Rea

Investment in Real Estate - Real Estate by Property Type and Segment (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Real estate properties
Investment in real estate, net	$ 741,455	$ 690,113
Operating property, net related to operating leases	228,500	230,000
Development property
Real estate properties
Investment in real estate, net	379,896	348,656
Development property | Other
Real estate properties
Investment in real estate, net	3,261	3,232
Development property | Residential real estate | Operating Segments
Real estate properties
Investment in real estate, net	125,784	122,404
Development property | Hospitality | Operating Segments
Real estate properties
Investment in real estate, net	146,298	137,089
Development property | Commercial leasing and sales | Operating Segments
Real estate properties
Investment in real estate, net	104,553	85,931
Operating property
Real estate properties
Operating property	451,773	428,623
Less: Accumulated depreciation	90,214	87,166
Investment in real estate, net	361,559	341,457
Operating property | Other
Real estate properties
Operating property	128	127
Operating property | Residential real estate | Operating Segments
Real estate properties
Operating property	13,253	13,253
Operating property | Hospitality | Operating Segments
Real estate properties
Operating property	144,857	124,449
Operating property | Commercial leasing and sales | Operating Segments
Real estate properties
Operating property	$ 293,535	$ 290,794

Joint Ventures - Consolidated J

Joint Ventures - Consolidated Joint Ventures (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2022roomitem	Dec. 31, 2021item	Dec. 31, 2021
Mexico Beach Crossings JV
Variable interest entity
Ownership in consolidated voting interest entity (as a percent)	75.00%
Mexico Beach Crossings JV | Apartment
Variable interest entity
Number of units to be developed	216
The Lodge 30A JV
Variable interest entity
Variable interest entity, ownership percentage	52.80%		52.80%
The Lodge 30A JV | Hotel
Variable interest entity
Number of units to be developed | room	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
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 completed units	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 completed units	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
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	Mar. 31, 2022	Dec. 31, 2021
Investments
Investment in unconsolidated joint ventures	$ 52,622	$ 52,027
Latitude Margaritaville Watersound JV
Investments
Investment in unconsolidated joint ventures	29,583	30,040
Sea Sound Apartments JV
Investments
Investment in unconsolidated joint ventures	10,316	10,333
Watersound Fountains Independent Living JV
Investments
Investment in unconsolidated joint ventures	7,508	7,508
Pier Park TPS JV
Investments
Investment in unconsolidated joint ventures	2,169	1,961
Busy Bee JV
Investments
Investment in unconsolidated joint ventures	1,819	1,621
Electric Cart Watersound JV
Investments
Investment in unconsolidated joint ventures	685
Watersound Management JV
Investments
Investment in unconsolidated joint ventures	$ 542	$ 564

Joint Ventures - Unconsolidat_2

Joint Ventures - Unconsolidated JV Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Jun. 30, 2020
Investments
Outstanding debt	$ 262,091	$ 227,474
Unconsolidated joint ventures
Investments
Maximum exposure to loss	74,100
Unconsolidated joint ventures
Investments
Outstanding debt	79,157	62,701
Latitude Margaritaville Watersound JV
Investments
Outstanding debt	15,674	7,147
Sea Sound Apartments JV
Investments
Outstanding debt	35,905	35,047
Watersound Fountains Independent Living JV
Investments
Outstanding debt	7,287	66
Pier Park TPS JV
Investments
Outstanding debt	14,050	14,124
Busy Bee JV
Investments
Outstanding debt	6,241	6,317
Latitude Margaritaville Watersound JV
Investments
Amount as lender of secured revolving promissory note	$ 10,000	$ 10,000	$ 10,000

Joint Ventures - Equity in (Los

Joint Ventures - Equity in (Loss) Income of Unconsolidated JV (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Investments
Equity in (loss) income from unconsolidated joint ventures	$ (495)	$ (468)
Latitude Margaritaville Watersound JV
Investments
Equity in (loss) income from unconsolidated joint ventures	(623)	(642)
Sea Sound Apartments JV
Investments
Equity in (loss) income from unconsolidated joint ventures	(17)	(2)
Pier Park TPS JV
Investments
Equity in (loss) income from unconsolidated joint ventures	(74)	(46)
Busy Bee JV
Investments
Equity in (loss) income from unconsolidated joint ventures	197	$ 222
Watersound Management JV
Investments
Equity in (loss) income from unconsolidated joint ventures	$ 22

Joint Ventures - Unconsolidat_3

Joint Ventures - Unconsolidated JV - Balance Sheets (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
ASSETS
Investment in real estate	$ 741,455	$ 690,113
Cash and cash equivalents	33,115	70,162	$ 52,313
Other assets	69,875	70,235
Total assets	1,256,345	1,208,151
LIABILITIES AND EQUITY
Debt, net	256,763	223,034
Other liabilities	67,799	67,985
Equity	637,032	626,100	$ 568,104	$ 568,170
Total liabilities and equity	1,256,345	1,208,151
Latitude Margaritaville Watersound JV
LIABILITIES AND EQUITY
Historical cost basis of land contributed	1,300	1,300
Amount of infrastructure improvements completed	5,100	4,800
Unconsolidated joint ventures
ASSETS
Investment in real estate	181,932	149,378
Cash and cash equivalents	13,999	16,447
Other assets	4,022	3,635
Total assets	199,953	169,460
LIABILITIES AND EQUITY
Debt, net	78,358	62,142
Other liabilities	57,337	44,032
Equity	64,258	63,286
Total liabilities and equity	199,953	169,460
Latitude Margaritaville Watersound JV
ASSETS
Investment in real estate	78,274	54,034
Cash and cash equivalents	8,777	12,541
Other assets	1,835	1,761
Total assets	88,886	68,336
LIABILITIES AND EQUITY
Debt, net	15,378	7,147
Other liabilities	49,705	36,419
Equity	23,803	24,770
Total liabilities and equity	88,886	68,336
Sea Sound Apartments JV
ASSETS
Investment in real estate	54,180	53,775
Cash and cash equivalents	1,511	760
Other assets	268	210
Total assets	55,959	54,745
LIABILITIES AND EQUITY
Debt, net	35,740	34,834
Other liabilities	2,989	2,653
Equity	17,230	17,258
Total liabilities and equity	55,959	54,745
Watersound Fountains Independent Living JV
ASSETS
Investment in real estate	24,503	17,003
Cash and cash equivalents	243	240
Other assets	10	187
Total assets	24,756	17,430
LIABILITIES AND EQUITY
Debt, net	7,287	66
Other liabilities	3,513	3,408
Equity	13,956	13,956
Total liabilities and equity	24,756	17,430
Pier Park TPS JV
ASSETS
Investment in real estate	16,190	16,561
Cash and cash equivalents	1,897	1,913
Other assets	455	433
Total assets	18,542	18,907
LIABILITIES AND EQUITY
Debt, net	13,768	13,839
Other liabilities	444	1,147
Equity	4,330	3,921
Total liabilities and equity	18,542	18,907
Busy Bee JV
ASSETS
Investment in real estate	7,891	8,005
Cash and cash equivalents	765	855
Other assets	1,434	1,044
Total assets	10,090	9,904
LIABILITIES AND EQUITY
Debt, net	6,185	6,256
Other liabilities	326	405
Equity	3,579	3,243
Total liabilities and equity	10,090	9,904
Electric Cart Watersound JV
ASSETS
Investment in real estate	894
Cash and cash equivalents	712
Other assets	20
Total assets	1,626
LIABILITIES AND EQUITY
Other liabilities	360
Equity	1,266
Total liabilities and equity	1,626
Watersound Management JV
ASSETS
Cash and cash equivalents	94	138
Total assets	94	138
LIABILITIES AND EQUITY
Equity	94	138
Total liabilities and equity	$ 94	$ 138

Joint Ventures - Unconsolidat_4

Joint Ventures - Unconsolidated JV - Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Summarized financial information
Total revenue	$ 64,871	$ 41,305
Expenses:
Other operating expenses	5,656	7,069
Depreciation and amortization	5,026	3,853
Total expenses	44,647	35,766
Operating income (loss)	20,224	5,539
Other (expense) income:
Interest expense	(4,153)	(3,671)
Other income (expense), net	(369)	1,294
Total other expense, net	(1,740)	(1,062)
Net income (loss)	13,453	2,957
Unconsolidated joint ventures
Summarized financial information
Total revenue	13,374	3,729
Expenses:
Cost of revenue	10,145	2,682
Other operating expenses	3,197	1,782
Depreciation and amortization	884	473
Total expenses	14,226	4,937
Operating income (loss)	(852)	(1,208)
Other (expense) income:
Interest expense	(544)	(211)
Other income (expense), net	399	474
Total other expense, net	(145)	263
Net income (loss)	(997)	(945)
Latitude Margaritaville Watersound JV
Summarized financial information
Total revenue	7,140
Expenses:
Cost of revenue	5,726
Other operating expenses	2,581	1,239
Depreciation and amortization	56
Total expenses	8,363	1,239
Operating income (loss)	(1,223)	(1,239)
Other (expense) income:
Net income (loss)	(1,223)	(1,239)
Sea Sound Apartments JV
Summarized financial information
Total revenue	1,154
Expenses:
Cost of revenue	433
Other operating expenses	87	3
Depreciation and amortization	351
Total expenses	871	3
Operating income (loss)	283	(3)
Other (expense) income:
Interest expense	(312)
Total other expense, net	(312)
Net income (loss)	(29)	(3)
Pier Park TPS JV
Summarized financial information
Total revenue	1,124	937
Expenses:
Cost of revenue	632	435
Other operating expenses	93	78
Depreciation and amortization	362	358
Total expenses	1,087	871
Operating income (loss)	37	66
Other (expense) income:
Interest expense	(187)	(158)
Other income (expense), net	1
Total other expense, net	(186)	(158)
Net income (loss)	(149)	(92)
Busy Bee JV
Summarized financial information
Total revenue	3,704	2,792
Expenses:
Cost of revenue	3,146	2,247
Other operating expenses	436	462
Depreciation and amortization	115	115
Total expenses	3,697	2,824
Operating income (loss)	7	(32)
Other (expense) income:
Interest expense	(45)	(53)
Other income (expense), net	398	474
Total other expense, net	353	421
Net income (loss)	360	$ 389
Watersound Management JV
Summarized financial information
Total revenue	252
Expenses:
Cost of revenue	208
Total expenses	208
Operating income (loss)	44
Other (expense) income:
Net income (loss)	$ 44

Joint Ventures - Unconsolidat_5

Joint Ventures - Unconsolidated JV - Latitude Margaritaville Watersound JV (Details) $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended	34 Months Ended
	Jun. 30, 2020USD ($)	Mar. 31, 2022USD ($)home	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)	Mar. 31, 2022USD ($)home
Investments
Investment in unconsolidated joint ventures		$ 52,622		$ 52,027	$ 52,622
Capital contribution to unconsolidated joint ventures		142	$ 2,500
Latitude Margaritaville Watersound JV
Investments
Amount as lender of secured revolving promissory note	$ 10,000	10,000		10,000	10,000
Latitude JV Note
Investments
Note receivable		0		7,100	0
Latitude Margaritaville Watersound JV
Investments
Contractual value of land and improvements to be contributed		35,000			35,000
Investment in unconsolidated joint ventures		29,583		30,040	29,583
Net present value of land contribution	$ 16,600
Imputed interest rate (as a percent)	5.80%
Amount of infrastructure improvements completed		$ 5,100		$ 4,800	$ 5,100
Variable interest entity, ownership percentage		50.00%		50.00%
Average amount of land contribution returned per home		$ 10
Latitude Margaritaville Watersound JV | Residential homes
Investments
Number of units under contract | home		527			527
Number of homes sold | home					65
Number of units to be developed | home		3,500			3,500

Joint Ventures - Unconsolidat_6

Joint Ventures - Unconsolidated JV - Sea Sound Apartments JV (Details) $ in Thousands	1 Months Ended	3 Months Ended
	Jan. 31, 2020USD ($)	Mar. 31, 2022USD ($)item	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)
Investments
Capital contribution to unconsolidated joint ventures		$ 142	$ 2,500
Outstanding debt		$ 262,091		$ 227,474
Sea Sound Apartments JV
Investments
Ownership percentage		60.00%		60.00%
Unconsolidated joint ventures
Investments
Outstanding debt		$ 79,157		$ 62,701
Sea Sound Apartments JV
Investments
Outstanding debt		35,905		35,047
Sea Sound Apartments JV | Sea Sound Apartments JV Loan
Investments
Loan amount	$ 40,300
Outstanding debt		$ 35,900		$ 35,000
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	3 Months Ended		12 Months Ended
	Apr. 30, 2021USD ($)	Mar. 31, 2022USD ($)item	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)
Investments
Capital contribution to unconsolidated joint ventures		$ 142	$ 2,500
Net income (loss)		$ 13,453	2,957
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
Ownership percentage		53.80%		53.80%
Unconsolidated joint ventures
Investments
Net income (loss)		$ (997)	$ (945)
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	3 Months Ended
	Mar. 31, 2022USD ($)room	Mar. 31, 2021USD ($)	Dec. 31, 2021
Investments
Capital contribution to unconsolidated joint ventures | $	$ 142	$ 2,500
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) - USD ($) $ in Thousands	1 Months Ended
	Nov. 30, 2019	Nov. 12, 2035	Mar. 31, 2022	Dec. 31, 2021
Investments
Principal balance			$ 262,091	$ 227,474
Busy Bee JV
Investments
Ownership percentage			50.00%	50.00%
Unconsolidated joint ventures
Investments
Principal balance			$ 79,157	$ 62,701
Busy Bee JV
Investments
Principal balance			6,241	6,317
Busy Bee JV | Interest Rate Swap | Forecast
Investments
Notional amount		$ 2,800
Busy Bee JV | Busy Bee JV Construction Loan, due November 2035
Investments
Loan amount	$ 5,400
Principal balance			5,200	5,300
Busy Bee JV | Busy Bee JV Construction Loan, due November 2035 | Interest Rate Swap
Investments
Notional amount	$ 5,400
Fixed interest rate (as a percent)	2.70%
Busy Bee JV | Busy Bee JV Equipment Loan, due November 2027
Investments
Loan amount	$ 1,200
Principal balance			$ 1,000	$ 1,100
Busy Bee JV | Busy Bee JV Equipment Loan, due November 2027 | LIBOR
Investments
Basis spread on variable rate (as a percent)	1.50%
Busy Bee JV | Busy Bee JV Equipment Loan, due November 2027 | Interest Rate Swap
Investments
Notional amount	$ 1,200
Fixed interest rate (as a percent)	2.10%

Joint Ventures - Unconsolida_10

Joint Ventures - Unconsolidated JV - Electric Cart Watersound JV (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Feb. 28, 2021	Mar. 31, 2022	Mar. 31, 2021
Investments
Capital contributions to unconsolidated joint ventures		$ (142)	$ (2,500)
Electric Cart Watersound JV
Investments
Value of land contributed	$ 500
Cash contributed by JV partner		$ 600
Ownership percentage		51.00%
Electric Cart Watersound JV | Electric Cart Watersound JV
Investments
Capital contributions to unconsolidated joint ventures		$ (200)

Joint Ventures - Unconsolida_11

Joint Ventures - Unconsolidated JV - Watersound Management JV (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Investments
Capital contribution to unconsolidated joint ventures	$ 142	$ 2,500
Watersound Management JV
Investments
Payments for interest in unconsolidated joint venture			$ 500
Ownership percentage	50.00%		50.00%
Watersound Management JV | Maximum
Investments
Capital contribution to unconsolidated joint ventures			$ 100
Cash contributed by JV partner			$ 100

Investments - Schedule of Inves

Investments - Schedule of Investments (Details) - Unrestricted available-for-sale, Debt securities - U.S. Treasury Bills - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt securities and restricted investments
Amortized Cost	$ 118,504	$ 88,966
Gross Unrealized Gains		1
Gross Unrealized (Losses)	(331)	(11)
Fair Value	$ 118,173	$ 88,956

Investments - Gains and Proceed

Investments - Gains and Proceeds (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Investments
Realized gain on sale of investments	$ 0
Realized loss on sale of investments	0
Proceeds from sale of available-for-sale debt securities	0	$ 1,200
Maturities of investments - debt securities	45,000	39,000
Purchases of available-for-sale securities	$ 74,500	85,000
Maximum
Investments
Net realized gains on sale of investments		$ 100

Investments - Unrealized Loss P

Investments - Unrealized Loss Position (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Investments
Unrealized losses	$ 300
Unrestricted available-for-sale, Debt securities | U.S. Treasury Bills
Investments
Less Than 12 Months, Fair Value	118,173	$ 43,959
Less Than 12 Months, Unrealized Losses	$ 331	$ 11

Investments - Contractual Matur

Investments - Contractual Maturities of Investments (Details) - Unrestricted available-for-sale, Debt securities $ in Thousands	Mar. 31, 2022USD ($)
Amortized Cost
Amortized Cost, Due in one year or less	$ 118,504
Fair Value
Fair Value, Due in one year or less	$ 118,173

Investments - Investment Manage

Investments - Investment Management Agreement (Details)	Mar. 31, 2022
Investor | Clients of FCM, including Mr. Berkowitz
Investments
Common stock ownership percentage	41.80%

Financial Instruments and Fai_3

Financial Instruments and Fair Value Measurements - Measurements on Recurring Basis (Details) - Recurring basis - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Financial instruments and fair value measurements
Cash equivalents	$ 8,936	$ 44,412
Total	127,583	133,818
Level 1
Financial instruments and fair value measurements
Cash equivalents	8,936	44,412
Total	127,109	133,368
Level 2
Financial instruments and fair value measurements
Total	474	450
Unrestricted available-for-sale, Debt securities
Financial instruments and fair value measurements
Investments	118,173	88,956
Unrestricted available-for-sale, Debt securities | Level 1
Financial instruments and fair value measurements
Investments	118,173	88,956
Equity securities
Financial instruments and fair value measurements
Investments	474	450
Equity securities | Level 2
Financial instruments and fair value measurements
Investments	474	450
Money market fund
Financial instruments and fair value measurements
Cash equivalents	8,936	40,412
Money market fund | Level 1
Financial instruments and fair value measurements
Cash equivalents	8,936	40,412
U.S. Treasury Bills
Financial instruments and fair value measurements
Cash equivalents		4,000
U.S. Treasury Bills | Level 1
Financial instruments and fair value measurements
Cash equivalents		4,000
U.S. Treasury Bills | Unrestricted available-for-sale, Debt securities
Financial instruments and fair value measurements
Investments	118,173	88,956
U.S. Treasury Bills | Unrestricted available-for-sale, Debt securities | Level 1
Financial instruments and fair value measurements
Investments	118,173	88,956
Preferred stock | Equity securities
Financial instruments and fair value measurements
Investments	474	450
Preferred stock | Equity securities | Level 2
Financial instruments and fair value measurements
Investments	$ 474	$ 450

Financial Instruments and Fai_4

Financial Instruments and Fair Value Measurements - Assets and Liabilities Measured at FV (Details) - Recurring basis - Interest Rate Swap - Cash Flow Hedging - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Pier Park Resort Hotel JV Loan
Financial instruments and fair value measurements
Fixed interest rate (as a percent)	3.20%
Notional amount	$ 42,000
Watercrest JV Loan
Financial instruments and fair value measurements
Fixed interest rate (as a percent)	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%
Notional amount	$ 14,000
Level 2 | Pier Park Resort Hotel JV Loan | Other assets.
Financial instruments and fair value measurements
Derivative assets	2,285	$ 558
Level 2 | Watercrest JV Loan | Other assets.
Financial instruments and fair value measurements
Derivative assets	49
Level 2 | Watercrest JV Loan | Other liabilities.
Financial instruments and fair value measurements
Derivative liabilities		(634)
Level 2 | Pier Park TPS JV Loan | Investment in unconsolidated joint ventures
Financial instruments and fair value measurements
Derivative liabilities	$ (77)	$ (436)

Financial Instruments and Fai_5

Financial Instruments and Fair Value Measurements - Effective derivative instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Gain (loss) of derivative instruments
Amount of gain recognized in other comprehensive income on derivatives	$ 2,621	$ 368
Amount expected to be reclassified during next twelve months	$ 700
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	$ 101
Equity in loss from unconsolidated joint ventures
Gain (loss) of derivative instruments
Amount of loss reclassified into consolidated statements of income	$ 46

Financial Instruments and Fai_6

Financial Instruments and Fair Value Measurements - Investment in Unconsolidated JVs and Long-lived assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Financial Instruments and Fair Value Measurements
Impairment loss on investment in unconsolidated joint ventures	$ 0	$ 0

Financial Instruments and Fai_7

Financial Instruments and Fair Value Measurements - Carrying Amount and Fair Value (Details) - Nonrecurring - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Carrying Value
Financial instruments and fair value measurements
Debt	$ 262,091	$ 227,474
Fair Value
Financial instruments and fair value measurements
Debt	261,882	224,664
Level 1 | Carrying Value | U.S. Treasury Bills
Financial instruments and fair value measurements
Investments held by SPEs	4,754	5,132
Level 1 | Fair Value | U.S. Treasury Bills
Financial instruments and fair value measurements
Investments held by SPEs	4,873	5,475
Level 2 | Carrying Value | Fixed-rate debt
Financial instruments and fair value measurements
Debt	98,192	129,532
Level 2 | Carrying Value | Variable rate debt
Financial instruments and fair value measurements
Debt	163,899	97,942
Level 2 | Fair Value | Fixed-rate debt
Financial instruments and fair value measurements
Debt	97,983	126,722
Level 2 | Fair Value | Variable rate debt
Financial instruments and fair value measurements
Debt	163,899	97,942
Level 3 | Carrying Value
Financial instruments and fair value measurements
Debt	177,637	177,566
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
Debt	193,575	204,802
Level 3 | Fair Value | Time deposit
Financial instruments and fair value measurements
Investments held by SPEs	$ 200,000	$ 200,000

Financial Instruments and Fai_8

Financial Instruments and Fair Value Measurements - Held by Special Purpose Entities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Mar. 31, 2022	Dec. 31, 2021
Financial instruments and fair value measurements
Investments held by special purpose entities		$ 205,131	$ 205,513
Senior Notes held by special purpose entity		177,637	177,566
Variable Interest Entity, Primary Beneficiary
Financial instruments and fair value measurements
Investments held by special purpose entities		205,131	205,513
Senior Notes held by special purpose entity		177,637	$ 177,566
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		$ 4,700
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	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Loss contingency
Insurance recovery	$ 723	$ 866
Loss from hurricane damage	32	7
Hurricane Michael.
Loss contingency
Proceeds from business interruption insurance	0	0
Insurance recovery	700	900
Hurricane Michael. | Maximum
Loss contingency
Loss from hurricane damage	$ 100	$ 100

Leases - Components of Lease Re

Leases - Components of Lease Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Leasing revenue
Lease payments	$ 7,379	$ 4,466
Variable lease payments	1,443	1,128
Total leasing revenue	$ 8,822	$ 5,594

Leases - Minimum Future Base Re

Leases - Minimum Future Base Rental Revenue (Details) $ in Thousands	Mar. 31, 2022USD ($)
Minimum future base rental revenue:
2022	$ 16,012
2023	12,541
2024	9,900
2025	6,904
2026	5,275
Thereafter	18,971
Total	$ 69,603

Leases - Lease Cost (Details)

Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Lease cost
Finance lease cost: Amortization of right-of-use assets	$ 29	$ 27
Finance lease cost: Interest on lease liability	4	5
Operating lease cost	102	77
Short-term lease cost	192	193
Total lease cost	$ 327	$ 302

Leases - Lease Cost - Other Inf

Leases - Lease Cost - Other Information (Details)	Mar. 31, 2022	Mar. 31, 2021
Leases
Weighted-average remaining lease term - finance lease (in years)	3 years 2 months 12 days	4 years
Weighted-average remaining lease term - operating leases (in years)	3 years 4 months 24 days	3 years 4 months 24 days
Weighted-average discount rate - finance lease (as a percent)	4.60%	4.50%
Weighted-average discount rate - operating leases (as a percent)	4.90%	4.90%

Leases - Aggregate Payments of

Leases - Aggregate Payments of Finance and Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Aggregate payments of finance lease liabilities:
2022	$ 99
2023	131
2024	85
2025	48
2026	5
Total	368
Less imputed interest	(24)
Total finance lease liabilities	344	$ 380
Aggregate payments of operating lease liabilities:
2022	266
2023	315
2024	164
2025	51
2026	12
Thereafter	269
Total	1,077
Less imputed interest	(191)
Total operating lease liabilities	$ 886	$ 732

Other Assets - Schedule of Othe

Other Assets - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Other Assets
Investments - equity securities	$ 474	$ 450
Accounts receivable, net	13,765	13,813
Homesite sales receivable	8,835	7,651	$ 6,456	$ 5,675
Notes receivable, net	4,770	12,377
Inventory	3,325	2,797
Prepaid expenses	7,907	7,175
Straight-line rent	2,569	2,489
Operating lease, right-of use assets	$ 886	$ 732
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Total other assets	Total other assets
Other assets	$ 12,336	$ 5,987
Retained interest investments	14,073	13,826
Accrued interest receivable for Senior Notes held by SPE	935	2,938
Total other assets	$ 69,875	$ 70,235

Other Assets - Investments - Eq

Other Assets - Investments - Equity Securities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Equity Securities
Investments - equity securities	$ 474		$ 450
Unrealized gain (loss) on investments held as of balance sheet date		$ (1,000)
Maximum
Equity Securities
Unrealized gain (loss) on investments held as of balance sheet date	100
Preferred stock
Equity Securities
Investments - equity securities	$ 500		$ 500

Other Assets - Accounts Receiva

Other Assets - Accounts Receivable, Net (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Accounts Receivable, Net
Allowance for credit losses	$ 0.4	$ 0.4
Allowance for lease related receivables	0.1	$ 0.1
Maximum
Accounts Receivable, Net
Increase (decrease) in allowance for credit losses related to accounts receivable	$ 0.1

Other Assets - Homesite Sales R

Other Assets - Homesite Sales Receivable (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Changes in lot sales receivable
Homesite Sales Receivable, Balance at beginning of period	$ 7,651	$ 5,675
Increases due to revenue recognized for homesites sold	2,375	1,768
Decreases due to amounts received	(1,191)	(987)
Homesite Sales Receivable, Balance at end of period	$ 8,835	$ 6,456

Other Assets - Notes Receivable

Other Assets - Notes Receivable, Net (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Jun. 30, 2020
Receivables
Notes receivable, net	$ 4,770	$ 12,377
Accrued interest receivable	935	2,938
Latitude Margaritaville Watersound JV
Receivables
Amount as lender of secured revolving promissory note	10,000	10,000	$ 10,000
Maximum
Receivables
Allowance for credit losses, Notes receivable	100	100
Notes Receivable
Receivables
Accrued interest receivable	100	100
Latitude JV Note
Receivables
Notes receivable, net		$ 7,075
Interest rate, note (as a percent)		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	$ 4,303	$ 4,824
Interest rate, note (as a percent)	5.50%	5.50%
Interest bearing notes with JV partner, secured by the partner's membership interest in the JV - bearing interest at a rate of 8.0%, due May 2039
Receivables
Notes receivable, net	$ 359	$ 359
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	$ 74	$ 76
Mortgage note, secured by certain real estate, bearing interest at a rate of 4.7% due November 2023
Receivables
Notes receivable, net	$ 34	$ 43
Interest rate, mortgage (as a percent)	4.70%	4.70%

Other Assets - Retained Interes

Other Assets - Retained Interest Investments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Investments
Retained interest investments	$ 14,073	$ 13,826
Retained interest investments
Investments
Expected amount to receive upon maturity of note after payment of note and any other liabilities	$ 16,900
Promissory notes maturity period	15 years
Retained interest investments	$ 14,100	$ 13,800
Minimum | Retained interest investments
Investments
Notes maturity year	2022
Maximum | Retained interest investments
Investments
Notes maturity year	2024

Debt, Net - Schedule of Debt (D

Debt, Net - Schedule of Debt (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
	Jan. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Debt instruments
Outstanding debt		$ 262,091	$ 227,474
Unamortized discount and debt issuance costs		(5,328)	(4,440)
Debt, Net		$ 256,763	$ 223,034
Watersound Origins Crossings JV Loan
Debt instruments
Floor rate (as a percent)	3.30%	3.30%
Debt interest rate (as a percent)			5.00%
Effective interest rate (as a percent)		3.30%
Outstanding debt		$ 44,015	$ 37,897
Watersound Origins Crossings JV Loan | SOFR
Debt instruments
Basis spread on variable rate (as a percent)	2.80%	2.80%
PPN JV Loan
Debt instruments
Effective interest rate (as a percent)		4.10%
Outstanding debt		$ 43,329	43,582
PPC JV Loan (insured by HUD)
Debt instruments
Effective interest rate (as a percent)		3.10%
Outstanding debt		$ 35,550	$ 35,670
Watercrest JV Loan
Debt instruments
Debt interest rate (as a percent)		4.40%	4.40%
Effective interest rate (as a percent)		4.40%
Outstanding debt		$ 20,263	$ 20,053
Watercrest JV Loan | LIBOR
Debt instruments
Basis spread on variable rate (as a percent)		2.20%	2.20%
Pier Park Resort Hotel JV Loan
Debt instruments
Effective interest rate (as a percent)		2.60%
Outstanding debt		$ 20,087	$ 14,650
Pier Park Resort Hotel JV Loan | LIBOR
Debt instruments
Basis spread on variable rate (as a percent)		2.20%	2.20%
PPC II JV Loan
Debt instruments
Effective interest rate (as a percent)		2.60%
Outstanding debt		$ 17,325	$ 17,374
PPC II JV Loan | LIBOR
Debt instruments
Basis spread on variable rate (as a percent)		2.10%	2.10%
Airport Hotel Loan
Debt instruments
Floor rate (as a percent)		3.00%	3.00%
Effective interest rate (as a percent)		3.00%
Outstanding debt		$ 14,642	$ 14,642
Airport Hotel Loan | LIBOR
Debt instruments
Basis spread on variable rate (as a percent)		2.00%	2.00%
Breakfast Point Hotel Loan
Debt instruments
Floor rate (as a percent)		3.80%	3.80%
Effective interest rate (as a percent)		3.80%
Outstanding debt		$ 13,736	$ 11,843
Breakfast Point Hotel Loan | LIBOR
Debt instruments
Basis spread on variable rate (as a percent)		2.80%	2.80%
Watersound Camp Creek Loan
Debt instruments
Floor rate (as a percent)		2.60%	2.60%
Effective interest rate (as a percent)		2.60%
Outstanding debt		$ 10,293	$ 3,437
Watersound Camp Creek Loan | LIBOR
Debt instruments
Basis spread on variable rate (as a percent)		2.10%	2.10%
Lodge 30A JV Loan
Debt instruments
Effective interest rate (as a percent)		3.80%
Outstanding debt		$ 10,262	$ 7,474
North Bay Landing Apartments Loan
Debt instruments
Floor rate (as a percent)		3.20%	3.20%
Effective interest rate (as a percent)		3.20%
Outstanding debt		$ 5,146	$ 1,342
North Bay Landing Apartments Loan | LIBOR
Debt instruments
Basis spread on variable rate (as a percent)		2.50%	2.50%
Beckrich Building III Loan
Debt instruments
Effective interest rate (as a percent)		2.20%
Outstanding debt		$ 5,129	$ 5,188
Beckrich Building III Loan | LIBOR
Debt instruments
Basis spread on variable rate (as a percent)		1.70%	1.70%
Community Development District debt
Debt instruments
Outstanding debt		$ 4,894	$ 4,909
Community Development District debt | Minimum
Debt instruments
Effective interest rate (as a percent)		3.60%
Community Development District debt | Maximum
Debt instruments
Effective interest rate (as a percent)		6.00%
Self-Storage Facility Loan
Debt instruments
Floor rate (as a percent)		2.90%	2.90%
Effective interest rate (as a percent)		2.90%
Outstanding debt		$ 4,666	$ 4,666
Self-Storage Facility Loan | LIBOR
Debt instruments
Basis spread on variable rate (as a percent)		2.40%	2.40%
Watersound Town Center Grocery Loan
Debt instruments
Floor rate (as a percent)		2.20%	2.20%
Effective interest rate (as a percent)		2.40%
Outstanding debt		$ 4,525	$ 620
Watersound Town Center Grocery Loan | LIBOR
Debt instruments
Basis spread on variable rate (as a percent)		2.00%	2.00%
Mexico Beach Crossings JV Loan (insured by HUD)
Debt instruments
Effective interest rate (as a percent)		3.00%
Outstanding debt		$ 4,157
Beach Homes Loan
Debt instruments
Effective interest rate (as a percent)		2.20%
Outstanding debt		$ 1,478	$ 1,492
Beach Homes Loan | LIBOR
Debt instruments
Basis spread on variable rate (as a percent)		1.70%	1.70%
Pier Park Outparcel Loan
Debt instruments
Effective interest rate (as a percent)		2.20%
Outstanding debt		$ 1,348	$ 1,370
Pier Park Outparcel Loan | LIBOR
Debt instruments
Basis spread on variable rate (as a percent)		1.70%	1.70%
WaterColor Crossings Loan
Debt instruments
Effective interest rate (as a percent)		2.20%
Outstanding debt		$ 1,246	$ 1,265
WaterColor Crossings Loan | LIBOR
Debt instruments
Basis spread on variable rate (as a percent)		1.70%	1.70%

Debt, Net - Debt Agreements (De

Debt, Net - Debt Agreements (Details) $ in Thousands

1 Months Ended

3 Months Ended

12 Months Ended

108 Months Ended

Jan. 31, 2022USD ($)

Oct. 31, 2021USD ($)

Aug. 31, 2021USD ($)

Jun. 30, 2021USD ($)

Mar. 31, 2021USD ($)

Jan. 31, 2021USD ($)

Nov. 30, 2020USD ($)

Apr. 30, 2020USD ($)

Mar. 31, 2020USD ($)

Oct. 31, 2019USD ($)

Jun. 30, 2019USD ($)

Mar. 31, 2022USD ($)

Dec. 31, 2021USD ($)

Aug. 31, 2031

Aug. 31, 2019USD ($)

May 31, 2019USD ($)

May 31, 2018USD ($)home

Feb. 28, 2018USD ($)

Mar. 31, 2017USD ($)

Oct. 31, 2015USD ($)

Debt instruments

Outstanding debt

$ 262,091

$ 227,474

Community Development District debt (CDD)

14,000

14,100

Assets pledged as collateral

382,600

Watersound Origins Crossings JV Loan

Debt instruments

Loan amount

$ 44,000

$ 37,900

Outstanding debt

$ 44,015

$ 37,897

Debt interest rate (as a percent)

5.00%

Floor rate (as a percent)

3.30%

3.30%

Watersound Origins Crossings JV Loan | Minimum

Debt instruments

Company's liability as guarantor, upon reaching and maintaining a certain debt service coverage ratio (as a percent)

25.00%

Watersound Origins Crossings JV Loan | Maximum

Debt instruments

Loan costs

$ 100

Company's liability as guarantor, upon reaching and maintaining a certain debt service coverage ratio (as a percent)

50.00%

Watersound Origins Crossings JV Loan | SOFR

Debt instruments

Basis spread on variable rate (as a percent)

2.80%

2.80%

PPN JV Loan

Debt instruments

Loan amount

$ 48,200

Outstanding debt

$ 43,329

$ 43,582

PPC JV Loan (insured by HUD)

Debt instruments

Loan amount

$ 36,600

Outstanding debt

35,550

35,670

PPC JV Loan (insured by HUD) | Minimum | Forecast

Debt instruments

Prepayment premium, as a percent of principal repaid

2.00%

PPC JV Loan (insured by HUD) | Maximum | Forecast

Debt instruments

Prepayment premium, as a percent of principal repaid

10.00%

Watercrest JV Loan

Debt instruments

Loan amount

$ 22,500

Outstanding debt

$ 20,263

$ 20,053

Debt instrument, period subject to interest payments only

36 months

Debt interest rate (as a percent)

4.40%

4.40%

Watercrest JV Loan | Interest Rate Swap

Debt instruments

Notional amount

$ 20,000

Fixed interest rate (as a percent)

4.40%

Pier Park Resort Hotel JV Loan

Debt instruments

Loan amount

$ 52,500

Outstanding debt

$ 20,087

$ 14,650

Debt instrument, period subject to interest payments only

36 months

Debt service coverage period

12 months

Pier Park Resort Hotel JV Loan | Maximum

Debt instruments

Loan amount

$ 60,000

Pier Park Resort Hotel JV Loan | Interest Rate Swap

Debt instruments

Notional amount

$ 42,000

Fixed interest rate (as a percent)

3.20%

PPC II JV Loan

Debt instruments

Loan amount

$ 17,500

Outstanding debt

$ 17,325

17,374

Company's liability as guarantor (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

Debt instruments

Loan amount

$ 15,300

Outstanding debt

$ 14,642

$ 14,642

Debt instrument, period subject to interest payments only

36 months

Floor rate (as a percent)

3.00%

3.00%

Breakfast Point Hotel Loan

Debt instruments

Loan amount

$ 16,800

Outstanding debt

$ 13,736

$ 11,843

Debt instrument, period subject to interest payments only

24 months

Floor rate (as a percent)

3.80%

3.80%

Watersound Camp Creek Loan

Debt instruments

Loan amount

$ 28,000

Outstanding debt

$ 10,293

$ 3,437

Debt instrument, period subject to interest payments only

18 months

Floor rate (as a percent)

2.60%

2.60%

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

Lodge 30A JV Loan

Debt instruments

Loan amount

$ 15,000

Outstanding debt

$ 10,262

$ 7,474

Debt instrument, period subject to interest payments only

24 months

Debt service coverage period

24 months

Company's liability as guarantor, third year (as a percent)

75.00%

Company's liability as guarantor, period for lower liability percentage

12 months

Company's liability as guarantor, fourth year (as a percent)

50.00%

Company's liability as guarantor, fifth year (as a percent)

25.00%

North Bay Landing Apartments Loan

Debt instruments

Loan amount

$ 26,800

Outstanding debt

$ 5,146

$ 1,342

Floor rate (as a percent)

3.20%

3.20%

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%

Beckrich Building III Loan

Debt instruments

Loan amount

$ 5,500

Outstanding debt

$ 5,129

$ 5,188

Community Development District debt

Debt instruments

Outstanding debt

4,894

4,909

Self-Storage Facility Loan

Debt instruments

Loan amount

$ 5,800

Outstanding debt

$ 4,666

$ 4,666

Debt instrument, period subject to interest payments only

48 months

Floor rate (as a percent)

2.90%

2.90%

Self-Storage Facility Loan | Maximum

Debt instruments

Amount of liability as guarantor

$ 2,900

Watersound Town Center Grocery Loan

Debt instruments

Loan amount

$ 12,000

Outstanding debt

$ 4,525

$ 620

Debt instrument, period subject to interest payments only

24 months

Floor rate (as a percent)

2.20%

2.20%

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

Mexico Beach Crossings JV Loan (insured by HUD)

Debt instruments

Loan amount

$ 43,500

Outstanding debt

$ 4,157

Debt instrument, period subject to interest payments only

27 months

Mexico Beach Crossings JV Loan (insured by HUD) | Minimum

Debt instruments

Prepayment premium, as a percent of principal repaid

1.00%

Mexico Beach Crossings JV Loan (insured by HUD) | Maximum

Debt instruments

Prepayment premium, as a percent of principal repaid

10.00%

Beach Homes Loan

Debt instruments

Loan amount

$ 1,700

Outstanding debt

1,478

$ 1,492

Number of homes financed | home

2

Pier Park Outparcel Loan

Debt instruments

Loan amount

$ 1,600

Outstanding debt

1,348

1,370

WaterColor Crossings Loan

Debt instruments

Loan amount

$ 1,900

Outstanding debt

1,246

1,265

Hotel Indigo Loan

Debt instruments

Loan amount

$ 21,200

Outstanding debt

$ 0

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	Mar. 31, 2022	Dec. 31, 2021
Debt, Net
2022	$ 2,520
2023	5,280
2024	72,109
2025	63,530
2026	4,723
Thereafter	113,929
Long term debt	$ 262,091	$ 227,474

Other Liabilities - Schedule of

Other Liabilities - Schedule of Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Other Liabilities
Accounts payable	$ 46,056	$ 48,597
Income tax payable	3,175	681
Finance lease liabilities	344	380
Operating lease liabilities	886	732
Accrued compensation	2,820	4,877
Other accrued liabilities	4,363	4,126
Club membership deposits	3,636	3,602
Advance deposits	5,806	2,140
Accrued interest expense for Senior Notes held by SPE	713	2,850
Total other liabilities	$ 67,799	$ 67,985
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
Accrued property taxes	$ 1,600	$ 200

Deferred Revenue - Summary (Det

Deferred Revenue - Summary (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Deferred Revenue
Deferred revenue	$ 37,368	$ 36,207
Club Membership
Deferred Revenue
Deferred revenue	23,573	22,850	$ 12,641	$ 10,716
Other
Deferred Revenue
Deferred revenue	$ 13,800	$ 13,400

Deferred Revenue - Changes in C

Deferred Revenue - Changes in Club Initiation Fees (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Change in contract with customer liability
Balance at beginning of period	$ 36,207
Balance at end of period	37,368
Club Membership
Change in contract with customer liability
Balance at beginning of period	22,850	$ 10,716
New club memberships	2,270	2,848
Revenue from amounts included in contract liability opening balance	(1,491)	(852)
Revenue from current period new memberships	(56)	(71)
Balance at end of period	$ 23,573	$ 12,641

Deferred Revenue - Performance

Deferred Revenue - Performance Obligations (Details) $ in Millions	Mar. 31, 2022USD ($)
Performance obligations
Remaining performance obligations	$ 23.6
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01
Performance obligations
Remaining performance obligations	$ 4.1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Performance obligations
Remaining performance obligations	$ 9.8
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	$ 7.9
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	$ 1.8
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period

Deferred Revenue - Additional I

Deferred Revenue - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Deferred Revenue
Deferred revenue	$ 37,368	$ 36,207
Other
Deferred Revenue
Deferred revenue	$ 13,800	13,400
Other | Florida Department of Transportation
Deferred Revenue
Deferred revenue		$ 10,900

Income Taxes - Expense (Benefit

Income Taxes - Expense (Benefit) Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Taxes
Statutory federal income tax rate (as a percent)	21.00%	21.00%
Tax at the statutory federal rate	$ 3,769	$ 892
State income taxes (net of federal benefit)	787	150
Income tax credits	(55)
Other items	35	10
Total income tax expense	$ 4,536	$ 1,052

Income Taxes - Tax receivable a

Income Taxes - Tax receivable and tax payable (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Income Taxes
Income tax payable	$ 3.2	$ 0.7

Income Taxes - Tax Rates (Detai

Income Taxes - Tax Rates (Details) - Florida Department of Revenue	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income taxes
Tax at the state statutory rate (as a percent)		3.50%	4.50%
Forecast
Income taxes
Tax at the state statutory rate (as a percent)	5.50%

Income Taxes - Valuation Allowa

Income Taxes - Valuation Allowances (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Income Taxes
Valuation allowance	$ 0.3	$ 0.3

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) - Summary of Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Summary of changes in accumulated other comprehensive loss (income)
Beginning Balance	$ 626,100	$ 568,170
Amounts reclassified from accumulated other comprehensive income	113	(11)
Total other comprehensive income, net of tax	2,001	262
Less: other comprehensive income attributable to non-controlling interest	(20,749)		$ (18,691)
Ending Balance	637,032	$ 568,104
Accumulated Other Comprehensive (Loss) Income, Including non-controlling interest
Summary of changes in accumulated other comprehensive loss (income)
Beginning Balance	(389)
Other comprehensive (loss) income before reclassifications	1,888
Amounts reclassified from accumulated other comprehensive income	113
Total other comprehensive income, net of tax	2,001
Less: other comprehensive income attributable to non-controlling interest	(692)
Ending Balance	920
Unrealized (Loss) Gain on Available-for-Sale Securities
Summary of changes in accumulated other comprehensive loss (income)
Beginning Balance	(7)
Other comprehensive (loss) income before reclassifications	(241)
Total other comprehensive income, net of tax	(241)
Ending Balance	(248)
Unrealized (Loss) Gain Cash Flow Hedges, Interest rate swap
Summary of changes in accumulated other comprehensive loss (income)
Beginning Balance	(382)
Other comprehensive (loss) income before reclassifications	2,129
Amounts reclassified from accumulated other comprehensive income	113
Total other comprehensive income, net of tax	2,242
Less: other comprehensive income attributable to non-controlling interest	(692)
Ending Balance	$ 1,168

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income (Loss) - Summary of the Tax Effects Allocated to Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Accumulated Other Comprehensive Income (Loss)
Reclassification adjustment for net loss (gain) included in earnings before-tax amount	$ 147	$ (15)
Reclassification adjustment for net loss (gain) included in earnings, Tax (expense) or benefit	(34)	4
Reclassification adjustment for net loss (gain) included in earnings net-of-tax amount	113	(11)
Total before income taxes	2,446	351
Other comprehensive loss, Tax (expense) or benefit	(445)	(89)
Total other comprehensive income, net of tax	2,001	262
Accumulated Other Comprehensive (Loss) Income, Including non-controlling interest
Accumulated Other Comprehensive Income (Loss)
Unrealized loss on investments, Net-of-tax amount	1,888
Reclassification adjustment for net loss (gain) included in earnings net-of-tax amount	113
Total other comprehensive income, net of tax	2,001
Unrealized (Loss) Gain on Available-for-Sale Securities
Accumulated Other Comprehensive Income (Loss)
Unrealized loss on investments, Net-of-tax amount	(241)
Total other comprehensive income, net of tax	(241)
Unrealized (Loss) Gain Cash Flow Hedges, Interest rate swap
Accumulated Other Comprehensive Income (Loss)
Unrealized loss on investments, Net-of-tax amount	2,129
Reclassification adjustment for net loss (gain) included in earnings net-of-tax amount	113
Total other comprehensive income, net of tax	2,242
Unrealized (Loss) Gain Cash Flow Hedges, Interest rate swap | Interest rate swaps
Accumulated Other Comprehensive Income (Loss)
Unrealized gain (loss) on investments, Before-tax amount	2,308	157
Unrealized gain (loss) on investments, Tax (expense) or benefit	(413)	(40)
Unrealized loss on investments, Net-of-tax amount	1,895	117
Unrealized (Loss) Gain Cash Flow Hedges, Interest rate swap | Interest rate swap - unconsolidated joint venture
Accumulated Other Comprehensive Income (Loss)
Unrealized gain (loss) on investments, Before-tax amount	313	211
Unrealized gain (loss) on investments, Tax (expense) or benefit	(79)	(54)
Unrealized loss on investments, Net-of-tax amount	234	157
Unrestricted available-for-sale, Debt securities | Unrealized (Loss) Gain on Available-for-Sale Securities
Accumulated Other Comprehensive Income (Loss)
Unrealized gain (loss) on investments, Before-tax amount	(322)	(2)
Unrealized gain (loss) on investments, Tax (expense) or benefit	81	1
Unrealized loss on investments, Net-of-tax amount	$ (241)	$ (1)

Stockholders' Equity - Dividend

Stockholders' Equity - Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Stockholders' Equity
Dividends paid (in dollars per share)	$ 0.10	$ 0.08
Amount of dividends paid	$ 5,889	$ 4,711

Stockholders' Equity - Stock Re

Stockholders' Equity - Stock Repurchase Program (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Stockholders' Equity
Remaining authorized repurchase amount	$ 100
Common Stock
Stockholders' Equity
Shares repurchased during the period (in shares)	0	0

Stockholders' Equity - Issuance

Stockholders' Equity - Issuance of Common Stock (Details) - Restricted Stock - USD ($) $ / shares in Units, $ in Millions	Feb. 22, 2022	Mar. 31, 2022	Mar. 31, 2021
Share-based compensation
Number of restricted stock awards granted	25,594
Percentage of stock awards vesting each year	33.30%
Weighted average grant date fair value, granted (in dollars per share)		$ 46.73
Number of awards vested		0	0
Number of awards forfeited		0	0
Stock awards expense			$ 0
Unrecognized compensation cost		$ 1.2
Recognition period		2 years 10 months 24 days
Maximum
Share-based compensation
Stock awards expense		$ 0.1

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of revenue
Leasing revenue	$ 8,822	$ 5,594
Total revenue	64,871	41,305
Recognized at a point in time
Disaggregation of revenue
Revenue	49,738	31,866
Recognized over time
Disaggregation of revenue
Revenue	6,311	3,845
Real Estate
Disaggregation of revenue
Revenue	36,774	21,053
Hospitality
Disaggregation of revenue
Revenue	16,321	13,067
Timber
Disaggregation of revenue
Revenue	2,954	1,591
Operating Segments | Residential real estate
Disaggregation of revenue
Leasing revenue	129	40
Total revenue	32,897	20,660
Operating Segments | Residential real estate | Recognized at a point in time
Disaggregation of revenue
Revenue	32,768	20,620
Operating Segments | Residential real estate | Real Estate
Disaggregation of revenue
Revenue	32,674	20,539
Operating Segments | Residential real estate | Hospitality
Disaggregation of revenue
Revenue	94	81
Operating Segments | Hospitality Segment
Disaggregation of revenue
Leasing revenue	11	8
Total revenue	16,238	12,994
Operating Segments | Hospitality Segment | Recognized at a point in time
Disaggregation of revenue
Revenue	9,916	9,141
Operating Segments | Hospitality Segment | Recognized over time
Disaggregation of revenue
Revenue	6,311	3,845
Operating Segments | Hospitality Segment | Hospitality
Disaggregation of revenue
Revenue	16,227	12,986
Operating Segments | Commercial leasing and sales
Disaggregation of revenue
Leasing revenue	8,642	5,546
Total revenue	15,214	7,172
Operating Segments | Commercial leasing and sales | Recognized at a point in time
Disaggregation of revenue
Revenue	6,572	1,626
Operating Segments | Commercial leasing and sales | Real Estate
Disaggregation of revenue
Revenue	3,618	35
Operating Segments | Commercial leasing and sales | Timber
Disaggregation of revenue
Revenue	2,954	1,591
Other reconciling items
Disaggregation of revenue
Leasing revenue	40
Total revenue	522	479
Other reconciling items | Recognized at a point in time
Disaggregation of revenue
Revenue	482	479
Other reconciling items | Real Estate
Disaggregation of revenue
Revenue	$ 482	$ 479

Other Expense, Net - Components

Other Expense, Net - Components (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Investment income, net
Interest, dividend and accretion income	$ 100	$ 24
Net realized gain on the sale of investments		17
Unrealized gain (loss) on investments, net	25	(1,049)
Interest income from investments in SPEs	2,003	2,043
Interest earned on notes receivable and other interest	172	160
Total investment income, net	2,300	1,195
Interest expense
Interest expense and amortization of discount and issuance costs for Senior Notes issued by SPE	(2,209)	(2,205)
Other interest expense	(1,944)	(1,466)
Total interest expense	(4,153)	(3,671)
Gain on contributions to unconsolidated joint ventures	482	120
Other income (expense), net
Accretion income from retained interest investments	417	361
Gain on insurance recovery	723	866
Loss from hurricane damage	(32)	(7)
Miscellaneous (expense) income, net	(1,477)	74
Other (expense) income, net	(369)	1,294
Total other expense, net	$ (1,740)	$ (1,062)

Other Expense, Net - Interest E

Other Expense, Net - Interest Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Other Income, Net
Capitalized interest cost	$ 0.3	$ 0.4
Senior Notes held by special purpose entity
Other Income, Net
Effective interest rate (as a percent)	4.90%

Other Expense, Net - Gain on Co

Other Expense, Net - Gain on Contributions and Other Income, Net (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Jun. 30, 2020	Mar. 31, 2022	Mar. 31, 2021
Electric Cart Watersound JV
Other Income, Net
Gain on land contribution		$ 0.4
Latitude Margaritaville Watersound JV
Other Income, Net
Gain on additional infrastructure improvements contributed		$ 0.1	$ 0.1
Net present value of land contribution	$ 16.6
Imputed interest rate (as a percent)	5.80%

Other Expense, Net - Other (Exp

Other Expense, Net - Other (Expense) Income, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Other Income, Net
Gain on insurance recovery	$ 723	$ 866
Loss from hurricane damage	32	7
Design costs for projects no longer pursued	1,100
Homeowners association special assessment	$ 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)	12.20%
Hurricane Michael.
Other Income, Net
Gain on insurance recovery	$ 700	900
Hurricane Michael. | Maximum
Other Income, Net
Loss from hurricane damage	$ 100	$ 100

Segment Information - Reportabl

Segment Information - Reportable Segments (Details)	3 Months Ended
	Mar. 31, 2022segment
Segment Information
Number of reportable segments	3

Segment Information - Informati

Segment Information - Information by Business Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Segments
Total revenue	$ 64,871	$ 41,305
Consolidated income (loss) before equity in loss from unconsolidated affiliates and income taxes	18,484	4,477
Gain on insurance recovery	723	866
Total assets	1,256,345		$ 1,208,151
Hurricane Michael.
Segments
Gain on insurance recovery	700	900
Electric Cart Watersound JV
Segments
Gain on land contribution	400
Commercial leasing and sales | Electric Cart Watersound JV
Segments
Gain on land contribution	400
Operating Segments | Residential real estate
Segments
Total revenue	32,897	20,660
Consolidated income (loss) before equity in loss from unconsolidated affiliates and income taxes	17,084	8,595
Total assets	196,497		195,142
Operating Segments | Hospitality Segment
Segments
Total revenue	16,238	12,994
Consolidated income (loss) before equity in loss from unconsolidated affiliates and income taxes	(963)	284
Total assets	287,270		256,751
Operating Segments | Commercial leasing and sales
Segments
Total revenue	15,214	7,172
Consolidated income (loss) before equity in loss from unconsolidated affiliates and income taxes	4,818	17
Total assets	396,870		375,266
Other reconciling items
Segments
Total revenue	522	479
Consolidated income (loss) before equity in loss from unconsolidated affiliates and income taxes	(2,455)	$ (4,419)
Total assets	$ 375,708		$ 380,992

Commitments and Contingencies -

Commitments and Contingencies - (Details) - USD ($) $ in Thousands	1 Months Ended
	Apr. 30, 2021	Nov. 30, 2020	Jan. 31, 2019	Mar. 31, 2022	Dec. 31, 2021	Jan. 14, 2021	Jun. 30, 2020
Obligations
Accrued liabilities for other litigation, claims, other disputes and governmental proceedings				$ 400	$ 400
Amount of letters of credit outstanding				16,800	12,900
Purchase obligations, total				220,100
Principal balance				262,091	227,474
Allowance for credit losses within other liabilities				100	100
Latitude JV Note
Obligations
Amount committed to fund							$ 10,000
Note receivable				0	7,100
Latitude Margaritaville Watersound JV
Obligations
Amount as lender of secured revolving promissory note				10,000	10,000		$ 10,000
Surety bonds
Obligations
Commitment obligations				37,300	36,900
Pier Park TPS JV | Pier Park TPS JV Loan
Obligations
Guarantor liability, Scenario 2 (as a percent)			25.00%
Watersound Fountains Independent Living JV | Watersound Fountains JV Loan, due April 2026
Obligations
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%
Unconsolidated joint ventures
Obligations
Principal balance				79,157	62,701
Pier Park TPS JV
Obligations
Principal balance				$ 14,050	14,124
Pier Park TPS JV | Pier Park TPS JV Loan
Obligations
Fixed interest rate (as a percent)				5.20%
Loan amount			$ 14,400
Principal balance				$ 14,000	14,100
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
Obligations
Notional amount						$ 14,400
Latitude Margaritaville Watersound JV
Obligations
Principal balance				15,674	7,147
Latitude Margaritaville Watersound JV | Latitude Margaritaville Watersound JV Loan, due November 2023
Obligations
Loan amount		$ 25,000
Principal balance				15,700	0
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				7,287	66
Watersound Fountains Independent Living JV | Watersound Fountains JV Loan, due April 2026
Obligations
Loan amount	$ 41,900
Principal balance				$ 7,300	$ 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
Watersound Fountains Independent Living JV | Watersound Fountains JV Loan, due April 2026 | LIBOR
Obligations
Basis spread on variable rate (as a percent)	2.00%

Subsequent Event (Details)

Subsequent Event (Details) - $ / shares	Jun. 09, 2022	Apr. 27, 2022	Mar. 31, 2022	Mar. 31, 2021
Subsequent Event
Dividends declared (in dollars per share)			$ 0.10	$ 0.08
Dividends paid (in dollars per share)			$ 0.10	$ 0.08
Forecast
Subsequent Event
Dividends paid (in dollars per share)	$ 0.10
Subsequent Event
Subsequent Event
Dividends declared (in dollars per share)		$ 0.10