Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2022 | Jul. 25, 2022 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 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 | 58,907,744 | |
Entity Central Index Key | 0000745308 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
ASSETS | ||
Investment in real estate, net | $ 819,618 | $ 690,113 |
Investment in unconsolidated joint ventures | 54,086 | 52,027 |
Cash and cash equivalents | 21,851 | 70,162 |
Investments - debt securities | 113,777 | 88,956 |
Other assets | 69,882 | 70,235 |
Property and equipment, net of accumulated depreciation of $64,240 and $64,251 as of June 30, 2022 and December 31, 2021, respectively | 35,445 | 31,145 |
Investments held by special purpose entities | 205,166 | 205,513 |
Total assets | 1,319,825 | 1,208,151 |
Liabilities: | ||
Debt, net | 291,471 | 223,034 |
Other liabilities | 86,343 | 67,985 |
Deferred revenue | 38,977 | 36,207 |
Deferred tax liabilities, net | 77,884 | 77,259 |
Senior Notes held by special purpose entity | 177,710 | 177,566 |
Total liabilities | 672,385 | 582,051 |
Commitments and contingencies (Note 19) | ||
Equity: | ||
Common stock, no par value; 180,000,000 shares authorized; 58,912,504 and 58,882,549 issued at June 30, 2022 and December 31, 2021, respectively; and 58,907,744 and 58,882,549 outstanding at June 30, 2022 and December 31, 2021, respectively | 297,021 | 296,873 |
Retained earnings | 329,593 | 310,925 |
Accumulated other comprehensive income (loss) | 1,084 | (389) |
Treasury stock at cost, 4,760 shares held at June 30, 2022 | (180) | |
Total stockholders' equity | 627,518 | 607,409 |
Non-controlling interest | 19,922 | 18,691 |
Total equity | 647,440 | 626,100 |
Total liabilities and equity | $ 1,319,825 | $ 1,208,151 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
CONDENSED CONSOLIDATED BALANCE SHEETS | ||
Property and equipment, Accumulated depreciation | $ 64,240 | $ 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) | 58,912,504 | 58,882,549 |
Common stock, outstanding (in shares) | 58,907,744 | 58,882,549 |
Treasury stock (shares) | 4,760 |
CONDENSED CONSOLIDATED BALANC_3
CONDENSED CONSOLIDATED BALANCE SHEETS - VIEs - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
ASSETS | ||
Investment in real estate | $ 819,618 | $ 690,113 |
Cash and cash equivalents | 21,851 | 70,162 |
Other assets | 69,882 | 70,235 |
Investments held by special purpose entities | 205,166 | 205,513 |
Total assets | 1,319,825 | 1,208,151 |
LIABILITIES | ||
Debt, net | 291,471 | 223,034 |
Other liabilities | 86,343 | 67,985 |
Deferred revenue | 38,977 | 36,207 |
Senior Notes held by special purpose entity | 177,710 | 177,566 |
Total liabilities | 672,385 | 582,051 |
Variable Interest Entity, Primary Beneficiary | ||
ASSETS | ||
Investment in real estate | 238,979 | 206,565 |
Cash and cash equivalents | 7,220 | 10,564 |
Other assets | 22,612 | 17,392 |
Investments held by special purpose entities | 205,166 | 205,513 |
Total assets | 473,977 | 440,034 |
LIABILITIES | ||
Debt, net | 210,099 | 173,531 |
Other liabilities | 18,844 | 17,602 |
Deferred revenue | 217 | 234 |
Senior Notes held by special purpose entity | 177,710 | 177,566 |
Total liabilities | $ 406,870 | $ 368,933 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenue: | ||||
Leasing revenue | $ 9,345 | $ 6,371 | $ 18,167 | $ 11,966 |
Total revenue | 68,250 | 72,239 | 133,121 | 113,545 |
Expenses: | ||||
Corporate and other operating expenses | 5,515 | 5,106 | 11,172 | 12,175 |
Depreciation, depletion and amortization | 5,466 | 4,124 | 10,492 | 7,978 |
Total expenses | 49,445 | 41,489 | 94,092 | 77,256 |
Operating income (loss) | 18,805 | 30,750 | 39,029 | 36,289 |
Other income (expense): | ||||
Investment income, net | 2,496 | 1,287 | 4,796 | 2,482 |
Interest expense | (4,071) | (3,854) | (8,224) | (7,525) |
Gain on contributions to unconsolidated joint ventures | 89 | 3,169 | 571 | 3,290 |
Other income, net | 4,285 | 972 | 3,917 | 2,266 |
Total other income, net | 2,799 | 1,574 | 1,060 | 513 |
Income before equity in income (loss) from unconsolidated joint ventures and income taxes | 21,604 | 32,324 | 40,089 | 36,802 |
Equity in income (loss) from unconsolidated joint ventures | 1,430 | (601) | 934 | (1,070) |
Income tax expense | (5,945) | (7,699) | (10,480) | (8,751) |
Net income (loss) | 17,089 | 24,024 | 30,543 | 26,981 |
Net (income) loss attributable to non-controlling interest | (50) | 200 | (92) | 439 |
Net income attributable to the Company | $ 17,039 | $ 24,224 | $ 30,451 | $ 27,420 |
NET INCOME PER SHARE ATTRIBUTABLE TO THE COMPANY | ||||
Basic (in dollars per share) | $ 0.29 | $ 0.41 | $ 0.52 | $ 0.47 |
Diluted (in dollars per share) | $ 0.29 | $ 0.41 | $ 0.52 | $ 0.47 |
WEIGHTED AVERAGE SHARES OUTSTANDING | ||||
Basic (in shares) | 58,882,392 | 58,882,549 | 58,882,470 | 58,882,549 |
Diluted (in shares) | 58,887,440 | 58,882,549 | 58,885,046 | 58,882,549 |
Real Estate | ||||
Revenue: | ||||
Revenue | $ 28,027 | $ 41,063 | $ 64,801 | $ 62,116 |
Expenses: | ||||
Cost of revenue | 12,800 | 14,052 | 28,095 | 24,595 |
Hospitality | ||||
Revenue: | ||||
Revenue | 29,556 | 22,627 | 45,877 | 35,694 |
Expenses: | ||||
Cost of revenue | 21,411 | 15,437 | 36,279 | 26,933 |
Leasing | ||||
Expenses: | ||||
Cost of revenue | 3,998 | 2,527 | 7,650 | 5,191 |
Timber | ||||
Revenue: | ||||
Revenue | 1,322 | 2,178 | 4,276 | 3,769 |
Expenses: | ||||
Cost of revenue | $ 255 | $ 243 | $ 404 | $ 384 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ||||
Net income | $ 17,089 | $ 24,024 | $ 30,543 | $ 26,981 |
Other comprehensive income (loss): | ||||
Net unrealized loss on available-for-sale investments | (334) | (3) | (656) | (5) |
Interest rate swap | 805 | (48) | 3,113 | 109 |
Interest rate swap - unconsolidated affiliate | (5) | (46) | 308 | 134 |
Reclassification of net realized (gain) loss included in earnings | (11) | 82 | 136 | 98 |
Total before income taxes | 455 | (15) | 2,901 | 336 |
Income tax (expense) benefit | (56) | 4 | (501) | (85) |
Total other comprehensive income (loss), net of tax | 399 | (11) | 2,400 | 251 |
Total comprehensive income, net of tax | 17,488 | 24,013 | 32,943 | 27,232 |
Total comprehensive (income) loss attributable to non-controlling interest | (285) | 200 | (1,019) | 439 |
Total comprehensive income attributable to the Company | $ 17,203 | $ 24,213 | $ 31,924 | $ 27,671 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock | Retained Earnings | Accumulated Other Comprehensive (Loss) Income | Treasury Stock | 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 | 3,188 | 3,188 | ||||
Capital distributions to non-controlling interest | (653) | (653) | ||||
Repurchase of common shares (in shares) | 0 | |||||
Dividends | (9,422) | (9,422) | ||||
Other comprehensive income (loss), net of tax | 251 | 251 | ||||
Net income | 27,420 | (439) | 26,981 | |||
Ending Balance at Jun. 30, 2021 | $ 296,873 | 273,214 | (1,221) | 19,649 | 588,515 | |
Ending Balance (in shares) at Jun. 30, 2021 | 58,882,549 | |||||
Beginning Balance at Mar. 31, 2021 | $ 296,873 | 253,701 | (1,210) | 18,740 | 568,104 | |
Beginning Balance (in shares) at Mar. 31, 2021 | 58,882,549 | |||||
Increase (Decrease) in Stockholders' Equity | ||||||
Capital contributions from non-controlling interest | 1,443 | 1,443 | ||||
Capital distributions to non-controlling interest | (334) | (334) | ||||
Dividends | (4,711) | (4,711) | ||||
Other comprehensive income (loss), net of tax | (11) | (11) | ||||
Net income | 24,224 | (200) | 24,024 | |||
Ending Balance at Jun. 30, 2021 | $ 296,873 | 273,214 | (1,221) | 19,649 | 588,515 | |
Ending Balance (in shares) at Jun. 30, 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 | (1,823) | (1,823) | ||||
Issuance of restricted stock (in shares) | 29,955 | |||||
Stock based compensation expense | $ 148 | 148 | ||||
Repurchase of common shares | $ (180) | (180) | ||||
Repurchase of common shares (in shares) | (4,760) | |||||
Dividends | (11,783) | (11,783) | ||||
Other comprehensive income (loss), net of tax | 1,473 | 927 | 2,400 | |||
Net income | 30,451 | 92 | 30,543 | |||
Ending Balance at Jun. 30, 2022 | $ 297,021 | 329,593 | 1,084 | (180) | 19,922 | $ 647,440 |
Ending Balance (in shares) at Jun. 30, 2022 | 58,907,744 | 58,907,744 | ||||
Beginning Balance at Mar. 31, 2022 | $ 296,915 | 318,448 | 920 | 20,749 | $ 637,032 | |
Beginning Balance (in shares) at Mar. 31, 2022 | 58,908,143 | |||||
Increase (Decrease) in Stockholders' Equity | ||||||
Capital distributions to non-controlling interest | (1,112) | (1,112) | ||||
Issuance of restricted stock (in shares) | 4,361 | |||||
Stock based compensation expense | $ 106 | 106 | ||||
Repurchase of common shares | (180) | (180) | ||||
Repurchase of common shares (in shares) | (4,760) | |||||
Dividends | (5,894) | (5,894) | ||||
Other comprehensive income (loss), net of tax | 164 | 235 | 399 | |||
Net income | 17,039 | 50 | 17,089 | |||
Ending Balance at Jun. 30, 2022 | $ 297,021 | $ 329,593 | $ 1,084 | $ (180) | $ 19,922 | $ 647,440 |
Ending Balance (in shares) at Jun. 30, 2022 | 58,907,744 | 58,907,744 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY | ||||
Dividends (in dollars per share) | $ 0.10 | $ 0.08 | $ 0.20 | $ 0.16 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities: | ||
Net income | $ 30,543 | $ 26,981 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, depletion and amortization | 10,492 | 7,978 |
Stock based compensation | 148 | |
Gain on sale of investments | (17) | |
Unrealized (gain) loss on investments, net | (60) | 2,010 |
Equity in (income) loss from unconsolidated joint ventures, net of distributions | (771) | 1,070 |
Deferred income tax expense | 124 | 4,464 |
Cost of real estate sold | 26,045 | 22,607 |
Expenditures for and acquisition of real estate to be sold | (48,790) | (14,673) |
Accretion income and other | (733) | (407) |
Loss on disposal of property and equipment | 21 | 48 |
Gain on contributions to unconsolidated joint ventures | (571) | (3,290) |
Gain on insurance for damage to property and equipment, net | (3,311) | (1,384) |
Loss on extinguishment of debt | 145 | |
Changes in operating assets and liabilities: | ||
Other assets | 6,574 | (6,656) |
Deferred revenue | 2,705 | 2,756 |
Other liabilities | 6,444 | 5,709 |
Net cash provided by operating activities | 29,005 | 47,196 |
Cash flows from investing activities: | ||
Expenditures for operating property | (106,347) | (67,742) |
Expenditures for property and equipment | (2,788) | (1,666) |
Proceeds from the disposition of assets | 17 | 26 |
Proceeds from insurance claims | 3,311 | 1,384 |
Purchases of investments - debt securities | (94,174) | (107,963) |
Maturities of investments - debt securities | 69,000 | 46,000 |
Sales of investments - debt securities | 36 | |
Sales of investments - equity securities | 298 | |
Sales of restricted investments | 1,173 | |
Capital contributions to unconsolidated joint ventures | (142) | (9,708) |
Capital distributions from unconsolidated joint ventures | 562 | 50 |
Maturities of assets held by special purpose entities | 413 | 416 |
Net cash used in investing activities | (130,148) | (137,696) |
Cash flows from financing activities: | ||
Capital contributions from non-controlling interest | 2,035 | 3,188 |
Capital distributions to non-controlling interest | (1,821) | (653) |
Repurchase of common shares | (180) | |
Dividends paid | (11,777) | (9,422) |
Borrowings on debt | 88,754 | 26,380 |
Principal payments for debt | (18,859) | (1,361) |
Principal payments for finance leases | (65) | (46) |
Debt issuance costs | (1,698) | (931) |
Net cash provided by financing activities | 56,389 | 17,155 |
Net decrease in cash, cash equivalents and restricted cash | (44,754) | (73,345) |
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 | $ 29,646 | $ 36,774 |
CONDENSED CONSOLIDATED STATEM_6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash, cash equivalents and restricted cash: | ||
Cash and cash equivalents | $ 21,851 | $ 33,336 |
Restricted cash included in other assets | $ 7,795 | $ 3,438 |
Restricted Cash and Cash Equivalents, Statement of Financial Position | Other assets | Other assets |
Total cash, cash equivalents and restricted cash shown in the accompanying consolidated statements of cash flows | $ 29,646 | $ 36,774 |
Cash paid during the period for: | ||
Interest, net of amounts capitalized | 7,792 | 6,317 |
Income taxes | 6,661 | 4,470 |
Non-cash investing and financing activities: | ||
Non-cash contributions to unconsolidated joint venture | (1,319) | (4,423) |
Decrease in Community Development District debt | (170) | (480) |
Transfers of operating property to property and equipment | 5,549 | 7,360 |
Increase in expenditures for operating properties and property and equipment financed through accounts payable | 11,774 | 4,948 |
Unrealized gain on cash flow hedges | $ 3,557 | $ 356 |
Nature of Operations
Nature of Operations | 6 Months Ended |
Jun. 30, 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 | 6 Months Ended |
Jun. 30, 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 six months ended June 30, 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. Throughout the first half of 2022, the Company continued to generate positive financial results, with revenue exceeding the first six months of 2021 across each segment. While macro-economic factors such as the COVID-19 pandemic, geopolitical conflicts, inflation, supply chain disruptions and rising interest rates have created economic headwinds and impacted buyer sentiment, demand across the Company’s segments remains strong. The Company believes this is primarily the result of the continued growth in Northwest Florida, which we attribute to the region’s high quality of life, natural beauty and outstanding amenities, as well as the evolving flexibility in the workplace. Despite the strong demand across the Company’s segments, the Company also continues to feel the impact from the aforementioned macro-economic factors, including supply chain disruptions and cost increases, which, for example, have extended homesite and home deliveries in certain residential communities and increased operating costs. However, these delays generally have not resulted in increased cancellation rates, and therefore only impact the timing of revenue recognition. In addition, given the diverse portfolio of residential holdings, the mix of sales from different communities may impact revenue and margins period over period. Across the segment, residential backlog continues to grow with a record number of homesites and homes under contract, and demand continues to exceed supply. For further discussion of the potential impacts on our business from the COVID-19 pandemic and other macro-economic factors, see Part IA, Risk Factors 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 June 30, 2022, these balances exceeded the amount of F.D.I.C. insurance provided on such deposits. In addition, as of June 30, 2022 the Company had $3.2 million invested in U.S. Treasury Money Market Funds, $113.8 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 and six months ended June 30, 2022, the Company had unvested shares of restricted stock of 4,361 and 29,955, respectively. As of June 30, 2021, there were no outstanding common stock equivalents. For the three and six months ended June 30, 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 are as follows: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (Dollars in thousands except per share amounts) Income Net income attributable to the Company $ 17,039 $ 24,224 $ 30,451 $ 27,420 Shares Weighted average shares outstanding - basic 58,882,392 58,882,549 58,882,470 58,882,549 Incremental shares from restricted stock 5,048 — 2,576 — Weighted average shares outstanding - diluted 58,887,440 58,882,549 58,885,046 58,882,549 Net income per share attributable to the Company Basic income per share $ 0.29 $ 0.41 $ 0.52 $ 0.47 Diluted income per share $ 0.29 $ 0.41 $ 0.52 $ 0.47 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) Debt, Net . |
Investment in Real Estate
Investment in Real Estate | 6 Months Ended |
Jun. 30, 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: June 30, December 31, 2022 2021 Development property: Residential $ 136,917 $ 122,404 Hospitality 172,584 137,089 Commercial 129,924 85,931 Other 3,296 3,232 Total development property 442,721 348,656 Operating property: Residential 7,854 7,854 Hospitality 156,218 124,449 Commercial 306,196 296,193 Other 127 127 Total operating property 470,395 428,623 Less: Accumulated depreciation 93,498 87,166 Total operating property, net 376,897 341,457 Investment in real estate, net $ 819,618 $ 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, a marina 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, vacation rental and timber purposes. Operating property may be sold in the future as part of the Company’s principal real estate business. As of June 30, 2022 and December 31, 2021, operating property, net related to operating leases was $237.8 million and $230.0 million, respectively. |
Joint Ventures
Joint Ventures | 6 Months Ended |
Jun. 30, 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 June 30, 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 June 30, 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 June 30, 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 June 30, 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 June 30, 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 June 30, 2022 and December 31, 2021. Pier Park Crossings Phase II JV Pier Park Crossings Phase II JV was formed in 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 June 30, 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 June 30, 2022 and December 31, 2021. Watersound Closings JV Watersound Closings JV was formed in 2019, when the Company entered into a JV agreement to own, operate and manage a real estate title insurance agency business. As of June 30, 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 June 30, 2022 and December 31, 2021. Watercrest JV Watercrest JV was formed in 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 June 30, 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 June 30, 2022 and December 31, 2021. Watersound Origins Crossings JV Watersound Origins Crossings JV was formed in 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 June 30, 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 June 30, 2022 and December 31, 2021. Pier Park Crossings JV Pier Park Crossings JV was formed in 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 June 30, 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 June 30, 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 June 30, 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 June 30, 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: June 30, December 31, 2022 2021 Investment in unconsolidated joint ventures Latitude Margaritaville Watersound JV $ 30,627 $ 30,040 Sea Sound JV 10,413 10,333 Watersound Fountains Independent Living JV 7,508 7,508 Pier Park TPS JV 2,306 1,961 Busy Bee JV 2,028 1,621 Electric Cart Watersound JV (a) 665 — Watersound Management JV 539 564 Total investment in unconsolidated joint ventures $ 54,086 $ 52,027 Outstanding debt of unconsolidated JVs Latitude Margaritaville Watersound JV (b) (c) $ 19,658 $ 7,147 Sea Sound JV 38,742 35,047 Watersound Fountains Independent Living JV (c) 11,379 66 Pier Park TPS JV (c) 13,974 14,124 Busy Bee JV 6,164 6,317 Total outstanding debt of unconsolidated JVs $ 89,917 $ 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 in the unconsolidated joint ventures as of June 30, 2022 was $78.8 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 income (loss) from unconsolidated JVs: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Equity in income (loss) from unconsolidated joint ventures Latitude Margaritaville Watersound JV $ 945 $ (959) $ 322 $ (1,601) Sea Sound JV 97 (31) 80 (33) Pier Park TPS JV 178 419 103 372 Busy Bee JV 210 (31) 407 191 Electric Cart Watersound JV (a) (19) — (19) — Watersound Management JV 19 1 41 1 Total equity in income (loss) from unconsolidated joint ventures $ 1,430 $ (601) $ 934 $ (1,070) (a) JV was formed in February 2022. Summarized balance sheets for the Company’s unconsolidated JVs are as follows: June 30, 2022 Latitude Margaritaville Watersound JV Sea Sound 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 $ 98,131 (a) $ 53,695 $ 29,944 $ 15,829 $ 7,776 $ 1,469 $ — $ 206,844 Cash and cash equivalents 8,053 2,709 160 2,403 947 598 69 14,939 Other assets 2,145 193 10 485 2,098 15 19 4,965 Total assets $ 108,329 $ 56,597 $ 30,114 $ 18,717 $ 10,821 $ 2,082 $ 88 $ 226,748 LIABILITIES AND EQUITY Debt, net $ 19,417 $ 38,627 $ 10,747 $ 13,685 $ 6,114 $ — $ — $ 88,590 Other liabilities 62,953 579 5,411 431 659 854 — 70,887 Equity 25,959 17,391 13,956 4,601 4,048 1,228 88 67,271 Total liabilities and equity $ 108,329 $ 56,597 $ 30,114 $ 18,717 $ 10,821 $ 2,082 $ 88 $ 226,748 (a) Investment in real estate includes the land contributed to the Latitude Margaritaville Watersound JV at the Company’s historical cost basis and additional completed infrastructure improvements. December 31, 2021 Latitude Margaritaville Watersound JV Sea Sound 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) Investment in real estate includes the land contributed to the Latitude Margaritaville Watersound JV at the Company’s historical cost basis and additional completed infrastructure improvements. (b) JV was formed in February 2022. Summarized statements of operations for the Company’s unconsolidated JVs are as follows: Three Months Ended June 30, 2022 Latitude Margaritaville Watersound JV Sea Sound JV Watersound Fountains Independent Living JV (a) Pier Park TPS JV Busy Bee JV Electric Cart Watersound JV Watersound Management JV Total Total revenue $ 24,605 $ 1,543 $ — $ 1,788 $ 5,678 $ — $ 292 $ 33,906 Expenses: Cost of revenue 19,814 476 — 783 4,782 — 254 26,109 Other operating expenses 2,806 74 — 99 570 39 — 3,588 Depreciation and amortization 94 482 — 363 115 — — 1,054 Total expenses 22,714 1,032 — 1,245 5,467 39 254 30,751 Operating income (loss) 1,891 511 — 543 211 (39) 38 3,155 Other (expense) income: Interest expense (111) (349) — (190) (46) — — (696) Other income, net — — — 3 304 — — 307 Total other (expense) income (111) (349) — (187) 258 — — (389) Net income (loss) $ 1,780 $ 162 $ — $ 356 $ 469 $ (39) $ 38 $ 2,766 (a) The project is under construction with no income or loss for the three months ended June 30, 2022. Three Months Ended June 30, 2021 Latitude Margaritaville Watersound JV Sea Sound JV Watersound Fountains Independent Living JV (a) Pier Park TPS JV Busy Bee JV Electric Cart Watersound JV (b) Watersound Management JV Total Total revenue $ — $ 21 $ — $ 2,284 $ 4,806 $ — $ 62 $ 7,173 Expenses: Cost of revenue — — — 816 3,779 — 60 4,655 Other operating expenses 1,738 68 — 79 555 — — 2,440 Depreciation and amortization 60 — — 358 116 — — 534 Total expenses 1,798 68 — 1,253 4,450 — 60 7,629 Operating (loss) income (1,798) (47) — 1,031 356 — 2 (456) Other (expense) income: Interest expense (40) — — (193) (44) — — (277) Other expense, net — — — — (218) — — (218) Total other expense (40) — — (193) (262) — — (495) Net (loss) income $ (1,838) $ (47) $ — $ 838 $ 94 $ — $ 2 $ (951) (a) The project was under construction with no income or loss for the three months ended June 30, 2021. (b) The JV was formed in February 2022. Six Months Ended June 30, 2022 Latitude Margaritaville Watersound JV Sea Sound JV Watersound Fountains Independent Living JV (a) Pier Park TPS JV Busy Bee JV Electric Cart Watersound JV Watersound Management JV Total Total revenue $ 31,745 $ 2,697 $ — $ 2,912 $ 9,382 $ — $ 544 $ 47,280 Expenses: Cost of revenue 25,540 909 — 1,415 7,928 — 462 36,254 Other operating expenses 5,387 161 — 192 1,006 39 — 6,785 Depreciation and amortization 150 833 — 725 230 — — 1,938 Total expenses 31,077 1,903 — 2,332 9,164 39 462 44,977 Operating income (loss) 668 794 — 580 218 (39) 82 2,303 Other (expense) income: Interest expense (111) (661) — (377) (91) — — (1,240) Other income, net — — — 4 702 — — 706 Total other (expense) income (111) (661) — (373) 611 — — (534) Net income (loss) $ 557 $ 133 $ — $ 207 $ 829 $ (39) $ 82 $ 1,769 (a) The project is under construction with no income or loss for the six months ended June 30, 2022. Six Months Ended June 30, 2021 Latitude Margaritaville Watersound JV Sea Sound JV Watersound Fountains Independent Living JV (a) Pier Park TPS JV Busy Bee JV Electric Cart Watersound JV (b) Watersound Management JV Total Total revenue $ — $ 21 $ — $ 3,221 $ 7,598 $ — $ 62 $ 10,902 Expenses: Cost of revenue — — — 1,251 6,026 — 60 7,337 Other operating expenses 2,937 71 — 157 1,017 — — 4,182 Depreciation and amortization 60 — — 717 231 — — 1,008 Total expenses 2,997 71 — 2,125 7,274 — 60 12,527 Operating (loss) income (2,997) (50) — 1,096 324 — 2 (1,625) Other (expense) income: Interest expense (80) — — (351) (97) — — (528) Other income, net — — — — 256 — — 256 Total other (expense) income (80) — — (351) 159 — — (272) Net (loss) income $ (3,077) $ (50) $ — $ 745 $ 483 $ — $ 2 $ (1,897) (a) The project was under construction with no income or loss for the six months ended June 30, 2021. (b) The JV was formed in February 2022. Latitude Margaritaville Watersound JV LMWS, LLC (“Latitude Margaritaville Watersound JV”) was formed in 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 June 30, 2022, the Latitude Margaritaville Watersound JV had 605 homes under contract and has completed 130 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 June 30, 2022 and December 31, 2021, the Company’s investment in the unconsolidated Latitude Margaritaville Watersound JV was $30.6 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 June 30, 2022, the Company completed $5.6 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 June 30, 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 June 30, 2022, there was no balance outstanding on the Other Assets Commitments and Contingencies Sea Sound JV FDSJ Eventide, LLC (“Sea Sound 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 June 30, 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 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 JV is accounted for using the equity method. In January 2020, the JV entered into a $40.3 million loan (the “Sea Sound JV Loan”). The Sea Sound 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 2018. The Company entered into a JV agreement to develop and operate a 124-room hotel in Panama City Beach, Florida. As of June 30, 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 Pier Park RI, LLC Pier Park RI, LLC (“Pier Park RI JV”) was formed in May 2022. The Company entered into a JV agreement to develop and operate a 121-room hotel in Panama City Beach, Florida. As of June 30, 2022, the JV did not have activity. The land transfer and capital contributions from the JV parties are expected to occur in the third quarter of 2022. As of June 30, 2022, 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 RI JV is a voting interest entity, but that the Company does not have a majority voting interest. The Company’s investment in Pier Park TPS JV is accounted for using the equity method. SJBB, LLC SJBB, LLC (“Busy Bee JV”) was formed in 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 June 30, 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. The JV is operating 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 June 30, 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 | 6 Months Ended |
Jun. 30, 2022 | |
Investments | |
Investments | 5. Investments Available-For-Sale Investments Investments classified as available-for-sale securities were as follows: June 30, 2022 Gross Unrealized Gross Unrealized Amortized Cost Gains (Losses) Fair Value Investments - debt securities: U.S. Treasury Bills $ 114,443 $ — $ (666) $ 113,777 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 and six months ended June 30, 2022, the Company did not have any realized gains or losses proceeds During the three months ended June 30, 2021, the Company did not have any realized gains or losses The following table provides the available-for-sale investments with an unrealized loss position and their related fair values: June 30, 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 $ 113,777 $ 666 $ — $ — $ 43,959 $ 11 $ — $ — As of June 30, 2022, the Company had unrealized losses of $0.7 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 June 30, 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. June 30, 2022 Amortized Cost Fair Value Due in one year or less $ 114,443 $ 113,777 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 June 30, 2022, clients of FCM, including Mr. Berkowitz, beneficially owned approximately 41.5% 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 | 6 Months Ended |
Jun. 30, 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: June 30, 2022 Total Fair Level 1 Level 2 Level 3 Value Cash equivalents: Money market funds $ 3,240 $ — $ — $ 3,240 3,240 — — 3,240 Investments - debt securities: U.S. Treasury Bills 113,777 — — 113,777 113,777 — — 113,777 Investments - equity securities: Preferred stock — 510 — 510 — 510 — 510 $ 117,017 $ 510 $ — $ 117,527 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 June 30, 2022 June 30, 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 $ 3,090 $ 558 2 Other assets Watercrest JV Loan (a) (b) 6/1/2021 6/1/2024 4.4% $ — $ — $ (634) 2 Other liabilities Pier Park TPS JV Loan (c) 1/14/2021 1/14/2026 5.2% $ 14.0 $ 45 $ (436) 2 Investment in unconsolidated joint ventures (a) See Note 10. Debt, Net for additional information. (b) In April 2022, the swap was terminated resulting in a gain of $0.1 million, included in interest expense on the condensed consolidated statements of income for the three and six months ended June 30, 2022. (c) Interest rate swap was entered into by the Pier Park TPS JV, which is unconsolidated and accounted for using the equity method. The derivative asset 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 (loss) and reclassified into equity in income (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 June 30, Six Months Ended June 30, 2022 2021 2022 2021 Amount of gain (loss) recognized in other comprehensive income (loss) on derivatives $ 800 $ (94) $ 3,421 $ 243 Amount of (gain) loss reclassified into interest expense $ (49) $ 35 $ 52 $ 35 Amount of loss reclassified into equity in income (loss) from unconsolidated joint ventures $ 38 $ 47 $ 84 $ 78 As of June 30, 2022, based on current value, the Company expects to reclassify $0.4 million of 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 and six months ended June 30, 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: June 30, 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 $ 4,802 $ 4,814 1 $ 5,132 $ 5,475 1 Senior Notes held by SPE $ 177,710 $ 187,389 3 $ 177,566 $ 204,802 3 Debt Fixed-rate debt $ 123,678 $ 116,384 2 $ 129,532 $ 126,722 2 Variable-rate debt 173,521 173,521 2 97,942 97,942 2 Total debt $ 297,199 $ 289,905 $ 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 June 30, 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 $4.8 million and cash of $0.4 million. The Senior Notes held by Northwest Florida Timber Finance, LLC as of June 30, 2022 consist of $177.7 million, net of the $2.3 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 | 6 Months Ended |
Jun. 30, 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. The Point South Marina Bay Point partially reopened in the second quarter of 2022 and a portion of the Point South Marina Port St. Joe is expected to open in summer 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 and six months ended June 30, 2022, no insurance proceeds were received related to business interruption. During the three and six months ended June 30, 2021, proceeds were received related to the marinas, which are included within the cost of hospitality revenue on the condensed consolidated statements of income. During the three months ended June 30, 2022 and 2021, the Company recognized $2.5 million and $0.5 million, respectively, of gain on insurance recovery and incurred loss from hurricane damage of less than $0.1 million during each period. During the six months ended June 30, 2022 and 2021, the Company recognized $3.2 million and $1.4 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 income, net on the condensed consolidated statements of income. |
Leases
Leases | 6 Months Ended |
Jun. 30, 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 June 30, Six Months Ended June 30, 2022 2021 2022 2021 Leasing revenue Lease payments $ 7,988 $ 5,156 $ 15,367 $ 9,637 Variable lease payments 1,357 1,215 2,800 2,329 Total leasing revenue $ 9,345 $ 6,371 $ 18,167 $ 11,966 Minimum future base rental revenue on non-cancelable leases subsequent to June 30, 2022, for the years ending December 31 are: 2022 $ 12,178 2023 14,492 2024 10,512 2025 7,491 2026 5,884 Thereafter 20,156 $ 70,713 The Company as Lessee As of June 30, 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 June 30, Six Months Ended June 30, 2022 2021 2022 2021 Lease cost Finance lease cost: Amortization of right-of-use assets $ 29 $ 28 $ 59 $ 55 Interest on lease liability 4 4 8 9 Operating lease cost 92 79 194 156 Short-term lease cost 615 550 804 743 Total lease cost $ 740 $ 661 $ 1,065 $ 963 Other information Weighted-average remaining lease term - finance lease (in years) 3.2 3.9 Weighted-average remaining lease term - operating leases (in years) 3.2 3.6 Weighted-average discount rate - finance lease 4.7 % 4.5 % Weighted-average discount rate - operating leases 4.8 % 4.9 % The aggregate payments of finance and operating lease liabilities subsequent to June 30, 2022, for the years ending December 31 are: Finance Leases Operating Leases 2022 $ 66 $ 184 2023 132 329 2024 85 178 2025 49 55 2026 6 12 Thereafter — 269 Total 338 1,027 Less imputed interest (20) (183) Total lease liabilities $ 318 $ 844 |
Other Assets
Other Assets | 6 Months Ended |
Jun. 30, 2022 | |
Other Assets | |
Other Assets | 9. Other Assets Other assets consist of the following: June 30, December 31, 2022 2021 Investments - equity securities $ 510 $ 450 Accounts receivable, net 14,361 13,813 Homesite sales receivable 9,085 7,651 Notes receivable, net 3,755 12,377 Inventory 3,503 2,797 Prepaid expenses 10,334 7,175 Straight-line rent 2,661 2,489 Operating lease right-of-use assets 844 732 Other assets 11,724 5,987 Retained interest investments 10,167 13,826 Accrued interest receivable for Senior Notes held by SPE 2,938 2,938 Total other assets $ 69,882 $ 70,235 Investments - Equity Securities As of both June 30, 2022 and December 31, 2021 investments - equity securities included $0.5 million of preferred stock investments recorded at fair value. During the three and six months ended June 30, 2022, the Company recognized unrealized gain of less than $0.1 million on investments related to equity securities still held as of June 30, 2022. During the three and six months ended June 30, 2021, the Company recognized unrealized loss of $0.5 million and $1.1 million, respectively, on investments related to equity securities still held as of June 30, 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: June 30, 2022 June 30, 2021 Balance at beginning of period $ 7,651 $ 5,675 Increases due to revenue recognized for homesites sold 3,409 3,462 Decreases due to amounts received (1,975) (1,962) Balance at end of period $ 9,085 $ 7,175 Notes Receivable, Net Notes receivable, net consists of the following: June 30, 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 November 2022 through May 2023 3,295 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 72 76 Mortgage note, secured by certain real estate, bearing interest at a rate of 4.4% due November 2023 29 43 Total notes receivable, net $ 3,755 $ 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 June 30, 2022 and December 31, 2021, notes receivable were presented net of allowance for credit losses of $0.1 million. As of both June 30, 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 June 30, 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 $12.7 million to be received at the end of the installment notes’ fifteen-year maturity period, in 2022 through 2024. During the six months ended June 30, 2022, an installment note matured and the Company received $4.2 million of principal. The Company has a beneficial or retained interest investment related to these SPEs of $10.2 million and $13.8 million as of June 30, 2022 and December 31, 2021, respectively, recorded in other assets on the Company’s condensed consolidated balance sheets. |
Debt, Net
Debt, Net | 6 Months Ended |
Jun. 30, 2022 | |
Debt, Net | |
Debt, Net | 10. Debt, Net Debt consists of the following: Maturity Date Interest Rate Terms Effective Rate June 30, 2022 June 30, 2022 December 31, 2022 Watersound Origins Crossings JV Loan May 2024 SOFR plus 2.8 , floor 3.3% (a) 4.3 % $ 44,015 $ 37,897 PPN JV Loan November 2025 Fixed 4.1 % 43,074 43,582 PPC JV Loan (insured by HUD) June 2060 Fixed 3.1 % 35,427 35,670 Pier Park Resort Hotel JV Loan April 2027 LIBOR plus 2.2% 3.9 % 29,683 14,650 PPC II JV Loan (insured by HUD) (b) May 2057 Fixed 2.7 % 22,823 17,374 Watercrest JV Loan June 2047 LIBOR plus 2.2% (c) 4.0 % 21,263 20,053 Breakfast Point Hotel Loan November 2042 LIBOR plus 2.8% , floor 3.8% 4.5 % 16,413 11,843 Airport Hotel Loan March 2025 LIBOR plus 2.0% , floor 3.0% 3.8 % 14,642 14,642 Watersound Camp Creek Loan December 2047 LIBOR plus 2.1% , floor 2.6% 3.9 % 13,131 3,437 Lodge 30A JV Loan January 2028 Fixed 3.8 % 12,034 7,474 North Bay Landing Apartments Loan September 2024 LIBOR plus 2.5% , floor 3.2% 4.2 % 10,940 1,342 Watersound Town Center Grocery Loan August 2031 LIBOR plus 2.0% , floor 2.2% 3.7 % 7,840 620 Mexico Beach Crossings JV Loan (insured by HUD) March 2064 Fixed 3.0 % 6,063 — Beckrich Building III Loan August 2029 LIBOR plus 1.7% 3.5 % 5,075 5,188 Self-Storage Facility Loan November 2025 LIBOR plus 2.4% , floor 2.9% 4.1 % 4,666 4,666 Community Development District debt May 2023-May 2039 Fixed 3.6 to 6.0 % 4,257 4,909 Hotel Indigo Loan October 2028 SOFR plus 2.7% , floor 2.7% 4.2 % 1,832 — Beach Homes Loan May 2029 LIBOR plus 1.7% 3.5 % 1,465 1,492 Pier Park Outparcel Loan March 2027 LIBOR plus 1.7% 3.5 % 1,328 1,370 WaterColor Crossings Loan February 2029 LIBOR plus 1.7% 3.5 % 1,228 1,265 Total principal outstanding 297,199 227,474 Unamortized discount and debt issuance costs (5,728) (4,440) Total debt, net $ 291,471 $ 223,034 (a) In January 2022, the Watersound Origins Crossings JV Loan interest rate was modified from a fixed rate of 5.0% . (b) In April 2022, the PPC II JV Loan was amended from a rate of LIBOR plus 2.1% and maturity date of October 2024. (c) As of December 31, 2021, the interest rate was swapped to a fixed rate of 4.4% on the notional amount of related debt of $20.0 million. The interest rate swap was terminated in April 2022. See Note 6. Financial Instruments and Fair Value Measurements for additional information. In 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 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 loan is secured by the real property, assignment of rents and the security interest in the rents and personal property. In connection with the 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’s liability was reduced to 25% of the outstanding principal amount in May 2022, 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 June 30, 2022, the Company incurred less than $0.1 million of additional loan cost due to the loan modification. In 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 loan provides for principal and interest payments with a final balloon payment at maturity in November 2025. In 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 loan provides for monthly principal and interest payments through maturity in June 2060. The 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 loan is secured by the Pier Park Crossings JV’s real property and the assignment of rents and leases. 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 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 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 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 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 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. In April 2022, the Pier Park Crossings Phase II JV entered into an amendment of the PPC II JV Loan that increased the principal amount of the loan, which had a balance of $17.3 million at the time of the amendment, to $22.9 million, fixed the interest rate to 2.7% and provides for monthly payments of principal and interest through maturity in May 2057. The amended loan terms include a prepayment premium due to the lender of 1% - 10% for any principal that is prepaid through May 31, 2032. The amended loan is insured by HUD and is secured by the real property, assignment of rents and leases and the security interest in the rents, leases and personal property. As of June 30, 2022, the Company incurred $0.2 million of additional loan cost. As a result of the amendment, the three and six months ended June 30, 2022 include a $0.1 million loss on early extinguishment of debt related to unamortized debt issuance costs, included within other income, net on the condensed consolidated statements of income. In 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 loan provides for interest only payments for the first thirty-six months and principal and interest payments thereafter through maturity in June 2047. The 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 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%. In April 2022, the swap was terminated resulting in a gain of $0.1 million, included in interest expense on the condensed consolidated statements of income for the three and six months ended June 30, 2022. See Note 6. Financial Instruments and Fair Value Measurements 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 loan provides for interest only payments for the first twenty-four months and principal and interest payments thereafter through maturity in November 2042. The loan is secured by the real property, assignment of rents and the security interest in the rents and personal property. In connection with the 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 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 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 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 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 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 loan provides for interest only payments for the first eighteen months and principal and interest payments thereafter through maturity in December 2047. The loan is secured by the real property, assignment of rents and the security interest in the rents and personal property. In connection with the 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 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 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 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 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 loan provides for interest only payments and a principal balloon payment at maturity in September 2024. The 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 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 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 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 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 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 loan is secured by the real property, assignment of rents and the security interest in the rents and personal property. In connection with the 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 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 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 loan provides for interest only payments for the first twenty-seven months and principal and interest payments thereafter through maturity in March 2064. The 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 loan is secured by the Mexico Beach Crossings JV’s real property and the assignment of rents and leases. In 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 loan provides for monthly principal and interest payments with a final balloon payment at maturity in August 2029. The 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 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. 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 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 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 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 loan shall not exceed $2.9 million, plus any additional fees, upon reaching and maintaining certain debt service coverage. 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 $13.2 million and $14.1 million as of June 30, 2022 and December 31, 2021, respectively. The Company pays interest on this total outstanding CDD debt. 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 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 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. In June 2022, the loan was amended to revise the interest rate to SOFR plus 2.7%, with a floor of 2.7%, through October 2023 and SOFR plus 2.5%, with a floor of 2.5%, from November 2023 through maturity. The 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 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. In 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 loan provides for monthly principal and interest payments with a final balloon payment at maturity in May 2029. The loan is secured by the real property, assignment of rents and the security interest in the rents and personal property. In connection with the 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 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 loan provides for monthly principal and interest payments with a final balloon payment at maturity in March 2027. The loan is secured by the real property, assignment of rents and the security interest in the rents and personal property. In 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 loan provides for monthly principal and interest payments with a final balloon payment at maturity in February 2029. The loan is secured by the real property, assignment of rents and the security interest in the rents and personal property. In connection with the 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. The Company’s financing agreements are subject to various customary debt covenants and as of both June 30, 2022 and December 31, 2021, the Company was in compliance with the financial debt covenants. As of June 30, 2022, assets that were pledged as collateral related to the Company’s debt agreements The aggregate maturities of debt subsequent to June 30, 2022, for the years ending December 31 are: 2022 $ 1,459 2023 5,451 2024 61,624 2025 64,225 2026 5,399 Thereafter 159,041 $ 297,199 |
Other Liabilities
Other Liabilities | 6 Months Ended |
Jun. 30, 2022 | |
Other Liabilities | |
Other Liabilities | 11. Other Liabilities Other liabilities consist of the following: June 30, December 31, 2022 2021 Accounts payable $ 60,232 $ 48,597 Income tax payable 4,376 681 Finance lease liabilities 318 380 Operating lease liabilities 844 732 Accrued compensation 3,468 4,877 Other accrued liabilities 5,977 4,126 Club membership deposits 3,496 3,602 Advance deposits 4,782 2,140 Accrued interest expense for Senior Notes held by SPE 2,850 2,850 Total other liabilities $ 86,343 $ 67,985 Accounts payable as of June 30, 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 $3.0 million and $0.2 million of accrued property taxes as of June 30, 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 | 6 Months Ended |
Jun. 30, 2022 | |
Deferred Revenue | |
Deferred Revenue | 12. Deferred Revenue As of June 30, 2022 and December 31, 2021, deferred revenue includes club initiation fees of $24.7 million and $22.9 million, respectively, and other deferred revenue of $14.3 million and $13.4 million, 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: June 30, 2022 June 30, 2021 Balance at beginning of period $ 22,850 $ 10,716 New club memberships 5,150 7,478 Revenue from amounts included in contract liability opening balance (3,082) (1,612) Revenue from current period new memberships (229) (368) Balance at end of period $ 24,689 $ 16,214 Remaining performance obligations represent contracted revenue that has not been recognized related to club initiation fees. As of June 30, 2022, remaining performance obligations were $24.7 million, of which the Company expects to recognize as revenue $2.9 million in 2022 2023 through 2024 2025 through 2026 Other deferred revenue as of both June 30, 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 | 6 Months Ended |
Jun. 30, 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 June 30, 2022 and 2021 to pre-tax income as a result of the following: Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Tax at the federal statutory rate $ 4,827 $ 6,704 $ 8,596 $ 7,596 State income taxes (net of federal benefit) 1,117 1,124 1,904 1,274 Tax credits — (93) — (93) Other 1 (36) (20) (26) Total income tax expense $ 5,945 $ 7,699 $ 10,480 $ 8,751 As of June 30, 2022 and December 31, 2021, the Company had income tax payable of $4.4 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 June 30, 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 June 30, 2022 or December 31, 2021. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 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 (490) 2,788 2,298 Amounts reclassified from accumulated other comprehensive income — 102 102 Other comprehensive (loss) income (490) 2,890 2,400 Less: Other comprehensive income attributable to non-controlling interest — (927) (927) Accumulated other comprehensive (loss) income as of June 30, 2022 $ (497) $ 1,581 $ 1,084 Following is a summary of the tax effects allocated to other comprehensive income (loss): Three Months Ended June 30, 2022 Before- Tax Benefit or Net-of- Tax Amount (Expense) Tax Amount Unrealized loss on available-for-sale investments $ (334) $ 85 $ (249) Interest rate swap 805 (143) 662 Interest rate swap - unconsolidated affiliate (5) 1 (4) Reclassification adjustment for net gain included in earnings (11) 1 (10) Net unrealized gain 455 (56) 399 Other comprehensive income $ 455 $ (56) $ 399 Three Months Ended June 30, 2021 Before- Tax Benefit or Net-of- Tax Amount (Expense) Tax Amount Unrealized loss on available-for-sale investments $ (3) $ 1 $ (2) Interest rate swap (48) 12 (36) Interest rate swap - unconsolidated affiliate (46) 12 (34) Reclassification adjustment for net loss included in earnings 82 (21) 61 Net unrealized loss (15) 4 (11) Other comprehensive loss $ (15) $ 4 $ (11) Six Months Ended June 30, 2022 Before- Tax Benefit Net-of- Tax Amount (Expense) Tax Amount Unrealized loss on available-for-sale investments $ (656) $ 166 $ (490) Interest rate swaps 3,113 (555) 2,558 Interest rate swap - unconsolidated joint venture 308 (78) 230 Reclassification adjustment for net gain included in earnings 136 (34) 102 Net unrealized gain 2,901 (501) 2,400 Other comprehensive income $ 2,901 $ (501) $ 2,400 Six Months Ended June 30, 2021 Before- Tax Benefit Net-of- Tax Amount (Expense) Tax Amount Unrealized loss on available-for-sale investments $ (5) $ 1 $ (4) Interest rate swaps 109 (27) 82 Interest rate swap - unconsolidated joint venture 134 (34) 100 Reclassification adjustment for net loss included in earnings 98 (25) 73 Net unrealized gain 336 (85) 251 Other comprehensive income $ 336 $ (85) $ 251 |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2022 | |
Stockholders' Equity | |
Stockholders' Equity | 15. Stockholders’ Equity Dividends During the three months ended June 30, 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. During the six months ended June 30, 2022 and 2021, the Company paid cash dividends of $0.20 and $0.16, respectively, per share on the Company’s common stock for a total of $11.8 million and $9.4 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 six months ended June 30, 2022, the Company repurchased 4,760 shares of its common stock outstanding at an average purchase price of $37.83, per share for an aggregate purchase price of $0.2 million. During the six months ended June 30, 2021, the Company did not repurchase shares of its common stock outstanding. As of June 30, 2022, the Company had a total authority of $99.8 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 On April 8, 2022, the Company granted 4,361 restricted stock awards to an employee pursuant to the 2015 Plan. The restricted shares will vest in January 2030, subject to the recipient’s continued employment through and on the applicable vesting date. The weighted average grant date fair value of the restricted shares during the six months ended June 30, 2022 was $55.73. 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. During each the three and six months ended June 30, 2022, the Company recorded expense of $0.1 million related to restricted stock awards. During the three and six months ended June 30, 2021, the Company did not have expense related to restricted stock awards. During the three and six months ended June 30, 2022 and 2021, there were no restricted shares vested or forfeited. As of June 30, 2022, there was $1.3 million of unrecognized compensation cost, related to non-vested restricted shares which will be recognized over a weighted average period of 3.6 years. |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jun. 30, 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 June 30, 2022 Residential Hospitality Commercial Other Total Revenue by Major Good/Service: Real estate revenue $ 23,005 $ — $ 4,499 $ 523 $ 28,027 Hospitality revenue — 29,322 234 — 29,556 Leasing revenue 5 48 9,269 23 9,345 Timber revenue — — 1,322 — 1,322 Total revenue $ 23,010 $ 29,370 $ 15,324 $ 546 $ 68,250 Timing of Revenue Recognition: Recognized at a point in time $ 23,005 $ 22,076 $ 6,055 $ 523 $ 51,659 Recognized over time — 7,246 — — 7,246 Over lease term 5 48 9,269 23 9,345 Total revenue $ 23,010 $ 29,370 $ 15,324 $ 546 $ 68,250 Three Months Ended June 30, 2021 Residential Hospitality Commercial Other Total Revenue by Major Good/Service: Real estate revenue $ 32,528 $ — $ 8,176 $ 359 $ 41,063 Hospitality revenue — 22,451 176 — 22,627 Leasing revenue 44 12 6,296 19 6,371 Timber revenue — — 2,178 — 2,178 Total revenue $ 32,572 $ 22,463 $ 16,826 $ 378 $ 72,239 Timing of Revenue Recognition: Recognized at a point in time $ 32,528 $ 17,741 $ 10,530 $ 359 $ 61,158 Recognized over time — 4,710 — — 4,710 Over lease term 44 12 6,296 19 6,371 Total revenue $ 32,572 $ 22,463 $ 16,826 $ 378 $ 72,239 Six Months Ended June 30, 2022 Residential Hospitality Commercial Other Total Revenue by Major Good/Service: Real estate revenue $ 55,679 $ — $ 8,117 $ 1,005 $ 64,801 Hospitality revenue — 45,548 329 — 45,877 Leasing revenue 46 59 17,999 63 18,167 Timber revenue — — 4,276 — 4,276 Total revenue $ 55,725 $ 45,607 $ 30,721 $ 1,068 $ 133,121 Timing of Revenue Recognition: Recognized at a point in time $ 55,679 $ 31,991 $ 12,722 $ 1,005 $ 101,397 Recognized over time — 13,557 — — 13,557 Over lease term 46 59 17,999 63 18,167 Total revenue $ 55,725 $ 45,607 $ 30,721 $ 1,068 $ 133,121 Six Months Ended June 30, 2021 Residential Hospitality Commercial Other Total Revenue by Major Good/Service: Real estate revenue $ 53,067 $ — $ 8,211 $ 838 $ 62,116 Hospitality revenue — 35,437 257 — 35,694 Leasing revenue 85 20 11,843 18 11,966 Timber revenue — — 3,769 — 3,769 Total revenue $ 53,152 $ 35,457 $ 24,080 $ 856 $ 113,545 Timing of Revenue Recognition: Recognized at a point in time $ 53,067 $ 26,882 $ 12,237 $ 838 $ 93,024 Recognized over time — 8,555 — — 8,555 Over lease term 85 20 11,843 18 11,966 Total revenue $ 53,152 $ 35,457 $ 24,080 $ 856 $ 113,545 |
Other Income, Net
Other Income, Net | 6 Months Ended |
Jun. 30, 2022 | |
Other Income, Net | |
Other Income, Net | 17. Other Income, Net Other income (expense), net consists of the following: Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Investment income, net Interest, dividend and accretion income $ 277 $ 27 $ 377 $ 51 Net realized gain on the sale of investments — — — 17 Unrealized gain (loss) on investments, net 35 (960) 60 (2,010) Interest income from investments in SPEs 2,003 2,029 4,006 4,072 Interest earned on notes receivable and other interest 181 191 353 352 Total investment income, net 2,496 1,287 4,796 2,482 Interest expense Interest expense and amortization of discount and issuance costs for Senior Notes issued by SPE (2,210) (2,206) (4,419) (4,412) Other interest expense (1,861) (1,648) (3,805) (3,113) Total interest expense (4,071) (3,854) (8,224) (7,525) Gain on contributions to unconsolidated joint ventures 89 3,169 571 3,290 Other income (expense), net Accretion income from retained interest investments 433 376 851 737 Gain on insurance recovery 2,587 518 3,311 1,384 Loss from hurricane damage (12) (8) (44) (15) Miscellaneous income (expense), net 1,277 86 (201) 160 Other income, net 4,285 972 3,917 2,266 Total other income, net $ 2,799 $ 1,574 $ 1,060 $ 513 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 June 30, 2022 and 2021, the Company capitalized $0.5 million and $0.3 million, respectively, in interest related to projects under development or construction. During the six months ended June 30, 2022 and 2021, the Company capitalized $0.8 million and $0.7 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 T he three and six months ended June 30, 2022, include a gain of $0.1 million on contributed to the Company’s unconsolidated Latitude Margaritaville Watersound JV. he three and six months ended June 30, 2021, also include a gain of $0.1 million and $0.2 million, respectively, on contributed to the Company’s unconsolidated Latitude Margaritaville Watersound JV Joint Ventures Other Income, Net Other 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 4.3% to 12.5%. During the three and six months ended June 30, 2022, the Company had a gain on insurance recovery of $2.5 million and $3.2 million, respectively, and incurred loss from hurricane damage of less than $0.1 million, during each period, related to Hurricane Michael. During the three and six months ended June 30, 2021, the Company had a gain on insurance recovery of $0.5 million and $1.4 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 | 6 Months Ended |
Jun. 30, 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 income (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 Six Months Ended June 30, June 30, 2022 2021 2022 2021 Operating revenue: Residential $ 23,010 $ 32,572 $ 55,725 $ 53,152 Hospitality 29,370 22,463 45,607 35,457 Commercial 15,324 16,826 30,721 24,080 Other 546 378 1,068 856 Consolidated operating revenue $ 68,250 $ 72,239 $ 133,121 $ 113,545 Income (loss) before equity in income (loss) from unconsolidated joint ventures and income taxes: Residential $ 10,412 $ 19,485 $ 27,600 $ 28,197 Hospitality 5,746 5,421 4,783 5,705 Commercial (a) (b) 4,828 10,345 9,541 10,244 Other (c) 618 (2,927) (1,835) (7,344) Consolidated income before equity in income (loss) from unconsolidated joint ventures and income taxes $ 21,604 $ 32,324 $ 40,089 $ 36,802 (a) The six months ended June 30, 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 Income, Net for additional information . (b) The three and six months ended June 30, 2021, includes a gain of $3.1 million on land contributed to the Watersound Fountains Independent Living JV. See Note 4. Joint Ventures and Note 17. Other Income, Net for additional information. (c) Includes gain on insurance recovery of $2.5 million and $0.5 million during the three months ended June 30, 2022 and 2021, respectively, and gain on insurance recovery of $3.2 million and $1.4 million during the six months ended June 30, 2022 and 2021, respectively, related to Hurricane Michael. See Note 7. Hurricane Michael for additional information. June 30, December 31, 2022 2021 Total assets: Residential $ 198,573 $ 192,290 Hospitality 323,330 256,751 Commercial 430,995 378,118 Other 366,927 380,992 Total assets $ 1,319,825 $ 1,208,151 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 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 June 30, 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 June 30, 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 June 30, 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 $36.8 million and $36.9 million, respectively, as well as standby letters of credit in the amount of $23.6 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 June 30, 2022, the Company had a total of $185.0 million in construction and development related contractual obligations, of which a significant portion will be funded through committed or new financing arrangements. In 2019, the Company’s unconsolidated Pier Park TPS JV, entered into a $14.4 million loan (the “Pier Park TPS JV Loan”). The 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 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 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 June 30, 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 loan bears interest at LIBOR plus 2.5%, with a floor of 3.3%. The loan provides for monthly interest payments with a final balloon payment at maturity in November 2023 and 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 loan bears interest at LIBOR plus 2.0%, with a floor of 2.5%. The 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 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 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 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 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 June 30, 2022 and December 31, 2021, $11.4 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 June 30, 2022 and December 31, 2021. As of both June 30, 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 | 6 Months Ended |
Jun. 30, 2022 | |
Subsequent Event | |
Subsequent Event | 20. Subsequent Event On July 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) | 6 Months Ended |
Jun. 30, 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 six months ended June 30, 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. Throughout the first half of 2022, the Company continued to generate positive financial results, with revenue exceeding the first six months of 2021 across each segment. While macro-economic factors such as the COVID-19 pandemic, geopolitical conflicts, inflation, supply chain disruptions and rising interest rates have created economic headwinds and impacted buyer sentiment, demand across the Company’s segments remains strong. The Company believes this is primarily the result of the continued growth in Northwest Florida, which we attribute to the region’s high quality of life, natural beauty and outstanding amenities, as well as the evolving flexibility in the workplace. Despite the strong demand across the Company’s segments, the Company also continues to feel the impact from the aforementioned macro-economic factors, including supply chain disruptions and cost increases, which, for example, have extended homesite and home deliveries in certain residential communities and increased operating costs. However, these delays generally have not resulted in increased cancellation rates, and therefore only impact the timing of revenue recognition. In addition, given the diverse portfolio of residential holdings, the mix of sales from different communities may impact revenue and margins period over period. Across the segment, residential backlog continues to grow with a record number of homesites and homes under contract, and demand continues to exceed supply. For further discussion of the potential impacts on our business from the COVID-19 pandemic and other macro-economic factors, see Part IA, Risk Factors 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 June 30, 2022, these balances exceeded the amount of F.D.I.C. insurance provided on such deposits. In addition, as of June 30, 2022 the Company had $3.2 million invested in U.S. Treasury Money Market Funds, $113.8 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 and six months ended June 30, 2022, the Company had unvested shares of restricted stock of 4,361 and 29,955, respectively. As of June 30, 2021, there were no outstanding common stock equivalents. For the three and six months ended June 30, 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 are as follows: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (Dollars in thousands except per share amounts) Income Net income attributable to the Company $ 17,039 $ 24,224 $ 30,451 $ 27,420 Shares Weighted average shares outstanding - basic 58,882,392 58,882,549 58,882,470 58,882,549 Incremental shares from restricted stock 5,048 — 2,576 — Weighted average shares outstanding - diluted 58,887,440 58,882,549 58,885,046 58,882,549 Net income per share attributable to the Company Basic income per share $ 0.29 $ 0.41 $ 0.52 $ 0.47 Diluted income per share $ 0.29 $ 0.41 $ 0.52 $ 0.47 |
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) Debt, Net . |
Summary of Significant Accounti
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Significant Accounting Policies | |
Schedule of computation of basic and diluted earnings per share | Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (Dollars in thousands except per share amounts) Income Net income attributable to the Company $ 17,039 $ 24,224 $ 30,451 $ 27,420 Shares Weighted average shares outstanding - basic 58,882,392 58,882,549 58,882,470 58,882,549 Incremental shares from restricted stock 5,048 — 2,576 — Weighted average shares outstanding - diluted 58,887,440 58,882,549 58,885,046 58,882,549 Net income per share attributable to the Company Basic income per share $ 0.29 $ 0.41 $ 0.52 $ 0.47 Diluted income per share $ 0.29 $ 0.41 $ 0.52 $ 0.47 |
Investment in Real Estate (Tabl
Investment in Real Estate (Table) | 6 Months Ended |
Jun. 30, 2022 | |
Investment in Real Estate | |
Schedule of real estate, excluding unconsolidated JVs, by property type and segment | June 30, December 31, 2022 2021 Development property: Residential $ 136,917 $ 122,404 Hospitality 172,584 137,089 Commercial 129,924 85,931 Other 3,296 3,232 Total development property 442,721 348,656 Operating property: Residential 7,854 7,854 Hospitality 156,218 124,449 Commercial 306,196 296,193 Other 127 127 Total operating property 470,395 428,623 Less: Accumulated depreciation 93,498 87,166 Total operating property, net 376,897 341,457 Investment in real estate, net $ 819,618 $ 690,113 |
Joint Ventures (Tables)
Joint Ventures (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Joint Ventures | |
Schedule of financial information of unconsolidated joint ventures | June 30, December 31, 2022 2021 Investment in unconsolidated joint ventures Latitude Margaritaville Watersound JV $ 30,627 $ 30,040 Sea Sound JV 10,413 10,333 Watersound Fountains Independent Living JV 7,508 7,508 Pier Park TPS JV 2,306 1,961 Busy Bee JV 2,028 1,621 Electric Cart Watersound JV (a) 665 — Watersound Management JV 539 564 Total investment in unconsolidated joint ventures $ 54,086 $ 52,027 Outstanding debt of unconsolidated JVs Latitude Margaritaville Watersound JV (b) (c) $ 19,658 $ 7,147 Sea Sound JV 38,742 35,047 Watersound Fountains Independent Living JV (c) 11,379 66 Pier Park TPS JV (c) 13,974 14,124 Busy Bee JV 6,164 6,317 Total outstanding debt of unconsolidated JVs $ 89,917 $ 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 income (loss) from unconsolidated JVs: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Equity in income (loss) from unconsolidated joint ventures Latitude Margaritaville Watersound JV $ 945 $ (959) $ 322 $ (1,601) Sea Sound JV 97 (31) 80 (33) Pier Park TPS JV 178 419 103 372 Busy Bee JV 210 (31) 407 191 Electric Cart Watersound JV (a) (19) — (19) — Watersound Management JV 19 1 41 1 Total equity in income (loss) from unconsolidated joint ventures $ 1,430 $ (601) $ 934 $ (1,070) (a) JV was formed in February 2022. Summarized balance sheets for the Company’s unconsolidated JVs are as follows: June 30, 2022 Latitude Margaritaville Watersound JV Sea Sound 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 $ 98,131 (a) $ 53,695 $ 29,944 $ 15,829 $ 7,776 $ 1,469 $ — $ 206,844 Cash and cash equivalents 8,053 2,709 160 2,403 947 598 69 14,939 Other assets 2,145 193 10 485 2,098 15 19 4,965 Total assets $ 108,329 $ 56,597 $ 30,114 $ 18,717 $ 10,821 $ 2,082 $ 88 $ 226,748 LIABILITIES AND EQUITY Debt, net $ 19,417 $ 38,627 $ 10,747 $ 13,685 $ 6,114 $ — $ — $ 88,590 Other liabilities 62,953 579 5,411 431 659 854 — 70,887 Equity 25,959 17,391 13,956 4,601 4,048 1,228 88 67,271 Total liabilities and equity $ 108,329 $ 56,597 $ 30,114 $ 18,717 $ 10,821 $ 2,082 $ 88 $ 226,748 (a) Investment in real estate includes the land contributed to the Latitude Margaritaville Watersound JV at the Company’s historical cost basis and additional completed infrastructure improvements. December 31, 2021 Latitude Margaritaville Watersound JV Sea Sound 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) Investment in real estate includes the land contributed to the Latitude Margaritaville Watersound JV at the Company’s historical cost basis and additional completed infrastructure improvements. (b) JV was formed in February 2022. Summarized statements of operations for the Company’s unconsolidated JVs are as follows: Three Months Ended June 30, 2022 Latitude Margaritaville Watersound JV Sea Sound JV Watersound Fountains Independent Living JV (a) Pier Park TPS JV Busy Bee JV Electric Cart Watersound JV Watersound Management JV Total Total revenue $ 24,605 $ 1,543 $ — $ 1,788 $ 5,678 $ — $ 292 $ 33,906 Expenses: Cost of revenue 19,814 476 — 783 4,782 — 254 26,109 Other operating expenses 2,806 74 — 99 570 39 — 3,588 Depreciation and amortization 94 482 — 363 115 — — 1,054 Total expenses 22,714 1,032 — 1,245 5,467 39 254 30,751 Operating income (loss) 1,891 511 — 543 211 (39) 38 3,155 Other (expense) income: Interest expense (111) (349) — (190) (46) — — (696) Other income, net — — — 3 304 — — 307 Total other (expense) income (111) (349) — (187) 258 — — (389) Net income (loss) $ 1,780 $ 162 $ — $ 356 $ 469 $ (39) $ 38 $ 2,766 (a) The project is under construction with no income or loss for the three months ended June 30, 2022. Three Months Ended June 30, 2021 Latitude Margaritaville Watersound JV Sea Sound JV Watersound Fountains Independent Living JV (a) Pier Park TPS JV Busy Bee JV Electric Cart Watersound JV (b) Watersound Management JV Total Total revenue $ — $ 21 $ — $ 2,284 $ 4,806 $ — $ 62 $ 7,173 Expenses: Cost of revenue — — — 816 3,779 — 60 4,655 Other operating expenses 1,738 68 — 79 555 — — 2,440 Depreciation and amortization 60 — — 358 116 — — 534 Total expenses 1,798 68 — 1,253 4,450 — 60 7,629 Operating (loss) income (1,798) (47) — 1,031 356 — 2 (456) Other (expense) income: Interest expense (40) — — (193) (44) — — (277) Other expense, net — — — — (218) — — (218) Total other expense (40) — — (193) (262) — — (495) Net (loss) income $ (1,838) $ (47) $ — $ 838 $ 94 $ — $ 2 $ (951) (a) The project was under construction with no income or loss for the three months ended June 30, 2021. (b) The JV was formed in February 2022. Six Months Ended June 30, 2022 Latitude Margaritaville Watersound JV Sea Sound JV Watersound Fountains Independent Living JV (a) Pier Park TPS JV Busy Bee JV Electric Cart Watersound JV Watersound Management JV Total Total revenue $ 31,745 $ 2,697 $ — $ 2,912 $ 9,382 $ — $ 544 $ 47,280 Expenses: Cost of revenue 25,540 909 — 1,415 7,928 — 462 36,254 Other operating expenses 5,387 161 — 192 1,006 39 — 6,785 Depreciation and amortization 150 833 — 725 230 — — 1,938 Total expenses 31,077 1,903 — 2,332 9,164 39 462 44,977 Operating income (loss) 668 794 — 580 218 (39) 82 2,303 Other (expense) income: Interest expense (111) (661) — (377) (91) — — (1,240) Other income, net — — — 4 702 — — 706 Total other (expense) income (111) (661) — (373) 611 — — (534) Net income (loss) $ 557 $ 133 $ — $ 207 $ 829 $ (39) $ 82 $ 1,769 (a) The project is under construction with no income or loss for the six months ended June 30, 2022. Six Months Ended June 30, 2021 Latitude Margaritaville Watersound JV Sea Sound JV Watersound Fountains Independent Living JV (a) Pier Park TPS JV Busy Bee JV Electric Cart Watersound JV (b) Watersound Management JV Total Total revenue $ — $ 21 $ — $ 3,221 $ 7,598 $ — $ 62 $ 10,902 Expenses: Cost of revenue — — — 1,251 6,026 — 60 7,337 Other operating expenses 2,937 71 — 157 1,017 — — 4,182 Depreciation and amortization 60 — — 717 231 — — 1,008 Total expenses 2,997 71 — 2,125 7,274 — 60 12,527 Operating (loss) income (2,997) (50) — 1,096 324 — 2 (1,625) Other (expense) income: Interest expense (80) — — (351) (97) — — (528) Other income, net — — — — 256 — — 256 Total other (expense) income (80) — — (351) 159 — — (272) Net (loss) income $ (3,077) $ (50) $ — $ 745 $ 483 $ — $ 2 $ (1,897) (a) The project was under construction with no income or loss for the six months ended June 30, 2021. (b) The JV was formed in February 2022. |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Investments | |
Schedule of Investments | June 30, 2022 Gross Unrealized Gross Unrealized Amortized Cost Gains (Losses) Fair Value Investments - debt securities: U.S. Treasury Bills $ 114,443 $ — $ (666) $ 113,777 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 | June 30, 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 $ 113,777 $ 666 $ — $ — $ 43,959 $ 11 $ — $ — |
Schedule of Contractual Maturities of Investments | June 30, 2022 Amortized Cost Fair Value Due in one year or less $ 114,443 $ 113,777 |
Financial Instruments and Fai_2
Financial Instruments and Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Financial Instruments and Fair Value Measurements | |
Schedule of financial instruments measured at fair value on recurring basis | June 30, 2022 Total Fair Level 1 Level 2 Level 3 Value Cash equivalents: Money market funds $ 3,240 $ — $ — $ 3,240 3,240 — — 3,240 Investments - debt securities: U.S. Treasury Bills 113,777 — — 113,777 113,777 — — 113,777 Investments - equity securities: Preferred stock — 510 — 510 — 510 — 510 $ 117,017 $ 510 $ — $ 117,527 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 June 30, 2022 June 30, 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 $ 3,090 $ 558 2 Other assets Watercrest JV Loan (a) (b) 6/1/2021 6/1/2024 4.4% $ — $ — $ (634) 2 Other liabilities Pier Park TPS JV Loan (c) 1/14/2021 1/14/2026 5.2% $ 14.0 $ 45 $ (436) 2 Investment in unconsolidated joint ventures (a) See Note 10. Debt, Net for additional information. (b) In April 2022, the swap was terminated resulting in a gain of $0.1 million, included in interest expense on the condensed consolidated statements of income for the three and six months ended June 30, 2022. (c) Interest rate swap was entered into by the Pier Park TPS JV, which is unconsolidated and accounted for using the equity method. The derivative asset 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 (loss) and reclassified into equity in income (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 June 30, Six Months Ended June 30, 2022 2021 2022 2021 Amount of gain (loss) recognized in other comprehensive income (loss) on derivatives $ 800 $ (94) $ 3,421 $ 243 Amount of (gain) loss reclassified into interest expense $ (49) $ 35 $ 52 $ 35 Amount of loss reclassified into equity in income (loss) from unconsolidated joint ventures $ 38 $ 47 $ 84 $ 78 |
Schedule of carrying amount and estimated fair value of financial instruments measured on nonrecurring basis | June 30, 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 $ 4,802 $ 4,814 1 $ 5,132 $ 5,475 1 Senior Notes held by SPE $ 177,710 $ 187,389 3 $ 177,566 $ 204,802 3 Debt Fixed-rate debt $ 123,678 $ 116,384 2 $ 129,532 $ 126,722 2 Variable-rate debt 173,521 173,521 2 97,942 97,942 2 Total debt $ 297,199 $ 289,905 $ 227,474 $ 224,664 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Leases | |
Schedule of components of leasing revenue | Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Leasing revenue Lease payments $ 7,988 $ 5,156 $ 15,367 $ 9,637 Variable lease payments 1,357 1,215 2,800 2,329 Total leasing revenue $ 9,345 $ 6,371 $ 18,167 $ 11,966 |
Schedule of minimum future base rental revenue | 2022 $ 12,178 2023 14,492 2024 10,512 2025 7,491 2026 5,884 Thereafter 20,156 $ 70,713 |
Schedule of lease cost | Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Lease cost Finance lease cost: Amortization of right-of-use assets $ 29 $ 28 $ 59 $ 55 Interest on lease liability 4 4 8 9 Operating lease cost 92 79 194 156 Short-term lease cost 615 550 804 743 Total lease cost $ 740 $ 661 $ 1,065 $ 963 Other information Weighted-average remaining lease term - finance lease (in years) 3.2 3.9 Weighted-average remaining lease term - operating leases (in years) 3.2 3.6 Weighted-average discount rate - finance lease 4.7 % 4.5 % Weighted-average discount rate - operating leases 4.8 % 4.9 % |
Schedule of aggregate payments of finance lease liability | The aggregate payments of finance and operating lease liabilities subsequent to June 30, 2022, for the years ending December 31 are: Finance Leases Operating Leases 2022 $ 66 $ 184 2023 132 329 2024 85 178 2025 49 55 2026 6 12 Thereafter — 269 Total 338 1,027 Less imputed interest (20) (183) Total lease liabilities $ 318 $ 844 |
Schedule of aggregate payments of operating lease liabilities | Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Lease cost Finance lease cost: Amortization of right-of-use assets $ 29 $ 28 $ 59 $ 55 Interest on lease liability 4 4 8 9 Operating lease cost 92 79 194 156 Short-term lease cost 615 550 804 743 Total lease cost $ 740 $ 661 $ 1,065 $ 963 Other information Weighted-average remaining lease term - finance lease (in years) 3.2 3.9 Weighted-average remaining lease term - operating leases (in years) 3.2 3.6 Weighted-average discount rate - finance lease 4.7 % 4.5 % Weighted-average discount rate - operating leases 4.8 % 4.9 % The aggregate payments of finance and operating lease liabilities subsequent to June 30, 2022, for the years ending December 31 are: Finance Leases Operating Leases 2022 $ 66 $ 184 2023 132 329 2024 85 178 2025 49 55 2026 6 12 Thereafter — 269 Total 338 1,027 Less imputed interest (20) (183) Total lease liabilities $ 318 $ 844 |
Other Assets (Tables)
Other Assets (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Other Assets | |
Schedule of Other Assets | June 30, December 31, 2022 2021 Investments - equity securities $ 510 $ 450 Accounts receivable, net 14,361 13,813 Homesite sales receivable 9,085 7,651 Notes receivable, net 3,755 12,377 Inventory 3,503 2,797 Prepaid expenses 10,334 7,175 Straight-line rent 2,661 2,489 Operating lease right-of-use assets 844 732 Other assets 11,724 5,987 Retained interest investments 10,167 13,826 Accrued interest receivable for Senior Notes held by SPE 2,938 2,938 Total other assets $ 69,882 $ 70,235 |
Schedule of Lot Sales Receivable | June 30, 2022 June 30, 2021 Balance at beginning of period $ 7,651 $ 5,675 Increases due to revenue recognized for homesites sold 3,409 3,462 Decreases due to amounts received (1,975) (1,962) Balance at end of period $ 9,085 $ 7,175 |
Schedule of Notes Receivable, Net | June 30, 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 November 2022 through May 2023 3,295 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 72 76 Mortgage note, secured by certain real estate, bearing interest at a rate of 4.4% due November 2023 29 43 Total notes receivable, net $ 3,755 $ 12,377 |
Debt, Net (Tables)
Debt, Net (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Debt, Net | |
Schedule of Debt | Maturity Date Interest Rate Terms Effective Rate June 30, 2022 June 30, 2022 December 31, 2022 Watersound Origins Crossings JV Loan May 2024 SOFR plus 2.8 , floor 3.3% (a) 4.3 % $ 44,015 $ 37,897 PPN JV Loan November 2025 Fixed 4.1 % 43,074 43,582 PPC JV Loan (insured by HUD) June 2060 Fixed 3.1 % 35,427 35,670 Pier Park Resort Hotel JV Loan April 2027 LIBOR plus 2.2% 3.9 % 29,683 14,650 PPC II JV Loan (insured by HUD) (b) May 2057 Fixed 2.7 % 22,823 17,374 Watercrest JV Loan June 2047 LIBOR plus 2.2% (c) 4.0 % 21,263 20,053 Breakfast Point Hotel Loan November 2042 LIBOR plus 2.8% , floor 3.8% 4.5 % 16,413 11,843 Airport Hotel Loan March 2025 LIBOR plus 2.0% , floor 3.0% 3.8 % 14,642 14,642 Watersound Camp Creek Loan December 2047 LIBOR plus 2.1% , floor 2.6% 3.9 % 13,131 3,437 Lodge 30A JV Loan January 2028 Fixed 3.8 % 12,034 7,474 North Bay Landing Apartments Loan September 2024 LIBOR plus 2.5% , floor 3.2% 4.2 % 10,940 1,342 Watersound Town Center Grocery Loan August 2031 LIBOR plus 2.0% , floor 2.2% 3.7 % 7,840 620 Mexico Beach Crossings JV Loan (insured by HUD) March 2064 Fixed 3.0 % 6,063 — Beckrich Building III Loan August 2029 LIBOR plus 1.7% 3.5 % 5,075 5,188 Self-Storage Facility Loan November 2025 LIBOR plus 2.4% , floor 2.9% 4.1 % 4,666 4,666 Community Development District debt May 2023-May 2039 Fixed 3.6 to 6.0 % 4,257 4,909 Hotel Indigo Loan October 2028 SOFR plus 2.7% , floor 2.7% 4.2 % 1,832 — Beach Homes Loan May 2029 LIBOR plus 1.7% 3.5 % 1,465 1,492 Pier Park Outparcel Loan March 2027 LIBOR plus 1.7% 3.5 % 1,328 1,370 WaterColor Crossings Loan February 2029 LIBOR plus 1.7% 3.5 % 1,228 1,265 Total principal outstanding 297,199 227,474 Unamortized discount and debt issuance costs (5,728) (4,440) Total debt, net $ 291,471 $ 223,034 (a) In January 2022, the Watersound Origins Crossings JV Loan interest rate was modified from a fixed rate of 5.0% . (b) In April 2022, the PPC II JV Loan was amended from a rate of LIBOR plus 2.1% and maturity date of October 2024. (c) As of December 31, 2021, the interest rate was swapped to a fixed rate of 4.4% on the notional amount of related debt of $20.0 million. The interest rate swap was terminated in April 2022. See Note 6. Financial Instruments and Fair Value Measurements for additional information. |
Schedule of Aggregate Maturities of Debt | The aggregate maturities of debt subsequent to June 30, 2022, for the years ending December 31 are: 2022 $ 1,459 2023 5,451 2024 61,624 2025 64,225 2026 5,399 Thereafter 159,041 $ 297,199 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Other Liabilities | |
Schedule of Other Liabilities | June 30, December 31, 2022 2021 Accounts payable $ 60,232 $ 48,597 Income tax payable 4,376 681 Finance lease liabilities 318 380 Operating lease liabilities 844 732 Accrued compensation 3,468 4,877 Other accrued liabilities 5,977 4,126 Club membership deposits 3,496 3,602 Advance deposits 4,782 2,140 Accrued interest expense for Senior Notes held by SPE 2,850 2,850 Total other liabilities $ 86,343 $ 67,985 |
Deferred Revenue (Tables)
Deferred Revenue (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Deferred Revenue | |
Schedule of changes in club initiation fees related to contracts with customers | June 30, 2022 June 30, 2021 Balance at beginning of period $ 22,850 $ 10,716 New club memberships 5,150 7,478 Revenue from amounts included in contract liability opening balance (3,082) (1,612) Revenue from current period new memberships (229) (368) Balance at end of period $ 24,689 $ 16,214 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Income Taxes | |
Schedule of effective income tax rate reconciliation | Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Tax at the federal statutory rate $ 4,827 $ 6,704 $ 8,596 $ 7,596 State income taxes (net of federal benefit) 1,117 1,124 1,904 1,274 Tax credits — (93) — (93) Other 1 (36) (20) (26) Total income tax expense $ 5,945 $ 7,699 $ 10,480 $ 8,751 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 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 (490) 2,788 2,298 Amounts reclassified from accumulated other comprehensive income — 102 102 Other comprehensive (loss) income (490) 2,890 2,400 Less: Other comprehensive income attributable to non-controlling interest — (927) (927) Accumulated other comprehensive (loss) income as of June 30, 2022 $ (497) $ 1,581 $ 1,084 |
Summary of Tax Effects Allocated to Other Comprehensive Income | Three Months Ended June 30, 2022 Before- Tax Benefit or Net-of- Tax Amount (Expense) Tax Amount Unrealized loss on available-for-sale investments $ (334) $ 85 $ (249) Interest rate swap 805 (143) 662 Interest rate swap - unconsolidated affiliate (5) 1 (4) Reclassification adjustment for net gain included in earnings (11) 1 (10) Net unrealized gain 455 (56) 399 Other comprehensive income $ 455 $ (56) $ 399 Three Months Ended June 30, 2021 Before- Tax Benefit or Net-of- Tax Amount (Expense) Tax Amount Unrealized loss on available-for-sale investments $ (3) $ 1 $ (2) Interest rate swap (48) 12 (36) Interest rate swap - unconsolidated affiliate (46) 12 (34) Reclassification adjustment for net loss included in earnings 82 (21) 61 Net unrealized loss (15) 4 (11) Other comprehensive loss $ (15) $ 4 $ (11) Six Months Ended June 30, 2022 Before- Tax Benefit Net-of- Tax Amount (Expense) Tax Amount Unrealized loss on available-for-sale investments $ (656) $ 166 $ (490) Interest rate swaps 3,113 (555) 2,558 Interest rate swap - unconsolidated joint venture 308 (78) 230 Reclassification adjustment for net gain included in earnings 136 (34) 102 Net unrealized gain 2,901 (501) 2,400 Other comprehensive income $ 2,901 $ (501) $ 2,400 Six Months Ended June 30, 2021 Before- Tax Benefit Net-of- Tax Amount (Expense) Tax Amount Unrealized loss on available-for-sale investments $ (5) $ 1 $ (4) Interest rate swaps 109 (27) 82 Interest rate swap - unconsolidated joint venture 134 (34) 100 Reclassification adjustment for net loss included in earnings 98 (25) 73 Net unrealized gain 336 (85) 251 Other comprehensive income $ 336 $ (85) $ 251 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Revenue Recognition | |
Schedule of revenue disaggregated by segment, good or service and timing | Three Months Ended June 30, 2022 Residential Hospitality Commercial Other Total Revenue by Major Good/Service: Real estate revenue $ 23,005 $ — $ 4,499 $ 523 $ 28,027 Hospitality revenue — 29,322 234 — 29,556 Leasing revenue 5 48 9,269 23 9,345 Timber revenue — — 1,322 — 1,322 Total revenue $ 23,010 $ 29,370 $ 15,324 $ 546 $ 68,250 Timing of Revenue Recognition: Recognized at a point in time $ 23,005 $ 22,076 $ 6,055 $ 523 $ 51,659 Recognized over time — 7,246 — — 7,246 Over lease term 5 48 9,269 23 9,345 Total revenue $ 23,010 $ 29,370 $ 15,324 $ 546 $ 68,250 Three Months Ended June 30, 2021 Residential Hospitality Commercial Other Total Revenue by Major Good/Service: Real estate revenue $ 32,528 $ — $ 8,176 $ 359 $ 41,063 Hospitality revenue — 22,451 176 — 22,627 Leasing revenue 44 12 6,296 19 6,371 Timber revenue — — 2,178 — 2,178 Total revenue $ 32,572 $ 22,463 $ 16,826 $ 378 $ 72,239 Timing of Revenue Recognition: Recognized at a point in time $ 32,528 $ 17,741 $ 10,530 $ 359 $ 61,158 Recognized over time — 4,710 — — 4,710 Over lease term 44 12 6,296 19 6,371 Total revenue $ 32,572 $ 22,463 $ 16,826 $ 378 $ 72,239 Six Months Ended June 30, 2022 Residential Hospitality Commercial Other Total Revenue by Major Good/Service: Real estate revenue $ 55,679 $ — $ 8,117 $ 1,005 $ 64,801 Hospitality revenue — 45,548 329 — 45,877 Leasing revenue 46 59 17,999 63 18,167 Timber revenue — — 4,276 — 4,276 Total revenue $ 55,725 $ 45,607 $ 30,721 $ 1,068 $ 133,121 Timing of Revenue Recognition: Recognized at a point in time $ 55,679 $ 31,991 $ 12,722 $ 1,005 $ 101,397 Recognized over time — 13,557 — — 13,557 Over lease term 46 59 17,999 63 18,167 Total revenue $ 55,725 $ 45,607 $ 30,721 $ 1,068 $ 133,121 Six Months Ended June 30, 2021 Residential Hospitality Commercial Other Total Revenue by Major Good/Service: Real estate revenue $ 53,067 $ — $ 8,211 $ 838 $ 62,116 Hospitality revenue — 35,437 257 — 35,694 Leasing revenue 85 20 11,843 18 11,966 Timber revenue — — 3,769 — 3,769 Total revenue $ 53,152 $ 35,457 $ 24,080 $ 856 $ 113,545 Timing of Revenue Recognition: Recognized at a point in time $ 53,067 $ 26,882 $ 12,237 $ 838 $ 93,024 Recognized over time — 8,555 — — 8,555 Over lease term 85 20 11,843 18 11,966 Total revenue $ 53,152 $ 35,457 $ 24,080 $ 856 $ 113,545 |
Other Income, Net (Tables)
Other Income, Net (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Other Income, Net | |
Schedule of Other Income (Expense), Net | Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Investment income, net Interest, dividend and accretion income $ 277 $ 27 $ 377 $ 51 Net realized gain on the sale of investments — — — 17 Unrealized gain (loss) on investments, net 35 (960) 60 (2,010) Interest income from investments in SPEs 2,003 2,029 4,006 4,072 Interest earned on notes receivable and other interest 181 191 353 352 Total investment income, net 2,496 1,287 4,796 2,482 Interest expense Interest expense and amortization of discount and issuance costs for Senior Notes issued by SPE (2,210) (2,206) (4,419) (4,412) Other interest expense (1,861) (1,648) (3,805) (3,113) Total interest expense (4,071) (3,854) (8,224) (7,525) Gain on contributions to unconsolidated joint ventures 89 3,169 571 3,290 Other income (expense), net Accretion income from retained interest investments 433 376 851 737 Gain on insurance recovery 2,587 518 3,311 1,384 Loss from hurricane damage (12) (8) (44) (15) Miscellaneous income (expense), net 1,277 86 (201) 160 Other income, net 4,285 972 3,917 2,266 Total other income, net $ 2,799 $ 1,574 $ 1,060 $ 513 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Segment Information | |
Schedule of Information by Business Segment | Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Operating revenue: Residential $ 23,010 $ 32,572 $ 55,725 $ 53,152 Hospitality 29,370 22,463 45,607 35,457 Commercial 15,324 16,826 30,721 24,080 Other 546 378 1,068 856 Consolidated operating revenue $ 68,250 $ 72,239 $ 133,121 $ 113,545 Income (loss) before equity in income (loss) from unconsolidated joint ventures and income taxes: Residential $ 10,412 $ 19,485 $ 27,600 $ 28,197 Hospitality 5,746 5,421 4,783 5,705 Commercial (a) (b) 4,828 10,345 9,541 10,244 Other (c) 618 (2,927) (1,835) (7,344) Consolidated income before equity in income (loss) from unconsolidated joint ventures and income taxes $ 21,604 $ 32,324 $ 40,089 $ 36,802 (a) The six months ended June 30, 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 Income, Net for additional information . (b) The three and six months ended June 30, 2021, includes a gain of $3.1 million on land contributed to the Watersound Fountains Independent Living JV. See Note 4. Joint Ventures and Note 17. Other Income, Net for additional information. (c) Includes gain on insurance recovery of $2.5 million and $0.5 million during the three months ended June 30, 2022 and 2021, respectively, and gain on insurance recovery of $3.2 million and $1.4 million during the six months ended June 30, 2022 and 2021, respectively, related to Hurricane Michael. See Note 7. Hurricane Michael for additional information. June 30, December 31, 2022 2021 Total assets: Residential $ 198,573 $ 192,290 Hospitality 323,330 256,751 Commercial 430,995 378,118 Other 366,927 380,992 Total assets $ 1,319,825 $ 1,208,151 |
Nature of Operations - Real Est
Nature of Operations - Real Estate Assets (Details) | 6 Months Ended |
Jun. 30, 2022 item segment | |
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% |
Within fifteen miles of the Gulf of Mexico | |
Real estate | |
Percentage of real estate within geographical region | 90% |
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 | Jun. 30, 2022 USD ($) issuer | Dec. 31, 2021 USD ($) | Jun. 30, 2021 USD ($) |
Concentration risk | |||
Cash and cash equivalents | $ 21,851 | $ 70,162 | $ 33,336 |
Investments - debt securities | 113,777 | 88,956 | |
Investments - equity securities | 510 | 450 | |
U.S. Treasury Bills | |||
Concentration risk | |||
Investments - debt securities | 113,777 | 88,956 | |
Preferred stock | |||
Concentration risk | |||
Investments - equity securities | 500 | $ 500 | |
Credit concentration risk | Assets | Money market fund | |||
Concentration risk | |||
Cash and cash equivalents | 3,200 | ||
Credit concentration risk | Assets | U.S. Treasury Bills | |||
Concentration risk | |||
Investments - debt securities | 113,800 | ||
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 | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Significant Accounting Policies | ||||
Common stock equivalents (in shares) | 4,361 | 0 | 29,955 | 0 |
Income | ||||
Net income attributable to the Company, Basic | $ 17,039 | $ 24,224 | $ 30,451 | $ 27,420 |
Net income attributable to the Company, Diluted | $ 17,039 | $ 24,224 | $ 30,451 | $ 27,420 |
Shares | ||||
Weighted-average shares outstanding - basic | 58,882,392 | 58,882,549 | 58,882,470 | 58,882,549 |
Incremental shares from restricted stock | 5,048 | 2,576 | ||
Weighted-average shares outstanding - diluted | 58,887,440 | 58,882,549 | 58,885,046 | 58,882,549 |
Net income per share attributable to the Company | ||||
Basic income (in dollars per share) | $ 0.29 | $ 0.41 | $ 0.52 | $ 0.47 |
Diluted income (in dollars per share) | $ 0.29 | $ 0.41 | $ 0.52 | $ 0.47 |
Investment in Real Estate - Rea
Investment in Real Estate - Real Estate by Property Type and Segment (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Real estate properties | ||
Investment in real estate, net | $ 819,618 | $ 690,113 |
Operating property, net related to operating leases | 237,800 | 230,000 |
Development property | ||
Real estate properties | ||
Investment in real estate, net | 442,721 | 348,656 |
Development property | Other | ||
Real estate properties | ||
Investment in real estate, net | 3,296 | 3,232 |
Development property | Residential segment | Operating Segments | ||
Real estate properties | ||
Investment in real estate, net | 136,917 | 122,404 |
Development property | Hospitality | Operating Segments | ||
Real estate properties | ||
Investment in real estate, net | 172,584 | 137,089 |
Development property | Commercial segment | Operating Segments | ||
Real estate properties | ||
Investment in real estate, net | 129,924 | 85,931 |
Operating property | ||
Real estate properties | ||
Operating property | 470,395 | 428,623 |
Less: Accumulated depreciation | 93,498 | 87,166 |
Investment in real estate, net | 376,897 | 341,457 |
Operating property | Other | ||
Real estate properties | ||
Operating property | 127 | 127 |
Operating property | Residential segment | Operating Segments | ||
Real estate properties | ||
Operating property | 7,854 | 7,854 |
Operating property | Hospitality | Operating Segments | ||
Real estate properties | ||
Operating property | 156,218 | 124,449 |
Operating property | Commercial segment | Operating Segments | ||
Real estate properties | ||
Operating property | $ 306,196 | $ 296,193 |
Joint Ventures - Consolidated J
Joint Ventures - Consolidated Joint Ventures (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Dec. 31, 2021 item | Jun. 30, 2022 item room | Dec. 31, 2021 | |
Mexico Beach Crossings JV | |||
Variable interest entity | |||
Ownership in consolidated voting interest entity (as a percent) | 75% | ||
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% | 70% | |
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% | 75% | |
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% | 58% | |
Watercrest JV | |||
Variable interest entity | |||
Variable interest entity, ownership percentage | 87% | 87% | |
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% | 75% | |
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% | 75% | |
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% | 60% |
Joint Ventures - Unconsolidated
Joint Ventures - Unconsolidated JVs (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Investments | ||
Investment in unconsolidated joint ventures | $ 54,086 | $ 52,027 |
Latitude Margaritaville Watersound JV | ||
Investments | ||
Investment in unconsolidated joint ventures | 30,627 | 30,040 |
Sea Sound JV | ||
Investments | ||
Investment in unconsolidated joint ventures | 10,413 | 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 | 2,306 | 1,961 |
Busy Bee JV | ||
Investments | ||
Investment in unconsolidated joint ventures | 2,028 | 1,621 |
Electric Cart Watersound JV | ||
Investments | ||
Investment in unconsolidated joint ventures | 665 | |
Watersound Management JV | ||
Investments | ||
Investment in unconsolidated joint ventures | $ 539 | $ 564 |
Joint Ventures - Unconsolidat_2
Joint Ventures - Unconsolidated JV Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2020 |
Investments | |||
Outstanding debt | $ 297,199 | $ 227,474 | |
Unconsolidated joint ventures | |||
Investments | |||
Maximum exposure to loss | 78,800 | ||
Unconsolidated joint ventures | |||
Investments | |||
Outstanding debt | 89,917 | 62,701 | |
Latitude Margaritaville Watersound JV | |||
Investments | |||
Outstanding debt | 19,658 | 7,147 | |
Sea Sound JV | |||
Investments | |||
Outstanding debt | 38,742 | 35,047 | |
Watersound Fountains Independent Living JV | |||
Investments | |||
Outstanding debt | 11,379 | 66 | |
Pier Park TPS JV | |||
Investments | |||
Outstanding debt | 13,974 | 14,124 | |
Busy Bee JV | |||
Investments | |||
Outstanding debt | 6,164 | 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 Inco
Joint Ventures - Equity in Income (Loss) from Unconsolidated JV (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Investments | ||||
Equity in income (loss) from unconsolidated joint ventures | $ 1,430 | $ (601) | $ 934 | $ (1,070) |
Latitude Margaritaville Watersound JV | ||||
Investments | ||||
Equity in income (loss) from unconsolidated joint ventures | 945 | (959) | 322 | (1,601) |
Sea Sound JV | ||||
Investments | ||||
Equity in income (loss) from unconsolidated joint ventures | 97 | (31) | 80 | (33) |
Pier Park TPS JV | ||||
Investments | ||||
Equity in income (loss) from unconsolidated joint ventures | 178 | 419 | 103 | 372 |
Busy Bee JV | ||||
Investments | ||||
Equity in income (loss) from unconsolidated joint ventures | 210 | (31) | 407 | 191 |
Electric Cart Watersound JV | ||||
Investments | ||||
Equity in income (loss) from unconsolidated joint ventures | (19) | (19) | ||
Watersound Management JV | ||||
Investments | ||||
Equity in income (loss) from unconsolidated joint ventures | $ 19 | $ 1 | $ 41 | $ 1 |
Joint Ventures - Unconsolidat_3
Joint Ventures - Unconsolidated JV - Balance Sheets (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
ASSETS | ||||||
Investment in real estate | $ 819,618 | $ 690,113 | ||||
Cash and cash equivalents | 21,851 | 70,162 | $ 33,336 | |||
Other assets | 69,882 | 70,235 | ||||
Total assets | 1,319,825 | 1,208,151 | ||||
LIABILITIES AND EQUITY | ||||||
Debt, net | 291,471 | 223,034 | ||||
Other liabilities | 86,343 | 67,985 | ||||
Equity | 647,440 | $ 637,032 | 626,100 | $ 588,515 | $ 568,104 | $ 568,170 |
Total liabilities and equity | 1,319,825 | 1,208,151 | ||||
Unconsolidated joint ventures | ||||||
ASSETS | ||||||
Investment in real estate | 206,844 | 149,378 | ||||
Cash and cash equivalents | 14,939 | 16,447 | ||||
Other assets | 4,965 | 3,635 | ||||
Total assets | 226,748 | 169,460 | ||||
LIABILITIES AND EQUITY | ||||||
Debt, net | 88,590 | 62,142 | ||||
Other liabilities | 70,887 | 44,032 | ||||
Equity | 67,271 | 63,286 | ||||
Total liabilities and equity | 226,748 | 169,460 | ||||
Latitude Margaritaville Watersound JV | ||||||
ASSETS | ||||||
Investment in real estate | 98,131 | 54,034 | ||||
Cash and cash equivalents | 8,053 | 12,541 | ||||
Other assets | 2,145 | 1,761 | ||||
Total assets | 108,329 | 68,336 | ||||
LIABILITIES AND EQUITY | ||||||
Debt, net | 19,417 | 7,147 | ||||
Other liabilities | 62,953 | 36,419 | ||||
Equity | 25,959 | 24,770 | ||||
Total liabilities and equity | 108,329 | 68,336 | ||||
Sea Sound JV | ||||||
ASSETS | ||||||
Investment in real estate | 53,695 | 53,775 | ||||
Cash and cash equivalents | 2,709 | 760 | ||||
Other assets | 193 | 210 | ||||
Total assets | 56,597 | 54,745 | ||||
LIABILITIES AND EQUITY | ||||||
Debt, net | 38,627 | 34,834 | ||||
Other liabilities | 579 | 2,653 | ||||
Equity | 17,391 | 17,258 | ||||
Total liabilities and equity | 56,597 | 54,745 | ||||
Watersound Fountains Independent Living JV | ||||||
ASSETS | ||||||
Investment in real estate | 29,944 | 17,003 | ||||
Cash and cash equivalents | 160 | 240 | ||||
Other assets | 10 | 187 | ||||
Total assets | 30,114 | 17,430 | ||||
LIABILITIES AND EQUITY | ||||||
Debt, net | 10,747 | 66 | ||||
Other liabilities | 5,411 | 3,408 | ||||
Equity | 13,956 | 13,956 | ||||
Total liabilities and equity | 30,114 | 17,430 | ||||
Pier Park TPS JV | ||||||
ASSETS | ||||||
Investment in real estate | 15,829 | 16,561 | ||||
Cash and cash equivalents | 2,403 | 1,913 | ||||
Other assets | 485 | 433 | ||||
Total assets | 18,717 | 18,907 | ||||
LIABILITIES AND EQUITY | ||||||
Debt, net | 13,685 | 13,839 | ||||
Other liabilities | 431 | 1,147 | ||||
Equity | 4,601 | 3,921 | ||||
Total liabilities and equity | 18,717 | 18,907 | ||||
Busy Bee JV | ||||||
ASSETS | ||||||
Investment in real estate | 7,776 | 8,005 | ||||
Cash and cash equivalents | 947 | 855 | ||||
Other assets | 2,098 | 1,044 | ||||
Total assets | 10,821 | 9,904 | ||||
LIABILITIES AND EQUITY | ||||||
Debt, net | 6,114 | 6,256 | ||||
Other liabilities | 659 | 405 | ||||
Equity | 4,048 | 3,243 | ||||
Total liabilities and equity | 10,821 | 9,904 | ||||
Electric Cart Watersound JV | ||||||
ASSETS | ||||||
Investment in real estate | 1,469 | |||||
Cash and cash equivalents | 598 | |||||
Other assets | 15 | |||||
Total assets | 2,082 | |||||
LIABILITIES AND EQUITY | ||||||
Other liabilities | 854 | |||||
Equity | 1,228 | |||||
Total liabilities and equity | 2,082 | |||||
Watersound Management JV | ||||||
ASSETS | ||||||
Cash and cash equivalents | 69 | 138 | ||||
Other assets | 19 | |||||
Total assets | 88 | 138 | ||||
LIABILITIES AND EQUITY | ||||||
Equity | 88 | 138 | ||||
Total liabilities and equity | $ 88 | $ 138 |
Joint Ventures - Unconsolidat_4
Joint Ventures - Unconsolidated JV - Statements of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Summarized financial information | ||||
Total revenue | $ 68,250 | $ 72,239 | $ 133,121 | $ 113,545 |
Expenses: | ||||
Other operating expenses | 5,515 | 5,106 | 11,172 | 12,175 |
Depreciation and amortization | 5,466 | 4,124 | 10,492 | 7,978 |
Total expenses | 49,445 | 41,489 | 94,092 | 77,256 |
Operating income (loss) | 18,805 | 30,750 | 39,029 | 36,289 |
Other (expense) income: | ||||
Interest expense | (4,071) | (3,854) | (8,224) | (7,525) |
Other income (expense), net | 4,285 | 972 | 3,917 | 2,266 |
Total other income, net | 2,799 | 1,574 | 1,060 | 513 |
Net income (loss) | 17,089 | 24,024 | 30,543 | 26,981 |
Unconsolidated joint ventures | ||||
Summarized financial information | ||||
Total revenue | 33,906 | 7,173 | 47,280 | 10,902 |
Expenses: | ||||
Cost of revenue | 26,109 | 4,655 | 36,254 | 7,337 |
Other operating expenses | 3,588 | 2,440 | 6,785 | 4,182 |
Depreciation and amortization | 1,054 | 534 | 1,938 | 1,008 |
Total expenses | 30,751 | 7,629 | 44,977 | 12,527 |
Operating income (loss) | 3,155 | (456) | 2,303 | (1,625) |
Other (expense) income: | ||||
Interest expense | (696) | (277) | (1,240) | (528) |
Other income (expense), net | 307 | (218) | 706 | 256 |
Total other income, net | (389) | (495) | (534) | (272) |
Net income (loss) | 2,766 | (951) | 1,769 | (1,897) |
Latitude Margaritaville Watersound JV | ||||
Summarized financial information | ||||
Total revenue | 24,605 | 31,745 | ||
Expenses: | ||||
Cost of revenue | 19,814 | 25,540 | ||
Other operating expenses | 2,806 | 1,738 | 5,387 | 2,937 |
Depreciation and amortization | 94 | 60 | 150 | 60 |
Total expenses | 22,714 | 1,798 | 31,077 | 2,997 |
Operating income (loss) | 1,891 | (1,798) | 668 | (2,997) |
Other (expense) income: | ||||
Interest expense | (111) | (40) | (111) | (80) |
Total other income, net | (111) | (40) | (111) | (80) |
Net income (loss) | 1,780 | (1,838) | 557 | (3,077) |
Sea Sound JV | ||||
Summarized financial information | ||||
Total revenue | 1,543 | 21 | 2,697 | 21 |
Expenses: | ||||
Cost of revenue | 476 | 909 | ||
Other operating expenses | 74 | 68 | 161 | 71 |
Depreciation and amortization | 482 | 833 | ||
Total expenses | 1,032 | 68 | 1,903 | 71 |
Operating income (loss) | 511 | (47) | 794 | (50) |
Other (expense) income: | ||||
Interest expense | (349) | (661) | ||
Total other income, net | (349) | (661) | ||
Net income (loss) | 162 | (47) | 133 | (50) |
Watersound Fountains Independent Living JV | ||||
Other (expense) income: | ||||
Net income (loss) | 0 | 0 | 0 | 0 |
Pier Park TPS JV | ||||
Summarized financial information | ||||
Total revenue | 1,788 | 2,284 | 2,912 | 3,221 |
Expenses: | ||||
Cost of revenue | 783 | 816 | 1,415 | 1,251 |
Other operating expenses | 99 | 79 | 192 | 157 |
Depreciation and amortization | 363 | 358 | 725 | 717 |
Total expenses | 1,245 | 1,253 | 2,332 | 2,125 |
Operating income (loss) | 543 | 1,031 | 580 | 1,096 |
Other (expense) income: | ||||
Interest expense | (190) | (193) | (377) | (351) |
Other income (expense), net | 3 | 4 | ||
Total other income, net | (187) | (193) | (373) | (351) |
Net income (loss) | 356 | 838 | 207 | 745 |
Busy Bee JV | ||||
Summarized financial information | ||||
Total revenue | 5,678 | 4,806 | 9,382 | 7,598 |
Expenses: | ||||
Cost of revenue | 4,782 | 3,779 | 7,928 | 6,026 |
Other operating expenses | 570 | 555 | 1,006 | 1,017 |
Depreciation and amortization | 115 | 116 | 230 | 231 |
Total expenses | 5,467 | 4,450 | 9,164 | 7,274 |
Operating income (loss) | 211 | 356 | 218 | 324 |
Other (expense) income: | ||||
Interest expense | (46) | (44) | (91) | (97) |
Other income (expense), net | 304 | (218) | 702 | 256 |
Total other income, net | 258 | (262) | 611 | 159 |
Net income (loss) | 469 | 94 | 829 | 483 |
Electric Cart Watersound JV | ||||
Expenses: | ||||
Other operating expenses | 39 | 39 | ||
Total expenses | 39 | 39 | ||
Operating income (loss) | (39) | (39) | ||
Other (expense) income: | ||||
Net income (loss) | (39) | (39) | ||
Watersound Management JV | ||||
Summarized financial information | ||||
Total revenue | 292 | 62 | 544 | 62 |
Expenses: | ||||
Cost of revenue | 254 | 60 | 462 | 60 |
Total expenses | 254 | 60 | 462 | 60 |
Operating income (loss) | 38 | 2 | 82 | 2 |
Other (expense) income: | ||||
Net income (loss) | $ 38 | $ 2 | $ 82 | $ 2 |
Joint Ventures - Unconsolidat_5
Joint Ventures - Unconsolidated JV - Latitude Margaritaville Watersound JV (Details) | 1 Months Ended | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2020 USD ($) | Jun. 30, 2022 USD ($) home | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Investments | ||||
Investment in unconsolidated joint ventures | $ 54,086,000 | $ 52,027,000 | ||
Capital contribution to unconsolidated joint ventures | 142,000 | $ 9,708,000 | ||
Latitude Margaritaville Watersound JV | ||||
Investments | ||||
Amount as lender of secured revolving promissory note | $ 10,000,000 | 10,000,000 | 10,000,000 | |
Latitude JV Note | ||||
Investments | ||||
Note receivable | 0 | 7,100,000 | ||
Latitude Margaritaville Watersound JV | ||||
Investments | ||||
Contractual value of land and improvements to be contributed | 35,000,000 | |||
Investment in unconsolidated joint ventures | 30,627,000 | $ 30,040,000 | ||
Net present value of land contribution | $ 16,600,000 | |||
Imputed interest rate (as a percent) | 5.80% | |||
Amount of infrastructure improvements completed | $ 5,600,000 | |||
Variable interest entity, ownership percentage | 50% | 50% | ||
Average amount of land contribution returned per home | $ 10,000 | |||
Latitude Margaritaville Watersound JV | Residential homes | ||||
Investments | ||||
Number of units under contract | home | 605 | |||
Number of homes sold | home | 130 | |||
Number of units to be developed, including units completed | home | 3,500 |
Joint Ventures - Unconsolidat_6
Joint Ventures - Unconsolidated JV - Sea Sound JV (Details) $ in Thousands | 1 Months Ended | 6 Months Ended | ||
Jan. 31, 2020 USD ($) | Jun. 30, 2022 USD ($) item | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Investments | ||||
Capital contribution to unconsolidated joint ventures | $ 142 | $ 9,708 | ||
Outstanding debt | $ 297,199 | $ 227,474 | ||
Sea Sound JV | ||||
Investments | ||||
Ownership percentage | 60% | 60% | ||
Unconsolidated joint ventures | ||||
Investments | ||||
Outstanding debt | $ 89,917 | $ 62,701 | ||
Sea Sound JV | ||||
Investments | ||||
Outstanding debt | 38,742 | 35,047 | ||
Sea Sound JV | Sea Sound JV Loan | ||||
Investments | ||||
Loan amount | $ 40,300 | |||
Outstanding debt | $ 38,700 | $ 35,000 | ||
Sea Sound JV | LIBOR | Sea Sound JV Loan | ||||
Investments | ||||
Basis spread on variable rate (as a percent) | 2.20% | |||
Sea Sound 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 | 6 Months Ended | 12 Months Ended | ||
Apr. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) item | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) item | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Investments | ||||||
Capital contribution to unconsolidated joint ventures | $ 142 | $ 9,708 | ||||
Net income (loss) | $ 17,089 | $ 24,024 | $ 30,543 | 26,981 | ||
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% | 53.80% | |||
Unconsolidated joint ventures | ||||||
Investments | ||||||
Net income (loss) | $ 2,766 | (951) | $ 1,769 | (1,897) | ||
Watersound Fountains Independent Living JV | ||||||
Investments | ||||||
Number of JV partners | item | 3 | 3 | ||||
Net income (loss) | $ 0 | $ 0 | $ 0 | $ 0 | ||
Watersound Fountains Independent Living JV | Senior living community | ||||||
Investments | ||||||
Number of units to be developed | item | 148 | 148 |
Joint Ventures - Unconsolidat_8
Joint Ventures - Unconsolidated JV - Pier Park TPS JV (Details) - room | Jun. 30, 2022 | Dec. 31, 2021 |
Pier Park TPS JV | ||
Investments | ||
Ownership percentage | 50% | 50% |
Pier Park TPS JV | Hotel | ||
Investments | ||
Number of completed units | 124 |
Joint Ventures - Unconsolidat_9
Joint Ventures - Unconsolidated JV - Pier Park RI JV (Details) | Jun. 30, 2022 room |
Pier Park RI JV | Hotel | |
Investments | |
Number of units to be developed | 121 |
Pier Park RI JV | |
Investments | |
Ownership percentage | 50% |
Joint Ventures - Unconsolida_10
Joint Ventures - Unconsolidated JV - Busy Bee JV (Details) - USD ($) $ in Thousands | 1 Months Ended | |||
Nov. 30, 2019 | Nov. 12, 2035 | Jun. 30, 2022 | Dec. 31, 2021 | |
Investments | ||||
Outstanding debt | $ 297,199 | $ 227,474 | ||
Busy Bee JV | ||||
Investments | ||||
Ownership percentage | 50% | 50% | ||
Unconsolidated joint ventures | ||||
Investments | ||||
Outstanding debt | $ 89,917 | $ 62,701 | ||
Busy Bee JV | ||||
Investments | ||||
Outstanding debt | 6,164 | 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 | |||
Outstanding debt | 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 | |||
Outstanding debt | $ 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_11
Joint Ventures - Unconsolidated JV - Electric Cart Watersound JV (Details) - USD ($) $ in Thousands | 1 Months Ended | 6 Months Ended | |
Feb. 28, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | |
Investments | |||
Capital contribution to unconsolidated joint ventures | $ 142 | $ 9,708 | |
Electric Cart Watersound JV | |||
Investments | |||
Value of land contributed | $ 500 | ||
Capital contribution to unconsolidated joint ventures | 200 | ||
Cash contributed by JV partner | $ 600 | ||
Ownership percentage | 51% |
Joint Ventures - Unconsolida_12
Joint Ventures - Unconsolidated JV - Watersound Management JV (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Investments | |||
Capital contribution to unconsolidated joint ventures | $ 142 | $ 9,708 | |
Watersound Management JV | |||
Investments | |||
Payments for interest in unconsolidated joint venture | $ 500 | ||
Ownership percentage | 50% | 50% | |
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) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Debt securities and restricted investments | ||
Fair Value | $ 113,777 | $ 88,956 |
U.S. Treasury Bills | ||
Debt securities and restricted investments | ||
Amortized Cost | 114,443 | 88,966 |
Gross Unrealized Gains | 1 | |
Gross Unrealized (Losses) | (666) | (11) |
Fair Value | $ 113,777 | $ 88,956 |
Investments - Gains and Proceed
Investments - Gains and Proceeds (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Investments | ||||
Realized gain on sale of investments | $ 0 | $ 0 | ||
Realized loss on sale of investments | 0 | $ 0 | ||
Proceeds from sale of available-for-sale debt securities | $ 0 | $ 1,200 | ||
Maturities of investments - debt securities | $ 69,000 | 46,000 | ||
Purchases of available-for-sale securities | $ 94,200 | 108,000 | ||
Maximum | ||||
Investments | ||||
Net realized gains on sale of investments | $ 100 |
Investments - Unrealized Loss P
Investments - Unrealized Loss Position (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
Investments | ||
Unrealized losses | $ 700 | |
Available-for-sale, Debt securities | U.S. Treasury Bills | ||
Investments | ||
Less Than 12 Months, Fair Value | 113,777 | $ 43,959 |
Less Than 12 Months, Unrealized Losses | $ 666 | $ 11 |
Investments - Contractual Matur
Investments - Contractual Maturities of Investments (Details) - Available-for-sale, Debt securities $ in Thousands | Jun. 30, 2022 USD ($) |
Amortized Cost | |
Amortized Cost, Due in one year or less | $ 114,443 |
Fair Value | |
Fair Value, Due in one year or less | $ 113,777 |
Investments - Investment Manage
Investments - Investment Management Agreement (Details) | Jun. 30, 2022 |
Investor | Clients of FCM, including Mr. Berkowitz | |
Investments | |
Common stock ownership percentage | 41.50% |
Financial Instruments and Fai_3
Financial Instruments and Fair Value Measurements - Measurements on Recurring Basis (Details) - Recurring basis - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Financial instruments and fair value measurements | ||
Cash equivalents | $ 3,240 | $ 44,412 |
Total | 117,527 | 133,818 |
Level 1 | ||
Financial instruments and fair value measurements | ||
Cash equivalents | 3,240 | 44,412 |
Total | 117,017 | 133,368 |
Level 2 | ||
Financial instruments and fair value measurements | ||
Total | 510 | 450 |
Available-for-sale, Debt securities | ||
Financial instruments and fair value measurements | ||
Investments | 113,777 | 88,956 |
Available-for-sale, Debt securities | Level 1 | ||
Financial instruments and fair value measurements | ||
Investments | 113,777 | 88,956 |
Equity securities | ||
Financial instruments and fair value measurements | ||
Investments | 510 | 450 |
Equity securities | Level 2 | ||
Financial instruments and fair value measurements | ||
Investments | 510 | 450 |
Money market fund | ||
Financial instruments and fair value measurements | ||
Cash equivalents | 3,240 | 40,412 |
Money market fund | Level 1 | ||
Financial instruments and fair value measurements | ||
Cash equivalents | 3,240 | 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 | Available-for-sale, Debt securities | ||
Financial instruments and fair value measurements | ||
Investments | 113,777 | 88,956 |
U.S. Treasury Bills | Available-for-sale, Debt securities | Level 1 | ||
Financial instruments and fair value measurements | ||
Investments | 113,777 | 88,956 |
Preferred stock | Equity securities | ||
Financial instruments and fair value measurements | ||
Investments | 510 | 450 |
Preferred stock | Equity securities | Level 2 | ||
Financial instruments and fair value measurements | ||
Investments | $ 510 | $ 450 |
Financial Instruments and Fai_4
Financial Instruments and Fair Value Measurements - Assets and Liabilities Measured at FV (Details) - Interest Rate Swap - USD ($) $ in Thousands | 1 Months Ended | ||
Apr. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | |
Watercrest JV Loan | |||
Financial instruments and fair value measurements | |||
Gain on swap upon termination | $ 100 | ||
Recurring basis | Cash Flow Hedging | Pier Park Resort Hotel JV Loan | |||
Financial instruments and fair value measurements | |||
Fixed interest rate (as a percent) | 3.20% | ||
Notional amount | $ 42,000 | ||
Recurring basis | Cash Flow Hedging | Watercrest JV Loan | |||
Financial instruments and fair value measurements | |||
Fixed interest rate (as a percent) | 4.40% | ||
Recurring basis | Cash Flow Hedging | Pier Park TPS JV Loan | |||
Financial instruments and fair value measurements | |||
Fixed interest rate (as a percent) | 5.20% | ||
Notional amount | $ 14,000 | ||
Recurring basis | Level 2 | Cash Flow Hedging | Pier Park Resort Hotel JV Loan | |||
Financial instruments and fair value measurements | |||
Derivative assets | $ 3,090 | $ 558 | |
Derivative Asset, Statement of Financial Position | Other assets | Other assets | |
Recurring basis | Level 2 | Cash Flow Hedging | Watercrest JV Loan | |||
Financial instruments and fair value measurements | |||
Derivative liabilities | $ (634) | ||
Derivative Liability, Statement of Financial Position | Other liabilities | ||
Recurring basis | Level 2 | Cash Flow Hedging | Pier Park TPS JV Loan | |||
Financial instruments and fair value measurements | |||
Derivative assets | $ 45 | ||
Derivative Asset, Statement of Financial Position | Investment in unconsolidated joint ventures | ||
Derivative liabilities | $ (436) | ||
Derivative Liability, Statement of Financial Position | Investment in unconsolidated joint ventures |
Financial Instruments and Fai_5
Financial Instruments and Fair Value Measurements - Effect of derivative instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Gain (loss) of derivative instruments | ||||
Amount of gain (loss) recognized in other comprehensive income (loss) on derivatives | $ 800 | $ (94) | $ 3,421 | $ 243 |
Amount expected to be reclassified during next twelve months | $ 400 | |||
Period over which losses are expected to be reclassified | 12 months | |||
Interest expense | ||||
Gain (loss) of derivative instruments | ||||
Amount of (gain) loss reclassified into consolidated statements of income | (49) | 35 | $ 52 | 35 |
Equity in loss from unconsolidated joint ventures | ||||
Gain (loss) of derivative instruments | ||||
Amount of (gain) loss reclassified into consolidated statements of income | $ 38 | $ 47 | $ 84 | $ 78 |
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 | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Financial Instruments and Fair Value Measurements | ||||
Impairment loss on investment in unconsolidated joint ventures | $ 0 | $ 0 | $ 0 | $ 0 |
Financial Instruments and Fai_7
Financial Instruments and Fair Value Measurements - Carrying Amount and Fair Value (Details) - Nonrecurring - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Carrying Value | ||
Financial instruments and fair value measurements | ||
Debt | $ 297,199 | $ 227,474 |
Fair Value | ||
Financial instruments and fair value measurements | ||
Debt | 289,905 | 224,664 |
Level 1 | Carrying Value | U.S. Treasury Bills | ||
Financial instruments and fair value measurements | ||
Investments held by SPEs | 4,802 | 5,132 |
Level 1 | Fair Value | U.S. Treasury Bills | ||
Financial instruments and fair value measurements | ||
Investments held by SPEs | 4,814 | 5,475 |
Level 2 | Carrying Value | Fixed-rate debt | ||
Financial instruments and fair value measurements | ||
Debt | 123,678 | 129,532 |
Level 2 | Carrying Value | Variable rate debt | ||
Financial instruments and fair value measurements | ||
Debt | 173,521 | 97,942 |
Level 2 | Fair Value | Fixed-rate debt | ||
Financial instruments and fair value measurements | ||
Debt | 116,384 | 126,722 |
Level 2 | Fair Value | Variable rate debt | ||
Financial instruments and fair value measurements | ||
Debt | 173,521 | 97,942 |
Level 3 | Carrying Value | ||
Financial instruments and fair value measurements | ||
Debt | 177,710 | 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 | 187,389 | 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 | Jun. 30, 2022 | Dec. 31, 2021 | |
Financial instruments and fair value measurements | |||
Investments held by special purpose entities | $ 205,166 | $ 205,513 | |
Senior Notes held by special purpose entity | 177,710 | 177,566 | |
Variable Interest Entity, Primary Beneficiary | |||
Financial instruments and fair value measurements | |||
Investments held by special purpose entities | 205,166 | 205,513 | |
Senior Notes held by special purpose entity | 177,710 | $ 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% | ||
Panama City Timber Finance Company, LLC | U.S. Treasury Bills | |||
Financial instruments and fair value measurements | |||
Investments held by special purpose entities | $ 4,800 | ||
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 | 177,700 | ||
Unamortized discount and debt issuance costs | $ 2,300 |
Hurricane Michael (Details)
Hurricane Michael (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Loss contingency | ||||
Insurance recovery | $ 2,587 | $ 518 | $ 3,311 | $ 1,384 |
Loss from hurricane damage | 12 | 8 | 44 | 15 |
Maximum | ||||
Loss contingency | ||||
Loss from hurricane damage | 100 | 100 | ||
Hurricane Michael. | ||||
Loss contingency | ||||
Proceeds from business interruption insurance | 0 | 400 | 0 | 400 |
Insurance recovery | 2,500 | 500 | 3,200 | 1,400 |
Hurricane Michael. | Maximum | ||||
Loss contingency | ||||
Loss from hurricane damage | $ 100 | $ 100 | $ 100 | $ 100 |
Leases - Components of Lease Re
Leases - Components of Lease Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Leasing revenue | ||||
Lease payments | $ 7,988 | $ 5,156 | $ 15,367 | $ 9,637 |
Variable lease payments | 1,357 | 1,215 | 2,800 | 2,329 |
Total leasing revenue | $ 9,345 | $ 6,371 | $ 18,167 | $ 11,966 |
Leases - Minimum Future Base Re
Leases - Minimum Future Base Rental Revenue (Details) $ in Thousands | Jun. 30, 2022 USD ($) |
Minimum future base rental revenue: | |
2022 | $ 12,178 |
2023 | 14,492 |
2024 | 10,512 |
2025 | 7,491 |
2026 | 5,884 |
Thereafter | 20,156 |
Total | $ 70,713 |
Leases - Lease Cost (Details)
Leases - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Lease cost | ||||
Finance lease cost: Amortization of right-of-use assets | $ 29 | $ 28 | $ 59 | $ 55 |
Finance lease cost: Interest on lease liability | 4 | 4 | 8 | 9 |
Operating lease cost | 92 | 79 | 194 | 156 |
Short-term lease cost | 615 | 550 | 804 | 743 |
Total lease cost | $ 740 | $ 661 | $ 1,065 | $ 963 |
Leases - Lease Cost - Other Inf
Leases - Lease Cost - Other Information (Details) | Jun. 30, 2022 | Jun. 30, 2021 |
Leases | ||
Weighted-average remaining lease term - finance lease (in years) | 3 years 2 months 12 days | 3 years 10 months 24 days |
Weighted-average remaining lease term - operating leases (in years) | 3 years 2 months 12 days | 3 years 7 months 6 days |
Weighted-average discount rate - finance lease (as a percent) | 4.70% | 4.50% |
Weighted-average discount rate - operating leases (as a percent) | 4.80% | 4.90% |
Leases - Aggregate Payments of
Leases - Aggregate Payments of Finance and Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Aggregate payments of finance lease liabilities: | ||
2022 | $ 66 | |
2023 | 132 | |
2024 | 85 | |
2025 | 49 | |
2026 | 6 | |
Total | 338 | |
Less imputed interest | (20) | |
Total finance lease liabilities | 318 | $ 380 |
Aggregate payments of operating lease liabilities: | ||
2022 | 184 | |
2023 | 329 | |
2024 | 178 | |
2025 | 55 | |
2026 | 12 | |
Thereafter | 269 | |
Total | 1,027 | |
Less imputed interest | (183) | |
Total operating lease liabilities | $ 844 | $ 732 |
Other Assets - Schedule of Othe
Other Assets - Schedule of Other Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Other Assets | ||||
Investments - equity securities | $ 510 | $ 450 | ||
Accounts receivable, net | 14,361 | 13,813 | ||
Homesite sales receivable | 9,085 | 7,651 | $ 7,175 | $ 5,675 |
Notes receivable, net | 3,755 | 12,377 | ||
Inventory | 3,503 | 2,797 | ||
Prepaid expenses | 10,334 | 7,175 | ||
Straight-line rent | 2,661 | 2,489 | ||
Operating lease, right-of use assets | $ 844 | $ 732 | ||
Operating Lease, Right-of-Use Asset, Statement of Financial Position | Total other assets | Total other assets | ||
Other assets | $ 11,724 | $ 5,987 | ||
Retained interest investments | 10,167 | 13,826 | ||
Accrued interest receivable for Senior Notes held by SPE | 2,938 | 2,938 | ||
Total other assets | $ 69,882 | $ 70,235 |
Other Assets - Investments - Eq
Other Assets - Investments - Equity Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Equity Securities | |||||
Investments - equity securities | $ 510 | $ 510 | $ 450 | ||
Unrealized gain (loss) on investments held as of balance sheet date | $ (500) | $ (1,100) | |||
Maximum | |||||
Equity Securities | |||||
Unrealized gain (loss) on investments held as of balance sheet date | 100 | 100 | |||
Preferred stock | |||||
Equity Securities | |||||
Investments - equity securities | $ 500 | $ 500 | $ 500 |
Other Assets - Accounts Receiva
Other Assets - Accounts Receivable, Net (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
Accounts Receivable, Net | ||
Allowance for credit losses | $ 0.3 | $ 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 | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 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 | 3,409 | 3,462 |
Decreases due to amounts received | (1,975) | (1,962) |
Homesite Sales Receivable, Balance at end of period | $ 9,085 | $ 7,175 |
Other Assets - Notes Receivable
Other Assets - Notes Receivable, Net (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2020 | |
Accounts Receivable, Net | |||
Notes receivable, net | $ 3,755 | $ 12,377 | |
Accrued interest receivable | 2,938 | 2,938 | |
Latitude Margaritaville Watersound JV | |||
Accounts Receivable, Net | |||
Amount as lender of secured revolving promissory note | 10,000 | 10,000 | $ 10,000 |
Maximum | |||
Accounts Receivable, Net | |||
Allowance for credit losses, Notes receivable | 100 | 100 | |
Notes Receivable | |||
Accounts Receivable, Net | |||
Accrued interest receivable | 100 | 100 | |
Latitude JV Note | |||
Accounts Receivable, Net | |||
Notes receivable, net | $ 7,075 | ||
Interest rate, note (as a percent) | 5% | ||
Various interest bearing homebuilder notes, secured by the real estate sold - bearing interest at a rate of 5.5%, due November 2022 through May 2023 | |||
Accounts Receivable, Net | |||
Notes receivable, net | $ 3,295 | $ 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 | |||
Accounts Receivable, Net | |||
Notes receivable, net | $ 359 | $ 359 | |
Interest rate, note (as a percent) | 8% | 8% | |
Non-interest bearing note with a tenant for tenant improvements, due October 2025 | |||
Accounts Receivable, Net | |||
Notes receivable, net | $ 72 | $ 76 | |
Mortgage note, secured by certain real estate, bearing interest at a rate of 4.4% due November 2023 | |||
Accounts Receivable, Net | |||
Notes receivable, net | $ 29 | $ 43 | |
Interest rate, mortgage (as a percent) | 4.40% | 4.40% |
Other Assets - Retained Interes
Other Assets - Retained Interest Investments (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
Investments | ||
Retained interest investments | $ 10,167 | $ 13,826 |
Retained interest investments | ||
Investments | ||
Expected amount to receive upon maturity of note after payment of note and any other liabilities | $ 12,700 | |
Promissory notes maturity period | 15 years | |
Principal received upon maturity of installment note | $ 4,200 | |
Retained interest investments | $ 10,200 | $ 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 | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2022 | Jan. 31, 2022 | Mar. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Apr. 30, 2022 | Apr. 30, 2020 | Dec. 31, 2019 | |
Debt instruments | ||||||||
Outstanding debt | $ 297,199 | $ 297,199 | $ 227,474 | |||||
Unamortized discount and debt issuance costs | (5,728) | (5,728) | (4,440) | |||||
Debt, Net | $ 291,471 | $ 291,471 | $ 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% | |||||||
Effective interest rate (as a percent) | 4.30% | 4.30% | ||||||
Outstanding debt | $ 44,015 | $ 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% | 4.10% | ||||||
Outstanding debt | $ 43,074 | $ 43,074 | 43,582 | |||||
PPC JV Loan (insured by HUD) | ||||||||
Debt instruments | ||||||||
Effective interest rate (as a percent) | 3.10% | 3.10% | ||||||
Outstanding debt | $ 35,427 | $ 35,427 | 35,670 | |||||
Pier Park Resort Hotel JV Loan | ||||||||
Debt instruments | ||||||||
Effective interest rate (as a percent) | 3.90% | 3.90% | ||||||
Outstanding debt | $ 29,683 | $ 29,683 | $ 14,650 | |||||
Pier Park Resort Hotel JV Loan | Interest Rate Swap | ||||||||
Debt instruments | ||||||||
Fixed interest rate (as a percent) | 3.20% | 3.20% | ||||||
Notional amount | $ 42,000 | |||||||
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 (insured by HUD) | ||||||||
Debt instruments | ||||||||
Debt interest rate (as a percent) | 2.70% | |||||||
Effective interest rate (as a percent) | 2.70% | 2.70% | ||||||
Outstanding debt | $ 22,823 | $ 22,823 | $ 17,374 | |||||
PPC II JV Loan (insured by HUD) | LIBOR | ||||||||
Debt instruments | ||||||||
Basis spread on variable rate (as a percent) | 2.10% | 2.10% | ||||||
Watercrest JV Loan | ||||||||
Debt instruments | ||||||||
Effective interest rate (as a percent) | 4% | 4% | ||||||
Outstanding debt | $ 21,263 | $ 21,263 | $ 20,053 | |||||
Watercrest JV Loan | Interest Rate Swap | ||||||||
Debt instruments | ||||||||
Fixed interest rate (as a percent) | 4.40% | 4.40% | ||||||
Notional amount | $ 20,000 | $ 20,000 | ||||||
Watercrest JV Loan | LIBOR | ||||||||
Debt instruments | ||||||||
Basis spread on variable rate (as a percent) | 2.20% | 2.20% | ||||||
Breakfast Point Hotel Loan | ||||||||
Debt instruments | ||||||||
Floor rate (as a percent) | 3.80% | 3.80% | ||||||
Effective interest rate (as a percent) | 4.50% | 4.50% | ||||||
Outstanding debt | $ 16,413 | $ 16,413 | $ 11,843 | |||||
Breakfast Point Hotel Loan | LIBOR | ||||||||
Debt instruments | ||||||||
Basis spread on variable rate (as a percent) | 2.80% | 2.80% | ||||||
Airport Hotel Loan | ||||||||
Debt instruments | ||||||||
Floor rate (as a percent) | 3% | 3% | ||||||
Effective interest rate (as a percent) | 3.80% | 3.80% | ||||||
Outstanding debt | $ 14,642 | $ 14,642 | $ 14,642 | |||||
Airport Hotel Loan | LIBOR | ||||||||
Debt instruments | ||||||||
Basis spread on variable rate (as a percent) | 2% | 2% | ||||||
Watersound Camp Creek Loan | ||||||||
Debt instruments | ||||||||
Floor rate (as a percent) | 2.60% | 2.60% | ||||||
Effective interest rate (as a percent) | 3.90% | 3.90% | ||||||
Outstanding debt | $ 13,131 | $ 13,131 | $ 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% | 3.80% | ||||||
Outstanding debt | $ 12,034 | $ 12,034 | $ 7,474 | |||||
North Bay Landing Apartments Loan | ||||||||
Debt instruments | ||||||||
Floor rate (as a percent) | 3.20% | 3.20% | ||||||
Effective interest rate (as a percent) | 4.20% | 4.20% | ||||||
Outstanding debt | $ 10,940 | $ 10,940 | $ 1,342 | |||||
North Bay Landing Apartments Loan | LIBOR | ||||||||
Debt instruments | ||||||||
Basis spread on variable rate (as a percent) | 2.50% | 2.50% | ||||||
Watersound Town Center Grocery Loan | ||||||||
Debt instruments | ||||||||
Floor rate (as a percent) | 2.20% | 2.20% | ||||||
Effective interest rate (as a percent) | 3.70% | 3.70% | ||||||
Outstanding debt | $ 7,840 | $ 7,840 | $ 620 | |||||
Watersound Town Center Grocery Loan | LIBOR | ||||||||
Debt instruments | ||||||||
Basis spread on variable rate (as a percent) | 2% | 2% | ||||||
Mexico Beach Crossings JV Loan (insured by HUD) | ||||||||
Debt instruments | ||||||||
Effective interest rate (as a percent) | 3% | 3% | ||||||
Outstanding debt | $ 6,063 | $ 6,063 | ||||||
Beckrich Building III Loan | ||||||||
Debt instruments | ||||||||
Effective interest rate (as a percent) | 3.50% | 3.50% | ||||||
Outstanding debt | $ 5,075 | $ 5,075 | $ 5,188 | |||||
Beckrich Building III Loan | LIBOR | ||||||||
Debt instruments | ||||||||
Basis spread on variable rate (as a percent) | 1.70% | 1.70% | ||||||
Self-Storage Facility Loan | ||||||||
Debt instruments | ||||||||
Floor rate (as a percent) | 2.90% | 2.90% | ||||||
Effective interest rate (as a percent) | 4.10% | 4.10% | ||||||
Outstanding debt | $ 4,666 | $ 4,666 | $ 4,666 | |||||
Self-Storage Facility Loan | LIBOR | ||||||||
Debt instruments | ||||||||
Basis spread on variable rate (as a percent) | 2.40% | 2.40% | ||||||
Community Development District debt | ||||||||
Debt instruments | ||||||||
Outstanding debt | $ 4,257 | $ 4,257 | $ 4,909 | |||||
Community Development District debt | Minimum | ||||||||
Debt instruments | ||||||||
Effective interest rate (as a percent) | 3.60% | 3.60% | ||||||
Community Development District debt | Maximum | ||||||||
Debt instruments | ||||||||
Effective interest rate (as a percent) | 6% | 6% | ||||||
Hotel Indigo Loan | ||||||||
Debt instruments | ||||||||
Floor rate (as a percent) | 2.70% | 2.70% | ||||||
Effective interest rate (as a percent) | 4.20% | 4.20% | ||||||
Outstanding debt | $ 1,832 | $ 1,832 | ||||||
Hotel Indigo Loan | SOFR | ||||||||
Debt instruments | ||||||||
Basis spread on variable rate (as a percent) | 2.70% | 2.70% | ||||||
Beach Homes Loan | ||||||||
Debt instruments | ||||||||
Effective interest rate (as a percent) | 3.50% | 3.50% | ||||||
Outstanding debt | $ 1,465 | $ 1,465 | $ 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) | 3.50% | 3.50% | ||||||
Outstanding debt | $ 1,328 | $ 1,328 | $ 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) | 3.50% | 3.50% | ||||||
Outstanding debt | $ 1,228 | $ 1,228 | $ 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 | 6 Months Ended | 12 Months Ended | 60 Months Ended | 108 Months Ended | ||||||||||||||||
Jun. 30, 2022 USD ($) | May 31, 2022 | Apr. 30, 2022 USD ($) | Jan. 31, 2022 USD ($) | Oct. 31, 2021 USD ($) | Aug. 31, 2021 USD ($) | Jun. 30, 2021 USD ($) | Mar. 31, 2021 USD ($) | Jan. 31, 2021 USD ($) | Nov. 30, 2020 USD ($) | Apr. 30, 2020 USD ($) | Mar. 31, 2020 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2019 USD ($) | Oct. 31, 2028 | Aug. 31, 2031 | Mar. 31, 2022 USD ($) | Dec. 31, 2018 USD ($) home | Dec. 31, 2017 USD ($) | Dec. 31, 2015 USD ($) | |
Debt instruments | ||||||||||||||||||||||
Outstanding debt | $ 297,199 | $ 297,199 | $ 297,199 | $ 227,474 | ||||||||||||||||||
Loss on extinguishment of debt | 145 | |||||||||||||||||||||
Community Development District debt (CDD) | 13,200 | 13,200 | 13,200 | 14,100 | ||||||||||||||||||
Assets | 1,319,825 | 1,319,825 | 1,319,825 | 1,208,151 | ||||||||||||||||||
Asset Pledged as Collateral without Right | ||||||||||||||||||||||
Debt instruments | ||||||||||||||||||||||
Assets | $ 425,700 | $ 425,700 | $ 425,700 | |||||||||||||||||||
Assets, Pledging Purpose | Long-term Debt | Long-term Debt | Long-term Debt | |||||||||||||||||||
Watersound Origins Crossings JV Loan | ||||||||||||||||||||||
Debt instruments | ||||||||||||||||||||||
Loan amount | $ 44,000 | $ 37,900 | ||||||||||||||||||||
Outstanding debt | $ 44,015 | $ 44,015 | $ 44,015 | $ 37,897 | ||||||||||||||||||
Debt interest rate (as a percent) | 5% | |||||||||||||||||||||
Floor rate (as a percent) | 3.30% | 3.30% | ||||||||||||||||||||
Company's liability as guarantor, upon reaching and maintaining a certain debt service coverage ratio (as a percent) | 25% | |||||||||||||||||||||
Watersound Origins Crossings JV Loan | Maximum | ||||||||||||||||||||||
Debt instruments | ||||||||||||||||||||||
Loan costs | 100 | 100 | $ 100 | |||||||||||||||||||
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 | 43,074 | 43,074 | $ 43,074 | $ 43,582 | ||||||||||||||||||
PPC JV Loan (insured by HUD) | ||||||||||||||||||||||
Debt instruments | ||||||||||||||||||||||
Loan amount | $ 36,600 | |||||||||||||||||||||
Outstanding debt | 35,427 | 35,427 | 35,427 | 35,670 | ||||||||||||||||||
PPC JV Loan (insured by HUD) | Minimum | Forecast | ||||||||||||||||||||||
Debt instruments | ||||||||||||||||||||||
Prepayment premium, as a percent of principal repaid | 2% | |||||||||||||||||||||
PPC JV Loan (insured by HUD) | Maximum | Forecast | ||||||||||||||||||||||
Debt instruments | ||||||||||||||||||||||
Prepayment premium, as a percent of principal repaid | 10% | |||||||||||||||||||||
Pier Park Resort Hotel JV Loan | ||||||||||||||||||||||
Debt instruments | ||||||||||||||||||||||
Loan amount | $ 52,500 | |||||||||||||||||||||
Outstanding debt | $ 29,683 | $ 29,683 | $ 29,683 | 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% | 3.20% | 3.20% | |||||||||||||||||||
PPC II JV Loan | ||||||||||||||||||||||
Debt instruments | ||||||||||||||||||||||
Loan amount | 17,500 | |||||||||||||||||||||
Outstanding debt | $ 17,300 | |||||||||||||||||||||
PPC II JV Loan (insured by HUD) | ||||||||||||||||||||||
Debt instruments | ||||||||||||||||||||||
Loan amount | $ 22,900 | |||||||||||||||||||||
Outstanding debt | $ 22,823 | $ 22,823 | $ 22,823 | 17,374 | ||||||||||||||||||
Debt interest rate (as a percent) | 2.70% | |||||||||||||||||||||
Additional loan cost from refinance | 200 | |||||||||||||||||||||
Loss on extinguishment of debt | 100 | 100 | ||||||||||||||||||||
PPC II JV Loan (insured by HUD) | Minimum | ||||||||||||||||||||||
Debt instruments | ||||||||||||||||||||||
Prepayment premium, as a percent of principal repaid | 1% | |||||||||||||||||||||
PPC II JV Loan (insured by HUD) | Maximum | ||||||||||||||||||||||
Debt instruments | ||||||||||||||||||||||
Prepayment premium, as a percent of principal repaid | 10% | |||||||||||||||||||||
Watercrest JV Loan | ||||||||||||||||||||||
Debt instruments | ||||||||||||||||||||||
Loan amount | $ 22,500 | |||||||||||||||||||||
Outstanding debt | 21,263 | 21,263 | 21,263 | 20,053 | ||||||||||||||||||
Debt instrument, period subject to interest payments only | 36 months | |||||||||||||||||||||
Watercrest JV Loan | Interest Rate Swap | ||||||||||||||||||||||
Debt instruments | ||||||||||||||||||||||
Notional amount | $ 20,000 | $ 20,000 | ||||||||||||||||||||
Fixed interest rate (as a percent) | 4.40% | 4.40% | ||||||||||||||||||||
Gain on swap upon termination | $ 100 | |||||||||||||||||||||
Breakfast Point Hotel Loan | ||||||||||||||||||||||
Debt instruments | ||||||||||||||||||||||
Loan amount | $ 16,800 | |||||||||||||||||||||
Outstanding debt | 16,413 | 16,413 | $ 16,413 | $ 11,843 | ||||||||||||||||||
Debt instrument, period subject to interest payments only | 24 months | |||||||||||||||||||||
Floor rate (as a percent) | 3.80% | 3.80% | ||||||||||||||||||||
Airport Hotel Loan | ||||||||||||||||||||||
Debt instruments | ||||||||||||||||||||||
Loan amount | $ 15,300 | |||||||||||||||||||||
Outstanding debt | 14,642 | 14,642 | $ 14,642 | $ 14,642 | ||||||||||||||||||
Debt instrument, period subject to interest payments only | 36 months | |||||||||||||||||||||
Floor rate (as a percent) | 3% | 3% | ||||||||||||||||||||
Watersound Camp Creek Loan | ||||||||||||||||||||||
Debt instruments | ||||||||||||||||||||||
Loan amount | $ 28,000 | |||||||||||||||||||||
Outstanding debt | 13,131 | 13,131 | $ 13,131 | $ 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% | |||||||||||||||||||||
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% | |||||||||||||||||||||
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 | 12,034 | 12,034 | $ 12,034 | $ 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% | |||||||||||||||||||||
Company's liability as guarantor, period for lower liability percentage | 12 months | |||||||||||||||||||||
Company's liability as guarantor, fourth year (as a percent) | 50% | |||||||||||||||||||||
Company's liability as guarantor, fifth year (as a percent) | 25% | |||||||||||||||||||||
North Bay Landing Apartments Loan | ||||||||||||||||||||||
Debt instruments | ||||||||||||||||||||||
Loan amount | $ 26,800 | |||||||||||||||||||||
Outstanding debt | 10,940 | 10,940 | $ 10,940 | $ 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% | |||||||||||||||||||||
Company's liability as guarantor, upon reaching and maintaining a certain debt service coverage ratio (as a percent) | 25% | |||||||||||||||||||||
Watersound Town Center Grocery Loan | ||||||||||||||||||||||
Debt instruments | ||||||||||||||||||||||
Loan amount | $ 12,000 | |||||||||||||||||||||
Outstanding debt | 7,840 | 7,840 | $ 7,840 | $ 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% | |||||||||||||||||||||
Company's liability as guarantor, upon reaching and maintaining a certain debt service coverage ratio (as a percent) | 25% | |||||||||||||||||||||
Occupancy requirement (as a percent) | 93% | |||||||||||||||||||||
Occupancy period | 90 days | |||||||||||||||||||||
Mexico Beach Crossings JV Loan (insured by HUD) | ||||||||||||||||||||||
Debt instruments | ||||||||||||||||||||||
Loan amount | $ 43,500 | |||||||||||||||||||||
Outstanding debt | 6,063 | 6,063 | $ 6,063 | |||||||||||||||||||
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% | |||||||||||||||||||||
Mexico Beach Crossings JV Loan (insured by HUD) | Maximum | ||||||||||||||||||||||
Debt instruments | ||||||||||||||||||||||
Prepayment premium, as a percent of principal repaid | 10% | |||||||||||||||||||||
Beckrich Building III Loan | ||||||||||||||||||||||
Debt instruments | ||||||||||||||||||||||
Loan amount | $ 5,500 | |||||||||||||||||||||
Outstanding debt | 5,075 | 5,075 | 5,075 | $ 5,188 | ||||||||||||||||||
Self-Storage Facility Loan | ||||||||||||||||||||||
Debt instruments | ||||||||||||||||||||||
Loan amount | $ 5,800 | |||||||||||||||||||||
Outstanding debt | 4,666 | 4,666 | $ 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 | |||||||||||||||||||||
Community Development District debt | ||||||||||||||||||||||
Debt instruments | ||||||||||||||||||||||
Outstanding debt | 4,257 | 4,257 | $ 4,257 | $ 4,909 | ||||||||||||||||||
Hotel Indigo Loan | ||||||||||||||||||||||
Debt instruments | ||||||||||||||||||||||
Loan amount | $ 21,200 | |||||||||||||||||||||
Outstanding debt | $ 1,832 | 1,832 | $ 1,832 | |||||||||||||||||||
Debt instrument, period subject to interest payments only | 24 months | |||||||||||||||||||||
Floor rate (as a percent) | 2.70% | 2.70% | ||||||||||||||||||||
Loan extension period | 60 months | |||||||||||||||||||||
Hotel Indigo Loan | Forecast | ||||||||||||||||||||||
Debt instruments | ||||||||||||||||||||||
Floor rate (as a percent) | 2.50% | |||||||||||||||||||||
Hotel Indigo Loan | SOFR | ||||||||||||||||||||||
Debt instruments | ||||||||||||||||||||||
Basis spread on variable rate (as a percent) | 2.70% | 2.70% | ||||||||||||||||||||
Hotel Indigo Loan | SOFR | Forecast | ||||||||||||||||||||||
Debt instruments | ||||||||||||||||||||||
Basis spread on variable rate (as a percent) | 2.50% | |||||||||||||||||||||
Beach Homes Loan | ||||||||||||||||||||||
Debt instruments | ||||||||||||||||||||||
Loan amount | $ 1,700 | |||||||||||||||||||||
Outstanding debt | $ 1,465 | 1,465 | $ 1,465 | 1,492 | ||||||||||||||||||
Number of homes financed | home | 2 | |||||||||||||||||||||
Pier Park Outparcel Loan | ||||||||||||||||||||||
Debt instruments | ||||||||||||||||||||||
Loan amount | $ 1,600 | |||||||||||||||||||||
Outstanding debt | 1,328 | 1,328 | 1,328 | 1,370 | ||||||||||||||||||
WaterColor Crossings Loan | ||||||||||||||||||||||
Debt instruments | ||||||||||||||||||||||
Loan amount | $ 1,900 | |||||||||||||||||||||
Outstanding debt | $ 1,228 | $ 1,228 | $ 1,228 | $ 1,265 |
Debt, Net - Maturities of Debt
Debt, Net - Maturities of Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Debt, Net | ||
2022 | $ 1,459 | |
2023 | 5,451 | |
2024 | 61,624 | |
2025 | 64,225 | |
2026 | 5,399 | |
Thereafter | 159,041 | |
Long term debt | $ 297,199 | $ 227,474 |
Other Liabilities - Schedule of
Other Liabilities - Schedule of Other Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Other Liabilities | ||
Accounts payable | $ 60,232 | $ 48,597 |
Income tax payable | 4,376 | 681 |
Finance lease liabilities | 318 | 380 |
Operating lease liabilities | 844 | 732 |
Accrued compensation | 3,468 | 4,877 |
Other accrued liabilities | 5,977 | 4,126 |
Club membership deposits | 3,496 | 3,602 |
Advance deposits | 4,782 | 2,140 |
Accrued interest expense for Senior Notes held by SPE | 2,850 | 2,850 |
Total other liabilities | $ 86,343 | $ 67,985 |
Finance Lease, Liability, Statement of Financial Position | Total other liabilities | Total other liabilities |
Operating Lease, Liability, Statement of Financial Position | Total other liabilities | Total other liabilities |
Accrued property taxes | $ 3,000 | $ 200 |
Deferred Revenue - Summary (Det
Deferred Revenue - Summary (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Deferred Revenue | ||||
Deferred revenue | $ 38,977 | $ 36,207 | ||
Club Membership | ||||
Deferred Revenue | ||||
Deferred revenue | 24,689 | 22,850 | $ 16,214 | $ 10,716 |
Other | ||||
Deferred Revenue | ||||
Deferred revenue | $ 14,300 | $ 13,400 |
Deferred Revenue - Changes in C
Deferred Revenue - Changes in Club Initiation Fees (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Change in contract with customer liability | ||
Balance at beginning of period | $ 36,207 | |
Balance at end of period | 38,977 | |
Club Membership | ||
Change in contract with customer liability | ||
Balance at beginning of period | 22,850 | $ 10,716 |
New club memberships | 5,150 | 7,478 |
Revenue from amounts included in contract liability opening balance | (3,082) | (1,612) |
Revenue from current period new memberships | (229) | (368) |
Balance at end of period | $ 24,689 | $ 16,214 |
Deferred Revenue - Performance
Deferred Revenue - Performance Obligations (Details) $ in Millions | Jun. 30, 2022 USD ($) |
Performance obligations | |
Remaining performance obligations | $ 24.7 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01 | |
Performance obligations | |
Remaining performance obligations | $ 2.9 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 6 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Performance obligations | |
Remaining performance obligations | $ 10.6 |
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 | $ 8.8 |
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 | $ 2.4 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period |
Deferred Revenue - Additional I
Deferred Revenue - Additional Information (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Deferred Revenue | ||
Deferred revenue | $ 38,977 | $ 36,207 |
Other | ||
Deferred Revenue | ||
Deferred revenue | 14,300 | 13,400 |
Other | Florida Department of Transportation | ||
Deferred Revenue | ||
Deferred revenue | $ 10,900 | $ 10,900 |
Income Taxes - Expense (Benefit
Income Taxes - Expense (Benefit) Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Taxes | ||||
Statutory federal income tax rate (as a percent) | 21% | |||
Tax at the statutory federal rate | $ 4,827 | $ 6,704 | $ 8,596 | $ 7,596 |
State income taxes (net of federal benefit) | 1,117 | 1,124 | 1,904 | 1,274 |
Income tax credits | (93) | (93) | ||
Other items | 1 | (36) | (20) | (26) |
Total income tax expense | $ 5,945 | $ 7,699 | $ 10,480 | $ 8,751 |
Income Taxes - Tax receivable a
Income Taxes - Tax receivable and tax payable (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Income Taxes | ||
Income tax payable | $ 4.4 | $ 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 | Jun. 30, 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 | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Summary of changes in accumulated other comprehensive loss (income) | |||||
Beginning Balance | $ 637,032 | $ 568,104 | $ 626,100 | $ 568,170 | |
Amounts reclassified from accumulated other comprehensive income | (10) | 61 | 102 | 73 | |
Total other comprehensive income (loss), net of tax | 399 | (11) | 2,400 | 251 | |
Less: Other comprehensive income attributable to non-controlling interest | (19,922) | (19,922) | $ (18,691) | ||
Ending Balance | 647,440 | $ 588,515 | 647,440 | $ 588,515 | |
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 | 2,298 | ||||
Amounts reclassified from accumulated other comprehensive income | 102 | ||||
Total other comprehensive income (loss), net of tax | 2,400 | ||||
Less: Other comprehensive income attributable to non-controlling interest | (927) | (927) | |||
Ending Balance | 1,084 | 1,084 | |||
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 | (490) | ||||
Total other comprehensive income (loss), net of tax | (490) | ||||
Ending Balance | (497) | (497) | |||
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 | 2,788 | ||||
Amounts reclassified from accumulated other comprehensive income | 102 | ||||
Total other comprehensive income (loss), net of tax | 2,890 | ||||
Less: Other comprehensive income attributable to non-controlling interest | (927) | (927) | |||
Ending Balance | $ 1,581 | $ 1,581 |
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 | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Accumulated Other Comprehensive Income (Loss) | ||||
Reclassification adjustment for net loss (gain) included in earnings before-tax amount | $ (11) | $ 82 | $ 136 | $ 98 |
Reclassification adjustment for net loss (gain) included in earnings, Tax (expense) or benefit | 1 | (21) | (34) | (25) |
Reclassification adjustment for net loss (gain) included in earnings net-of-tax amount | (10) | 61 | 102 | 73 |
Total before income taxes | 455 | (15) | 2,901 | 336 |
Other comprehensive loss, Tax (expense) or benefit | (56) | 4 | (501) | (85) |
Total other comprehensive income (loss), net of tax | 399 | (11) | 2,400 | 251 |
Accumulated Other Comprehensive (Loss) Income, Including non-controlling interest | ||||
Accumulated Other Comprehensive Income (Loss) | ||||
Unrealized loss on investments, Net-of-tax amount | 2,298 | |||
Reclassification adjustment for net loss (gain) included in earnings net-of-tax amount | 102 | |||
Total other comprehensive income (loss), net of tax | 2,400 | |||
Unrealized (Loss) Gain on Available-for-Sale Securities | ||||
Accumulated Other Comprehensive Income (Loss) | ||||
Unrealized loss on investments, Net-of-tax amount | (490) | |||
Total other comprehensive income (loss), net of tax | (490) | |||
Unrealized (Loss) Gain Cash Flow Hedges, Interest rate swap | ||||
Accumulated Other Comprehensive Income (Loss) | ||||
Unrealized loss on investments, Net-of-tax amount | 2,788 | |||
Reclassification adjustment for net loss (gain) included in earnings net-of-tax amount | 102 | |||
Total other comprehensive income (loss), net of tax | 2,890 | |||
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 | 805 | (48) | 3,113 | 109 |
Unrealized gain (loss) on investments, Tax (expense) or benefit | (143) | 12 | (555) | (27) |
Unrealized loss on investments, Net-of-tax amount | 662 | (36) | 2,558 | 82 |
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 | (5) | (46) | 308 | 134 |
Unrealized gain (loss) on investments, Tax (expense) or benefit | 1 | 12 | (78) | (34) |
Unrealized loss on investments, Net-of-tax amount | (4) | (34) | 230 | 100 |
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 | (334) | (3) | (656) | (5) |
Unrealized gain (loss) on investments, Tax (expense) or benefit | 85 | 1 | 166 | 1 |
Unrealized loss on investments, Net-of-tax amount | $ (249) | $ (2) | $ (490) | $ (4) |
Stockholders' Equity - Dividend
Stockholders' Equity - Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Stockholders' Equity | ||||
Dividends paid (in dollars per share) | $ 0.10 | $ 0.08 | $ 0.20 | $ 0.16 |
Amount of dividends paid | $ 5,900 | $ 4,700 | $ 11,777 | $ 9,422 |
Stockholders' Equity - Stock Re
Stockholders' Equity - Stock Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | |
Stockholders' Equity | |||
Average purchase price per share for share repurchase (in dollars per share) | $ 37.83 | ||
Aggregate cost | $ 180 | ||
Authorized repurchase amount | $ 99,800 | $ 99,800 | |
Common Stock | |||
Stockholders' Equity | |||
Shares repurchased during the period (in shares) | 4,760 | 4,760 | 0 |
Stockholders' Equity - Issuance
Stockholders' Equity - Issuance of Common Stock (Details) - Restricted Stock - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Apr. 08, 2022 | Feb. 22, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Share-based compensation | ||||||
Number of restricted stock awards granted | 4,361 | 25,594 | ||||
Number of awards vested | 0 | 0 | 0 | 0 | ||
Number of awards forfeited | 0 | 0 | 0 | 0 | ||
Stock awards expense | $ 0.1 | $ 0 | $ 0.1 | $ 0 | ||
Unrecognized compensation cost | $ 1.3 | $ 1.3 | ||||
Recognition period | 3 years 7 months 6 days | |||||
Awards granted February 22, 2022 | ||||||
Share-based compensation | ||||||
Percentage of stock awards vesting each year | 33.30% | |||||
Weighted average grant date fair value, granted (in dollars per share) | $ 46.73 | |||||
Awards granted, April 8, 2022 | ||||||
Share-based compensation | ||||||
Weighted average grant date fair value, granted (in dollars per share) | $ 55.73 |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disaggregation of revenue | ||||
Leasing revenue | $ 9,345 | $ 6,371 | $ 18,167 | $ 11,966 |
Total revenue | 68,250 | 72,239 | 133,121 | 113,545 |
Recognized at a point in time | ||||
Disaggregation of revenue | ||||
Revenue | 51,659 | 61,158 | 101,397 | 93,024 |
Recognized over time | ||||
Disaggregation of revenue | ||||
Revenue | 7,246 | 4,710 | 13,557 | 8,555 |
Real Estate | ||||
Disaggregation of revenue | ||||
Revenue | 28,027 | 41,063 | 64,801 | 62,116 |
Hospitality | ||||
Disaggregation of revenue | ||||
Revenue | 29,556 | 22,627 | 45,877 | 35,694 |
Timber | ||||
Disaggregation of revenue | ||||
Revenue | 1,322 | 2,178 | 4,276 | 3,769 |
Operating Segments | Residential segment | ||||
Disaggregation of revenue | ||||
Leasing revenue | 5 | 44 | 46 | 85 |
Total revenue | 23,010 | 32,572 | 55,725 | 53,152 |
Operating Segments | Residential segment | Recognized at a point in time | ||||
Disaggregation of revenue | ||||
Revenue | 23,005 | 32,528 | 55,679 | 53,067 |
Operating Segments | Residential segment | Real Estate | ||||
Disaggregation of revenue | ||||
Revenue | 23,005 | 32,528 | 55,679 | 53,067 |
Operating Segments | Hospitality segment | ||||
Disaggregation of revenue | ||||
Leasing revenue | 48 | 12 | 59 | 20 |
Total revenue | 29,370 | 22,463 | 45,607 | 35,457 |
Operating Segments | Hospitality segment | Recognized at a point in time | ||||
Disaggregation of revenue | ||||
Revenue | 22,076 | 17,741 | 31,991 | 26,882 |
Operating Segments | Hospitality segment | Recognized over time | ||||
Disaggregation of revenue | ||||
Revenue | 7,246 | 4,710 | 13,557 | 8,555 |
Operating Segments | Hospitality segment | Hospitality | ||||
Disaggregation of revenue | ||||
Revenue | 29,322 | 22,451 | 45,548 | 35,437 |
Operating Segments | Commercial segment | ||||
Disaggregation of revenue | ||||
Leasing revenue | 9,269 | 6,296 | 17,999 | 11,843 |
Total revenue | 15,324 | 16,826 | 30,721 | 24,080 |
Operating Segments | Commercial segment | Recognized at a point in time | ||||
Disaggregation of revenue | ||||
Revenue | 6,055 | 10,530 | 12,722 | 12,237 |
Operating Segments | Commercial segment | Real Estate | ||||
Disaggregation of revenue | ||||
Revenue | 4,499 | 8,176 | 8,117 | 8,211 |
Operating Segments | Commercial segment | Hospitality | ||||
Disaggregation of revenue | ||||
Revenue | 234 | 176 | 329 | 257 |
Operating Segments | Commercial segment | Timber | ||||
Disaggregation of revenue | ||||
Revenue | 1,322 | 2,178 | 4,276 | 3,769 |
Other reconciling items | ||||
Disaggregation of revenue | ||||
Leasing revenue | 23 | 19 | 63 | 18 |
Total revenue | 546 | 378 | 1,068 | 856 |
Other reconciling items | Recognized at a point in time | ||||
Disaggregation of revenue | ||||
Revenue | 523 | 359 | 1,005 | 838 |
Other reconciling items | Real Estate | ||||
Disaggregation of revenue | ||||
Revenue | $ 523 | $ 359 | $ 1,005 | $ 838 |
Other Income, Net - Components
Other Income, Net - Components (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Investment income, net | ||||
Interest, dividend and accretion income | $ 277 | $ 27 | $ 377 | $ 51 |
Net realized gain on the sale of investments | 17 | |||
Unrealized gain (loss) on investments, net | 35 | (960) | 60 | (2,010) |
Interest income from investments in SPEs | 2,003 | 2,029 | 4,006 | 4,072 |
Interest earned on notes receivable and other interest | 181 | 191 | 353 | 352 |
Total investment income, net | 2,496 | 1,287 | 4,796 | 2,482 |
Interest expense | ||||
Interest expense and amortization of discount and issuance costs for Senior Notes issued by SPE | (2,210) | (2,206) | (4,419) | (4,412) |
Other interest expense | (1,861) | (1,648) | (3,805) | (3,113) |
Total interest expense | (4,071) | (3,854) | (8,224) | (7,525) |
Gain on contributions to unconsolidated joint ventures | 89 | 3,169 | 571 | 3,290 |
Other income (expense), net | ||||
Accretion income from retained interest investments | 433 | 376 | 851 | 737 |
Gain on insurance recovery | 2,587 | 518 | 3,311 | 1,384 |
Loss from hurricane damage | (12) | (8) | (44) | (15) |
Miscellaneous income (expense), net | 1,277 | 86 | (201) | 160 |
Other income, net | 4,285 | 972 | 3,917 | 2,266 |
Total other income, net | $ 2,799 | $ 1,574 | $ 1,060 | $ 513 |
Other Income, Net - Interest Ex
Other Income, Net - Interest Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Other Income, Net | ||||
Capitalized interest cost | $ 0.5 | $ 0.3 | $ 0.8 | $ 0.7 |
Senior Notes held by special purpose entity | ||||
Other Income, Net | ||||
Effective interest rate (as a percent) | 4.90% | 4.90% |
Other Income, Net - Gain on Con
Other Income, Net - Gain on Contributions and Other Income, Net (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Watersound Fountains Independent Living JV | ||||
Other Income, Net | ||||
Gain on land contribution | $ 3.1 | $ 3.1 | ||
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 | $ 0.1 | $ 0.2 |
Other Income, Net - Other Incom
Other Income, Net - Other Income, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Other Income, Net | ||||
Gain on insurance recovery | $ 2,587 | $ 518 | $ 3,311 | $ 1,384 |
Loss from hurricane damage | 12 | 8 | 44 | 15 |
Gain on retained interest investment | 700 | 700 | ||
Income from Pier Park CDD associated with repayment of subordinated note | 600 | 1,000 | ||
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) | 4.30% | |||
Maximum | ||||
Other Income, Net | ||||
Retained interest, effective interest rate (as a percent) | 12.50% | |||
Loss from hurricane damage | 100 | 100 | ||
Hurricane Michael. | ||||
Other Income, Net | ||||
Gain on insurance recovery | 2,500 | 500 | $ 3,200 | 1,400 |
Hurricane Michael. | Maximum | ||||
Other Income, Net | ||||
Loss from hurricane damage | $ 100 | $ 100 | $ 100 | $ 100 |
Segment Information - Reportabl
Segment Information - Reportable Segments (Details) | 6 Months Ended |
Jun. 30, 2022 segment | |
Segment Information | |
Number of reportable segments | 3 |
Segment Information - Informati
Segment Information - Information by Business Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Segments | |||||
Total revenue | $ 68,250 | $ 72,239 | $ 133,121 | $ 113,545 | |
Consolidated income before equity in income (loss) from unconsolidated joint ventures and income taxes | 21,604 | 32,324 | 40,089 | 36,802 | |
Gain on insurance recovery | 2,587 | 518 | 3,311 | 1,384 | |
Total assets | 1,319,825 | 1,319,825 | $ 1,208,151 | ||
Hurricane Michael. | |||||
Segments | |||||
Gain on insurance recovery | 2,500 | 500 | 3,200 | 1,400 | |
Electric Cart Watersound JV | |||||
Segments | |||||
Gain on land contribution | 400 | ||||
Watersound Fountains Independent Living JV | |||||
Segments | |||||
Gain on land contribution | 3,100 | 3,100 | |||
Commercial segment | Electric Cart Watersound JV | |||||
Segments | |||||
Gain on land contribution | 400 | ||||
Commercial segment | Watersound Fountains Independent Living JV | |||||
Segments | |||||
Gain on land contribution | 3,100 | 3,100 | |||
Operating Segments | Residential segment | |||||
Segments | |||||
Total revenue | 23,010 | 32,572 | 55,725 | 53,152 | |
Consolidated income before equity in income (loss) from unconsolidated joint ventures and income taxes | 10,412 | 19,485 | 27,600 | 28,197 | |
Total assets | 198,573 | 198,573 | 192,290 | ||
Operating Segments | Hospitality segment | |||||
Segments | |||||
Total revenue | 29,370 | 22,463 | 45,607 | 35,457 | |
Consolidated income before equity in income (loss) from unconsolidated joint ventures and income taxes | 5,746 | 5,421 | 4,783 | 5,705 | |
Total assets | 323,330 | 323,330 | 256,751 | ||
Operating Segments | Commercial segment | |||||
Segments | |||||
Total revenue | 15,324 | 16,826 | 30,721 | 24,080 | |
Consolidated income before equity in income (loss) from unconsolidated joint ventures and income taxes | 4,828 | 10,345 | 9,541 | 10,244 | |
Total assets | 430,995 | 430,995 | 378,118 | ||
Other reconciling items | |||||
Segments | |||||
Total revenue | 546 | 378 | 1,068 | 856 | |
Consolidated income before equity in income (loss) from unconsolidated joint ventures and income taxes | 618 | (2,927) | (1,835) | (7,344) | |
Total assets | 366,927 | 366,927 | $ 380,992 | ||
Other reconciling items | Hurricane Michael. | |||||
Segments | |||||
Gain on insurance recovery | $ 2,500 | $ 500 | $ 3,200 | $ 1,400 |
Commitments and Contingencies -
Commitments and Contingencies - (Details) - USD ($) | 1 Months Ended | |||||||
Apr. 30, 2021 | Nov. 30, 2020 | Jan. 31, 2019 | Jun. 30, 2022 | Dec. 31, 2021 | Jan. 14, 2021 | Jun. 30, 2020 | Dec. 31, 2019 | |
Obligations | ||||||||
Accrued liabilities for other litigation, claims, other disputes and governmental proceedings | $ 400,000 | $ 400,000 | ||||||
Amount of letters of credit outstanding | 23,600,000 | 12,900,000 | ||||||
Purchase obligations, total | 185,000,000 | |||||||
Outstanding debt | 297,199,000 | 227,474,000 | ||||||
Allowance for credit losses within other liabilities | 100,000 | 100,000 | ||||||
Latitude JV Note | ||||||||
Obligations | ||||||||
Amount committed to fund | $ 10,000,000 | |||||||
Note receivable | 0 | 7,100,000 | ||||||
Latitude Margaritaville Watersound JV | ||||||||
Obligations | ||||||||
Amount as lender of secured revolving promissory note | 10,000,000 | 10,000,000 | $ 10,000,000 | |||||
Surety bonds | ||||||||
Obligations | ||||||||
Commitment obligations | 36,800,000 | 36,900,000 | ||||||
Pier Park TPS JV | Pier Park TPS JV Loan | ||||||||
Obligations | ||||||||
Guarantor liability, Scenario 2 (as a percent) | 25% | |||||||
Watersound Fountains Independent Living JV | Watersound Fountains JV Loan, due April 2026 | ||||||||
Obligations | ||||||||
Guarantor liability, Scenario 1 (as a percent) | 50% | |||||||
Guarantor liability, Scenario 2 (as a percent) | 25% | |||||||
Guarantor liability, Scenario 3 (as a percent) | 0% | |||||||
Unconsolidated joint ventures | ||||||||
Obligations | ||||||||
Outstanding debt | 89,917,000 | 62,701,000 | ||||||
Pier Park TPS JV | ||||||||
Obligations | ||||||||
Outstanding debt | 13,974,000 | 14,124,000 | ||||||
Pier Park TPS JV | Pier Park TPS JV Loan | ||||||||
Obligations | ||||||||
Loan amount | $ 14,400,000 | |||||||
Outstanding debt | 14,000,000 | 14,100,000 | ||||||
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 | $ 14,400,000 | |||||||
Pier Park TPS JV | Interest Rate Swap | Pier Park TPS JV Loan | ||||||||
Obligations | ||||||||
Fixed interest rate (as a percent) | 5.20% | |||||||
Latitude Margaritaville Watersound JV | ||||||||
Obligations | ||||||||
Outstanding debt | 19,658,000 | 7,147,000 | ||||||
Latitude Margaritaville Watersound JV | Latitude Margaritaville Watersound JV Loan, due November 2023 | ||||||||
Obligations | ||||||||
Loan amount | $ 25,000,000 | |||||||
Outstanding debt | 19,700,000 | 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 | ||||||||
Outstanding debt | 11,379,000 | 66,000 | ||||||
Watersound Fountains Independent Living JV | Watersound Fountains JV Loan, due April 2026 | ||||||||
Obligations | ||||||||
Loan amount | $ 41,900,000 | |||||||
Outstanding debt | $ 11,400,000 | $ 100,000 | ||||||
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% |
Subsequent Event (Details)
Subsequent Event (Details) - $ / shares | 3 Months Ended | 6 Months Ended | ||||
Sep. 09, 2022 | Jul. 27, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Subsequent Event | ||||||
Dividends declared (in dollars per share) | $ 0.10 | $ 0.08 | $ 0.20 | $ 0.16 | ||
Dividends paid (in dollars per share) | $ 0.10 | $ 0.08 | $ 0.20 | $ 0.16 | ||
Forecast | ||||||
Subsequent Event | ||||||
Dividends paid (in dollars per share) | $ 0.10 | |||||
Subsequent Event | ||||||
Subsequent Event | ||||||
Dividends declared (in dollars per share) | $ 0.10 |