The St. Joe Company (JOE) 10-Q 26 Apr 23 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2023	Apr. 24, 2023
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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		58,372,040
Entity Central Index Key	0000745308
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
ASSETS
Investment in real estate, net	$ 1,026,286	$ 996,261
Investment in unconsolidated joint ventures	55,457	50,025
Cash and cash equivalents	57,152	37,747
Investments - debt securities	22,814	40,576
Other assets	57,660	61,729
Property and equipment, net of accumulated depreciation of $67,673 and $67,133 as of March 31, 2023 and December 31, 2022, respectively	42,414	39,638
Investments held by special purpose entities	204,476	204,863
Total assets	1,466,259	1,430,839
Liabilities:
Debt, net	420,689	385,860
Other liabilities	96,139	94,371
Deferred revenue	40,860	38,936
Deferred tax liabilities, net	78,256	82,706
Senior Notes held by special purpose entity	177,932	177,857
Total liabilities	813,876	779,730
Commitments and contingencies (Note 18)
Equity:
Common stock, no par value; 180,000,000 shares authorized; 58,372,040 and 58,335,541 issued and outstanding at March 31, 2023 and December 31, 2022, respectively	270,169	270,028
Retained earnings	362,897	358,344
Accumulated other comprehensive income	2,073	2,430
Total stockholders' equity	635,139	630,802
Non-controlling interest	17,244	20,307
Total equity	652,383	651,109
Total liabilities and equity	$ 1,466,259	$ 1,430,839

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
CONSOLIDATED BALANCE SHEETS
Property and equipment, Accumulated depreciation	$ 67,673	$ 67,133
Common stock, par value	$ 0	$ 0
Common stock, shares authorized (in shares)	180,000,000	180,000,000
Common stock, issued (in shares)	58,372,040	58,335,541

CONSOLIDATED BALANCE SHEETS - C

CONSOLIDATED BALANCE SHEETS - Consolidated Joint Ventures - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
ASSETS
Investment in real estate, net	$ 1,026,286	$ 996,261
Cash and cash equivalents	57,152	37,747
Other assets	57,660	61,729
Property and equipment, net	42,414	39,638
Investments held by special purpose entities	204,476	204,863
Total assets	1,466,259	1,430,839
LIABILITIES
Debt, net	420,689	385,860
Other liabilities	96,139	94,371
Deferred revenue	40,860	38,936
Senior Notes held by special purpose entity	177,932	177,857
Total liabilities	813,876	779,730
Consolidated Joint Ventures
ASSETS
Investment in real estate, net	275,886	272,395
Cash and cash equivalents	10,616	7,353
Other assets	13,600	16,804
Property and equipment, net	10,410	7,219
Investments held by special purpose entities	204,476	204,863
Total assets	514,988	508,634
LIABILITIES
Debt, net	268,231	243,447
Other liabilities	12,217	18,834
Deferred revenue	321	234
Senior Notes held by special purpose entity	177,932	177,857
Total liabilities	$ 458,701	$ 440,372

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue:
Leasing revenue	$ 11,790	$ 8,822
Total revenue	72,991	64,871
Expenses:
Corporate and other operating expenses	5,721	5,656
Depreciation, depletion and amortization	7,322	5,026
Total expenses	61,687	44,647
Operating income (loss)	11,304	20,224
Other income (expense):
Investment income, net	2,921	2,300
Interest expense	(6,209)	(4,153)
Gain on contributions to unconsolidated joint ventures	530	482
Equity in income (loss) from unconsolidated joint ventures	3,663	(495)
Other income (expense), net	713	(369)
Total other (expense) income	1,618	(2,235)
Income before income taxes	12,922	17,989
Income tax expense	(3,441)	(4,536)
Net income	9,481	13,453
Net loss (income) attributable to non-controlling interest	909	(41)
Net income attributable to the Company	$ 10,390	$ 13,412
NET INCOME PER SHARE ATTRIBUTABLE TO THE COMPANY
Basic (in dollars per share)	$ 0.18	$ 0.23
Diluted (in dollars per share)	$ 0.18	$ 0.23
WEIGHTED AVERAGE SHARES OUTSTANDING
Basic (in shares)	58,309,093	58,882,549
Diluted (in shares)	58,309,093	58,886,931
Real Estate
Revenue:
Revenue	$ 35,004	$ 36,774
Expenses:
Cost of revenue	20,182	15,295
Hospitality
Revenue:
Revenue	24,499	16,321
Expenses:
Cost of revenue	22,927	14,868
Leasing
Expenses:
Cost of revenue	5,372	3,652
Timber
Revenue:
Revenue	1,698	2,954
Expenses:
Cost of revenue	$ 163	$ 150

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 9,481	$ 13,453
Other comprehensive income (loss):
Net unrealized gain (loss) on available-for-sale investments	227	(322)
Interest rate swap	(582)	2,308
Interest rate swap - unconsolidated affiliate	(37)	313
Reclassification of net realized (gain) loss included in earnings	(360)	147
Total before income taxes	(752)	2,446
Income tax benefit (expense)	121	(445)
Total other comprehensive (loss) income, net of tax	(631)	2,001
Total comprehensive income, net of tax	8,850	15,454
Total comprehensive loss (income) attributable to non-controlling interest	1,183	(733)
Total comprehensive income attributable to the Company	$ 10,033	$ 14,721

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Retained Earnings	Accumulated Other Comprehensive (Loss) Income	Non-controlling Interest	Total
Beginning Balance at Dec. 31, 2021	$ 296,873	$ 310,925	$ (389)	$ 18,691	$ 626,100
Beginning Balance (in shares) at Dec. 31, 2021	58,882,549
Increase (Decrease) in Stockholders' Equity
Capital contributions from non-controlling interest				2,035	2,035
Capital distributions to non-controlling interest				(710)	(710)
Issuance of restricted stock (in shares)	25,594
Stock based compensation expense	$ 42				42
Dividends		(5,889)			(5,889)
Other comprehensive (loss) income, net of tax			1,309	692	2,001
Net income (loss)		13,412		41	13,453
Ending Balance at Mar. 31, 2022	$ 296,915	318,448	920	20,749	637,032
Ending Balance (in shares) at Mar. 31, 2022	58,908,143
Beginning Balance at Dec. 31, 2022	$ 270,028	358,344	2,430	20,307	651,109
Beginning Balance (in shares) at Dec. 31, 2022	58,335,541
Increase (Decrease) in Stockholders' Equity
Capital contributions from non-controlling interest				214	214
Capital distributions to non-controlling interest				(2,094)	(2,094)
Issuance of restricted stock (in shares)	36,499
Stock based compensation expense	$ 141				141
Dividends		(5,837)			(5,837)
Other comprehensive (loss) income, net of tax			(357)	(274)	(631)
Net income (loss)		10,390		(909)	9,481
Ending Balance at Mar. 31, 2023	$ 270,169	$ 362,897	$ 2,073	$ 17,244	$ 652,383
Ending Balance (in shares) at Mar. 31, 2023	58,372,040

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
Dividends (in dollars per share)	$ 0.10	$ 0.10

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net income	$ 9,481	$ 13,453
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	7,322	5,026
Stock based compensation	141	42
Unrealized gain on investments, net		(25)
Equity in (income) loss from unconsolidated joint ventures, net of distributions	(2,432)	528
Deferred income tax (benefit) expense	(4,328)	2,042
Cost of real estate sold	19,072	14,064
Expenditures for and acquisition of real estate to be sold	(25,557)	(25,937)
Accretion income and other	(414)	(259)
Gain on disposal of property and equipment	(3)	(10)
Gain on contributions to unconsolidated joint ventures	(530)	(482)
Gain on insurance for damage to property and equipment, net		(723)
Loss on extinguishment of debt	133
Changes in operating assets and liabilities:
Other assets	3,925	8,427
Deferred revenue	1,399	1,133
Other liabilities	10,963	2,534
Net cash provided by operating activities	19,172	19,813
Cash flows from investing activities:
Expenditures for operating property	(42,372)	(51,633)
Expenditures for property and equipment	(1,659)	(1,440)
Proceeds from the disposition of assets	9	10
Proceeds from insurance claims		723
Purchases of investments - debt securities	(9,766)	(74,476)
Maturities of investments - debt securities	28,000	45,000
Capital contributions to unconsolidated joint ventures	(1,893)	(142)
Capital distributions from unconsolidated joint ventures	75	206
Maturities of assets held by special purpose entities	415	413
Net cash used in investing activities	(27,191)	(81,339)
Cash flows from financing activities:
Capital contributions from non-controlling interest	214	2,035
Capital distributions to non-controlling interest	(2,094)	(710)
Dividends paid	(5,832)	(5,889)
Borrowings on debt	81,446	35,168
Principal payments for debt	(45,938)	(536)
Principal payments for finance leases	(34)	(35)
Debt issuance costs	(862)	(1,105)
Net cash provided by financing activities	26,900	28,928
Net increase (decrease) in cash, cash equivalents and restricted cash	18,881	(32,598)
Cash, cash equivalents and restricted cash at beginning of the year	45,303	74,400
Cash, cash equivalents and restricted cash at end of the year	$ 64,184	$ 41,802

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash, cash equivalents and restricted cash:
Cash and cash equivalents	$ 57,152	$ 33,115
Restricted cash included in other assets	$ 7,032	$ 8,687
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	$ 64,184	$ 41,802
Cash paid during the period for:
Interest, net of amounts capitalized	8,117	5,692
Non-cash investing and financing activities:
Non-cash contributions to unconsolidated joint ventures	(1,249)	(831)
Decrease in Community Development District debt, net	(141)	(15)
Transfers of operating property to property and equipment	4,121	4,960
(Decrease) increase in expenditures for operating properties and property and equipment financed through accounts payable	(4,595)	1,070
Unrealized (loss) gain on cash flow hedges	$ (705)	$ 2,621

Nature of Operations

Nature of Operations	3 Months Ended
	Mar. 31, 2023
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 17. Segment Information.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
Summary of Significant Accounting Policies
Summary of 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”) 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, but has significant influence are unconsolidated and accounted for by the equity method. All significant intercompany transactions and balances have been eliminated in consolidation. The December 31, 2022 condensed consolidated balance sheet amounts have been derived from the Company’s December 31, 2022 audited consolidated financial statements. Certain prior period amounts in the accompanying condensed consolidated financial statements have been reclassified to conform to the current year presentation. These reclassifications had no effect on the Company’s previously reported total assets and liabilities, stockholders’ equity or net income. Operating results for the three months ended March 31, 2023 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2023. 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. 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, 2022. The Company adheres to the same accounting policies in preparation of its unaudited interim condensed consolidated financial statements as the Company’s December 31, 2022 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 assets are concentrated in Northwest Florida. Uncertain economic conditions could have an adverse impact on the Company’s operations and asset values. Throughout the first quarter of 2023, the Company continued to generate positive financial results. While macroeconomic factors such as inflation, rising interest rates, supply chain disruptions, financial institution disruptions and geopolitical conflicts, among other things, 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 of Northwest Florida, which the Company attributes 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 macroeconomic factors, including supply chain disruptions which have extended homesite and home deliveries in certain residential communities and extended the time to complete hospitality and commercial projects. In addition, inflation and rising interest rates, have increased operating costs and loan rates, as compared to prior periods. The Company generally has not seen a material increase in cancellation rates, and therefore the impact relates primarily to the timing of revenue recognition. In addition, while rising interest rates have negatively impacted buyers’ ability to obtain financing and the housing market generally, homebuilders have performed on their contractual obligations with the Company. Given our diverse portfolio of residential holdings, the mix of sales and pricing from different communities may also impact revenue and margins period over period. Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash, cash equivalents, investments, other receivables, investments held by special purpose entity or entities (“SPE”) and investments in retained interests. The Company deposits and invests cash with local, regional and national financial institutions, and as of March 31, 2023, these balances exceeded the amount of F.D.I.C. insurance provided on such deposits. In addition, as of March 31, 2023, the Company had $29.8 million invested in short-term U.S. Treasury Bills and $6.3 million invested in U.S. Treasury Money Market Funds classified as cash and cash equivalents and $22.8 million invested in U.S. Treasury Bills classified as investments – debt securities. Earnings Per Share Basic earnings per share is calculated by dividing net income attributable to the Company by the basic weighted average number of common shares outstanding for the period. Diluted earnings per share is calculated by dividing net income attributable to the Company by the weighted average number of shares of common stock outstanding for the period, including potential dilutive common shares. The treasury stock method is used to determine the effect on diluted earnings. For the three months ended March 31, 2023 and 2022, the Company had 57,923 and 25,594, respectively, unvested shares of restricted stock. For the three months ended March 31, 2023, 57,923 potentially dilutive common shares were excluded from the calculation of diluted income per share, since the effect would have been anti-dilutive based on the application of the treasury stock method. See Note 14. Stockholders’ Equity The computation of basic and diluted earnings per share are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ ​ 2023 ​ 2022 ​ ​ ​ (Dollars in thousands except per share amounts) Income ​ ​ ​ ​ ​ ​ ​ Net income attributable to the Company ​ ​ $ 10,390 ​ $ 13,412 ​ ​ ​ ​ ​ ​ ​ ​ Shares ​ ​ ​ ​ ​ ​ ​ Weighted average shares outstanding - basic ​ ​ ​ 58,309,093 ​ ​ 58,882,549 Incremental shares from restricted stock ​ ​ ​ — ​ ​ 4,382 Weighted average shares outstanding - diluted ​ ​ ​ 58,309,093 ​ ​ 58,886,931 ​ ​ ​ ​ ​ ​ ​ ​ Net income per share attributable to the Company ​ ​ ​ ​ ​ ​ ​ Basic income per share ​ ​ $ 0.18 ​ $ 0.23 Diluted income per share ​ ​ $ 0.18 ​ $ 0.23 ​ 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 Leases Common Control Arrangements In March 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-01, Leases (Topic 842): Common Control Arrangements Leases Topic 842 The Company is currently evaluating the impact that the adoption of this guidance will have on its financial condition, results of operations and cash flows. 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) Reference Rate Reform (Topic 848) - Deferral of the Sunset Date of Topic 848 2023, some of the Company’s debt agreements that referenced LIBOR were amended to an alternative rate, Topic 848 was applied at the time of these modifications and there was no impact on the Company’s financial condition, results of operations and cash flows. There is no current additional impact to the Company from this guidance and the Company will consider the impact on its financial condition, results of operations and cash flows when there are additional modifications to existing agreements.

Investment in Real Estate, Net

Investment in Real Estate, Net	3 Months Ended
	Mar. 31, 2023
Investment in Real Estate, Net
Investment in Real Estate, Net	3. Investment in Real Estate, Net Investment in real estate, net, excluding unconsolidated JVs, by property type and segment includes the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2023 ​ 2022 Development property: ​ ​ Residential ​ $ 168,591 ​ $ 171,504 Hospitality ​ 191,143 ​ 200,209 Commercial ​ 144,321 ​ 131,133 Other ​ 3,647 ​ 3,618 Total development property ​ 507,702 ​ 506,464 ​ ​ ​ ​ ​ ​ ​ Operating property: ​ ​ Residential ​ 7,899 ​ 7,854 Hospitality ​ 244,795 ​ 221,542 Commercial ​ 366,056 ​ 356,242 Other ​ 83 ​ 127 Total operating property ​ 618,833 ​ 585,765 Less: Accumulated depreciation ​ 100,249 ​ 95,968 Total operating property, net ​ 518,584 ​ 489,797 Investment in real estate, net ​ $ 1,026,286 ​ $ 996,261 ​ Investment in real estate, net is carried at cost, net of depreciation and timber depletion, unless circumstances indicate that the carrying value of the assets may not be recoverable. Development property consists of land the Company is developing or intends to develop for sale, lease 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 and club amenities. 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 rental homes, marinas and other operations. Commercial operating property includes property used for retail, office, self-storage, light industrial, multi-family, senior living, commercial rental and timber purposes. Operating property may be sold in the future as part of the Company’s principal real estate business. As of March 31, 2023 and December 31, 2022, operating property, net related to operating leases was $292.9 million and $285.1 million, respectively.

Joint Ventures

Joint Ventures	3 Months Ended
	Mar. 31, 2023
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 8. Other Assets Debt, Net Commitments and Contingencies Consolidated Joint Ventures Mexico Beach Crossings JV Mexico Beach Crossings JV was formed in January 2022, when the Company entered into a JV agreement to develop, manage and lease apartments in Mexico Beach, Florida. The JV parties are working together to develop and construct the 216-unit apartment community. The community is located on land that was contributed to the JV by the Company. As of March 31, 2023 and December 31, 2022, the Company owned a 75.0% interest in the consolidated JV. The Company’s partner is currently responsible for the construction activities of the JV, but once operational, Watersound Management, LLC (“Watersound Management JV”), the Company’s unconsolidated JV, will be responsible for the day-to-day activities of the community. The Company approves all major decisions, including project development, annual budgets and financing. The Company determined Mexico Beach Crossings JV is a voting interest entity and that the Company has a majority voting interest as of March 31, 2023 and December 31, 2022. The Lodge 30A JV The Lodge 30A JV was formed in 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. Construction of the 85-room hotel was completed in the first quarter of 2023. As of March 31, 2023 and December 31, 2022, the Company owned a 52.8% interest in the consolidated JV. A wholly-owned subsidiary of the Company manages the day-to-day operations of the hotel. The Company approves all major decisions, including project development, annual budgets and financing. The Company determined The Lodge 30A JV is a VIE and that the Company is the VIE’s primary beneficiary as of March 31, 2023 and December 31, 2022. Pier Park Resort Hotel JV Pier Park Resort Hotel JV was formed in 2020, when the Company entered into a JV agreement to develop and operate an Embassy Suites by Hilton hotel in the Pier Park area of Panama City Beach, Florida. The JV parties are working together to develop and construct the 255-room hotel. As of March 31, 2023 and December 31, 2022, the Company owned a 70.0% interest in the consolidated JV. The Company’s partner is currently responsible for the construction activities of the JV, but once operational, a wholly-owned subsidiary of the Company will manage the day-to-day operations of the hotel. The Company has significant involvement in the project design and development, annual budgets and financing. The Company determined Pier Park Resort Hotel JV is a VIE and that the Company is the VIE’s primary beneficiary as of March 31, 2023 and December 31, 2022. 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 March 31, 2023 and December 31, 2022, 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 Phase II JV is a VIE and that the Company is the VIE’s primary beneficiary as of March 31, 2023 and December 31, 2022. 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 March 31, 2023 and December 31, 2022, the Company owned a 58.0% interest in the consolidated JV. A wholly-owned subsidiary of the Company is the managing member of Watersound Closings JV and is responsible for the day-to-day activities of the business. As the manager of the JV, as well as the majority member, the Company has the power to direct all of the activities of the JV that most significantly impact economic performance. The Company determined Watersound Closings JV is a VIE and that the Company is the VIE’s primary beneficiary as of March 31, 2023 and December 31, 2022. 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 March 31, 2023 and December 31, 2022, the Company owned an 87.0% interest in the consolidated JV. A wholly-owned subsidiary of the Company’s JV partner is responsible for the day-to-day activities of the community. However, the Company approves all major decisions, including project development, annual budgets and financing. The Company determined Watercrest JV is a VIE and that the Company is the VIE’s primary beneficiary as of March 31, 2023 and December 31, 2022. 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 a 217-unit apartment community near the entrance to the Watersound Origins residential community. As of March 31, 2023 and December 31, 2022, 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 Watersound Origins Crossings JV is a VIE and that the Company is the VIE’s primary beneficiary as of March 31, 2023 and December 31, 2022. 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 March 31, 2023 and December 31, 2022, the Company owned a 75.0% interest in the consolidated JV. The Company’s unconsolidated Watersound Management JV is responsible for the day-to-day activities of the community. The Company approves all major decisions, including project development, annual budgets and financing. The Company determined Pier Park Crossings JV is a VIE and that the Company is the VIE’s primary beneficiary as of March 31, 2023 and December 31, 2022. Pier Park North JV During 2012, the Company entered into a JV agreement with a partner to develop a retail center at Pier Park North. As of March 31, 2023 and December 31, 2022, the Company owned a 90.0% 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. The Company approves all major decisions, including project development, annual budgets and financing. The Company determined the Pier Park North JV is a VIE and that the Company is the VIE’s primary beneficiary as of March 31, 2023 and December 31, 2022. Unconsolidated Joint Ventures Investment in unconsolidated joint ventures includes the Company’s investment accounted for using the equity method. The following table presents detail of the Company’s investment in unconsolidated joint ventures and total outstanding debt of unconsolidated JVs: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2023 ​ 2022 Investment in unconsolidated joint ventures ​ ​ Latitude Margaritaville Watersound JV ​ $ 37,179 ​ $ 33,235 Sea Sound JV (a) ​ ​ 375 ​ ​ 411 Watersound Fountains Independent Living JV ​ ​ 7,259 ​ ​ 7,258 Pier Park TPS JV ​ 1,142 ​ 1,451 Pier Park RI JV ​ ​ 6,156 ​ ​ 4,263 Busy Bee JV ​ 2,060 ​ 2,160 Electric Cart Watersound JV ​ ​ 739 ​ ​ 703 Watersound Management JV ​ ​ 547 ​ ​ 544 Total investment in unconsolidated joint ventures ​ $ 55,457 ​ $ 50,025 ​ ​ ​ Outstanding debt of unconsolidated JVs ​ ​ ​ ​ ​ ​ Latitude Margaritaville Watersound JV (b) (c) ​ $ 25,142 ​ $ 30,001 Watersound Fountains Independent Living JV (c) ​ ​ 28,057 ​ ​ 21,327 Pier Park TPS JV (c) ​ ​ 13,743 ​ ​ 13,822 Busy Bee JV ​ ​ 5,931 ​ ​ 6,010 Electric Cart Watersound JV (c) ​ ​ 2,252 ​ ​ 923 Total outstanding debt of unconsolidated JVs ​ $ 75,125 ​ $ 72,083 (a) In November 2022, the Sea Sound JV sold its assets to an unrelated third party and no longer has activity from operations. (b) See Note 8. 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 18. Commitments and Contingencies for additional information. The Company's maximum exposure to loss due to involvement with the unconsolidated JVs as of March 31, 2023, was $99.1 million, which includes the carrying amounts of the investments, guarantees, promissory note receivable, other receivables, contribution requirements and derivative instruments. The following table presents detail of the Company’s equity in income (loss) from unconsolidated JVs: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ ​ 2023 ​ 2022 Equity in income (loss) from unconsolidated joint ventures ​ ​ ​ ​ ​ ​ ​ Latitude Margaritaville Watersound JV ​ ​ $ 3,902 ​ $ (623) Sea Sound JV (a) ​ ​ ​ (36) ​ ​ (17) Pier Park TPS JV ​ ​ ​ (167) ​ ​ (74) Busy Bee JV ​ ​ ​ (100) ​ ​ 197 Electric Cart Watersound JV ​ ​ ​ 36 ​ ​ — Watersound Management JV ​ ​ ​ 28 ​ ​ 22 Total equity in income (loss) from unconsolidated joint ventures ​ ​ $ 3,663 ​ $ (495) (a) In November 2022, the Sea Sound JV sold its assets to a third party and no longer has activity from operations. ​ Summarized balance sheets for the Company’s unconsolidated JVs are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ ​ Latitude Margaritaville Watersound JV ​ Sea Sound JV (b) ​ Watersound Fountains Independent Living JV ​ Pier Park TPS JV ​ Pier Park RI JV ​ Busy Bee JV ​ Electric Cart Watersound JV ​ Watersound Management JV ​ Total ASSETS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment in real estate, net ​ $ 123,640 (a) $ — ​ $ 43,871 ​ $ 14,749 ​ $ 12,837 ​ $ 7,555 ​ $ 3,434 ​ $ — ​ $ 206,086 Cash and cash equivalents ​ ​ 11,473 ​ ​ 451 ​ ​ 298 ​ ​ 702 ​ ​ 652 ​ ​ 840 ​ ​ 421 ​ ​ 105 ​ ​ 14,942 Other assets ​ ​ 4,325 ​ ​ 185 ​ ​ 15 ​ ​ 578 ​ ​ 339 ​ ​ 2,122 ​ ​ 373 ​ ​ — ​ ​ 7,937 Total assets ​ $ 139,438 ​ $ 636 ​ $ 44,184 ​ $ 16,029 ​ $ 13,828 ​ $ 10,517 ​ $ 4,228 ​ $ 105 ​ $ 228,965 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ LIABILITIES AND EQUITY ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt, net ​ $ 24,751 ​ $ — ​ $ 27,456 ​ $ 13,467 ​ $ — ​ $ 5,896 ​ $ 2,174 ​ $ — ​ $ 73,744 Other liabilities ​ ​ 73,014 ​ ​ 11 ​ ​ 3,236 ​ ​ 278 ​ ​ 1,515 ​ ​ 571 ​ ​ 605 ​ ​ — ​ ​ 79,230 Equity ​ ​ 41,673 ​ ​ 625 ​ ​ 13,492 ​ ​ 2,284 ​ ​ 12,313 ​ ​ 4,050 ​ ​ 1,449 ​ ​ 105 ​ ​ 75,991 Total liabilities and equity ​ $ 139,438 ​ $ 636 ​ $ 44,184 ​ $ 16,029 ​ $ 13,828 ​ $ 10,517 ​ $ 4,228 ​ $ 105 ​ $ 228,965 (a) Investment in real estate, net includes the land contributed to the Latitude Margaritaville Watersound JV at the Company’s historical cost basis and additional completed infrastructure improvements. (b) In November 2022, the Sea Sound JV sold its assets to a third party and no longer has activity from operations. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ Latitude Margaritaville Watersound JV ​ Sea Sound JV (b) ​ Watersound Fountains Independent Living JV ​ Pier Park TPS JV ​ Pier Park RI JV ​ Busy Bee JV ​ Electric Cart Watersound JV ​ Watersound Management JV ​ Total ASSETS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment in real estate, net ​ $ 125,231 (a) $ — ​ $ 38,783 ​ $ 15,106 ​ $ 9,858 ​ $ 7,627 ​ $ 1,875 ​ $ — ​ $ 198,480 Cash and cash equivalents ​ ​ 10,633 ​ ​ 327 ​ ​ 190 ​ ​ 775 ​ ​ 580 ​ ​ 1,081 ​ ​ 259 ​ ​ 98 ​ ​ 13,943 Other assets ​ ​ 3,267 ​ ​ 363 ​ ​ 11 ​ ​ 748 ​ ​ 340 ​ ​ 1,957 ​ ​ 234 ​ ​ — ​ ​ 6,920 Total assets ​ $ 139,131 ​ $ 690 ​ $ 38,984 ​ $ 16,629 ​ $ 10,778 ​ $ 10,665 ​ $ 2,368 ​ $ 98 ​ $ 219,343 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ LIABILITIES AND EQUITY ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt, net ​ $ 29,530 ​ $ — ​ $ 20,716 ​ $ 13,542 ​ $ — ​ $ 5,970 ​ $ 843 ​ $ — ​ $ 70,601 Other liabilities ​ ​ 76,506 ​ ​ 5 ​ ​ 4,776 ​ ​ 186 ​ ​ 2,252 ​ ​ 376 ​ ​ 147 ​ ​ — ​ ​ 84,248 Equity ​ ​ 33,095 ​ ​ 685 ​ ​ 13,492 ​ ​ 2,901 ​ ​ 8,526 ​ ​ 4,319 ​ ​ 1,378 ​ ​ 98 ​ ​ 64,494 Total liabilities and equity ​ $ 139,131 ​ $ 690 ​ $ 38,984 ​ $ 16,629 ​ $ 10,778 ​ $ 10,665 ​ $ 2,368 ​ $ 98 ​ $ 219,343 (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) In November 2022, the Sea Sound JV sold its assets to a third party and no longer has activity from operations. ​ Summarized statements of operations for the Company’s unconsolidated JVs are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2023 ​ ​ Latitude Margaritaville Watersound JV (a) ​ Sea Sound JV (b) ​ Watersound Fountains Independent Living JV (c) ​ Pier Park TPS JV ​ Pier Park RI JV (c) ​ Busy Bee JV ​ Electric Cart Watersound JV ​ Watersound Management JV ​ ​ Total Total revenue ​ $ 76,429 ​ $ — ​ $ — ​ $ 898 ​ $ — ​ $ 3,519 ​ $ 557 ​ $ 431 ​ $ 81,834 Expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost of revenue ​ ​ 64,478 ​ ​ — ​ ​ — ​ ​ 692 ​ ​ — ​ ​ 3,508 ​ ​ 475 ​ ​ 376 ​ ​ 69,529 Other operating expenses ​ ​ 3,997 ​ ​ 63 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 6 ​ ​ — ​ ​ 4,066 Depreciation and amortization ​ ​ 80 ​ ​ — ​ ​ — ​ ​ 361 ​ ​ — ​ ​ 116 ​ ​ 2 ​ ​ — ​ ​ 559 Total expenses ​ ​ 68,555 ​ ​ 63 ​ ​ — ​ ​ 1,053 ​ ​ — ​ ​ 3,624 ​ ​ 483 ​ ​ 376 ​ ​ 74,154 Operating income (loss) ​ ​ 7,874 ​ ​ (63) ​ ​ — ​ ​ (155) ​ ​ — ​ ​ (105) ​ ​ 74 ​ ​ 55 ​ ​ 7,680 Other (expense) income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest expense ​ ​ (80) ​ ​ — ​ ​ — ​ ​ (183) ​ ​ — ​ ​ (25) ​ ​ (3) ​ ​ — ​ ​ (291) Other income (expense), net ​ ​ 10 ​ ​ — ​ ​ — ​ ​ 4 ​ ​ — ​ ​ (137) (d) ​ — ​ ​ — ​ ​ (123) Total other expense ​ ​ (70) ​ ​ — ​ ​ — ​ ​ (179) ​ ​ — ​ ​ (162) ​ ​ (3) ​ ​ — ​ ​ (414) Net income (loss) ​ $ 7,804 ​ $ (63) ​ $ — ​ $ (334) ​ $ — ​ $ (267) ​ $ 71 ​ $ 55 ​ $ 7,266 (a) The Latitude Margaritaville Watersound JV completed 149 home sale transactions during the three months ended March 31, 2023. (b) In November 2022, the Sea Sound JV sold its assets to a third party and no longer has activity from operations. (c) The project is under construction with no income or loss for the three months ended March 31, 2023. (d) Includes changes in the fair value of derivatives related to interest rate swaps entered into by the Busy Bee JV. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2022 ​ ​ Latitude Margaritaville Watersound JV (a) ​ Sea Sound JV (b) ​ Watersound Fountains Independent Living JV (c) ​ Pier Park TPS JV ​ Pier Park RI JV (d) ​ Busy Bee JV ​ Electric Cart Watersound JV ​ Watersound Management JV ​ Total Total revenue ​ $ 7,140 ​ $ 1,154 ​ $ — ​ $ 1,124 ​ $ — ​ $ 3,733 ​ $ — ​ $ 252 ​ $ 13,403 Expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost of revenue ​ ​ 6,964 ​ ​ 448 ​ ​ — ​ ​ 725 ​ ​ — ​ ​ 3,612 ​ ​ — ​ ​ 208 ​ ​ 11,957 Other operating expenses ​ ​ 1,268 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,268 Depreciation and amortization ​ ​ 75 ​ ​ 416 ​ ​ — ​ ​ 362 ​ ​ — ​ ​ 115 ​ ​ — ​ ​ — ​ ​ 968 Total expenses ​ ​ 8,307 ​ ​ 864 ​ ​ — ​ ​ 1,087 ​ ​ — ​ ​ 3,727 ​ ​ — ​ ​ 208 ​ ​ 14,193 Operating (loss) income ​ ​ (1,167) ​ ​ 290 ​ ​ — ​ ​ 37 ​ ​ — ​ ​ 6 ​ ​ — ​ ​ 44 ​ ​ (790) Other (expense) income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest expense ​ ​ (56) ​ ​ (312) ​ ​ — ​ ​ (187) ​ ​ — ​ ​ (45) ​ ​ — ​ ​ — ​ ​ (600) Other (expense) income, net ​ ​ — ​ ​ (5) ​ ​ — ​ ​ 1 ​ ​ — ​ ​ 399 (e) ​ — ​ ​ — ​ ​ 395 Total other (expense) income ​ ​ (56) ​ ​ (317) ​ ​ — ​ ​ (186) ​ ​ — ​ ​ 354 ​ ​ — ​ ​ — ​ ​ (205) Net (loss) income ​ $ (1,223) ​ $ (27) ​ $ — ​ $ (149) ​ $ — ​ $ 360 ​ $ — ​ $ 44 ​ $ (995) (a) The Latitude Margaritaville Watersound JV completed 18 home sale transactions during the three months ended March 31, 2022. (b) In November 2022, the Sea Sound JV sold its assets to a third party and no longer has activity from operations. (c) The project was under construction with no income or loss for the three months ended March 31, 2022. (d) The JV was formed in May 2022. (e) Includes changes in the fair value of derivatives related to interest rate swaps entered into by the Busy Bee JV. ​ 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 March 31, 2023, the Latitude Margaritaville Watersound JV had 679 homes under contract and has completed 512 home sale transactions of the total estimated 3,500 homes planned in the community. As of March 31, 2023 and December 31, 2022, the Company’s investment in the unconsolidated Latitude Margaritaville Watersound JV was $37.2 million and $33.2 million, respectively, which includes the net present value of the land contribution, cash contributions, additional completed infrastructure improvements and equity in income, less the pro-rata return of land contribution. The Company continues to have a performance obligation to provide agreed upon infrastructure improvements in the vicinity of the contributed land, which will be recognized over time as improvements are completed. As of March 31, 2023, the Company completed $7.7 million of the agreed upon infrastructure improvements. As of March 31, 2023 and December 31, 2022, the Company owned a 50.0% voting interest in the JV. The Company’s unimproved land contribution and agreed upon infrastructure improvements are being returned at an average of $10,000 per home, as each home is sold by the JV. Per the JV agreement, the Company, as lender, has provided interest-bearing financing in the form of a $10.0 million secured revolving promissory note (the “Latitude JV Note”) to the Latitude Margaritaville Watersound JV, as borrower, to finance the development of the pod-level, non-spine infrastructure. As of March 31, 2023 and December 31, 2022, there was no balance outstanding on the Commitments and Contingencies Commitments and Contingencies Sea Sound JV FDSJ Eventide, LLC (“Sea Sound JV”) was formed in 2020. The Company entered into a JV agreement to develop, construct and manage a 300-unit apartment community near the Breakfast Point residential community in Panama City Beach, Florida. Construction of the community was completed in the first quarter of 2022. As of March 31, 2023 and December 31, 2022, the Company owned a 60.0% interest in the JV. In November 2022, the Sea Sound JV sold its assets to a third party and no longer has activity from operations. The Sea Sound JV has a contingent gain related to the sale for a $0.5 million indemnity holdback liability required through August 2023. 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. Watersound Fountains Independent Living JV WOSL, LLC (“Watersound Fountains Independent Living JV”) was formed in 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. As of March 31, 2023 and December 31, 2022, the Company owned a 53.8% interest in the JV. The Company’s partners are responsible for the day-to-day activities of the JV. The Company has determined that Watersound Fountains Independent Living 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 Watersound Fountains Independent Living JV is accounted for using the equity method. See Note 18. Commitments and Contingencies Pier Park TPS JV 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 March 31, 2023 and December 31, 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 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 18. Commitments and Contingencies Pier Park RI JV 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. The JV parties are working together to develop and construct the project. The hotel is located on land that was contributed to the JV by the Company in September 2022, with a fair value of $1.8 million. In addition, as of March 31, 2023, the Company has contributed cash and impact fees of $4.4 million, and the JV partner contributed cash of $6.2 million. As of March 31, 2023 and December 31, 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 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. In September 2022, the JV entered into a $25.0 million loan (the “Pier Park RI JV Loan”). The Pier Park RI JV Loan bears interest at the Secured Overnight Financing Rate (“SOFR”) plus 2.5% and matures in August 2025. The Pier Park RI JV Loan includes an option for a fixed rate conversion and two options to extend the maturity date by twenty-four months each, upon satisfaction of certain terms and conditions. The loan is secured by real property and certain other security interests. 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. As of March 31, 2023 and December 31, 2022, there was no principal balance outstanding on the Pier Park RI JV Loan. Busy Bee JV 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 March 31, 2023 and December 31, 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 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 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 real and personal property and certain other security interests. 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 matures in November 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 matures in November 2027 and fixed the variable rate debt, initially at $1.2 million to maturity, to a rate of 2.1% . Electric Cart Watersound JV 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 Bay County, 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 leased to the JV by the Company. As of March 31, 2023 and December 31, 2022, the Company owned a 51% interest in the JV. The Company is currently responsible for the construction activities of the JV and the Company’s JV partner manages 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. As of March 31, 2023 and December 31, 2022, the Electric Cart Watersound JV had $2.2 million and $1.7 million, respectively, of floorplan line of credit facilities to finance its golf cart and LSV inventory, which are secured by the JV. Borrowings under the line of credit facility bear interest at various rates based on the number of days outstanding after an interest free period ranging from three to six months. As of March 31, 2023 and December 31, 2022, the JV had an outstanding principal balance of $0.3 million and $0.1 million, respectively, on these line of credit facilities. See Note 18. Commitments and Contingencies Watersound Management JV Watersound Management, LLC was formed in 2021, when the Company entered into a JV agreement to lease, manage and operate multi-family housing developments for which the JV is the exclusive renting and management agent. As of March 31, 2023 and December 31, 2022, the Company owned a 50.0% interest in the JV. The day-to-day activities of the JV are being managed through a board of managers, with each JV partner having equal voting rights. The Company has determined that Watersound Management JV is a voting interest entity, but that the Company does not have a majority voting interest. The Company’s investment in Watersound Management JV is accounted for using the equity method.

Investments

Investments	3 Months Ended
	Mar. 31, 2023
Investments
Investments	​ 5. Investments Available-For-Sale Investments Investments classified as available-for-sale securities were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ ​ ​ Gross Unrealized Gross Unrealized ​ ​ ​ ​ Amortized Cost ​ Gains ​ (Losses) ​ Fair Value Investments - debt securities: ​ ​ ​ ​ U.S. Treasury Bills ​ $ 22,832 ​ $ 3 ​ $ (21) ​ $ 22,814 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ ​ Gross Unrealized Gross Unrealized ​ ​ ​ ​ Amortized Cost ​ Gains ​ (Losses) ​ Fair Value Investments - debt securities: ​ ​ ​ ​ U.S. Treasury Bills ​ $ 40,820 ​ $ — ​ $ (244) ​ $ 40,576 ​ During the three months ended March 31, 2023, the Company did not have any realized gains or losses or proceeds During the three months ended March 31, 2022, the Company did not have any realized gains or losses or proceeds The following table provides the available-for-sale investments with an unrealized loss position and their related fair values: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ December 31, 2022 ​ ​ 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 ​ $ 12,953 ​ $ 21 ​ $ — ​ $ — ​ $ 37,578 ​ $ 244 ​ $ — ​ $ — ​ As of March 31, 2023 and December 31, 2022, the Company had unrealized losses of less than $0.1 million and $0.2 million, respectively, related to U.S. Treasury Bills. As of March 31, 2023 and December 31, 2022, 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 a material unrealized loss and it is more likely than not that the Company will not be required to sell any of these securities prior to their anticipated recovery. The amortized cost and estimated fair value of investments - debt securities classified as available-for-sale, by contractual maturity are shown in the following table. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ Amortized Cost Fair Value Due in one year or less ​ $ 22,832 ​ $ 22,814 ​ Investment Management Agreement Mr. Bruce R. Berkowitz is the Chairman of the Company’s Board of Directors (the “Board”). He is the Manager of, and controls entities that own and control, Fairholme Holdings, LLC, which wholly owns Fairholme Capital Management, L.L.C. (“FCM”), an investment advisor registered with the SEC. Mr. Berkowitz is the Chief Investment Officer of FCM, which has provided investment advisory services to the Company since April 2013. FCM does not receive any compensation for services as the Company’s investment advisor. As of March 31, 2023, clients of FCM, including Mr. Berkowitz, beneficially owned approximately 41.4% of the Company’s common stock. FCM and its client, The Fairholme Fund, (“Fairholme”) a series of investments originating from the Fairholme Funds, Inc., may be deemed affiliates of the Company. Pursuant to the terms of an Investment Management Agreement, as amended, (the “Investment Management Agreement”) with the Company, FCM agreed to supervise and direct the Company’s investment accounts in accordance with the investment guidelines and restrictions approved by the Company. The investment guidelines are set forth in the Investment Management Agreement and require that any new securities for purchase must be issues of the U.S. Treasury or U.S. Treasury Money Market Funds .

Financial Instruments and Fair

Financial Instruments and Fair Value Measurements	3 Months Ended
	Mar. 31, 2023
Financial Instruments and Fair Value Measurements
Financial Instruments and Fair Value Measurements	6. Financial Instruments and Fair Value Measurements Fair Value Measurements The financial instruments measured at fair value on a recurring basis are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ ​ ​ ​ ​ ​ ​ Total Fair ​ ​ Level 1 ​ Level 2 ​ Level 3 ​ Value Cash equivalents: ​ ​ ​ ​ Money market funds ​ $ 6,275 ​ $ — ​ $ — ​ $ 6,275 U.S. Treasury Bills ​ ​ 29,776 ​ ​ — ​ ​ — ​ ​ 29,776 ​ ​ 36,051 ​ — ​ — ​ 36,051 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments - debt securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasury Bills ​ ​ 22,814 ​ ​ — ​ ​ — ​ ​ 22,814 ​ ​ $ 58,865 ​ $ — ​ $ — ​ $ 58,865 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ ​ ​ ​ ​ ​ Total Fair ​ ​ Level 1 ​ Level 2 ​ Level 3 ​ Value Cash equivalents: ​ ​ ​ ​ Money market funds ​ $ 19,233 ​ $ — ​ $ — ​ $ 19,233 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments - debt securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasury Bills ​ ​ 40,576 ​ ​ — ​ ​ — ​ ​ 40,576 ​ ​ $ 59,809 ​ $ — ​ $ — ​ $ 59,809 ​ 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. 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 Fair Value ​ Value ​ Consolidated Description ​ Date ​ Date ​ Rate ​ March 31, 2023 ​ March 31, 2023 ​ December 31, 2022 ​ Level ​ Balance Sheets ​ ​ ​ ​ ​ ​ ​ ​ ​ In Millions ​ In Thousands ​ ​ ​ ​ Pier Park Resort Hotel JV Loan (a) ​ December 2022 ​ April 2027 ​ 3.3% ​ $ 42.0 ​ $ 3,697 ​ $ 4,609 ​ 2 ​ Other assets Pier Park TPS JV Loan (b) ​ January 2021 ​ January 2026 ​ 5.2% ​ $ 13.7 ​ $ 206 ​ $ 273 ​ 2 ​ Investment in unconsolidated joint ventures (a) See Note 9. Debt, Net for additional information. (b) Interest rate swap was entered into by the Pier Park TPS JV, which is unconsolidated and accounted for using the equity method. The derivative 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 (loss) income 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 18. Commitments and Contingencies for additional information. The following is a summary of the effect of derivative instruments on the Company’s condensed consolidated statements of income and condensed consolidated statements of comprehensive income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ ​ 2023 ​ 2022 ​ ​ ​ ​ ​ ​ ​ ​ Amount of net (loss) gain recognized in other comprehensive (loss) income on derivatives ​ ​ $ (619) ​ $ 2,621 Amount of net (gain) loss reclassified into interest expense ​ ​ $ (330) ​ $ 101 Amount of net (gain) loss reclassified into equity in income (loss) from unconsolidated joint ventures ​ ​ $ (30) ​ $ 46 ​ As of March 31, 2023, based on current value, the Company expects to reclassify $1.6 million of derivative instruments from accumulated other comprehensive income to earnings during the next twelve months. See Note 13. Accumulated Other Comprehensive Income 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 or cash flows of the respective JV. The fair value of investment in unconsolidated JVs required to be assessed for impairment is determined using Level 3 inputs in the fair value hierarchy. No impairment for unconsolidated JVs was recorded during the three months ended March 31, 2023 and 2022. See Note 4. Joint Ventures Fair Value of Financial Instruments The Company uses the following methods and assumptions in estimating fair value for financial instruments: ● The fair value of the investments held by SPEs - time deposit is based on the present value of future cash flows at the current market rate. ● The fair value of the investments held by SPEs - U.S. Treasury Bills are measured based on quoted market prices in an active market. ● The fair value of debt is based on discounted future expected cash flows based on current market rates for financial instruments with similar risks, terms and maturities. ● The fair value of the senior notes held by SPE is based on the present value of future cash flows at the current market rate. The carrying amount and estimated fair value, measured on a nonrecurring basis, of the Company’s financial instruments were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ December 31, 2022 ​ 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 ​ $ 4,105 ​ $ 4,041 1 ​ $ 4,486 ​ $ 4,361 1 ​ ​ ​ ​ ​ ​ ​ Senior Notes held by SPE ​ $ 177,932 ​ $ 183,011 3 ​ $ 177,857 ​ $ 179,564 3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed-rate debt ​ $ 256,138 ​ $ 236,217 ​ 2 ​ $ 194,525 ​ $ 172,241 ​ 2 Variable-rate debt ​ ​ 170,639 ​ ​ 170,639 ​ 2 ​ ​ 196,886 ​ ​ 196,886 ​ 2 Total debt ​ $ 426,777 ​ $ 406,856 ​ ​ ​ $ 391,411 ​ $ 369,127 ​ ​ ​ Investments and Senior Notes Held by Special Purpose Entities In connection with a real estate sale in 2014, the Company received consideration including a $200.0 million fifteen-year installment note (the “Timber Note”) issued by Panama City Timber Finance Company, LLC. The Company contributed the Timber Note and assigned its rights as a beneficiary under a letter of credit to Northwest Florida Timber Finance, LLC. Northwest Florida Timber Finance, LLC monetized the Timber Note by issuing $180.0 million aggregate principal amount of its 4.8% Senior Secured Notes due in 2029 (the “Senior Notes”) at an issue price of 98.5% of face value to third party investors. The investments held by Panama City Timber Finance Company, LLC as of March 31, 2023, 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 $4.1 million and cash of $0.4 million. The Senior Notes held by Northwest Florida Timber Finance, LLC as of March 31, 2023, consist of $177.9 million, net of the $2.1 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.

Leases

Leases	3 Months Ended
	Mar. 31, 2023
Leases
Leases	7. Leases The Company as Lessor Leasing revenue consists of rental revenue from multi-family, senior living, self-storage, retail, office and commercial property, marinas, 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 2072, some of which include options to terminate or extend. The components of leasing revenue are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2023 ​ 2022 Leasing revenue ​ ​ ​ ​ ​ ​ Lease payments ​ $ 10,196 ​ $ 7,379 Variable lease payments ​ ​ 1,594 ​ ​ 1,443 Total leasing revenue ​ $ 11,790 ​ $ 8,822 ​ Minimum future base rental revenue on non-cancelable leases subsequent to March 31, 2023, for the years ending December 31 are: ​ ​ ​ ​ ​ 2023 ​ $ 19,206 2024 ​ 13,404 2025 ​ 9,762 2026 ​ 8,041 2027 ​ ​ 6,842 Thereafter ​ ​ 28,868 ​ ​ $ 86,123 ​ The Company as Lessee As of March 31, 2023, 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 2081. Certain leases include options to purchase, terminate or renew for one or more years, which are included in the lease term used to establish right-of-use assets and lease liabilities when it is reasonably certain that the option will be exercised. Finance lease right-of-use assets are included within property, plant and equipment and operating lease right-of-use assets are included within other assets on the condensed consolidated balance sheets, which represent the Company’s right to use an underlying asset during a lease term for leases in excess of one year. Corresponding finance lease liabilities and operating lease liabilities are included within other liabilities on the condensed consolidated balance sheets and are related to the Company’s obligation to make lease payments for leases in excess of one year. The Company uses its incremental borrowing rate to determine the present value of the lease payments since the rate implicit in each lease is not readily determinable. The Company recognizes short-term (twelve months or less) lease payments in profit or loss on a straight-line basis over the term of the lease and variable lease payments in the period in which the obligation for those payments is incurred. The components of lease expense are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2023 ​ 2022 ​ Lease cost ​ ​ ​ ​ ​ ​ Finance lease cost: ​ ​ ​ ​ ​ ​ Amortization of right-of-use assets $ 33 ​ $ 29 ​ Interest on lease liability 3 ​ 4 ​ Operating lease cost 110 ​ 102 ​ Variable and short-term lease cost 248 ​ 192 ​ Total lease cost $ 394 ​ $ 327 ​ ​ ​ ​ ​ ​ ​ ​ Other information ​ ​ ​ ​ ​ ​ Weighted-average remaining lease term - finance lease (in years) ​ 3.1 ​ ​ 3.2 ​ Weighted-average remaining lease term - operating leases (in years) ​ 2.1 ​ ​ 3.4 ​ Weighted-average discount rate - finance lease ​ 5.2 % ​ 4.6 % Weighted-average discount rate - operating leases ​ 4.9 % ​ 4.9 % ​ The aggregate payments of finance and operating lease liabilities subsequent to March 31, 2023, for the years ending December 31 are: ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance Leases ​ Operating Leases 2023 ​ $ 113 ​ $ 339 2024 ​ 102 ​ 265 2025 ​ 58 ​ 93 2026 ​ 15 ​ 55 2027 ​ ​ 7 ​ ​ 55 Thereafter ​ ​ — ​ ​ 385 Total ​ ​ 295 ​ ​ 1,192 Less imputed interest ​ ​ (17) ​ ​ (166) Total lease liabilities ​ $ 278 ​ $ 1,026 ​ ​

Other Assets

Other Assets	3 Months Ended
	Mar. 31, 2023
Other Assets
Other Assets	8. Other Assets Other assets consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2023 ​ 2022 Accounts receivable, net ​ $ 9,648 ​ $ 9,035 Homesite sales receivable ​ ​ 12,414 ​ ​ 10,086 Notes receivable, net ​ 810 ​ 1,742 Inventory ​ ​ 4,127 ​ ​ 3,976 Prepaid expenses ​ 8,830 ​ 9,393 Straight-line rent ​ 2,544 ​ 2,546 Operating lease right-of-use assets ​ ​ 1,063 ​ ​ 678 Other assets ​ 11,487 ​ 13,138 Retained interest investments ​ ​ 5,802 ​ ​ 8,197 Accrued interest receivable for Senior Notes held by SPE ​ 935 ​ 2,938 Total other assets ​ $ 57,660 ​ $ 61,729 ​ 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 Financial Instruments—Credit Losses ( recoveries on receivables previously charged-off are credited to the allowance. Homesite Sales Receivable Homesite sales receivable from contracts with customers include estimated homesite residuals and certain estimated fees that are recognized as revenue at the time of sale to homebuilders, subject to constraints. Any change in circumstances from the estimated amounts will be updated at each reporting period. The receivable will be collected as the homebuilders build the homes and sell to retail consumers, which can occur over multiple years. The following table presents the changes in homesite sales receivable: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ March 31, 2022 Balance at beginning of period ​ $ 10,086 ​ $ 7,651 Increases due to revenue recognized for homesites sold ​ ​ 4,234 ​ ​ 2,375 Decreases due to amounts received ​ ​ (1,906) ​ ​ (1,191) Balance at end of period ​ $ 12,414 ​ $ 8,835 ​ Notes Receivable, Net Notes receivable, net consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2023 ​ 2022 Various interest-bearing homebuilder notes, secured by the real estate sold — bearing interest at a rate of 5.5%, due May 2023 ​ $ 374 ​ $ 1,296 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 ​ ​ 63 ​ ​ 68 Mortgage note, secured by certain real estate, bearing interest at a rate of 5.0% due November 2023 ​ 14 ​ 19 Total notes receivable, net ​ $ 810 ​ $ 1,742 ​ The Company may allow homebuilders to pay for homesites during the home construction period in the form of homebuilder notes. The Company evaluates the carrying value of all notes receivable and the need for an allowance for credit losses at each reporting period. As of both March 31, 2023 and December 31, 2022, notes receivable were presented net of allowance for credit losses of $0.1 million. As of both March 31, 2023 and December 31, 2022, accrued interest receivable related to notes receivable was $0.1 million, which is included within other assets on the condensed consolidated balance sheets. Other Assets Other assets as of March 31, 2023 and December 31, 2022, include $6.7 million and $7.3 million, respectively, of escrow deposits primarily related to financing and development requirements for certain of the Company’s projects. Other assets as of March 31, 2023 and December 31, 2022, also include $3.7 million and $4.6 million, respectively, for the fair value of derivative assets. See Note 6. Financial Instruments and Fair Value Measurements 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 2008. The SPEs’ assets are not available to satisfy the Company’s liabilities or obligations and the liabilities of the SPEs are not the Company’s liabilities or obligations. Therefore, the SPEs’ assets and liabilities are not consolidated in the Company’s condensed consolidated financial statements as of March 31, 2023 and December 31, 2022. The Company’s continuing involvement with the SPEs is the receipt of the net interest payments and the estimated remaining principal of $6.6 million to be received at the end of the installment notes’ fifteen-year maturity period in 2024. During the three months ended March 31, 2023, an installment note matured and the Company received $2.7 million of remaining principal. The Company had a beneficial or retained interest investment related to these SPEs of $5.8 million and $8.2 million as of March 31, 2023 and December 31, 2022, respectively, recorded in other assets on the Company’s condensed consolidated balance sheets.

Debt, Net

Debt, Net	3 Months Ended
	Mar. 31, 2023
Debt, Net
Debt, Net	9. Debt, Net Debt consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maturity Date ​ Interest Rate Terms ​ Effective Rate March 31, 2023 ​ ​ March 31, 2023 ​ ​ December 31, 2022 Watersound Origins Crossings JV Loan (insured by HUD) (a) ​ April 2058 ​ Fixed ​ 5.0 % ​ $ 52,926 ​ ​ $ 44,015 Pier Park Resort Hotel JV Loan ​ April 2027 ​ SOFR plus 2.1% (b) ​ 4.0 % ​ ​ 52,500 ​ ​ ​ 45,209 PPN JV Loan ​ November 2025 ​ Fixed ​ 4.1 % ​ ​ 42,291 ​ ​ ​ 42,555 Pearl Hotel Loan ​ December 2032 ​ Fixed ​ 6.3 % ​ ​ 36,630 ​ ​ ​ 37,000 PPC JV Loan (insured by HUD) ​ June 2060 ​ Fixed ​ 3.1 % ​ ​ 35,055 ​ ​ ​ 35,180 Mexico Beach Crossings JV Loan (insured by HUD) ​ March 2064 ​ Fixed ​ 3.0 % ​ ​ 32,769 ​ ​ ​ 23,374 PPC II JV Loan (insured by HUD) ​ May 2057 ​ Fixed ​ 2.7 % ​ ​ 22,522 ​ ​ ​ 22,623 Watercrest JV Loan ​ June 2047 ​ LIBOR plus 2.2% ​ 7.1 % ​ ​ 20,925 ​ ​ ​ 21,038 North Bay Landing Loan ​ September 2024 ​ LIBOR plus 2.5% , floor 3.2% ​ 7.3 % ​ ​ 19,595 ​ ​ ​ 18,222 Watersound Camp Creek Loan ​ December 2047 ​ SOFR plus 2.1% , floor 2.6% (c) ​ 7.0 % ​ ​ 16,772 ​ ​ ​ 13,131 Breakfast Point Hotel Loan ​ November 2042 ​ Fixed (d) ​ 6.0 % ​ ​ 16,266 ​ ​ ​ 16,376 Airport Hotel Loan ​ March 2025 ​ LIBOR plus 2.0% , floor 3.0% ​ 6.9 % ​ ​ 14,642 ​ ​ ​ 14,642 Hotel Indigo Loan ​ October 2028 ​ SOFR plus 2.7% , floor 2.7% (e) ​ 7.6 % ​ ​ 14,189 ​ ​ ​ 10,427 Lodge 30A JV Loan ​ January 2028 ​ Fixed ​ 3.8 % ​ ​ 13,707 ​ ​ ​ 13,304 Watersound Town Center Grocery Loan ​ August 2031 ​ LIBOR plus 2.0% , floor 2.2% ​ 6.8 % ​ ​ 10,579 ​ ​ ​ 11,379 Topsail Hotel Loan ​ July 2027 ​ SOFR plus 2.1% , floor 3.0% ​ 7.0 % ​ ​ 7,855 ​ ​ ​ 5,199 Beckrich Building III Loan ​ August 2029 ​ LIBOR plus 1.7% ​ 6.6 % ​ ​ 5,014 ​ ​ ​ 5,020 Self-Storage Facility Loan ​ November 2025 ​ LIBOR plus 2.4% , floor 2.9% ​ 7.2 % ​ ​ 4,666 ​ ​ ​ 4,666 Community Development District debt ​ May 2023-May 2039 ​ Fixed ​ 3.6 to 6.0 % ​ 3,972 ​ ​ ​ 4,113 Beach Homes Loan ​ May 2029 ​ LIBOR plus 1.7% ​ 6.6 % ​ 1,438 ​ ​ ​ 1,447 Pier Park Outparcel Loan ​ March 2027 ​ LIBOR plus 1.7% ​ 6.6 % ​ ​ 1,292 ​ ​ ​ 1,300 WaterColor Crossings Loan ​ February 2029 ​ LIBOR plus 1.7% ​ 6.6 % ​ ​ 1,172 ​ ​ ​ 1,191 Total principal outstanding ​ ​ ​ ​ ​ ​ ​ ​ ​ 426,777 ​ ​ ​ 391,411 Unamortized discount and debt issuance costs ​ ​ ​ ​ ​ ​ ​ (6,088) ​ ​ ​ (5,551) Total debt, net ​ ​ ​ ​ ​ ​ ​ ​ $ 420,689 ​ ​ $ 385,860 (a) In March 2023, the Watersound Origins Crossings JV Loan was refinanced. The previous loan had an interest rate of SOFR plus 2.8% and maturity date of May 2024. (b) The Pier Park Resort Hotel JV entered into an interest rate swap that matures in April 2027 and fixed the variable rate on the notional amount of related debt of $42.0 million, amortizing to $38.7 million at swap maturity, to a rate of 3.3% . See Note 6. Financial Instruments and Fair Value Measurements for additional information. Effective February 2023, the Pier Park Resort Hotel Loan was amended from an interest rate of LIBOR plus 2.2% . (c) In February 2023, the Watersound Camp Creek Loan was amended from an interest rate of LIBOR plus 2.1% . (d) The Breakfast Point Hotel Loan interest rate is fixed through November 2027 and in December 2027 the rate will adjust to the 1-year constant maturity Treasury rate plus 3.3% from December 2027 through November 2042, with a minimum rate of 6.0% throughout the term of the loan. (e) The Hotel Indigo Loan interest rate will adjust to SOFR plus 2.5% , with a floor of 2.5% beginning November 2023 through maturity. The Company’s indebtedness consists of various loans on real and leasehold property. These loans are typically secured by various interests in the property such as assignment of rents, leases, deposits, permits, plans, specifications, fees, agreements, approvals, contracts, licenses, construction contracts, development contracts, service contracts, franchise agreements, the borrower’s assets, improvements, and security interests in the rents, personal property, management agreements, construction agreements, improvements, accounts, profits, leases, accounts and fixtures (collectively, “Security Interests”). The specific Security Interests vary from loan to loan. As of March 31, 2023, the weighted average effective interest rate of outstanding debt was 5.0%, of which 69.9% of the debt outstanding includes fixed or swapped interest rates, and the average remaining life of debt outstanding was 17.8 years. In 2019, the Watersound Origins Crossings JV entered into a $44.0 million loan, as amended, to finance the construction of apartments located near the entrance to the Watersound Origins residential community (the “Watersound Origins Crossings JV Loan”). In March 2023, the Watersound Origins Crossings JV refinanced the Watersound Origins Crossings JV Loan that increased the principal amount of the loan, which had a balance of $44.0 million at the time of the refinance, to $52.9 million, fixed the interest rate to 5.0% and provides for monthly payments of principal and interest from May 2023 through maturity in April 2058. The refinanced loan terms include a prepayment premium due to the lender of 1% - 10% for any principal that is prepaid from May 2023 through April 2033. The refinanced loan is insured by the U.S. Department of Housing and Urban Development (“HUD”) and is secured by the real property and certain other Security Interests. As of March 31, 2023, the Company incurred $0.9 million of additional loan cost due to the refinance. As a result of the refinance, the three months ended March 31, 2023, include a $0.1 million loss on early extinguishment of debt related to unamortized debt issuance costs, included within other income (expense), net on the condensed consolidated statements of income. In 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. In December 2022, the Pier Park Resort Hotel Loan was amended, effective February 2023, to bear interest at a rate of SOFR plus 2.1%. The loan is secured by the real property and certain other Security Interests. 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 guarantor 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, which was amended to SOFR in February 2023. The interest rate swap matures in April 2027 and fixed the variable rate on the notional amount of related debt of $42.0 million, amortizing to $38.7 million at swap maturity, Financial Instruments and Fair Value Measurements 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 December 2022, a wholly-owned subsidiary of the Company entered into a $37.0 million loan, which is guaranteed by the Company, to finance the acquisition of a hotel located on Scenic Highway 30A (“The Pearl Hotel Loan”). The loan provides for monthly principal and interest payments through maturity in December 2032. The loan includes a prepayment fee due to the lender of 1% - 5% of the outstanding principal balance if the loan is refinanced with another financial institution through December 2027. The loan is secured by the real property and certain other Security Interests. In 2018, the Pier Park Crossings JV entered into a $36.6 million loan, insured by 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 includes a prepayment premium due to the lender of 2% - 10% for any additional principal that is prepaid through August 2031. The loan is secured by the real property and certain other Security Interests. 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 2024 and if any additional principal is prepaid from April 2024 through March 2034 a premium is due to the lender of 1% - 10%. The loan is secured by the real property and certain other Security Interests. In 2019, the Pier Park Crossings Phase II JV entered into a $22.9 million loan, insured by HUD, as amended, to finance the construction of apartments in Panama City Beach, Florida (the “PPC II JV Loan”). The loan provides for monthly payments of principal and interest through maturity in May 2057. The loan includes a prepayment premium due to the lender of 1% - 10% for any additional principal that is prepaid through May 2032. The loan is secured by the real property and certain other Security Interests. In 2019, the Watercrest JV entered into a $22.5 million loan to finance the construction of a senior living facility in Santa Rosa Beach, Florida (the “Watercrest JV Loan”). The loan provides for monthly principal and interest payments through maturity in June 2047. The loan is secured by the real property and certain other Security Interests. 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. In 2021, a wholly-owned subsidiary of the Company entered into a $26.8 million construction loan, which is guaranteed by the Company, to finance the construction of apartments in Panama City, Florida (the “North Bay Landing 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 and certain other Security Interests. 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 2021, a wholly-owned subsidiary of the Company entered into a $28.0 million loan, which is guaranteed by the Company, 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 monthly principal and interest payments through maturity in December 2047. In February 2023, the Watersound Camp Creek Loan was amended, which extended the interest only payment period to June 2023 and modified the interest rate to SOFR plus 2.1%, with a floor of 2.6%. The loan is secured by the real property and certain other Security Interests. 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 with 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 2020, a wholly-owned subsidiary of the Company entered into a $16.8 million loan, which is guaranteed by the Company, 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 monthly principal and interest payments through maturity in November 2042. The loan includes a prepayment premium due to the lender of 1% - 3% of the outstanding principal balance for any additional principal that is prepaid through November 2027. The loan is secured by the real property and certain other Security Interests. In 2020, a wholly-owned subsidiary of the Company entered into a $15.3 million loan, which is guaranteed by the Company, to finance construction of the Hilton Garden Inn Panama City Airport (the “Airport Hotel Loan”). 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 and certain other Security Interests. In 2021, a wholly-owned subsidiary of the Company entered into a $21.2 million loan, which is guaranteed by the Company, 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. The loan is secured by the leasehold property and certain other Security Interests. In 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 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. In January 2023, the Lodge 30A JV entered into an amendment to the Lodge 30A JV Loan that extended the interest only payment period to April 2023. The loan is secured by the real property and certain other Security Interests. 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 2021, a wholly-owned subsidiary of the Company entered into a $12.0 million loan, which is guaranteed by the Company, 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 and certain other Security Interests. As guarantor, the Company’s liability under the loan has been reduced to 50% of the outstanding principal amount and will be further 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 July 2022, a wholly-owned subsidiary of the Company entered into a $13.7 million loan, which is guaranteed by the Company, to finance the construction of a hotel in Santa Rosa Beach, Florida (the “Topsail Hotel Loan”). 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 July 2027. The loan is secured by the real property and certain other Security Interests. In 2019, a wholly-owned subsidiary of the Company entered into a $5.5 million loan, which is guaranteed by the Company, to finance the construction of an office building in Panama City Beach, Florida (the “Beckrich Building III Loan”). 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 and certain other Security Interests. In 2020, a wholly-owned subsidiary of the Company entered into a $5.8 million loan, which is guaranteed by the Company, 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 and certain other Security Interests. 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 $11.7 million and $12.8 million as of March 31, 2023 and December 31, 2022, respectively. The Company pays interest on this total outstanding CDD debt. In 2018, a wholly-owned subsidiary of the Company entered into a $1.7 million loan, which is guaranteed by the Company, 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 and certain other Security Interests. 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 and certain other Security Interests. In 2018, a wholly-owned subsidiary of the Company entered into a $1.9 million loan, which is guaranteed by the Company, 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 and certain other Security Interests. The Company’s financing agreements are subject to various customary debt covenants and as of both March 31, 2023 and December 31, 2022, the Company was in compliance with the financial debt covenants. As of March 31, 2023, assets that were pledged as collateral related to the Company’s debt agreements The aggregate maturities of debt subsequent to March 31, 2023, for the years ending December 31 are: ​ ​ ​ ​ 2023 ​ $ 5,800 2024 ​ ​ 28,106 2025 ​ 66,793 2026 ​ 7,829 2027 ​ 64,141 Thereafter ​ 254,108 ​ ​ $ 426,777 ​

Other Liabilities

Other Liabilities	3 Months Ended
	Mar. 31, 2023
Other Liabilities
Other Liabilities	10. Other Liabilities Other liabilities consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2023 ​ 2022 Accounts payable ​ $ 60,700 ​ $ 69,864 Income tax payable ​ ​ 11,239 ​ ​ 3,470 Finance lease liabilities ​ ​ 278 ​ ​ 300 Operating lease liabilities ​ ​ 1,026 ​ ​ 678 Accrued compensation ​ 3,673 ​ 5,731 Other accrued liabilities ​ 5,532 ​ 3,641 Club membership deposits ​ 3,369 ​ 3,422 Advance deposits ​ 9,609 ​ 4,415 Accrued interest expense for Senior Notes held by SPE ​ 713 ​ 2,850 Total other liabilities ​ $ 96,139 ​ $ 94,371 ​ Accounts payable as of March 31, 2023 and December 31, 2022, includes payables for projects under development and construction such as the Embassy Suites by Hilton hotel, the Camp Creek Inn and amenity center, Hotel Indigo, Watersound Town Center, and the Watersound Origins and Ward Creek residential communities. As of March 31, 2023 and December 31, 2022, accounts payable also include $30.4 million and $27.7 million, respectively, of retainage payable for projects under development and construction that are approaching completion. Other accrued liabilities include $2.1 million and $0.3 million of accrued property taxes as of March 31, 2023 and December 31, 2022, respectively, which are generally paid annually in November. Advance deposits consist of deposits received on hotel rooms and related hospitality activities. Advance deposits are recorded as other liabilities in the condensed consolidated balance sheets without regard to whether they are refundable and are recognized as income at the time the service is provided for the related deposit.

Deferred Revenue

Deferred Revenue	3 Months Ended
	Mar. 31, 2023
Deferred Revenue
Deferred Revenue	11. Deferred Revenue As of March 31, 2023 and December 31, 2022, deferred revenue includes club initiation fees of $26.0 million and $25.1 million, respectively, and other deferred revenue of $14.9 million and $13.8 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ March 31, 2022 Balance at beginning of period ​ $ 25,088 ​ $ 22,850 New club memberships ​ ​ 2,890 ​ ​ 2,270 Revenue from amounts included in contract liability opening balance ​ ​ (1,891) ​ ​ (1,491) Revenue from current period new memberships ​ ​ (74) ​ ​ (56) Balance at end of period ​ $ 26,013 ​ $ 23,573 ​ Remaining performance obligations represent contracted revenue that has not been recognized related to club initiation fees. As of March 31, 2023, remaining performance obligations were $26.0 million, of which the Company expects to recognize as revenue $4.8 million in 2023 2024 through 2025 2026 through 2027 Other deferred revenue as of both March 31, 2023 and December 31, 2022, includes $10.9 million related to a 2006 agreement pursuant to which the Company agreed to sell land to the Florida Department of Transportation. Revenue is recognized when title to a specific parcel is legally transferred.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
Income Taxes
Income Taxes	12. Income Taxes Income tax expense attributable to income from operations differed from the amount computed by applying the statutory federal income tax rate of 21% as of March 31, 2023 and 2022 to pre-tax income as a result of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2023 2022 Tax at the federal statutory rate $ 2,905 $ 3,769 State income taxes (net of federal benefit) ​ 606 ​ 787 Tax credits ​ ​ (94) ​ ​ (55) Other ​ 24 ​ 35 Total income tax expense $ 3,441 $ 4,536 ​ As of March 31, 2023 and December 31, 2022, the Company had income tax payable of $11.2 million and $3.5 million, respectively, included within other liabilities on the condensed consolidated balance sheets. The Inflation Reduction Act (“IRA”) was signed into law on August 16, 2022. The IRA extended the Internal Revenue Code Section 45L credit, a credit for the installation of energy efficient appliances and equipment in both single family and multi-family homes, to tax year 2032. In general, a valuation allowance is recorded if, based on all available positive and negative evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Realization of the Company’s deferred tax assets is dependent upon the Company generating sufficient taxable income in future years in the appropriate tax jurisdictions to obtain a benefit from the reversal of deductible temporary differences and from loss carryforwards. As of both March 31, 2023 and December 31, 2022, the Company’s valuation allowance was $0.3 million against certain state net operating loss carryforwards. Significant judgment is required in evaluating the Company's uncertain tax positions and determining its provision for income taxes. The Company regularly assesses the likelihood of adverse outcomes resulting from potential examinations to determine the adequacy of its provision for income taxes and applies a “more-likely-than-not” in determining the financial statement recognition and measurement of a tax position taken or expected to be taken in the tax returns. The Company has not identified any material unrecognized tax benefits as of either March 31, 2023 or December 31, 2022.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	Mar. 31, 2023
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Loss	13. Accumulated Other Comprehensive Income Following is a summary of the changes in the balances of accumulated other comprehensive (loss) income, which is presented net of tax: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrealized (Loss) Gain Unrealized ​ ​ ​ ​ on Available-for- Gain (Loss) ​ ​ ​ ​ ​ Sale Securities ​ Cash Flow Hedges ​ Total Accumulated other comprehensive (loss) income as of December 31, 2022 ​ $ (182) ​ $ 2,612 ​ $ 2,430 Other comprehensive income (loss) before reclassifications ​ 170 ​ ​ (507) ​ ​ (337) Amounts reclassified from accumulated other comprehensive loss ​ — ​ ​ (294) ​ ​ (294) Other comprehensive income (loss) ​ 170 ​ ​ (801) ​ ​ (631) Less: Other comprehensive loss attributable to non-controlling interest ​ ​ — ​ ​ 274 ​ ​ 274 Accumulated other comprehensive (loss) income as of March 31, 2023 ​ $ (12) ​ $ 2,085 ​ $ 2,073 ​ Following is a summary of the tax effects allocated to other comprehensive (loss) income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2023 ​ Before- Tax (Expense) Net-of- ​ ​ Tax Amount ​ Benefit ​ Tax Amount Unrealized gain on available-for-sale investments ​ $ 227 ​ $ (57) ​ $ 170 Interest rate swaps ​ ​ (582) ​ ​ 103 ​ ​ (479) Interest rate swap - unconsolidated joint venture ​ ​ (37) ​ ​ 9 ​ ​ (28) Reclassification adjustment for net gain included in earnings ​ (360) ​ 66 ​ (294) Net unrealized loss ​ (752) ​ 121 ​ (631) Other comprehensive loss ​ $ (752) ​ $ 121 ​ $ (631) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2022 ​ Before- Tax Benefit Net-of- ​ ​ Tax Amount ​ (Expense) ​ Tax Amount Unrealized loss on available-for-sale investments ​ $ (322) ​ $ 81 ​ $ (241) Interest rate swaps ​ ​ 2,308 ​ ​ (413) ​ ​ 1,895 Interest rate swap - unconsolidated joint venture ​ ​ 313 ​ ​ (79) ​ ​ 234 Reclassification adjustment for net loss included in earnings ​ 147 ​ (34) ​ 113 Net unrealized gain ​ 2,446 ​ (445) ​ 2,001 Other comprehensive income ​ $ 2,446 ​ $ (445) ​ $ 2,001 ​

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2023
Stockholders' Equity
Stockholders' Equity	14. Stockholders’ Equity Dividends During both the three months ended March 31, 2023 and 2022, the Company paid cash dividends of $0.10 per share on the Company’s common stock for a total of $5.8 million and $5.9 million, respectively. Stock Repurchase Program The Company’s Board approved a stock repurchase program (the “Stock Repurchase Program”) pursuant to which the Company is authorized to repurchase shares of its common stock. The program has no expiration date. During the three months ended March 31, 2023 and 2022, the Company did not repurchase shares of its common stock outstanding. As of March 31, 2023, the Company had a total authority of $80.0 million available for purchase of shares of its common stock. The Company may repurchase its common stock in open market purchases from time to time, in privately negotiated transactions or otherwise, pursuant to Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The timing and amount of any additional shares to be repurchased will depend upon a variety of factors. Repurchases may be commenced or suspended at any time or from time to time without prior notice. The Stock Repurchase Program will continue until otherwise modified or terminated by the Company’s Board at any time in its sole discretion. Issuance of Common Stock for Employee Compensation On March 24, 2023, the Company granted 12,796 restricted stock awards to certain employees pursuant to the Company’s 2015 Performance and Equity Incentive Plan (the “2015 Plan”). The restricted shares vest in equal annual installments on the first, second and third annual anniversary of the grant date, subject to the recipient’s continued employment through and on the applicable vesting date. The weighted average grant date fair value of the restricted shares was $39.42. On February 21, 2023, the Company granted 17,943 restricted stock awards to certain employees pursuant to the 2015 Plan. The restricted shares vest in equal annual 2023, the Company also granted 5,760 restricted stock awards to an employee pursuant to the 2015 Plan. The restricted shares 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 was $44.30. On April 8, 2022, the Company granted 4,361 restricted stock awards to an employee pursuant to the 2015 Plan. The restricted shares 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 was $55.73. On February 22, 2022, the Company granted 25,594 restricted stock awards to certain employees pursuant to the 2015 Plan. The restricted shares vest in equal annual Following is a summary of non-vested restricted share activity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2023 ​ Three Months Ended March 31, 2022 ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ Weighted Average ​ ​ Number of ​ ​ Grant Date ​ Number of ​ ​ Grant Date Non-Vested Restricted Shares ​ Shares ​ ​ Fair Value ​ Shares ​ ​ Fair Value Balance at beginning of period ​ 29,955 ​ $ 48.04 ​ — ​ $ — Granted ​ 36,499 ​ $ 42.59 ​ 25,594 ​ $ 46.73 Vested ​ (8,531) ​ $ 46.73 ​ — ​ $ — Forfeited ​ — ​ $ — ​ — ​ $ — Balance at end of period ​ 57,923 ​ $ 44.80 ​ 25,594 ​ $ 46.73 ​ 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 of the three months ended March 31, 2023 and 2022, the Company recorded expense of $0.1 million, related to restricted stock awards. As of March 31, 2023 and December 31, 2022, there was $2.5 million and $1.1 million, respectively, of unrecognized compensation cost, related to non-vested restricted shares. As of March 31, 2023, unrecognized compensation costs will be recognized over a weighted average period of 3.5 years.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2023
Revenue Recognition
Revenue Recognition	15. Revenue Recognition Revenue consists primarily of real estate sales, hospitality operations, leasing operations and timber sales. Taxes collected from customers and remitted to governmental authorities (e.g., sales tax) are excluded from revenue, costs and expenses. The following represents revenue disaggregated by segment, good or service and timing: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2023 ​ ​ Residential ​ Hospitality ​ Commercial ​ Other ​ Total Revenue by Major Good/Service: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Real estate revenue ​ $ 28,025 ​ $ — ​ $ 5,914 ​ $ 1,065 ​ $ 35,004 Hospitality revenue ​ ​ — ​ ​ 24,499 ​ ​ — ​ ​ — ​ ​ 24,499 Leasing revenue ​ ​ 5 ​ ​ 356 ​ ​ 11,396 ​ ​ 33 ​ ​ 11,790 Timber revenue ​ ​ — ​ ​ — ​ ​ 1,698 ​ ​ — ​ ​ 1,698 Total revenue ​ $ 28,030 ​ $ 24,855 ​ $ 19,008 ​ $ 1,098 ​ $ 72,991 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Timing of Revenue Recognition: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recognized at a point in time ​ $ 28,025 ​ $ 17,401 ​ $ 7,612 ​ $ 1,065 ​ $ 54,103 Recognized over time ​ ​ — ​ ​ 7,098 ​ ​ — ​ ​ — ​ ​ 7,098 Over lease term ​ ​ 5 ​ ​ 356 ​ ​ 11,396 ​ ​ 33 ​ ​ 11,790 Total revenue ​ $ 28,030 ​ $ 24,855 ​ $ 19,008 ​ $ 1,098 ​ $ 72,991 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2022 ​ ​ Residential ​ Hospitality ​ Commercial ​ Other ​ Total Revenue by Major Good/Service: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Real estate revenue ​ $ 32,674 ​ $ — ​ $ 3,618 ​ $ 482 ​ $ 36,774 Hospitality revenue ​ ​ — ​ ​ 16,227 ​ ​ 94 ​ ​ — ​ ​ 16,321 Leasing revenue ​ ​ 41 ​ ​ 11 ​ ​ 8,730 ​ ​ 40 ​ ​ 8,822 Timber revenue ​ ​ — ​ ​ — ​ ​ 2,954 ​ ​ — ​ ​ 2,954 Total revenue ​ $ 32,715 ​ $ 16,238 ​ $ 15,396 ​ $ 522 ​ $ 64,871 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Timing of Revenue Recognition: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recognized at a point in time ​ $ 32,674 ​ $ 9,916 ​ $ 6,666 ​ $ 482 ​ $ 49,738 Recognized over time ​ ​ — ​ ​ 6,311 ​ ​ — ​ ​ — ​ ​ 6,311 Over lease term ​ ​ 41 ​ ​ 11 ​ ​ 8,730 ​ ​ 40 ​ ​ 8,822 Total revenue ​ $ 32,715 ​ $ 16,238 ​ $ 15,396 ​ $ 522 ​ $ 64,871 ​

Other Income (Expense), Net

Other Income (Expense), Net	3 Months Ended
	Mar. 31, 2023
Other Income (Expense), Net
Other Income (Expense), Net	16. Other Income (Expense), Net Other income (expense), net consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ March 31, ​ ​ 2023 2022 Investment income, net ​ ​ Interest, dividend and accretion income ​ $ 461 ​ $ 100 ​ Unrealized gain on investments, net ​ ​ — ​ ​ 25 ​ Interest income from investments in SPEs ​ 2,003 ​ 2,003 ​ Interest earned on notes receivable and other interest ​ 457 ​ 172 ​ Total investment income, net ​ 2,921 ​ 2,300 ​ Interest expense ​ ​ ​ Interest incurred for project financing and other interest expense ​ (3,997) ​ (1,944) ​ Interest expense and amortization of discount and issuance costs for Senior Notes issued by SPE ​ (2,212) ​ (2,209) ​ Total interest expense ​ (6,209) ​ (4,153) ​ Gain on contributions to unconsolidated joint ventures ​ 530 ​ 482 ​ Equity in income (loss) from unconsolidated joint ventures ​ ​ 3,663 ​ ​ (495) ​ Other income (expense), net ​ ​ ​ Accretion income from retained interest investments ​ 394 ​ 417 ​ Gain on insurance recoveries ​ ​ — ​ ​ 723 ​ Loss from hurricane damage ​ ​ — ​ ​ (32) ​ Miscellaneous income (expense), net ​ 319 ​ (1,477) ​ Other income (expense), net ​ 713 ​ (369) ​ Total other income (expense), net ​ $ 1,618 ​ $ (2,235) ​ ​ 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. Unrealized gain 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 earned on the Company’s notes receivable and other interest includes interest earned on notes receivable and on the Company’s unimproved land contribution to the unconsolidated Latitude Margaritaville Watersound JV as home sales are transacted in the community. See Note 4. Joint Ventures Other Assets Interest Expense Interest expense includes interest incurred related to the Company’s project financing, Senior Notes issued by Northwest Florida Timber Finance, LLC, CDD debt and finance leases. Interest expense also includes amortization of debt discount and premium and debt issuance costs. Discount and issuance costs for the Senior Notes issued by Northwest Florida Timber Finance, LLC, are amortized based on the effective interest method at an effective rate of 4.9%. During the three months ended March 31, 2023 and 2022, the Company capitalized $1.3 million and $0.3 million, respectively, in interest related to projects under development or construction. These amounts are included within investment in real estate, net on the Company’s condensed consolidated balance sheets. Gain on Contributions to Unconsolidated Joint Ventures Gain on contributions to unconsolidated joint ventures for the three months ended March 31, 2023 and 2022, include a gain of $0.5 million and $0.1 million, respectively, on contributed to the Company’s unconsolidated Latitude Margaritaville Watersound JV. Joint Ventures Equity in Income (Loss) from Unconsolidated Joint Ventures Equity in income (loss) from unconsolidated joint ventures includes the Company’s proportionate share of earnings or losses of unconsolidated JVs accounted for by the equity method. Equity in income (loss) from unconsolidated joint ventures during the three months ended March 31, 2023 and 2022, includes $3.9 million of income and $0.6 of loss, respectively, related to the Latitude Margaritaville Watersound JV. See Note 4. Joint Ventures Other Income (Expense), Net Other income (expense), 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 at a rate of 7.8%. During the three months ended March 31, 2022, the Company had a gain on insurance recovery of $0.7 million and incurred loss from hurricane damage of less than $0.1 million, related to Hurricane Michael. In November 2022, the Company closed out the claim related to Hurricane Michael. Miscellaneous income (expense), net during the three months ended March 31, 2023, includes income of $0.5 million related to a gain on retained interest investment. Miscellaneous income (expense), net during the three months ended March 31, 2022, includes $0.4 million of income received from the Pier Park CDD for repayment of subordinated notes and expenses of $1.1 million for design costs no longer pursued and $0.6 million for a homeowner’s association special assessment.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2023
Segment Information
Segment Information	17. 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 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, 2022. Total revenue represents sales to unaffiliated customers, as reported in the Company’s condensed consolidated statements of income. All significant intercompany transactions have been eliminated in consolidation. The caption entitled “Other” consists of mitigation credit, title and insurance business revenue and cost of revenue; corporate operating expenses; corporate depreciation and amortization and corporate other income and expense items. Information by business segment is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2023 2022 Operating revenue: ​ ​ Residential ​ $ 28,030 ​ $ 32,715 Hospitality ​ 24,855 ​ 16,238 Commercial ​ 19,008 ​ 15,396 Other ​ 1,098 ​ 522 Consolidated operating revenue ​ $ 72,991 ​ $ 64,871 ​ ​ ​ ​ ​ ​ ​ Income (loss) before income taxes: ​ ​ Residential (a) ​ $ 15,577 ​ $ 16,566 Hospitality ​ (3,495) ​ (963) Commercial (b) ​ 2,798 ​ 4,841 Other (c) ​ (1,958) ​ (2,455) Consolidated income before income taxes ​ $ 12,922 ​ $ 17,989 ​ ​ ​ ​ ​ ​ ​ (a) The three months ended March 31, 2023 and 2022 includes $3.9 million of equity in income from unconsolidated joint ventures and $0.6 of equity in loss from unconsolidated joint ventures, respectively, related to the Latitude Margaritaville Watersound JV. See Note 4. Joint Ventures for additional information. (b) The three months ended March 31, 2022, includes a gain of $0.4 million on land contributed to the unconsolidated Electric Cart Watersound JV. See Note 4. Joint Ventures and Note 16. Other Income (Expense), Net for additional information . (c) Includes gain on insurance recovery of and $0.7 million during the three months ended March 31, 2022, related to Hurricane Michael. See Note 16. Other Income (Expense), Net for additional information. ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2023 ​ 2022 Total assets: ​ ​ Residential ​ $ 231,372 ​ $ 231,054 Hospitality ​ 435,376 ​ 420,329 Commercial ​ 491,600 ​ 470,629 Other ​ 307,911 ​ 308,827 Total assets ​ $ 1,466,259 ​ $ 1,430,839 ​

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies
Commitments and Contingencies	18. Commitments and Contingencies The Company establishes an accrued liability when it is both probable that a material loss has been incurred and the amount of the loss can be reasonably estimated. The Company will evaluate the range of reasonably estimated losses and record an accrued liability based on what it believes to be the minimum amount in the range, unless it believes an amount within the range is a better estimate than any other amount. In such cases, there may be an exposure to loss in excess of the amounts accrued. The Company evaluates quarterly whether further developments could affect the amount of the accrued liability previously established or would make a loss contingency both probable and reasonably estimable. The Company also provides disclosure when it believes it is reasonably possible that a material loss will be incurred or when it believes it is reasonably possible that the amount of a loss will exceed the recorded liability. The Company reviews loss contingencies at least quarterly to determine whether the likelihood of loss has changed and to assess whether a reasonable estimate of the loss or range of loss can be made. This estimated range of possible losses is based upon currently available information and is subject to significant judgment and a variety of assumptions, as well as known and unknown uncertainties. The matters underlying the estimated range will change from time to time, and actual results may vary significantly from the current estimate. The Company is subject to a variety of litigation, claims, other disputes and governmental proceedings that arise from time to time in the ordinary course of its business, including litigation related to its prior homebuilding and development activities. The Company cannot make assurances that it will be successful in defending these matters. Based on current knowledge, the Company does not believe that loss contingencies arising from pending litigation, claims, other disputes and governmental proceedings, including those described herein, will have a material adverse effect on the consolidated financial position or liquidity of the Company. However, in light of the inherent uncertainties involved in these matters, an adverse outcome in one or more of these matters could be material to the Company’s results of operations or cash flows for any particular reporting period. The Company is subject to costs arising out of environmental laws and regulations, which include obligations to remove or limit the effects on the environment of the disposal or release of certain wastes or substances at various sites, including sites which have been previously sold. It is the Company’s policy to accrue and charge against earnings environmental cleanup costs when it is probable that a liability has been incurred and a range of loss can be reasonably estimated. As assessments and cleanups proceed, these accruals are reviewed and adjusted, if necessary, as additional information becomes available. The Company is in the process of assessing certain properties in regard to the effects, if any, on the environment from the disposal or release of wastes or substances. Management is unable to quantify future rehabilitation costs above present accruals at this time or provide a reasonably estimated range of loss. Other litigation, claims and disputes, including environmental matters, are pending against the Company. Accrued aggregate liabilities related to the matters described above and other litigation matters were $0.4 million as of both March 31, 2023 and December 31, 2022. 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 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 both March 31, 2023 and December 31, 2022, there was no balance outstanding on the The to finance the development of the pod-level, non-spine infrastructure. by the JV as each home is sold by the JV, with the aggregate unpaid principal and all accrued and unpaid interest due at maturity in June 2025. The Joint Ventures As of March 31, 2023 and December 31, 2022, 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 $22.0 million and $38.1 million, respectively, as well as standby letters of credit in the amount of $9.1 million and $17.3 million, respectively, which may potentially result in liability to the Company if certain obligations of the Company are not met. As of March 31, 2023, the Company had a total of $76.9 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 certain other Security Interests. 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 balance, 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 matures in January 2026 and fixed the variable rate on the related debt, initially at $14.4 million to a rate of 5.2%. As of March 31, 2023 and December 31, 2022, $13.7 million and $13.8 million, respectively, was outstanding on the Pier Park TPS JV Loan. See Note 4. Joint Ventures Financial Instruments and Fair Value Measurements In 2020, the Company’s unconsolidated Latitude Margaritaville Watersound JV, entered into a $45.0 million loan, as amended (the “Latitude Margaritaville Watersound JV Loan”). The loan bears interest at SOFR plus 2.5%, with a floor of 3.0%. The loan provides for monthly interest payments with a final balloon payment at maturity in December 2025, with an option to extend the maturity date by one year, subject to bank approval. The loan is secured by the real and personal property and certain other Security Interests. In connection with the loan, the Company and the Company’s JV partner entered into an unconditional guaranty of completion of certain homes and related improvements in favor of the lender. As of March 31, 2023 and December 31, 2022, $25.1 million and $30.0 million, respectively, was outstanding on the Latitude Margaritaville Watersound JV Loan. See Note 4. Joint Ventures In 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 and certain other Security Interests. 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 March 31, 2023 and December 31, 2022, $28.1 million and $21.3 million, respectively, was outstanding on the Watersound Fountains JV Loan. See Note 4. Joint Ventures In September 2022, the Company’s unconsolidated Electric Cart Watersound JV, entered into a $5.4 million loan (the “Electric Cart Watersound JV Loan”). The loan bears interest at SOFR plus 1.8%, with a floor of 2.1%. 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 September 2032. The loan is secured by the real property and certain other Security Interests. In connection with the loan, the Company, a wholly-owned subsidiary of the Company and the Electric Cart Watersound JV entered into a joint and several payment and performance guarantee in favor of the lender. After the initial forty-eight months of the loan, the Company’s liability as guarantor under the loan will be reduced to 50% of the outstanding principal balance upon reaching a certain debt service coverage and other conditions. 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. As of March 31, 2023 and December 31, 2022, $2.0 million and $0.8 million, respectively, was outstanding on the Electric Cart Watersound JV Loan. See Note 4. Joint Ventures The Company has assessed the need to record a liability for the guarantees related to the Company’s unconsolidated JVs and did not record an obligation as of both March 31, 2023 and December 31, 2022. As of both March 31, 2023 and December 31, 2022, allowance for credit losses related to the contingent aspect of these guarantees, based on historical experience and economic trends, was $0.1 million and is included within other liabilities on the condensed consolidated balance sheets.

Subsequent Event

Subsequent Event	3 Months Ended
	Mar. 31, 2023
Subsequent Event.
Subsequent Event.	19. Subsequent Event On April 26, 2023, the Company’s Board of Directors declared a cash dividend of $0.10 per share ​

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Summary of Significant Accounting Policies
Basis of Presentation	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”) 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, but has significant influence are unconsolidated and accounted for by the equity method. All significant intercompany transactions and balances have been eliminated in consolidation. The December 31, 2022 condensed consolidated balance sheet amounts have been derived from the Company’s December 31, 2022 audited consolidated financial statements. Certain prior period amounts in the accompanying condensed consolidated financial statements have been reclassified to conform to the current year presentation. These reclassifications had no effect on the Company’s previously reported total assets and liabilities, stockholders’ equity or net income. Operating results for the three months ended March 31, 2023 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2023.
Principles of Consolidation	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. 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, 2022. The Company adheres to the same accounting policies in preparation of its unaudited interim condensed consolidated financial statements as the Company’s December 31, 2022 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 assets are concentrated in Northwest Florida. Uncertain economic conditions could have an adverse impact on the Company’s operations and asset values. Throughout the first quarter of 2023, the Company continued to generate positive financial results. While macroeconomic factors such as inflation, rising interest rates, supply chain disruptions, financial institution disruptions and geopolitical conflicts, among other things, 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 of Northwest Florida, which the Company attributes 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 macroeconomic factors, including supply chain disruptions which have extended homesite and home deliveries in certain residential communities and extended the time to complete hospitality and commercial projects. In addition, inflation and rising interest rates, have increased operating costs and loan rates, as compared to prior periods. The Company generally has not seen a material increase in cancellation rates, and therefore the impact relates primarily to the timing of revenue recognition. In addition, while rising interest rates have negatively impacted buyers’ ability to obtain financing and the housing market generally, homebuilders have performed on their contractual obligations with the Company. Given our diverse portfolio of residential holdings, the mix of sales and pricing from different communities may also impact revenue and margins period over period. Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash, cash equivalents, investments, other receivables, investments held by special purpose entity or entities (“SPE”) and investments in retained interests. The Company deposits and invests cash with local, regional and national financial institutions, and as of March 31, 2023, these balances exceeded the amount of F.D.I.C. insurance provided on such deposits. In addition, as of March 31, 2023, the Company had $29.8 million invested in short-term U.S. Treasury Bills and $6.3 million invested in U.S. Treasury Money Market Funds classified as cash and cash equivalents and $22.8 million invested in U.S. Treasury Bills classified as investments – debt securities.
Earnings Per Share	Earnings Per Share Basic earnings per share is calculated by dividing net income attributable to the Company by the basic weighted average number of common shares outstanding for the period. Diluted earnings per share is calculated by dividing net income attributable to the Company by the weighted average number of shares of common stock outstanding for the period, including potential dilutive common shares. The treasury stock method is used to determine the effect on diluted earnings. For the three months ended March 31, 2023 and 2022, the Company had 57,923 and 25,594, respectively, unvested shares of restricted stock. For the three months ended March 31, 2023, 57,923 potentially dilutive common shares were excluded from the calculation of diluted income per share, since the effect would have been anti-dilutive based on the application of the treasury stock method. See Note 14. Stockholders’ Equity The computation of basic and diluted earnings per share are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ ​ 2023 ​ 2022 ​ ​ ​ (Dollars in thousands except per share amounts) Income ​ ​ ​ ​ ​ ​ ​ Net income attributable to the Company ​ ​ $ 10,390 ​ $ 13,412 ​ ​ ​ ​ ​ ​ ​ ​ Shares ​ ​ ​ ​ ​ ​ ​ Weighted average shares outstanding - basic ​ ​ ​ 58,309,093 ​ ​ 58,882,549 Incremental shares from restricted stock ​ ​ ​ — ​ ​ 4,382 Weighted average shares outstanding - diluted ​ ​ ​ 58,309,093 ​ ​ 58,886,931 ​ ​ ​ ​ ​ ​ ​ ​ Net income per share attributable to the Company ​ ​ ​ ​ ​ ​ ​ Basic income per share ​ ​ $ 0.18 ​ $ 0.23 Diluted income per share ​ ​ $ 0.18 ​ $ 0.23 ​
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 Leases Common Control Arrangements In March 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-01, Leases (Topic 842): Common Control Arrangements Leases Topic 842 The Company is currently evaluating the impact that the adoption of this guidance will have on its financial condition, results of operations and cash flows. 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) Reference Rate Reform (Topic 848) - Deferral of the Sunset Date of Topic 848 2023, some of the Company’s debt agreements that referenced LIBOR were amended to an alternative rate, Topic 848 was applied at the time of these modifications and there was no impact on the Company’s financial condition, results of operations and cash flows. There is no current additional impact to the Company from this guidance and the Company will consider the impact on its financial condition, results of operations and cash flows when there are additional modifications to existing agreements.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2023
Summary of Significant Accounting Policies
Schedule of computation of basic and diluted earnings per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ ​ 2023 ​ 2022 ​ ​ ​ (Dollars in thousands except per share amounts) Income ​ ​ ​ ​ ​ ​ ​ Net income attributable to the Company ​ ​ $ 10,390 ​ $ 13,412 ​ ​ ​ ​ ​ ​ ​ ​ Shares ​ ​ ​ ​ ​ ​ ​ Weighted average shares outstanding - basic ​ ​ ​ 58,309,093 ​ ​ 58,882,549 Incremental shares from restricted stock ​ ​ ​ — ​ ​ 4,382 Weighted average shares outstanding - diluted ​ ​ ​ 58,309,093 ​ ​ 58,886,931 ​ ​ ​ ​ ​ ​ ​ ​ Net income per share attributable to the Company ​ ​ ​ ​ ​ ​ ​ Basic income per share ​ ​ $ 0.18 ​ $ 0.23 Diluted income per share ​ ​ $ 0.18 ​ $ 0.23 ​
Schedule of revenue disaggregated by segment, good or service and timing	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2023 ​ ​ Residential ​ Hospitality ​ Commercial ​ Other ​ Total Revenue by Major Good/Service: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Real estate revenue ​ $ 28,025 ​ $ — ​ $ 5,914 ​ $ 1,065 ​ $ 35,004 Hospitality revenue ​ ​ — ​ ​ 24,499 ​ ​ — ​ ​ — ​ ​ 24,499 Leasing revenue ​ ​ 5 ​ ​ 356 ​ ​ 11,396 ​ ​ 33 ​ ​ 11,790 Timber revenue ​ ​ — ​ ​ — ​ ​ 1,698 ​ ​ — ​ ​ 1,698 Total revenue ​ $ 28,030 ​ $ 24,855 ​ $ 19,008 ​ $ 1,098 ​ $ 72,991 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Timing of Revenue Recognition: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recognized at a point in time ​ $ 28,025 ​ $ 17,401 ​ $ 7,612 ​ $ 1,065 ​ $ 54,103 Recognized over time ​ ​ — ​ ​ 7,098 ​ ​ — ​ ​ — ​ ​ 7,098 Over lease term ​ ​ 5 ​ ​ 356 ​ ​ 11,396 ​ ​ 33 ​ ​ 11,790 Total revenue ​ $ 28,030 ​ $ 24,855 ​ $ 19,008 ​ $ 1,098 ​ $ 72,991 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2022 ​ ​ Residential ​ Hospitality ​ Commercial ​ Other ​ Total Revenue by Major Good/Service: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Real estate revenue ​ $ 32,674 ​ $ — ​ $ 3,618 ​ $ 482 ​ $ 36,774 Hospitality revenue ​ ​ — ​ ​ 16,227 ​ ​ 94 ​ ​ — ​ ​ 16,321 Leasing revenue ​ ​ 41 ​ ​ 11 ​ ​ 8,730 ​ ​ 40 ​ ​ 8,822 Timber revenue ​ ​ — ​ ​ — ​ ​ 2,954 ​ ​ — ​ ​ 2,954 Total revenue ​ $ 32,715 ​ $ 16,238 ​ $ 15,396 ​ $ 522 ​ $ 64,871 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Timing of Revenue Recognition: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recognized at a point in time ​ $ 32,674 ​ $ 9,916 ​ $ 6,666 ​ $ 482 ​ $ 49,738 Recognized over time ​ ​ — ​ ​ 6,311 ​ ​ — ​ ​ — ​ ​ 6,311 Over lease term ​ ​ 41 ​ ​ 11 ​ ​ 8,730 ​ ​ 40 ​ ​ 8,822 Total revenue ​ $ 32,715 ​ $ 16,238 ​ $ 15,396 ​ $ 522 ​ $ 64,871

Investment in Real Estate, Net

Investment in Real Estate, Net (Table)	3 Months Ended
	Mar. 31, 2023
Investment in Real Estate, Net
Schedule of investment in real estate, excluding unconsolidated JVs, by property type and segment	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2023 ​ 2022 Development property: ​ ​ Residential ​ $ 168,591 ​ $ 171,504 Hospitality ​ 191,143 ​ 200,209 Commercial ​ 144,321 ​ 131,133 Other ​ 3,647 ​ 3,618 Total development property ​ 507,702 ​ 506,464 ​ ​ ​ ​ ​ ​ ​ Operating property: ​ ​ Residential ​ 7,899 ​ 7,854 Hospitality ​ 244,795 ​ 221,542 Commercial ​ 366,056 ​ 356,242 Other ​ 83 ​ 127 Total operating property ​ 618,833 ​ 585,765 Less: Accumulated depreciation ​ 100,249 ​ 95,968 Total operating property, net ​ 518,584 ​ 489,797 Investment in real estate, net ​ $ 1,026,286 ​ $ 996,261 ​

Joint Ventures (Tables)

Joint Ventures (Tables)	3 Months Ended
	Mar. 31, 2023
Investments
Schedule of financial information of unconsolidated joint ventures	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2023 ​ 2022 Investment in unconsolidated joint ventures ​ ​ Latitude Margaritaville Watersound JV ​ $ 37,179 ​ $ 33,235 Sea Sound JV (a) ​ ​ 375 ​ ​ 411 Watersound Fountains Independent Living JV ​ ​ 7,259 ​ ​ 7,258 Pier Park TPS JV ​ 1,142 ​ 1,451 Pier Park RI JV ​ ​ 6,156 ​ ​ 4,263 Busy Bee JV ​ 2,060 ​ 2,160 Electric Cart Watersound JV ​ ​ 739 ​ ​ 703 Watersound Management JV ​ ​ 547 ​ ​ 544 Total investment in unconsolidated joint ventures ​ $ 55,457 ​ $ 50,025 ​ ​ ​ Outstanding debt of unconsolidated JVs ​ ​ ​ ​ ​ ​ Latitude Margaritaville Watersound JV (b) (c) ​ $ 25,142 ​ $ 30,001 Watersound Fountains Independent Living JV (c) ​ ​ 28,057 ​ ​ 21,327 Pier Park TPS JV (c) ​ ​ 13,743 ​ ​ 13,822 Busy Bee JV ​ ​ 5,931 ​ ​ 6,010 Electric Cart Watersound JV (c) ​ ​ 2,252 ​ ​ 923 Total outstanding debt of unconsolidated JVs ​ $ 75,125 ​ $ 72,083 (a) In November 2022, the Sea Sound JV sold its assets to an unrelated third party and no longer has activity from operations. (b) See Note 8. 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 18. Commitments and Contingencies for additional information.
Unconsolidated joint ventures
Investments
Schedule of financial information of unconsolidated joint ventures	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ ​ 2023 ​ 2022 Equity in income (loss) from unconsolidated joint ventures ​ ​ ​ ​ ​ ​ ​ Latitude Margaritaville Watersound JV ​ ​ $ 3,902 ​ $ (623) Sea Sound JV (a) ​ ​ ​ (36) ​ ​ (17) Pier Park TPS JV ​ ​ ​ (167) ​ ​ (74) Busy Bee JV ​ ​ ​ (100) ​ ​ 197 Electric Cart Watersound JV ​ ​ ​ 36 ​ ​ — Watersound Management JV ​ ​ ​ 28 ​ ​ 22 Total equity in income (loss) from unconsolidated joint ventures ​ ​ $ 3,663 ​ $ (495) (a) In November 2022, the Sea Sound JV sold its assets to a third party and no longer has activity from operations. ​ Summarized balance sheets for the Company’s unconsolidated JVs are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ ​ Latitude Margaritaville Watersound JV ​ Sea Sound JV (b) ​ Watersound Fountains Independent Living JV ​ Pier Park TPS JV ​ Pier Park RI JV ​ Busy Bee JV ​ Electric Cart Watersound JV ​ Watersound Management JV ​ Total ASSETS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment in real estate, net ​ $ 123,640 (a) $ — ​ $ 43,871 ​ $ 14,749 ​ $ 12,837 ​ $ 7,555 ​ $ 3,434 ​ $ — ​ $ 206,086 Cash and cash equivalents ​ ​ 11,473 ​ ​ 451 ​ ​ 298 ​ ​ 702 ​ ​ 652 ​ ​ 840 ​ ​ 421 ​ ​ 105 ​ ​ 14,942 Other assets ​ ​ 4,325 ​ ​ 185 ​ ​ 15 ​ ​ 578 ​ ​ 339 ​ ​ 2,122 ​ ​ 373 ​ ​ — ​ ​ 7,937 Total assets ​ $ 139,438 ​ $ 636 ​ $ 44,184 ​ $ 16,029 ​ $ 13,828 ​ $ 10,517 ​ $ 4,228 ​ $ 105 ​ $ 228,965 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ LIABILITIES AND EQUITY ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt, net ​ $ 24,751 ​ $ — ​ $ 27,456 ​ $ 13,467 ​ $ — ​ $ 5,896 ​ $ 2,174 ​ $ — ​ $ 73,744 Other liabilities ​ ​ 73,014 ​ ​ 11 ​ ​ 3,236 ​ ​ 278 ​ ​ 1,515 ​ ​ 571 ​ ​ 605 ​ ​ — ​ ​ 79,230 Equity ​ ​ 41,673 ​ ​ 625 ​ ​ 13,492 ​ ​ 2,284 ​ ​ 12,313 ​ ​ 4,050 ​ ​ 1,449 ​ ​ 105 ​ ​ 75,991 Total liabilities and equity ​ $ 139,438 ​ $ 636 ​ $ 44,184 ​ $ 16,029 ​ $ 13,828 ​ $ 10,517 ​ $ 4,228 ​ $ 105 ​ $ 228,965 (a) Investment in real estate, net includes the land contributed to the Latitude Margaritaville Watersound JV at the Company’s historical cost basis and additional completed infrastructure improvements. (b) In November 2022, the Sea Sound JV sold its assets to a third party and no longer has activity from operations. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ Latitude Margaritaville Watersound JV ​ Sea Sound JV (b) ​ Watersound Fountains Independent Living JV ​ Pier Park TPS JV ​ Pier Park RI JV ​ Busy Bee JV ​ Electric Cart Watersound JV ​ Watersound Management JV ​ Total ASSETS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment in real estate, net ​ $ 125,231 (a) $ — ​ $ 38,783 ​ $ 15,106 ​ $ 9,858 ​ $ 7,627 ​ $ 1,875 ​ $ — ​ $ 198,480 Cash and cash equivalents ​ ​ 10,633 ​ ​ 327 ​ ​ 190 ​ ​ 775 ​ ​ 580 ​ ​ 1,081 ​ ​ 259 ​ ​ 98 ​ ​ 13,943 Other assets ​ ​ 3,267 ​ ​ 363 ​ ​ 11 ​ ​ 748 ​ ​ 340 ​ ​ 1,957 ​ ​ 234 ​ ​ — ​ ​ 6,920 Total assets ​ $ 139,131 ​ $ 690 ​ $ 38,984 ​ $ 16,629 ​ $ 10,778 ​ $ 10,665 ​ $ 2,368 ​ $ 98 ​ $ 219,343 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ LIABILITIES AND EQUITY ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt, net ​ $ 29,530 ​ $ — ​ $ 20,716 ​ $ 13,542 ​ $ — ​ $ 5,970 ​ $ 843 ​ $ — ​ $ 70,601 Other liabilities ​ ​ 76,506 ​ ​ 5 ​ ​ 4,776 ​ ​ 186 ​ ​ 2,252 ​ ​ 376 ​ ​ 147 ​ ​ — ​ ​ 84,248 Equity ​ ​ 33,095 ​ ​ 685 ​ ​ 13,492 ​ ​ 2,901 ​ ​ 8,526 ​ ​ 4,319 ​ ​ 1,378 ​ ​ 98 ​ ​ 64,494 Total liabilities and equity ​ $ 139,131 ​ $ 690 ​ $ 38,984 ​ $ 16,629 ​ $ 10,778 ​ $ 10,665 ​ $ 2,368 ​ $ 98 ​ $ 219,343 (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) In November 2022, the Sea Sound JV sold its assets to a third party and no longer has activity from operations. ​ Summarized statements of operations for the Company’s unconsolidated JVs are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2023 ​ ​ Latitude Margaritaville Watersound JV (a) ​ Sea Sound JV (b) ​ Watersound Fountains Independent Living JV (c) ​ Pier Park TPS JV ​ Pier Park RI JV (c) ​ Busy Bee JV ​ Electric Cart Watersound JV ​ Watersound Management JV ​ ​ Total Total revenue ​ $ 76,429 ​ $ — ​ $ — ​ $ 898 ​ $ — ​ $ 3,519 ​ $ 557 ​ $ 431 ​ $ 81,834 Expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost of revenue ​ ​ 64,478 ​ ​ — ​ ​ — ​ ​ 692 ​ ​ — ​ ​ 3,508 ​ ​ 475 ​ ​ 376 ​ ​ 69,529 Other operating expenses ​ ​ 3,997 ​ ​ 63 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 6 ​ ​ — ​ ​ 4,066 Depreciation and amortization ​ ​ 80 ​ ​ — ​ ​ — ​ ​ 361 ​ ​ — ​ ​ 116 ​ ​ 2 ​ ​ — ​ ​ 559 Total expenses ​ ​ 68,555 ​ ​ 63 ​ ​ — ​ ​ 1,053 ​ ​ — ​ ​ 3,624 ​ ​ 483 ​ ​ 376 ​ ​ 74,154 Operating income (loss) ​ ​ 7,874 ​ ​ (63) ​ ​ — ​ ​ (155) ​ ​ — ​ ​ (105) ​ ​ 74 ​ ​ 55 ​ ​ 7,680 Other (expense) income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest expense ​ ​ (80) ​ ​ — ​ ​ — ​ ​ (183) ​ ​ — ​ ​ (25) ​ ​ (3) ​ ​ — ​ ​ (291) Other income (expense), net ​ ​ 10 ​ ​ — ​ ​ — ​ ​ 4 ​ ​ — ​ ​ (137) (d) ​ — ​ ​ — ​ ​ (123) Total other expense ​ ​ (70) ​ ​ — ​ ​ — ​ ​ (179) ​ ​ — ​ ​ (162) ​ ​ (3) ​ ​ — ​ ​ (414) Net income (loss) ​ $ 7,804 ​ $ (63) ​ $ — ​ $ (334) ​ $ — ​ $ (267) ​ $ 71 ​ $ 55 ​ $ 7,266 (a) The Latitude Margaritaville Watersound JV completed 149 home sale transactions during the three months ended March 31, 2023. (b) In November 2022, the Sea Sound JV sold its assets to a third party and no longer has activity from operations. (c) The project is under construction with no income or loss for the three months ended March 31, 2023. (d) Includes changes in the fair value of derivatives related to interest rate swaps entered into by the Busy Bee JV. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2022 ​ ​ Latitude Margaritaville Watersound JV (a) ​ Sea Sound JV (b) ​ Watersound Fountains Independent Living JV (c) ​ Pier Park TPS JV ​ Pier Park RI JV (d) ​ Busy Bee JV ​ Electric Cart Watersound JV ​ Watersound Management JV ​ Total Total revenue ​ $ 7,140 ​ $ 1,154 ​ $ — ​ $ 1,124 ​ $ — ​ $ 3,733 ​ $ — ​ $ 252 ​ $ 13,403 Expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost of revenue ​ ​ 6,964 ​ ​ 448 ​ ​ — ​ ​ 725 ​ ​ — ​ ​ 3,612 ​ ​ — ​ ​ 208 ​ ​ 11,957 Other operating expenses ​ ​ 1,268 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,268 Depreciation and amortization ​ ​ 75 ​ ​ 416 ​ ​ — ​ ​ 362 ​ ​ — ​ ​ 115 ​ ​ — ​ ​ — ​ ​ 968 Total expenses ​ ​ 8,307 ​ ​ 864 ​ ​ — ​ ​ 1,087 ​ ​ — ​ ​ 3,727 ​ ​ — ​ ​ 208 ​ ​ 14,193 Operating (loss) income ​ ​ (1,167) ​ ​ 290 ​ ​ — ​ ​ 37 ​ ​ — ​ ​ 6 ​ ​ — ​ ​ 44 ​ ​ (790) Other (expense) income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest expense ​ ​ (56) ​ ​ (312) ​ ​ — ​ ​ (187) ​ ​ — ​ ​ (45) ​ ​ — ​ ​ — ​ ​ (600) Other (expense) income, net ​ ​ — ​ ​ (5) ​ ​ — ​ ​ 1 ​ ​ — ​ ​ 399 (e) ​ — ​ ​ — ​ ​ 395 Total other (expense) income ​ ​ (56) ​ ​ (317) ​ ​ — ​ ​ (186) ​ ​ — ​ ​ 354 ​ ​ — ​ ​ — ​ ​ (205) Net (loss) income ​ $ (1,223) ​ $ (27) ​ $ — ​ $ (149) ​ $ — ​ $ 360 ​ $ — ​ $ 44 ​ $ (995) (a) The Latitude Margaritaville Watersound JV completed 18 home sale transactions during the three months ended March 31, 2022. (b) In November 2022, the Sea Sound JV sold its assets to a third party and no longer has activity from operations. (c) The project was under construction with no income or loss for the three months ended March 31, 2022. (d) The JV was formed in May 2022. (e) Includes changes in the fair value of derivatives related to interest rate swaps entered into by the Busy Bee JV. ​

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2023
Investments
Schedule of Investments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ ​ ​ Gross Unrealized Gross Unrealized ​ ​ ​ ​ Amortized Cost ​ Gains ​ (Losses) ​ Fair Value Investments - debt securities: ​ ​ ​ ​ U.S. Treasury Bills ​ $ 22,832 ​ $ 3 ​ $ (21) ​ $ 22,814 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ ​ Gross Unrealized Gross Unrealized ​ ​ ​ ​ Amortized Cost ​ Gains ​ (Losses) ​ Fair Value Investments - debt securities: ​ ​ ​ ​ U.S. Treasury Bills ​ $ 40,820 ​ $ — ​ $ (244) ​ $ 40,576 ​
Schedule of Unrealized Loss Position and Related Fair Value of Investments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ December 31, 2022 ​ ​ 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 ​ $ 12,953 ​ $ 21 ​ $ — ​ $ — ​ $ 37,578 ​ $ 244 ​ $ — ​ $ —
Schedule of Contractual Maturities of Investments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ Amortized Cost Fair Value Due in one year or less ​ $ 22,832 ​ $ 22,814 ​

Financial Instruments and Fai_2

Financial Instruments and Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2023
Financial Instruments and Fair Value Measurements
Schedule of financial instruments measured at fair value on recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ ​ ​ ​ ​ ​ ​ Total Fair ​ ​ Level 1 ​ Level 2 ​ Level 3 ​ Value Cash equivalents: ​ ​ ​ ​ Money market funds ​ $ 6,275 ​ $ — ​ $ — ​ $ 6,275 U.S. Treasury Bills ​ ​ 29,776 ​ ​ — ​ ​ — ​ ​ 29,776 ​ ​ 36,051 ​ — ​ — ​ 36,051 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments - debt securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasury Bills ​ ​ 22,814 ​ ​ — ​ ​ — ​ ​ 22,814 ​ ​ $ 58,865 ​ $ — ​ $ — ​ $ 58,865 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ ​ ​ ​ ​ ​ Total Fair ​ ​ Level 1 ​ Level 2 ​ Level 3 ​ Value Cash equivalents: ​ ​ ​ ​ Money market funds ​ $ 19,233 ​ $ — ​ $ — ​ $ 19,233 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments - debt securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasury Bills ​ ​ 40,576 ​ ​ — ​ ​ — ​ ​ 40,576 ​ ​ $ 59,809 ​ $ — ​ $ — ​ $ 59,809 ​
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 Fair Value ​ Value ​ Consolidated Description ​ Date ​ Date ​ Rate ​ March 31, 2023 ​ March 31, 2023 ​ December 31, 2022 ​ Level ​ Balance Sheets ​ ​ ​ ​ ​ ​ ​ ​ ​ In Millions ​ In Thousands ​ ​ ​ ​ Pier Park Resort Hotel JV Loan (a) ​ December 2022 ​ April 2027 ​ 3.3% ​ $ 42.0 ​ $ 3,697 ​ $ 4,609 ​ 2 ​ Other assets Pier Park TPS JV Loan (b) ​ January 2021 ​ January 2026 ​ 5.2% ​ $ 13.7 ​ $ 206 ​ $ 273 ​ 2 ​ Investment in unconsolidated joint ventures (a) See Note 9. Debt, Net for additional information. (b) Interest rate swap was entered into by the Pier Park TPS JV, which is unconsolidated and accounted for using the equity method. The derivative 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 (loss) income 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 18. Commitments and Contingencies for additional information.
Summary of effect of derivative instruments on consolidated statements of income and consolidated statements of comprehensive income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ ​ 2023 ​ 2022 ​ ​ ​ ​ ​ ​ ​ ​ Amount of net (loss) gain recognized in other comprehensive (loss) income on derivatives ​ ​ $ (619) ​ $ 2,621 Amount of net (gain) loss reclassified into interest expense ​ ​ $ (330) ​ $ 101 Amount of net (gain) loss reclassified into equity in income (loss) from unconsolidated joint ventures ​ ​ $ (30) ​ $ 46 ​
Schedule of carrying amount and estimated fair value of financial instruments measured on nonrecurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ December 31, 2022 ​ 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 ​ $ 4,105 ​ $ 4,041 1 ​ $ 4,486 ​ $ 4,361 1 ​ ​ ​ ​ ​ ​ ​ Senior Notes held by SPE ​ $ 177,932 ​ $ 183,011 3 ​ $ 177,857 ​ $ 179,564 3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed-rate debt ​ $ 256,138 ​ $ 236,217 ​ 2 ​ $ 194,525 ​ $ 172,241 ​ 2 Variable-rate debt ​ ​ 170,639 ​ ​ 170,639 ​ 2 ​ ​ 196,886 ​ ​ 196,886 ​ 2 Total debt ​ $ 426,777 ​ $ 406,856 ​ ​ ​ $ 391,411 ​ $ 369,127 ​ ​ ​

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2023
Leases
Schedule of components of leasing revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2023 ​ 2022 Leasing revenue ​ ​ ​ ​ ​ ​ Lease payments ​ $ 10,196 ​ $ 7,379 Variable lease payments ​ ​ 1,594 ​ ​ 1,443 Total leasing revenue ​ $ 11,790 ​ $ 8,822 ​
Schedule of minimum future base rental revenue	​ ​ ​ ​ ​ 2023 ​ $ 19,206 2024 ​ 13,404 2025 ​ 9,762 2026 ​ 8,041 2027 ​ ​ 6,842 Thereafter ​ ​ 28,868 ​ ​ $ 86,123 ​
Schedule of lease cost	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2023 ​ 2022 ​ Lease cost ​ ​ ​ ​ ​ ​ Finance lease cost: ​ ​ ​ ​ ​ ​ Amortization of right-of-use assets $ 33 ​ $ 29 ​ Interest on lease liability 3 ​ 4 ​ Operating lease cost 110 ​ 102 ​ Variable and short-term lease cost 248 ​ 192 ​ Total lease cost $ 394 ​ $ 327 ​ ​ ​ ​ ​ ​ ​ ​ Other information ​ ​ ​ ​ ​ ​ Weighted-average remaining lease term - finance lease (in years) ​ 3.1 ​ ​ 3.2 ​ Weighted-average remaining lease term - operating leases (in years) ​ 2.1 ​ ​ 3.4 ​ Weighted-average discount rate - finance lease ​ 5.2 % ​ 4.6 % Weighted-average discount rate - operating leases ​ 4.9 % ​ 4.9 % ​
Schedule of aggregate payments of finance lease liability	The aggregate payments of finance and operating lease liabilities subsequent to March 31, 2023, for the years ending December 31 are: ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance Leases ​ Operating Leases 2023 ​ $ 113 ​ $ 339 2024 ​ 102 ​ 265 2025 ​ 58 ​ 93 2026 ​ 15 ​ 55 2027 ​ ​ 7 ​ ​ 55 Thereafter ​ ​ — ​ ​ 385 Total ​ ​ 295 ​ ​ 1,192 Less imputed interest ​ ​ (17) ​ ​ (166) Total lease liabilities ​ $ 278 ​ $ 1,026
Schedule of aggregate payments of operating lease liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2023 ​ 2022 ​ Lease cost ​ ​ ​ ​ ​ ​ Finance lease cost: ​ ​ ​ ​ ​ ​ Amortization of right-of-use assets $ 33 ​ $ 29 ​ Interest on lease liability 3 ​ 4 ​ Operating lease cost 110 ​ 102 ​ Variable and short-term lease cost 248 ​ 192 ​ Total lease cost $ 394 ​ $ 327 ​ ​ ​ ​ ​ ​ ​ ​ Other information ​ ​ ​ ​ ​ ​ Weighted-average remaining lease term - finance lease (in years) ​ 3.1 ​ ​ 3.2 ​ Weighted-average remaining lease term - operating leases (in years) ​ 2.1 ​ ​ 3.4 ​ Weighted-average discount rate - finance lease ​ 5.2 % ​ 4.6 % Weighted-average discount rate - operating leases ​ 4.9 % ​ 4.9 % ​ The aggregate payments of finance and operating lease liabilities subsequent to March 31, 2023, for the years ending December 31 are: ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance Leases ​ Operating Leases 2023 ​ $ 113 ​ $ 339 2024 ​ 102 ​ 265 2025 ​ 58 ​ 93 2026 ​ 15 ​ 55 2027 ​ ​ 7 ​ ​ 55 Thereafter ​ ​ — ​ ​ 385 Total ​ ​ 295 ​ ​ 1,192 Less imputed interest ​ ​ (17) ​ ​ (166) Total lease liabilities ​ $ 278 ​ $ 1,026

Other Assets (Tables)

Other Assets (Tables)	3 Months Ended
	Mar. 31, 2023
Other Assets
Schedule of Other Assets	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2023 ​ 2022 Accounts receivable, net ​ $ 9,648 ​ $ 9,035 Homesite sales receivable ​ ​ 12,414 ​ ​ 10,086 Notes receivable, net ​ 810 ​ 1,742 Inventory ​ ​ 4,127 ​ ​ 3,976 Prepaid expenses ​ 8,830 ​ 9,393 Straight-line rent ​ 2,544 ​ 2,546 Operating lease right-of-use assets ​ ​ 1,063 ​ ​ 678 Other assets ​ 11,487 ​ 13,138 Retained interest investments ​ ​ 5,802 ​ ​ 8,197 Accrued interest receivable for Senior Notes held by SPE ​ 935 ​ 2,938 Total other assets ​ $ 57,660 ​ $ 61,729 ​
Schedule of Lot Sales Receivable	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ March 31, 2022 Balance at beginning of period ​ $ 10,086 ​ $ 7,651 Increases due to revenue recognized for homesites sold ​ ​ 4,234 ​ ​ 2,375 Decreases due to amounts received ​ ​ (1,906) ​ ​ (1,191) Balance at end of period ​ $ 12,414 ​ $ 8,835 ​
Schedule of Notes Receivable, Net	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2023 ​ 2022 Various interest-bearing homebuilder notes, secured by the real estate sold — bearing interest at a rate of 5.5%, due May 2023 ​ $ 374 ​ $ 1,296 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 ​ ​ 63 ​ ​ 68 Mortgage note, secured by certain real estate, bearing interest at a rate of 5.0% due November 2023 ​ 14 ​ 19 Total notes receivable, net ​ $ 810 ​ $ 1,742 ​

Debt, Net (Tables)

Debt, Net (Tables)	3 Months Ended
	Mar. 31, 2023
Debt, Net
Schedule of Debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maturity Date ​ Interest Rate Terms ​ Effective Rate March 31, 2023 ​ ​ March 31, 2023 ​ ​ December 31, 2022 Watersound Origins Crossings JV Loan (insured by HUD) (a) ​ April 2058 ​ Fixed ​ 5.0 % ​ $ 52,926 ​ ​ $ 44,015 Pier Park Resort Hotel JV Loan ​ April 2027 ​ SOFR plus 2.1% (b) ​ 4.0 % ​ ​ 52,500 ​ ​ ​ 45,209 PPN JV Loan ​ November 2025 ​ Fixed ​ 4.1 % ​ ​ 42,291 ​ ​ ​ 42,555 Pearl Hotel Loan ​ December 2032 ​ Fixed ​ 6.3 % ​ ​ 36,630 ​ ​ ​ 37,000 PPC JV Loan (insured by HUD) ​ June 2060 ​ Fixed ​ 3.1 % ​ ​ 35,055 ​ ​ ​ 35,180 Mexico Beach Crossings JV Loan (insured by HUD) ​ March 2064 ​ Fixed ​ 3.0 % ​ ​ 32,769 ​ ​ ​ 23,374 PPC II JV Loan (insured by HUD) ​ May 2057 ​ Fixed ​ 2.7 % ​ ​ 22,522 ​ ​ ​ 22,623 Watercrest JV Loan ​ June 2047 ​ LIBOR plus 2.2% ​ 7.1 % ​ ​ 20,925 ​ ​ ​ 21,038 North Bay Landing Loan ​ September 2024 ​ LIBOR plus 2.5% , floor 3.2% ​ 7.3 % ​ ​ 19,595 ​ ​ ​ 18,222 Watersound Camp Creek Loan ​ December 2047 ​ SOFR plus 2.1% , floor 2.6% (c) ​ 7.0 % ​ ​ 16,772 ​ ​ ​ 13,131 Breakfast Point Hotel Loan ​ November 2042 ​ Fixed (d) ​ 6.0 % ​ ​ 16,266 ​ ​ ​ 16,376 Airport Hotel Loan ​ March 2025 ​ LIBOR plus 2.0% , floor 3.0% ​ 6.9 % ​ ​ 14,642 ​ ​ ​ 14,642 Hotel Indigo Loan ​ October 2028 ​ SOFR plus 2.7% , floor 2.7% (e) ​ 7.6 % ​ ​ 14,189 ​ ​ ​ 10,427 Lodge 30A JV Loan ​ January 2028 ​ Fixed ​ 3.8 % ​ ​ 13,707 ​ ​ ​ 13,304 Watersound Town Center Grocery Loan ​ August 2031 ​ LIBOR plus 2.0% , floor 2.2% ​ 6.8 % ​ ​ 10,579 ​ ​ ​ 11,379 Topsail Hotel Loan ​ July 2027 ​ SOFR plus 2.1% , floor 3.0% ​ 7.0 % ​ ​ 7,855 ​ ​ ​ 5,199 Beckrich Building III Loan ​ August 2029 ​ LIBOR plus 1.7% ​ 6.6 % ​ ​ 5,014 ​ ​ ​ 5,020 Self-Storage Facility Loan ​ November 2025 ​ LIBOR plus 2.4% , floor 2.9% ​ 7.2 % ​ ​ 4,666 ​ ​ ​ 4,666 Community Development District debt ​ May 2023-May 2039 ​ Fixed ​ 3.6 to 6.0 % ​ 3,972 ​ ​ ​ 4,113 Beach Homes Loan ​ May 2029 ​ LIBOR plus 1.7% ​ 6.6 % ​ 1,438 ​ ​ ​ 1,447 Pier Park Outparcel Loan ​ March 2027 ​ LIBOR plus 1.7% ​ 6.6 % ​ ​ 1,292 ​ ​ ​ 1,300 WaterColor Crossings Loan ​ February 2029 ​ LIBOR plus 1.7% ​ 6.6 % ​ ​ 1,172 ​ ​ ​ 1,191 Total principal outstanding ​ ​ ​ ​ ​ ​ ​ ​ ​ 426,777 ​ ​ ​ 391,411 Unamortized discount and debt issuance costs ​ ​ ​ ​ ​ ​ ​ (6,088) ​ ​ ​ (5,551) Total debt, net ​ ​ ​ ​ ​ ​ ​ ​ $ 420,689 ​ ​ $ 385,860 (a) In March 2023, the Watersound Origins Crossings JV Loan was refinanced. The previous loan had an interest rate of SOFR plus 2.8% and maturity date of May 2024. (b) The Pier Park Resort Hotel JV entered into an interest rate swap that matures in April 2027 and fixed the variable rate on the notional amount of related debt of $42.0 million, amortizing to $38.7 million at swap maturity, to a rate of 3.3% . See Note 6. Financial Instruments and Fair Value Measurements for additional information. Effective February 2023, the Pier Park Resort Hotel Loan was amended from an interest rate of LIBOR plus 2.2% . (c) In February 2023, the Watersound Camp Creek Loan was amended from an interest rate of LIBOR plus 2.1% . (d) The Breakfast Point Hotel Loan interest rate is fixed through November 2027 and in December 2027 the rate will adjust to the 1-year constant maturity Treasury rate plus 3.3% from December 2027 through November 2042, with a minimum rate of 6.0% throughout the term of the loan. (e) The Hotel Indigo Loan interest rate will adjust to SOFR plus 2.5% , with a floor of 2.5% beginning November 2023 through maturity.
Schedule of Aggregate Maturities of Debt	The aggregate maturities of debt subsequent to March 31, 2023, for the years ending December 31 are: ​ ​ ​ ​ 2023 ​ $ 5,800 2024 ​ ​ 28,106 2025 ​ 66,793 2026 ​ 7,829 2027 ​ 64,141 Thereafter ​ 254,108 ​ ​ $ 426,777

Other Liabilities (Tables)

Other Liabilities (Tables)	3 Months Ended
	Mar. 31, 2023
Other Liabilities
Schedule of Other Liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2023 ​ 2022 Accounts payable ​ $ 60,700 ​ $ 69,864 Income tax payable ​ ​ 11,239 ​ ​ 3,470 Finance lease liabilities ​ ​ 278 ​ ​ 300 Operating lease liabilities ​ ​ 1,026 ​ ​ 678 Accrued compensation ​ 3,673 ​ 5,731 Other accrued liabilities ​ 5,532 ​ 3,641 Club membership deposits ​ 3,369 ​ 3,422 Advance deposits ​ 9,609 ​ 4,415 Accrued interest expense for Senior Notes held by SPE ​ 713 ​ 2,850 Total other liabilities ​ $ 96,139 ​ $ 94,371 ​

Deferred Revenue (Tables)

Deferred Revenue (Tables)	3 Months Ended
	Mar. 31, 2023
Deferred Revenue
Schedule of changes in club initiation fees related to contracts with customers	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ March 31, 2022 Balance at beginning of period ​ $ 25,088 ​ $ 22,850 New club memberships ​ ​ 2,890 ​ ​ 2,270 Revenue from amounts included in contract liability opening balance ​ ​ (1,891) ​ ​ (1,491) Revenue from current period new memberships ​ ​ (74) ​ ​ (56) Balance at end of period ​ $ 26,013 ​ $ 23,573 ​

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2023
Income Taxes
Schedule of effective income tax rate reconciliation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2023 2022 Tax at the federal statutory rate $ 2,905 $ 3,769 State income taxes (net of federal benefit) ​ 606 ​ 787 Tax credits ​ ​ (94) ​ ​ (55) Other ​ 24 ​ 35 Total income tax expense $ 3,441 $ 4,536 ​

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Mar. 31, 2023
Accumulated Other Comprehensive Income (Loss)
Summary of Changes in Accumulated Other Comprehensive Loss	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrealized (Loss) Gain Unrealized ​ ​ ​ ​ on Available-for- Gain (Loss) ​ ​ ​ ​ ​ Sale Securities ​ Cash Flow Hedges ​ Total Accumulated other comprehensive (loss) income as of December 31, 2022 ​ $ (182) ​ $ 2,612 ​ $ 2,430 Other comprehensive income (loss) before reclassifications ​ 170 ​ ​ (507) ​ ​ (337) Amounts reclassified from accumulated other comprehensive loss ​ — ​ ​ (294) ​ ​ (294) Other comprehensive income (loss) ​ 170 ​ ​ (801) ​ ​ (631) Less: Other comprehensive loss attributable to non-controlling interest ​ ​ — ​ ​ 274 ​ ​ 274 Accumulated other comprehensive (loss) income as of March 31, 2023 ​ $ (12) ​ $ 2,085 ​ $ 2,073 ​
Summary of Tax Effects Allocated to Other Comprehensive Income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2023 ​ Before- Tax (Expense) Net-of- ​ ​ Tax Amount ​ Benefit ​ Tax Amount Unrealized gain on available-for-sale investments ​ $ 227 ​ $ (57) ​ $ 170 Interest rate swaps ​ ​ (582) ​ ​ 103 ​ ​ (479) Interest rate swap - unconsolidated joint venture ​ ​ (37) ​ ​ 9 ​ ​ (28) Reclassification adjustment for net gain included in earnings ​ (360) ​ 66 ​ (294) Net unrealized loss ​ (752) ​ 121 ​ (631) Other comprehensive loss ​ $ (752) ​ $ 121 ​ $ (631) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2022 ​ Before- Tax Benefit Net-of- ​ ​ Tax Amount ​ (Expense) ​ Tax Amount Unrealized loss on available-for-sale investments ​ $ (322) ​ $ 81 ​ $ (241) Interest rate swaps ​ ​ 2,308 ​ ​ (413) ​ ​ 1,895 Interest rate swap - unconsolidated joint venture ​ ​ 313 ​ ​ (79) ​ ​ 234 Reclassification adjustment for net loss included in earnings ​ 147 ​ (34) ​ 113 Net unrealized gain ​ 2,446 ​ (445) ​ 2,001 Other comprehensive income ​ $ 2,446 ​ $ (445) ​ $ 2,001

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2023
Stockholders' Equity
Schedule of non-vested restricted share activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2023 ​ Three Months Ended March 31, 2022 ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ Weighted Average ​ ​ Number of ​ ​ Grant Date ​ Number of ​ ​ Grant Date Non-Vested Restricted Shares ​ Shares ​ ​ Fair Value ​ Shares ​ ​ Fair Value Balance at beginning of period ​ 29,955 ​ $ 48.04 ​ — ​ $ — Granted ​ 36,499 ​ $ 42.59 ​ 25,594 ​ $ 46.73 Vested ​ (8,531) ​ $ 46.73 ​ — ​ $ — Forfeited ​ — ​ $ — ​ — ​ $ — Balance at end of period ​ 57,923 ​ $ 44.80 ​ 25,594 ​ $ 46.73 ​

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2023
Revenue Recognition
Schedule of revenue disaggregated by segment, good or service and timing	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2023 ​ ​ Residential ​ Hospitality ​ Commercial ​ Other ​ Total Revenue by Major Good/Service: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Real estate revenue ​ $ 28,025 ​ $ — ​ $ 5,914 ​ $ 1,065 ​ $ 35,004 Hospitality revenue ​ ​ — ​ ​ 24,499 ​ ​ — ​ ​ — ​ ​ 24,499 Leasing revenue ​ ​ 5 ​ ​ 356 ​ ​ 11,396 ​ ​ 33 ​ ​ 11,790 Timber revenue ​ ​ — ​ ​ — ​ ​ 1,698 ​ ​ — ​ ​ 1,698 Total revenue ​ $ 28,030 ​ $ 24,855 ​ $ 19,008 ​ $ 1,098 ​ $ 72,991 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Timing of Revenue Recognition: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recognized at a point in time ​ $ 28,025 ​ $ 17,401 ​ $ 7,612 ​ $ 1,065 ​ $ 54,103 Recognized over time ​ ​ — ​ ​ 7,098 ​ ​ — ​ ​ — ​ ​ 7,098 Over lease term ​ ​ 5 ​ ​ 356 ​ ​ 11,396 ​ ​ 33 ​ ​ 11,790 Total revenue ​ $ 28,030 ​ $ 24,855 ​ $ 19,008 ​ $ 1,098 ​ $ 72,991 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2022 ​ ​ Residential ​ Hospitality ​ Commercial ​ Other ​ Total Revenue by Major Good/Service: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Real estate revenue ​ $ 32,674 ​ $ — ​ $ 3,618 ​ $ 482 ​ $ 36,774 Hospitality revenue ​ ​ — ​ ​ 16,227 ​ ​ 94 ​ ​ — ​ ​ 16,321 Leasing revenue ​ ​ 41 ​ ​ 11 ​ ​ 8,730 ​ ​ 40 ​ ​ 8,822 Timber revenue ​ ​ — ​ ​ — ​ ​ 2,954 ​ ​ — ​ ​ 2,954 Total revenue ​ $ 32,715 ​ $ 16,238 ​ $ 15,396 ​ $ 522 ​ $ 64,871 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Timing of Revenue Recognition: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recognized at a point in time ​ $ 32,674 ​ $ 9,916 ​ $ 6,666 ​ $ 482 ​ $ 49,738 Recognized over time ​ ​ — ​ ​ 6,311 ​ ​ — ​ ​ — ​ ​ 6,311 Over lease term ​ ​ 41 ​ ​ 11 ​ ​ 8,730 ​ ​ 40 ​ ​ 8,822 Total revenue ​ $ 32,715 ​ $ 16,238 ​ $ 15,396 ​ $ 522 ​ $ 64,871

Other Income (Expense), Net (Ta

Other Income (Expense), Net (Tables)	3 Months Ended
	Mar. 31, 2023
Other Income (Expense), Net
Schedule of Other Income (Expense), Net	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ March 31, ​ ​ 2023 2022 Investment income, net ​ ​ Interest, dividend and accretion income ​ $ 461 ​ $ 100 ​ Unrealized gain on investments, net ​ ​ — ​ ​ 25 ​ Interest income from investments in SPEs ​ 2,003 ​ 2,003 ​ Interest earned on notes receivable and other interest ​ 457 ​ 172 ​ Total investment income, net ​ 2,921 ​ 2,300 ​ Interest expense ​ ​ ​ Interest incurred for project financing and other interest expense ​ (3,997) ​ (1,944) ​ Interest expense and amortization of discount and issuance costs for Senior Notes issued by SPE ​ (2,212) ​ (2,209) ​ Total interest expense ​ (6,209) ​ (4,153) ​ Gain on contributions to unconsolidated joint ventures ​ 530 ​ 482 ​ Equity in income (loss) from unconsolidated joint ventures ​ ​ 3,663 ​ ​ (495) ​ Other income (expense), net ​ ​ ​ Accretion income from retained interest investments ​ 394 ​ 417 ​ Gain on insurance recoveries ​ ​ — ​ ​ 723 ​ Loss from hurricane damage ​ ​ — ​ ​ (32) ​ Miscellaneous income (expense), net ​ 319 ​ (1,477) ​ Other income (expense), net ​ 713 ​ (369) ​ Total other income (expense), net ​ $ 1,618 ​ $ (2,235) ​ ​

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2023
Segment Information
Schedule of Information by Business Segment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2023 2022 Operating revenue: ​ ​ Residential ​ $ 28,030 ​ $ 32,715 Hospitality ​ 24,855 ​ 16,238 Commercial ​ 19,008 ​ 15,396 Other ​ 1,098 ​ 522 Consolidated operating revenue ​ $ 72,991 ​ $ 64,871 ​ ​ ​ ​ ​ ​ ​ Income (loss) before income taxes: ​ ​ Residential (a) ​ $ 15,577 ​ $ 16,566 Hospitality ​ (3,495) ​ (963) Commercial (b) ​ 2,798 ​ 4,841 Other (c) ​ (1,958) ​ (2,455) Consolidated income before income taxes ​ $ 12,922 ​ $ 17,989 ​ ​ ​ ​ ​ ​ ​ (a) The three months ended March 31, 2023 and 2022 includes $3.9 million of equity in income from unconsolidated joint ventures and $0.6 of equity in loss from unconsolidated joint ventures, respectively, related to the Latitude Margaritaville Watersound JV. See Note 4. Joint Ventures for additional information. (b) The three months ended March 31, 2022, includes a gain of $0.4 million on land contributed to the unconsolidated Electric Cart Watersound JV. See Note 4. Joint Ventures and Note 16. Other Income (Expense), Net for additional information . (c) Includes gain on insurance recovery of and $0.7 million during the three months ended March 31, 2022, related to Hurricane Michael. See Note 16. Other Income (Expense), Net for additional information. ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2023 ​ 2022 Total assets: ​ ​ Residential ​ $ 231,372 ​ $ 231,054 Hospitality ​ 435,376 ​ 420,329 Commercial ​ 491,600 ​ 470,629 Other ​ 307,911 ​ 308,827 Total assets ​ $ 1,466,259 ​ $ 1,430,839

Nature of Operations - Real Est

Nature of Operations - Real Estate Assets (Details)	3 Months Ended
	Mar. 31, 2023 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

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Concentrations (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Concentration risk
Cash and cash equivalents	$ 57,152	$ 37,747	$ 33,115
Investments - debt securities	22,814	$ 40,576
Credit concentration risk | Assets | Money market fund
Concentration risk
Cash and cash equivalents	6,300
Credit concentration risk | Assets | U.S. Treasury Bills
Concentration risk
Cash and cash equivalents	29,800
Investments - debt securities	$ 22,800

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Summary of Significant Accounting Policies
Common stock equivalents (in shares)	57,923	25,594
Number of potentially dilutive common shares excluded from calculation of diluted income per share	57,923
Income
Net income attributable to the Company, Basic	$ 10,390	$ 13,412
Net income attributable to the Company, Diluted	$ 10,390	$ 13,412
Shares
Weighted-average shares outstanding - basic	58,309,093	58,882,549
Incremental shares from restricted stock		4,382
Weighted-average shares outstanding - diluted	58,309,093	58,886,931
Net income per share attributable to the Company
Basic income (in dollars per share)	$ 0.18	$ 0.23
Diluted income (in dollars per share)	$ 0.18	$ 0.23

Investment in Real Estate, Ne_2

Investment in Real Estate, Net - Real Estate by Property Type and Segment (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Real estate properties
Total operating property, net	$ 1,026,286	$ 996,261
Operating property, net related to operating leases	292,900	285,100
Development property
Real estate properties
Total operating property, net	507,702	506,464
Development property | Other
Real estate properties
Total operating property, net	3,647	3,618
Development property | Residential segment | Operating Segments
Real estate properties
Total operating property, net	168,591	171,504
Development property | Hospitality | Operating Segments
Real estate properties
Total operating property, net	191,143	200,209
Development property | Commercial segment | Operating Segments
Real estate properties
Total operating property, net	144,321	131,133
Operating property
Real estate properties
Operating property	618,833	585,765
Less: Accumulated depreciation	100,249	95,968
Total operating property, net	518,584	489,797
Operating property | Other
Real estate properties
Operating property	83	127
Operating property | Residential segment | Operating Segments
Real estate properties
Operating property	7,899	7,854
Operating property | Hospitality | Operating Segments
Real estate properties
Operating property	244,795	221,542
Operating property | Commercial segment | Operating Segments
Real estate properties
Operating property	$ 366,056	$ 356,242

Joint Ventures - Consolidated J

Joint Ventures - Consolidated Joint Ventures (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2023 item room	Dec. 31, 2022
Mexico Beach Crossings JV
Variable interest entity
Ownership in consolidated voting interest entity (as a percent)	75%	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 completed in period | 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 completed units	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	90%	90%

Joint Ventures - Unconsolidated

Joint Ventures - Unconsolidated JVs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Investments
Investment in unconsolidated joint ventures	$ 55,457		$ 50,025
Proceeds from sale of assets	9	$ 10
Latitude Margaritaville Watersound JV
Investments
Investment in unconsolidated joint ventures	37,179		33,235
Sea Sound JV
Investments
Investment in unconsolidated joint ventures	375		411
Watersound Fountains Independent Living JV
Investments
Investment in unconsolidated joint ventures	7,259		7,258
Pier Park TPS JV
Investments
Investment in unconsolidated joint ventures	1,142		1,451
Pier Park RI JV
Investments
Investment in unconsolidated joint ventures	6,156		4,263
Busy Bee JV
Investments
Investment in unconsolidated joint ventures	2,060		2,160
Electric Cart Watersound JV
Investments
Investment in unconsolidated joint ventures	739		703
Watersound Management JV
Investments
Investment in unconsolidated joint ventures	$ 547		$ 544

Joint Ventures - Unconsolidat_2

Joint Ventures - Unconsolidated JV Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Investments
Outstanding debt	$ 426,777	$ 391,411
Unconsolidated joint ventures
Investments
Maximum exposure to loss	99,100
Unconsolidated joint ventures
Investments
Outstanding debt	75,125	72,083
Latitude Margaritaville Watersound JV
Investments
Outstanding debt	25,142	30,001
Watersound Fountains Independent Living JV
Investments
Outstanding debt	28,057	21,327
Pier Park TPS JV
Investments
Outstanding debt	13,743	13,822
Busy Bee JV
Investments
Outstanding debt	5,931	6,010
Electric Cart Watersound JV
Investments
Outstanding debt	2,252	923
Latitude Margaritaville Watersound JV
Investments
Amount as lender of secured revolving promissory note	$ 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
	Mar. 31, 2023	Mar. 31, 2022
Investments
Equity in income (loss) from unconsolidated joint ventures	$ 3,663	$ (495)
Latitude Margaritaville Watersound JV
Investments
Equity in income (loss) from unconsolidated joint ventures	3,902	(623)
Sea Sound JV
Investments
Equity in income (loss) from unconsolidated joint ventures	(36)	(17)
Pier Park TPS JV
Investments
Equity in income (loss) from unconsolidated joint ventures	(167)	(74)
Busy Bee JV
Investments
Equity in income (loss) from unconsolidated joint ventures	(100)	197
Electric Cart Watersound JV
Investments
Equity in income (loss) from unconsolidated joint ventures	36
Watersound Management JV
Investments
Equity in income (loss) from unconsolidated joint ventures	$ 28	$ 22

Joint Ventures - Unconsolidat_3

Joint Ventures - Unconsolidated JV - Balance Sheets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
ASSETS
Investment in real estate, net	$ 1,026,286		$ 996,261
Cash and cash equivalents	57,152	$ 33,115	37,747
Other assets	57,660		61,729
Total assets	1,466,259		1,430,839
LIABILITIES AND EQUITY
Debt, net	420,689		385,860
Other liabilities	96,139		94,371
Equity	652,383	637,032	651,109	$ 626,100
Total liabilities and equity	1,466,259		1,430,839
Proceeds from sale of assets	9	$ 10
Unconsolidated joint ventures
ASSETS
Investment in real estate, net	206,086		198,480
Cash and cash equivalents	14,942		13,943
Other assets	7,937		6,920
Total assets	228,965		219,343
LIABILITIES AND EQUITY
Debt, net	73,744		70,601
Other liabilities	79,230		84,248
Equity	75,991		64,494
Total liabilities and equity	228,965		219,343
Latitude Margaritaville Watersound JV
ASSETS
Investment in real estate, net	123,640		125,231
Cash and cash equivalents	11,473		10,633
Other assets	4,325		3,267
Total assets	139,438		139,131
LIABILITIES AND EQUITY
Debt, net	24,751		29,530
Other liabilities	73,014		76,506
Equity	41,673		33,095
Total liabilities and equity	139,438		139,131
Sea Sound JV
ASSETS
Cash and cash equivalents	451		327
Other assets	185		363
Total assets	636		690
LIABILITIES AND EQUITY
Other liabilities	11		5
Equity	625		685
Total liabilities and equity	636		690
Watersound Fountains Independent Living JV
ASSETS
Investment in real estate, net	43,871		38,783
Cash and cash equivalents	298		190
Other assets	15		11
Total assets	44,184		38,984
LIABILITIES AND EQUITY
Debt, net	27,456		20,716
Other liabilities	3,236		4,776
Equity	13,492		13,492
Total liabilities and equity	44,184		38,984
Pier Park TPS JV
ASSETS
Investment in real estate, net	14,749		15,106
Cash and cash equivalents	702		775
Other assets	578		748
Total assets	16,029		16,629
LIABILITIES AND EQUITY
Debt, net	13,467		13,542
Other liabilities	278		186
Equity	2,284		2,901
Total liabilities and equity	16,029		16,629
Pier Park RI JV
ASSETS
Investment in real estate, net	12,837		9,858
Cash and cash equivalents	652		580
Other assets	339		340
Total assets	13,828		10,778
LIABILITIES AND EQUITY
Other liabilities	1,515		2,252
Equity	12,313		8,526
Total liabilities and equity	13,828		10,778
Busy Bee JV
ASSETS
Investment in real estate, net	7,555		7,627
Cash and cash equivalents	840		1,081
Other assets	2,122		1,957
Total assets	10,517		10,665
LIABILITIES AND EQUITY
Debt, net	5,896		5,970
Other liabilities	571		376
Equity	4,050		4,319
Total liabilities and equity	10,517		10,665
Electric Cart Watersound JV
ASSETS
Investment in real estate, net	3,434		1,875
Cash and cash equivalents	421		259
Other assets	373		234
Total assets	4,228		2,368
LIABILITIES AND EQUITY
Debt, net	2,174		843
Other liabilities	605		147
Equity	1,449		1,378
Total liabilities and equity	4,228		2,368
Watersound Management JV
ASSETS
Cash and cash equivalents	105		98
Total assets	105		98
LIABILITIES AND EQUITY
Equity	105		98
Total liabilities and equity	$ 105		$ 98

Joint Ventures - Unconsolidat_4

Joint Ventures - Unconsolidated JV - Statements of Operations (Details) $ in Thousands	3 Months Ended		51 Months Ended
	Mar. 31, 2023 USD ($) Transaction	Mar. 31, 2022 USD ($) Transaction	Mar. 31, 2023 Transaction
Summarized financial information
Total revenue	$ 72,991	$ 64,871
Expenses:
Other operating expenses	5,721	5,656
Depreciation and amortization	7,322	5,026
Total expenses	61,687	44,647
Operating income (loss)	11,304	20,224
Other (expense) income:
Interest expense	(6,209)	(4,153)
Other income (expense), net	713	(369)
Total other (expense) income	1,618	(2,235)
Net income	9,481	13,453
Proceeds from sale of assets	9	10
Unconsolidated joint ventures
Summarized financial information
Total revenue	81,834	13,403
Expenses:
Cost of revenue	69,529	11,957
Other operating expenses	4,066	1,268
Depreciation and amortization	559	968
Total expenses	74,154	14,193
Operating income (loss)	7,680	(790)
Other (expense) income:
Interest expense	(291)	(600)
Other income (expense), net	(123)	395
Total other (expense) income	(414)	(205)
Net income	7,266	(995)
Latitude Margaritaville Watersound JV
Summarized financial information
Total revenue	76,429	7,140
Expenses:
Cost of revenue	64,478	6,964
Other operating expenses	3,997	1,268
Depreciation and amortization	80	75
Total expenses	68,555	8,307
Operating income (loss)	7,874	(1,167)
Other (expense) income:
Interest expense	(80)	(56)
Other income (expense), net	10
Total other (expense) income	(70)	(56)
Net income	$ 7,804	$ (1,223)
Latitude Margaritaville Watersound JV | Residential homes
Other (expense) income:
Number of home sale transactions | Transaction	149	18	512
Sea Sound JV
Summarized financial information
Total revenue		$ 1,154
Expenses:
Cost of revenue		448
Other operating expenses	$ 63
Depreciation and amortization		416
Total expenses	63	864
Operating income (loss)	(63)	290
Other (expense) income:
Interest expense		(312)
Other income (expense), net		(5)
Total other (expense) income		(317)
Net income	(63)	(27)
Watersound Fountains Independent Living JV
Other (expense) income:
Net income	0	0
Pier Park TPS JV
Summarized financial information
Total revenue	898	1,124
Expenses:
Cost of revenue	692	725
Depreciation and amortization	361	362
Total expenses	1,053	1,087
Operating income (loss)	(155)	37
Other (expense) income:
Interest expense	(183)	(187)
Other income (expense), net	4	1
Total other (expense) income	(179)	(186)
Net income	(334)	(149)
Busy Bee JV
Summarized financial information
Total revenue	3,519	3,733
Expenses:
Cost of revenue	3,508	3,612
Depreciation and amortization	116	115
Total expenses	3,624	3,727
Operating income (loss)	(105)	6
Other (expense) income:
Interest expense	(25)	(45)
Other income (expense), net	(137)	399
Total other (expense) income	(162)	354
Net income	(267)	360
Electric Cart Watersound JV
Summarized financial information
Total revenue	557
Expenses:
Cost of revenue	475
Other operating expenses	6
Depreciation and amortization	2
Total expenses	483
Operating income (loss)	74
Other (expense) income:
Interest expense	(3)
Total other (expense) income	(3)
Net income	71
Watersound Management JV
Summarized financial information
Total revenue	431	252
Expenses:
Cost of revenue	376	208
Total expenses	376	208
Operating income (loss)	55	44
Other (expense) income:
Net income	$ 55	$ 44

Joint Ventures - Unconsolidat_5

Joint Ventures - Unconsolidated JV - Latitude Margaritaville Watersound JV (Details)	3 Months Ended		51 Months Ended
	Mar. 31, 2023 USD ($) home Transaction	Mar. 31, 2022 USD ($) Transaction	Mar. 31, 2023 USD ($) home Transaction	Dec. 31, 2022 USD ($)
Investments
Investment in unconsolidated joint ventures	$ 55,457,000		$ 55,457,000	$ 50,025,000
Capital contribution to unconsolidated joint ventures	1,893,000	$ 142,000
Latitude Margaritaville Watersound JV
Investments
Amount as lender of secured revolving promissory note	10,000,000		10,000,000	10,000,000
Secured revolving promissory note with unconsolidated Latitude Margaritaville Watersound JV, homesite development - 5.0% interest rate, due June 2025
Investments
Note receivable	0		0	0
Latitude Margaritaville Watersound JV
Investments
Investment in unconsolidated joint ventures	37,179,000		37,179,000	$ 33,235,000
Amount of infrastructure improvements completed	$ 7,700,000		$ 7,700,000
Ownership percentage	50%		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	679		679
Number of home sale transactions | Transaction	149	18	512
Number of units to be developed, including units completed | home	3,500		3,500

Joint Ventures - Unconsolidat_6

Joint Ventures - Unconsolidated JV - Sea Sound JV (Details) $ in Thousands	1 Months Ended	3 Months Ended
	Nov. 30, 2022 USD ($)	Mar. 31, 2023 USD ($) item	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Investments
Capital contribution to unconsolidated joint ventures		$ 1,893	$ 142
Proceeds from the disposition of assets		9	$ 10
Outstanding debt		$ 426,777		$ 391,411
Sea Sound JV
Investments
Ownership percentage		60%		60%
Unconsolidated joint ventures
Investments
Outstanding debt		$ 75,125		$ 72,083
Sea Sound JV
Investments
Contingent gain	$ 500
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	3 Months Ended
	Mar. 31, 2023 USD ($) item	Mar. 31, 2022 USD ($)	Dec. 31, 2022
Investments
Capital contribution to unconsolidated joint ventures | $	$ 1,893	$ 142
Watersound Fountains Independent Living JV
Investments
Ownership percentage	53.80%		53.80%
Watersound Fountains Independent Living JV
Investments
Number of JV partners	3
Watersound Fountains Independent Living JV | Senior living community
Investments
Number of units to be developed	148

Joint Ventures - Unconsolidat_8

Joint Ventures - Unconsolidated JV - Pier Park TPS JV (Details) - room	Mar. 31, 2023	Dec. 31, 2022
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) $ in Thousands	1 Months Ended	3 Months Ended
	Sep. 30, 2022 USD ($) item	Mar. 31, 2023 USD ($) room	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Investments
Capital contribution to unconsolidated joint ventures		$ 1,893	$ 142
Outstanding debt		420,689		$ 385,860
Pier Park RI JV | Pier Park RI JV Loan
Investments
Loan amount	$ 25,000
Basis spread on variable rate (as a percent)	2.50%
Number of options to extend maturity date | item	2
Debt instrument, period by which maturity date may be extended	24 months
Outstanding debt		$ 0		$ 0
Pier Park RI JV | Hotel
Investments
Number of units to be developed | room		121
Pier Park RI JV
Investments
Value of land contributed	$ 1,800
Capital contribution to unconsolidated joint ventures		$ 4,400
Cash contributed by JV partner		$ 6,200
Ownership percentage		50%		50%

Joint Ventures - Unconsolida_10

Joint Ventures - Unconsolidated JV - Busy Bee JV (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Nov. 30, 2027	Mar. 31, 2023	Dec. 31, 2022
Investments
Outstanding debt			$ 426,777	$ 391,411
Busy Bee JV
Investments
Ownership percentage			50%	50%
Unconsolidated joint ventures
Investments
Outstanding debt			$ 75,125	$ 72,083
Busy Bee JV
Investments
Outstanding debt			5,931	6,010
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			5,100	5,100
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			$ 900	$ 900
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	3 Months Ended		12 Months Ended
	Feb. 28, 2022	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Investments
Capital contribution to unconsolidated joint ventures		$ 1,893	$ 142
Outstanding debt		$ 420,689		$ 385,860
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%		51%
Electric Cart Watersound JV | Electric Cart Watersound JV Loan, Floorplan Line of Credit
Investments
Borrowing capacity		$ 2,200		$ 1,700
Outstanding debt		$ 300		$ 100
Electric Cart Watersound JV | Electric Cart Watersound JV Loan, Floorplan Line of Credit | Minimum
Investments
Interest free period		3 months		3 months
Electric Cart Watersound JV | Electric Cart Watersound JV Loan, Floorplan Line of Credit | Maximum
Investments
Interest free period		6 months		6 months

Joint Ventures - Unconsolida_12

Joint Ventures - Unconsolidated JV - Watersound Management JV (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Investments
Capital contribution to unconsolidated joint ventures	$ 1,893	$ 142
Watersound Management JV
Investments
Ownership percentage	50%		50%

Investments - Schedule of Inves

Investments - Schedule of Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Available-for-sale securities
Fair Value	$ 22,814	$ 40,576
U.S. Treasury Bills
Available-for-sale securities
Amortized Cost	22,832	40,820
Gross Unrealized Gains	3
Gross Unrealized (Losses)	(21)	(244)
Fair Value	$ 22,814	$ 40,576

Investments - Gains and Proceed

Investments - Gains and Proceeds (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
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	0
Maturities of investments - debt securities	28,000	45,000
Purchases of available-for-sale securities	$ 9,800	$ 74,500

Investments - Unrealized Loss P

Investments - Unrealized Loss Position (Details) - U.S. Treasury Bills - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Investments
Less Than 12 Months, Fair Value	$ 12,953	$ 37,578
Less Than 12 Months, Unrealized Losses	21	244
Unrealized losses		$ 200
Maximum
Investments
Unrealized losses	$ 100

Investments - Contractual Matur

Investments - Contractual Maturities of Investments (Details) - Available-for-sale, Debt securities $ in Thousands	Mar. 31, 2023 USD ($)
Amortized Cost
Amortized Cost, Due in one year or less	$ 22,832
Fair Value
Fair Value, Due in one year or less	$ 22,814

Investments - Investment Manage

Investments - Investment Management Agreement (Details)	Mar. 31, 2023
Investor | Clients of FCM, including Mr. Berkowitz
Investments
Common stock ownership percentage	41.40%

Financial Instruments and Fai_3

Financial Instruments and Fair Value Measurements - Measurements on Recurring Basis (Details) - Recurring basis - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Financial instruments and fair value measurements
Cash equivalents	$ 36,051
Total	58,865	$ 59,809
Level 1
Financial instruments and fair value measurements
Cash equivalents	36,051
Total	58,865	59,809
Money market fund
Financial instruments and fair value measurements
Cash equivalents	6,275	19,233
Money market fund | Level 1
Financial instruments and fair value measurements
Cash equivalents	6,275	19,233
U.S. Treasury Bills
Financial instruments and fair value measurements
Cash equivalents	29,776
U.S. Treasury Bills | Level 1
Financial instruments and fair value measurements
Cash equivalents	29,776
Available-for-sale, Debt securities | U.S. Treasury Bills
Financial instruments and fair value measurements
Investments	22,814	40,576
Available-for-sale, Debt securities | U.S. Treasury Bills | Level 1
Financial instruments and fair value measurements
Investments	$ 22,814	$ 40,576

Financial Instruments and Fai_4

Financial Instruments and Fair Value Measurements - Assets and Liabilities Measured at FV (Details) - Interest Rate Swap - USD ($) $ in Thousands	Mar. 31, 2023	Feb. 28, 2023	Dec. 31, 2022
Pier Park Resort Hotel JV Loan
Financial instruments and fair value measurements
Fixed interest rate (as a percent)		3.30%	3.30%
Notional amount			$ 42,000
Recurring basis | Cash Flow Hedging | Pier Park Resort Hotel JV Loan
Financial instruments and fair value measurements
Fixed interest rate (as a percent)	3.30%
Notional amount	$ 42,000
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	$ 13,700
Recurring basis | Level 2 | Cash Flow Hedging | Pier Park Resort Hotel JV Loan
Financial instruments and fair value measurements
Derivative assets	$ 3,697		$ 4,609
Derivative Asset, Statement of Financial Position	Other assets		Other assets
Recurring basis | Level 2 | Cash Flow Hedging | Pier Park TPS JV Loan
Financial instruments and fair value measurements
Derivative assets	$ 206		$ 273
Derivative Asset, Statement of Financial Position	Investment in unconsolidated joint ventures		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
	Mar. 31, 2023	Mar. 31, 2022
Gain (loss) of derivative instruments
Amount of net (loss) gain recognized in other comprehensive (loss) income on derivatives	$ (619)	$ 2,621
Amount expected to be reclassified during next twelve months	$ 1,600
Period over which losses are expected to be reclassified	12 months
Interest expense
Gain (loss) of derivative instruments
Amount of net (gain) loss reclassified into consolidated statements of income	$ (330)	101
Equity in loss from unconsolidated joint ventures
Gain (loss) of derivative instruments
Amount of net (gain) loss reclassified into consolidated statements of income	$ (30)	$ 46

Financial Instruments and Fai_6

Financial Instruments and Fair Value Measurements - Investment in Unconsolidated JVs and Long-lived assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Financial Instruments and Fair Value Measurements
Impairment loss on investment in unconsolidated joint ventures	$ 0	$ 0

Financial Instruments and Fai_7

Financial Instruments and Fair Value Measurements - Carrying Amount and Fair Value (Details) - Nonrecurring - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Carrying Value
Financial instruments and fair value measurements
Debt	$ 426,777	$ 391,411
Fair Value
Financial instruments and fair value measurements
Debt	406,856	369,127
Level 1 | Carrying Value | U.S. Treasury Bills
Financial instruments and fair value measurements
Investments held by SPEs	4,105	4,486
Level 1 | Fair Value | U.S. Treasury Bills
Financial instruments and fair value measurements
Investments held by SPEs	4,041	4,361
Level 2 | Carrying Value | Fixed-rate debt
Financial instruments and fair value measurements
Debt	256,138	194,525
Level 2 | Carrying Value | Variable rate debt
Financial instruments and fair value measurements
Debt	170,639	196,886
Level 2 | Fair Value | Fixed-rate debt
Financial instruments and fair value measurements
Debt	236,217	172,241
Level 2 | Fair Value | Variable rate debt
Financial instruments and fair value measurements
Debt	170,639	196,886
Level 3 | Carrying Value
Financial instruments and fair value measurements
Debt	177,932	177,857
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	183,011	179,564
Level 3 | Fair Value | Time deposit
Financial instruments and fair value measurements
Investments held by SPEs	$ 200,000	$ 200,000

Financial Instruments and Fai_8

Financial Instruments and Fair Value Measurements - Held by Special Purpose Entities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Mar. 31, 2023	Dec. 31, 2022
Financial instruments and fair value measurements
Investments held by special purpose entities		$ 204,476	$ 204,863
Senior Notes held by special purpose entity		177,932	177,857
Consolidated Joint Ventures
Financial instruments and fair value measurements
Investments held by special purpose entities		204,476	204,863
Senior Notes held by special purpose entity		177,932	$ 177,857
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		$ 4,100
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		177,900
Unamortized discount and debt issuance costs		$ 2,100

Leases - Components of Lease Re

Leases - Components of Lease Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Leasing revenue
Lease payments	$ 10,196	$ 7,379
Variable lease payments	1,594	1,443
Total leasing revenue	$ 11,790	$ 8,822

Leases - Minimum Future Base Re

Leases - Minimum Future Base Rental Revenue (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Minimum future base rental revenue:
2023	$ 19,206
2024	13,404
2025	9,762
2026	8,041
2027	6,842
Thereafter	28,868
Total	$ 86,123

Leases - Lease Cost (Details)

Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Lease cost
Finance lease cost: Amortization of right-of-use assets	$ 33	$ 29
Finance lease cost: Interest on lease liability	3	4
Operating lease cost	110	102
Variable and short-term lease cost	248	192
Total lease cost	$ 394	$ 327

Leases - Lease Cost - Other Inf

Leases - Lease Cost - Other Information (Details)	Mar. 31, 2023	Mar. 31, 2022
Leases
Weighted-average remaining lease term - finance lease (in years)	3 years 1 month 6 days	3 years 2 months 12 days
Weighted-average remaining lease term - operating leases (in years)	2 years 1 month 6 days	3 years 4 months 24 days
Weighted-average discount rate - finance lease (as a percent)	5.20%	4.60%
Weighted-average discount rate - operating leases (as a percent)	4.90%	4.90%

Leases - Aggregate Payments of

Leases - Aggregate Payments of Finance and Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Aggregate payments of finance lease liabilities:
2023	$ 113
2024	102
2025	58
2026	15
2027	7
Total	295
Less imputed interest	(17)
Total finance lease liabilities	278	$ 300
Aggregate payments of operating lease liabilities:
2023	339
2024	265
2025	93
2026	55
2027	55
Thereafter	385
Total	1,192
Less imputed interest	(166)
Total operating lease liabilities	$ 1,026	$ 678

Other Assets - Schedule of Othe

Other Assets - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Other Assets
Accounts receivable, net	$ 9,648	$ 9,035
Homesite sales receivable	12,414	10,086	$ 8,835	$ 7,651
Notes receivable, net	810	1,742
Inventory	4,127	3,976
Prepaid expenses	8,830	9,393
Straight-line rent	2,544	2,546
Operating lease, right-of use assets	$ 1,063	$ 678
Operating Lease, Right-of-Use Asset, Statement of Financial Position	Total other assets	Total other assets
Other assets	$ 11,487	$ 13,138
Retained interest investments	5,802	8,197
Accrued interest receivable for Senior Notes held by SPE	935	2,938
Total other assets	$ 57,660	$ 61,729

Other Assets - Accounts Receiva

Other Assets - Accounts Receivable, Net (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Accounts Receivable, Net
Allowance for credit losses	$ 0.3	$ 0.3
Allowance for lease related receivables	0	$ 0
Maximum
Accounts Receivable, Net
Increase (decrease) in allowance for credit losses related to accounts receivable	$ 0.1

Other Assets - Homesite Sales R

Other Assets - Homesite Sales Receivable (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Changes in lot sales receivable
Homesite Sales Receivable, Balance at beginning of period	$ 10,086	$ 7,651
Increases due to revenue recognized for homesites sold	4,234	2,375
Decreases due to amounts received	(1,906)	(1,191)
Homesite Sales Receivable, Balance at end of period	$ 12,414	$ 8,835

Other Assets - Notes Receivable

Other Assets - Notes Receivable, Net (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Accounts Receivable, Net
Notes receivable, net	$ 810	$ 1,742
Accrued interest receivable	935	2,938
Latitude Margaritaville Watersound JV
Accounts Receivable, Net
Amount as lender of secured revolving promissory note	10,000	10,000
Notes Receivable
Accounts Receivable, Net
Allowance for credit losses, Notes receivable	100	100
Accrued interest receivable	100	100
Various interest bearing homebuilder notes, secured by the real estate sold - bearing interest at a rate of 5.5%, due May 2023
Accounts Receivable, Net
Notes receivable, net	$ 374	$ 1,296
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	$ 63	$ 68
Mortgage note, secured by certain real estate, bearing interest at a rate of 5.0% due November 2023
Accounts Receivable, Net
Notes receivable, net	$ 14	$ 19
Interest rate, mortgage (as a percent)	5%	5%

Other Assets - Other Assets (De

Other Assets - Other Assets (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Other Assets
Other assets, Escrow deposits	$ 6.7	$ 7.3
Other assets, Derivative assets	$ 3.7	$ 4.6

Other Assets - Retained Interes

Other Assets - Retained Interest Investments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Investments
Retained interest investments	$ 5,802	$ 8,197
Retained interest investments
Investments
Expected amount to receive upon maturity of note after payment of note and any other liabilities	$ 6,600
Promissory notes maturity period	15 years
Principal received upon maturity of installment note	$ 2,700
Retained interest investments	$ 5,800	$ 8,200
Maximum | Retained interest investments
Investments
Notes maturity year	2024

Debt, Net - Schedule of Debt (D

Debt, Net - Schedule of Debt (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended	60 Months Ended	180 Months Ended
	Feb. 28, 2023	Mar. 31, 2023	Dec. 31, 2022	Oct. 31, 2028	Nov. 30, 2042	Apr. 30, 2027
Debt instruments
Outstanding debt		$ 426,777	$ 391,411
Unamortized discount and debt issuance costs		(6,088)	(5,551)
Debt, Net		$ 420,689	385,860
Weighted average effective interest rate of outstanding debt (as a percent)		5%
Percentage of debt outstanding at fixed interest rates		69.90%
Average remaining life of debt outstanding		17 years 9 months 18 days
Watersound Origins Crossings JV Loan (insured by HUD)
Debt instruments
Debt interest rate (as a percent)		5%
Effective interest rate (as a percent)		5%
Outstanding debt	$ 44,000	$ 52,926	$ 44,015
Watersound Origins Crossings JV Loan (insured by HUD) | SOFR
Debt instruments
Basis spread on variable rate (as a percent)			2.80%
Pier Park Resort Hotel JV Loan
Debt instruments
Effective interest rate (as a percent)		4%
Outstanding debt		$ 52,500	$ 45,209
Pier Park Resort Hotel JV Loan | Interest Rate Swap
Debt instruments
Notional amount			$ 42,000
Fixed interest rate (as a percent)	3.30%		3.30%
Pier Park Resort Hotel JV Loan | Interest Rate Swap | Forecast
Debt instruments
Notional amount						$ 38,700
Pier Park Resort Hotel JV Loan | SOFR
Debt instruments
Basis spread on variable rate (as a percent)	2.10%	2.10%
Pier Park Resort Hotel JV Loan | LIBOR
Debt instruments
Basis spread on variable rate (as a percent)			2.20%
PPN JV Loan
Debt instruments
Effective interest rate (as a percent)		4.10%
Outstanding debt		$ 42,291	$ 42,555
Pearl Hotel Loan
Debt instruments
Effective interest rate (as a percent)		6.30%
Outstanding debt		$ 36,630	37,000
PPC JV Loan (insured by HUD)
Debt instruments
Effective interest rate (as a percent)		3.10%
Outstanding debt		$ 35,055	35,180
Mexico Beach Crossings JV Loan (insured by HUD)
Debt instruments
Effective interest rate (as a percent)		3%
Outstanding debt		$ 32,769	23,374
PPC II JV Loan (insured by HUD)
Debt instruments
Effective interest rate (as a percent)		2.70%
Outstanding debt		$ 22,522	22,623
Watercrest JV Loan
Debt instruments
Effective interest rate (as a percent)		7.10%
Outstanding debt		$ 20,925	$ 21,038
Watercrest JV Loan | LIBOR
Debt instruments
Basis spread on variable rate (as a percent)		2.20%	2.20%
North Bay Landing Loan
Debt instruments
Floor rate (as a percent)		3.20%	3.20%
Effective interest rate (as a percent)		7.30%
Outstanding debt		$ 19,595	$ 18,222
North Bay Landing Loan | LIBOR
Debt instruments
Basis spread on variable rate (as a percent)		2.50%	2.50%
Watersound Camp Creek Loan
Debt instruments
Floor rate (as a percent)	2.60%	2.60%	2.60%
Effective interest rate (as a percent)		7%
Outstanding debt		$ 16,772	$ 13,131
Watersound Camp Creek Loan | SOFR
Debt instruments
Basis spread on variable rate (as a percent)	2.10%	2.10%
Watersound Camp Creek Loan | LIBOR
Debt instruments
Basis spread on variable rate (as a percent)			2.10%
Breakfast Point Hotel Loan
Debt instruments
Effective interest rate (as a percent)		6%
Outstanding debt		$ 16,266	$ 16,376
Breakfast Point Hotel Loan | Treasury - 1 year Constant Maturity | Forecast
Debt instruments
Basis spread on variable rate (as a percent)					3.30%
Breakfast Point Hotel Loan | Treasury - 1 year Constant Maturity | Minimum | Forecast
Debt instruments
Interest rate during period (as a percent)					6%
Airport Hotel Loan
Debt instruments
Floor rate (as a percent)		3%	3%
Effective interest rate (as a percent)		6.90%
Outstanding debt		$ 14,642	$ 14,642
Airport Hotel Loan | LIBOR
Debt instruments
Basis spread on variable rate (as a percent)		2%	2%
Hotel Indigo Loan
Debt instruments
Floor rate (as a percent)		2.70%	2.70%
Effective interest rate (as a percent)		7.60%
Outstanding debt		$ 14,189	$ 10,427
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%
Lodge 30A JV Loan
Debt instruments
Effective interest rate (as a percent)		3.80%
Outstanding debt		$ 13,707	$ 13,304
Watersound Town Center Grocery Loan
Debt instruments
Floor rate (as a percent)		2.20%	2.20%
Effective interest rate (as a percent)		6.80%
Outstanding debt		$ 10,579	$ 11,379
Watersound Town Center Grocery Loan | LIBOR
Debt instruments
Basis spread on variable rate (as a percent)		2%	2%
Topsail Hotel Loan
Debt instruments
Floor rate (as a percent)		3%	3%
Effective interest rate (as a percent)		7%
Outstanding debt		$ 7,855	$ 5,199
Topsail Hotel Loan | SOFR
Debt instruments
Basis spread on variable rate (as a percent)		2.10%	2.10%
Beckrich Building III Loan
Debt instruments
Effective interest rate (as a percent)		6.60%
Outstanding debt		$ 5,014	$ 5,020
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)		7.20%
Outstanding debt		$ 4,666	$ 4,666
Self-Storage Facility Loan | LIBOR
Debt instruments
Basis spread on variable rate (as a percent)		2.40%	2.40%
Community Development District debt
Debt instruments
Outstanding debt		$ 3,972	$ 4,113
Community Development District debt | Minimum
Debt instruments
Effective interest rate (as a percent)		3.60%
Community Development District debt | Maximum
Debt instruments
Effective interest rate (as a percent)		6%
Beach Homes Loan
Debt instruments
Effective interest rate (as a percent)		6.60%
Outstanding debt		$ 1,438	$ 1,447
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)		6.60%
Outstanding debt		$ 1,292	$ 1,300
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)		6.60%
Outstanding debt		$ 1,172	$ 1,191
WaterColor Crossings Loan | LIBOR
Debt instruments
Basis spread on variable rate (as a percent)		1.70%	1.70%

Debt, Net - Debt Agreements (De

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

1 Months Ended

3 Months Ended

12 Months Ended

60 Months Ended

180 Months Ended

May 31, 2023

Feb. 28, 2023 USD ($)

Dec. 31, 2022 USD ($)

Jul. 31, 2022 USD ($)

Jan. 31, 2022 USD ($)

Mar. 31, 2023 USD ($)

Dec. 31, 2022 USD ($)

Dec. 31, 2021 USD ($)

Dec. 31, 2020 USD ($)

Dec. 31, 2019 USD ($)

Dec. 31, 2018 USD ($) home

Oct. 31, 2028

Nov. 30, 2042

Apr. 30, 2027 USD ($)

Dec. 31, 2017 USD ($)

Dec. 31, 2015 USD ($)

Debt instruments

Outstanding debt

$ 391,411

$ 426,777

$ 391,411

Loss on extinguishment of debt

133

Community Development District debt (CDD)

12,800

11,700

12,800

Assets

1,430,839

1,466,259

1,430,839

Asset Pledged as Collateral without Right

Debt instruments

Assets

$ 572,200

Assets, Pledging Purpose

Outstanding debt

Watersound Origins Crossings JV Loan (insured by HUD)

Debt instruments

Loan amount

$ 44,000

Outstanding debt

$ 44,000

44,015

$ 52,926

$ 44,015

Debt interest rate (as a percent)

5%

Loss on extinguishment of debt

$ 100

Watersound Origins Crossings JV Loan (insured by HUD) | Minimum | Forecast

Debt instruments

Prepayment premium, as a percent of principal repaid

1%

Watersound Origins Crossings JV Loan (insured by HUD) | Maximum

Debt instruments

Additional loan cost from refinance

900

Watersound Origins Crossings JV Loan (insured by HUD) | Maximum | Forecast

Debt instruments

Prepayment premium, as a percent of principal repaid

10%

Watersound Origins Crossings JV Loan (insured by HUD) | SOFR

Debt instruments

Basis spread on variable rate (as a percent)

2.80%

Pier Park Resort Hotel JV Loan

Debt instruments

Loan amount

$ 52,500

Outstanding debt

45,209

$ 52,500

$ 45,209

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

$ 42,000

Fixed interest rate (as a percent)

3.30%

3.30%

3.30%

Pier Park Resort Hotel JV Loan | Interest Rate Swap | Forecast

Debt instruments

Notional amount

$ 38,700

Pier Park Resort Hotel JV Loan | SOFR

Debt instruments

Basis spread on variable rate (as a percent)

2.10%

2.10%

PPN JV Loan

Debt instruments

Loan amount

$ 48,200

Outstanding debt

$ 42,555

$ 42,291

$ 42,555

Pearl Hotel Loan

Debt instruments

Loan amount

37,000

37,000

Outstanding debt

$ 37,000

36,630

37,000

Pearl Hotel Loan | Minimum

Debt instruments

Prepayment premium, as a percent of principal repaid

1%

Pearl Hotel Loan | Maximum

Debt instruments

Prepayment premium, as a percent of principal repaid

5%

PPC JV Loan (insured by HUD)

Debt instruments

Loan amount

$ 36,600

Outstanding debt

$ 35,180

35,055

35,180

PPC JV Loan (insured by HUD) | Minimum

Debt instruments

Prepayment premium, as a percent of principal repaid

2%

PPC JV Loan (insured by HUD) | Maximum

Debt instruments

Prepayment premium, as a percent of principal repaid

10%

Mexico Beach Crossings JV Loan (insured by HUD)

Debt instruments

Loan amount

$ 43,500

Outstanding debt

23,374

32,769

23,374

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%

PPC II JV Loan (insured by HUD)

Debt instruments

Loan amount

$ 22,900

Outstanding debt

22,623

22,522

22,623

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

21,038

20,925

21,038

North Bay Landing Loan

Debt instruments

Loan amount

$ 26,800

Outstanding debt

18,222

$ 19,595

$ 18,222

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 Camp Creek Loan

Debt instruments

Loan amount

$ 28,000

Outstanding debt

13,131

$ 16,772

$ 13,131

Floor rate (as a percent)

2.60%

2.60%

2.60%

Company's liability as guarantor, upon reaching and maintaining a trailing six months of 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

Watersound Camp Creek Loan | SOFR

Debt instruments

Basis spread on variable rate (as a percent)

2.10%

2.10%

Breakfast Point Hotel Loan

Debt instruments

Loan amount

$ 16,800

Outstanding debt

16,376

$ 16,266

$ 16,376

Breakfast Point Hotel Loan | Minimum

Debt instruments

Prepayment premium, as a percent of principal repaid

1%

Breakfast Point Hotel Loan | Maximum

Debt instruments

Prepayment premium, as a percent of principal repaid

3%

Breakfast Point Hotel Loan | Treasury - 1 year Constant Maturity | Forecast

Debt instruments

Basis spread on variable rate (as a percent)

3.30%

Airport Hotel Loan

Debt instruments

Loan amount

$ 15,300

Outstanding debt

14,642

$ 14,642

$ 14,642

Debt instrument, period subject to interest payments only

36 months

Floor rate (as a percent)

3%

3%

Hotel Indigo Loan

Debt instruments

Loan amount

$ 21,200

Outstanding debt

10,427

$ 14,189

$ 10,427

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%

Lodge 30A JV Loan

Debt instruments

Loan amount

$ 15,000

Outstanding debt

13,304

$ 13,707

$ 13,304

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%

Watersound Town Center Grocery Loan

Debt instruments

Loan amount

$ 12,000

Outstanding debt

11,379

$ 10,579

$ 11,379

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

Topsail Hotel Loan

Debt instruments

Loan amount

$ 13,700

Outstanding debt

5,199

$ 7,855

$ 5,199

Debt instrument, period subject to interest payments only

36 months

Floor rate (as a percent)

3%

3%

Topsail Hotel Loan | SOFR

Debt instruments

Basis spread on variable rate (as a percent)

2.10%

2.10%

Beckrich Building III Loan

Debt instruments

Loan amount

$ 5,500

Outstanding debt

5,020

$ 5,014

$ 5,020

Self-Storage Facility Loan

Debt instruments

Loan amount

$ 5,800

Outstanding debt

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

4,113

$ 3,972

$ 4,113

Beach Homes Loan

Debt instruments

Loan amount

$ 1,700

Outstanding debt

1,447

1,438

1,447

Number of homes financed | home

2

Pier Park Outparcel Loan

Debt instruments

Loan amount

$ 1,600

Outstanding debt

1,300

1,292

1,300

WaterColor Crossings Loan

Debt instruments

Loan amount

$ 1,900

Outstanding debt

$ 1,191

$ 1,172

$ 1,191

Debt, Net - Maturities of Debt

Debt, Net - Maturities of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt, Net
2023	$ 5,800
2024	28,106
2025	66,793
2026	7,829
2027	64,141
Thereafter	254,108
Long term debt	$ 426,777	$ 391,411

Other Liabilities - Schedule of

Other Liabilities - Schedule of Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Other Liabilities
Accounts payable	$ 60,700	$ 69,864
Income tax payable	11,239	3,470
Finance lease liabilities	278	300
Operating lease liabilities	1,026	678
Accrued compensation	3,673	5,731
Other accrued liabilities	5,532	3,641
Club membership deposits	3,369	3,422
Advance deposits	9,609	4,415
Accrued interest expense for Senior Notes held by SPE	713	2,850
Total other liabilities	$ 96,139	$ 94,371
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
Retainage payable included within accounts payable	$ 30,400	$ 27,700
Accrued property taxes	$ 2,100	$ 300

Deferred Revenue - Summary (Det

Deferred Revenue - Summary (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Deferred Revenue
Deferred revenue	$ 40,860	$ 38,936
Club Membership
Deferred Revenue
Deferred revenue	26,013	25,088	$ 23,573	$ 22,850
Other
Deferred Revenue
Deferred revenue	$ 14,900	$ 13,800

Deferred Revenue - Changes in C

Deferred Revenue - Changes in Club Initiation Fees (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Change in contract with customer liability
Balance at beginning of period	$ 38,936
Balance at end of period	40,860
Club Membership
Change in contract with customer liability
Balance at beginning of period	25,088	$ 22,850
New club memberships	2,890	2,270
Revenue from amounts included in contract liability opening balance	(1,891)	(1,491)
Revenue from current period new memberships	(74)	(56)
Balance at end of period	$ 26,013	$ 23,573

Deferred Revenue - Performance

Deferred Revenue - Performance Obligations (Details) $ in Millions	Mar. 31, 2023 USD ($)
Performance obligations
Remaining performance obligations	$ 26
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01
Performance obligations
Remaining performance obligations	$ 4.8
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Performance obligations
Remaining performance obligations	$ 11.7
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Performance obligations
Remaining performance obligations	$ 8.3
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Performance obligations
Remaining performance obligations	$ 1.2
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period

Deferred Revenue - Additional I

Deferred Revenue - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Deferred Revenue
Deferred revenue	$ 40,860	$ 38,936
Other
Deferred Revenue
Deferred revenue	14,900	13,800
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
	Mar. 31, 2023	Mar. 31, 2022
Income Taxes
Statutory federal income tax rate (as a percent)	21%	21%
Tax at the statutory federal rate	$ 2,905	$ 3,769
State income taxes (net of federal benefit)	606	787
Tax credits	(94)	(55)
Other	24	35
Total income tax expense	$ 3,441	$ 4,536

Income Taxes - Tax receivable a

Income Taxes - Tax receivable and tax payable (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Income Taxes
Income tax payable	$ 11,239	$ 3,470

Income Taxes - Valuation Allowa

Income Taxes - Valuation Allowances (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Income Taxes
Valuation allowance	$ 0.3	$ 0.3

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) - Summary of Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Summary of changes in accumulated other comprehensive (loss) income
Beginning Balance	$ 651,109	$ 626,100
Amounts reclassified from accumulated other comprehensive loss	(294)	113
Total other comprehensive (loss) income, net of tax	(631)	2,001
Ending Balance	652,383	$ 637,032
Accumulated Other Comprehensive (Loss) Income, Including non-controlling interest
Summary of changes in accumulated other comprehensive (loss) income
Beginning Balance	2,430
Other comprehensive income (loss) before reclassifications	(337)
Amounts reclassified from accumulated other comprehensive loss	(294)
Total other comprehensive (loss) income, net of tax	(631)
Less: Other comprehensive loss attributable to non-controlling interest	274
Ending Balance	2,073
Unrealized (Loss) Gain on Available-for-Sale Securities
Summary of changes in accumulated other comprehensive (loss) income
Beginning Balance	(182)
Other comprehensive income (loss) before reclassifications	170
Total other comprehensive (loss) income, net of tax	170
Ending Balance	(12)
Unrealized Gain (Loss) Cash Flow Hedges, Interest rate swap
Summary of changes in accumulated other comprehensive (loss) income
Beginning Balance	2,612
Other comprehensive income (loss) before reclassifications	(507)
Amounts reclassified from accumulated other comprehensive loss	(294)
Total other comprehensive (loss) income, net of tax	(801)
Less: Other comprehensive loss attributable to non-controlling interest	274
Ending Balance	$ 2,085

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income (Loss) - Summary of the Tax Effects Allocated to Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Accumulated Other Comprehensive Income (Loss)
Reclassification adjustment for net (gain) loss included in earnings, before-tax amount	$ (360)	$ 147
Reclassification adjustment for net (gain) loss included in earnings, Tax (expense) or benefit	66	(34)
Reclassification adjustment for net (gain) loss included in earnings, net-of-tax amount	(294)	113
Total before income taxes	(752)	2,446
Other comprehensive loss, Tax (expense) or benefit	121	(445)
Total other comprehensive (loss) income, net of tax	(631)	2,001
Accumulated Other Comprehensive (Loss) Income, Including non-controlling interest
Accumulated Other Comprehensive Income (Loss)
Unrealized gain (loss) on investments, Net-of-tax amount	(337)
Reclassification adjustment for net (gain) loss included in earnings, net-of-tax amount	(294)
Total other comprehensive (loss) income, net of tax	(631)
Unrealized (Loss) Gain on Available-for-Sale Securities
Accumulated Other Comprehensive Income (Loss)
Unrealized gain (loss) on investments, Net-of-tax amount	170
Total other comprehensive (loss) income, net of tax	170
Unrealized Gain (Loss) Cash Flow Hedges, Interest rate swap
Accumulated Other Comprehensive Income (Loss)
Unrealized gain (loss) on investments, Net-of-tax amount	(507)
Reclassification adjustment for net (gain) loss included in earnings, net-of-tax amount	(294)
Total other comprehensive (loss) income, net of tax	(801)
Unrealized Gain (Loss) Cash Flow Hedges, Interest rate swap | Interest rate swaps
Accumulated Other Comprehensive Income (Loss)
Unrealized gain (loss) on investments, Before-tax amount	(582)	2,308
Unrealized gain (loss) on investments, Tax (expense) or benefit	103	(413)
Unrealized gain (loss) on investments, Net-of-tax amount	(479)	1,895
Unrealized Gain (Loss) 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	(37)	313
Unrealized gain (loss) on investments, Tax (expense) or benefit	9	(79)
Unrealized gain (loss) on investments, Net-of-tax amount	(28)	234
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	227	(322)
Unrealized gain (loss) on investments, Tax (expense) or benefit	(57)	81
Unrealized gain (loss) on investments, Net-of-tax amount	$ 170	$ (241)

Stockholders' Equity - Dividend

Stockholders' Equity - Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Stockholders' Equity
Dividends paid (in dollars per share)	$ 0.10	$ 0.10
Amount of dividends paid	$ 5,832	$ 5,889

Stockholders' Equity - Stock Re

Stockholders' Equity - Stock Repurchase Program (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Stockholders' Equity
Authorized repurchase amount	$ 80
Common Stock
Stockholders' Equity
Shares repurchased during the period (in shares)	0	0

Stockholders' Equity - Issuance

Stockholders' Equity - Issuance of Common Stock for Employee Compensation (Details) - Restricted Stock - USD ($) $ / shares in Units, $ in Millions					3 Months Ended
	Mar. 24, 2023	Feb. 21, 2023	Apr. 08, 2022	Feb. 22, 2022	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Summary of non-vested restricted share activity
Balance at beginning of period (in shares)					29,955
Granted (in shares)					36,499	25,594
Vested (in shares)					(8,531)
Balance at end of period (in shares)					57,923	25,594
Weighted Average Grant Date Fair Value
Balance at beginning of period (in dollars per share)					$ 48.04
Granted (in dollars per share)					42.59	$ 46.73
Vested (in dollars per share)					46.73
Balance at end of period (in dollars per share)					$ 44.80	$ 46.73
Stock awards expense					$ 0.1	$ 0.1
Unrecognized compensation cost					$ 2.5		$ 1.1
Recognition period					3 years 6 months
Award granted, March 24, 2023
Summary of non-vested restricted share activity
Granted (in shares)	12,796
Weighted Average Grant Date Fair Value
Granted (in dollars per share)	$ 39.42
Awards granted, February 21, 2023
Weighted Average Grant Date Fair Value
Granted (in dollars per share)		$ 44.30
Awards granted, April 8, 2022
Summary of non-vested restricted share activity
Granted (in shares)			4,361
Weighted Average Grant Date Fair Value
Granted (in dollars per share)			$ 55.73
Awards granted February 22, 2022
Summary of non-vested restricted share activity
Granted (in shares)				25,594
Vested (in shares)					(8,531)
Weighted Average Grant Date Fair Value
Granted (in dollars per share)				$ 46.73
Percentage of stock awards vesting each year				33.30%
Certain employees | Awards granted, February 21, 2023
Summary of non-vested restricted share activity
Granted (in shares)		17,943
Weighted Average Grant Date Fair Value
Percentage of stock awards vesting each year		33.30%
One employee | Awards granted, February 21, 2023
Summary of non-vested restricted share activity
Granted (in shares)		5,760

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of revenue
Leasing revenue	$ 11,790	$ 8,822
Total revenue	72,991	64,871
Recognized at a point in time
Disaggregation of revenue
Revenue	54,103	49,738
Recognized over time
Disaggregation of revenue
Revenue	7,098	6,311
Real Estate
Disaggregation of revenue
Revenue	35,004	36,774
Hospitality
Disaggregation of revenue
Revenue	24,499	16,321
Timber
Disaggregation of revenue
Revenue	1,698	2,954
Operating Segments | Residential segment
Disaggregation of revenue
Leasing revenue	5	41
Total revenue	28,030	32,715
Operating Segments | Residential segment | Recognized at a point in time
Disaggregation of revenue
Revenue	28,025	32,674
Operating Segments | Residential segment | Real Estate
Disaggregation of revenue
Revenue	28,025	32,674
Operating Segments | Hospitality segment
Disaggregation of revenue
Leasing revenue	356	11
Total revenue	24,855	16,238
Operating Segments | Hospitality segment | Recognized at a point in time
Disaggregation of revenue
Revenue	17,401	9,916
Operating Segments | Hospitality segment | Recognized over time
Disaggregation of revenue
Revenue	7,098	6,311
Operating Segments | Hospitality segment | Hospitality
Disaggregation of revenue
Revenue	24,499	16,227
Operating Segments | Commercial segment
Disaggregation of revenue
Leasing revenue	11,396	8,730
Total revenue	19,008	15,396
Operating Segments | Commercial segment | Recognized at a point in time
Disaggregation of revenue
Revenue	7,612	6,666
Operating Segments | Commercial segment | Real Estate
Disaggregation of revenue
Revenue	5,914	3,618
Operating Segments | Commercial segment | Hospitality
Disaggregation of revenue
Revenue		94
Operating Segments | Commercial segment | Timber
Disaggregation of revenue
Revenue	1,698	2,954
Other reconciling items
Disaggregation of revenue
Leasing revenue	33	40
Total revenue	1,098	522
Other reconciling items | Recognized at a point in time
Disaggregation of revenue
Revenue	1,065	482
Other reconciling items | Real Estate
Disaggregation of revenue
Revenue	$ 1,065	$ 482

Other Income (Expense), Net - C

Other Income (Expense), Net - Components (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Investment income, net
Interest, dividend and accretion income	$ 461	$ 100
Unrealized gain on investments, net		25
Interest income from investments in SPEs	2,003	2,003
Interest earned on notes receivable and other interest	457	172
Total investment income, net	2,921	2,300
Interest expense
Interest incurred for project financing and other interest expense	(3,997)	(1,944)
Interest expense and amortization of discount and issuance costs for Senior Notes issued by SPE	(2,212)	(2,209)
Total interest expense	(6,209)	(4,153)
Gain on contributions to unconsolidated joint ventures	530	482
Equity in income (loss) from unconsolidated joint ventures	3,663	(495)
Other income (expense), net
Accretion income from retained interest investments	394	417
Gain on insurance recoveries		723
Loss from hurricane damage		(32)
Miscellaneous income (expense), net	319	(1,477)
Other income (expense), net	713	(369)
Total other (expense) income	$ 1,618	$ (2,235)

Other Income (Expense), Net - I

Other Income (Expense), Net - Interest Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Other Income, Net
Capitalized interest cost	$ 1.3	$ 0.3
Senior Notes held by special purpose entity
Other Income, Net
Effective interest rate (as a percent)	4.90%

Other Income (Expense), Net - G

Other Income (Expense), Net - Gain on Contributions and Equity in Income from Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Other Income, Net
Proceeds from sale of assets	$ 9	$ 10
Equity in income (loss) from unconsolidated joint ventures	3,663	(495)
Busy Bee JV
Other Income, Net
Equity in income (loss) from unconsolidated joint ventures	(100)	197
Pier Park TPS JV
Other Income, Net
Equity in income (loss) from unconsolidated joint ventures	(167)	(74)
Sea Sound JV
Other Income, Net
Equity in income (loss) from unconsolidated joint ventures	(36)	(17)
Electric Cart Watersound JV
Other Income, Net
Gain on land contributed		400
Equity in income (loss) from unconsolidated joint ventures	36
Latitude Margaritaville Watersound JV
Other Income, Net
Gain on additional infrastructure improvements contributed	500	100
Equity in income (loss) from unconsolidated joint ventures	$ 3,902	$ (623)

Other Income (Expense), Net - O

Other Income (Expense), Net - Other Income, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Other Income, Net
Retained interest, effective interest rate (as a percent)	7.80%
Gain on insurance recoveries		$ 723
Loss from hurricane damage		32
Gain on retained interest investment	$ 500
Income from Pier Park CDD associated with repayment of subordinated note		400
Design costs for projects no longer pursued		1,100
Homeowners association special assessment		600
Hurricane Michael.
Other Income, Net
Gain on insurance recoveries		700
Hurricane Michael. | Maximum
Other Income, Net
Loss from hurricane damage		$ 100

Segment Information - Reportabl

Segment Information - Reportable Segments (Details)	3 Months Ended
	Mar. 31, 2023 segment
Segment Information
Number of reportable segments	3

Segment Information - Informati

Segment Information - Information by Business Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Segments
Total revenue	$ 72,991	$ 64,871
Consolidated income before income taxes	12,922	17,989
Other income (expense), net	713	(369)
Gain on insurance recoveries		723
Total assets	1,466,259		$ 1,430,839
Equity in income (loss) from unconsolidated joint ventures	3,663	(495)
Hurricane Michael.
Segments
Gain on insurance recoveries		700
Electric Cart Watersound JV
Segments
Gain on land contributed		400
Equity in income (loss) from unconsolidated joint ventures	36
Latitude Margaritaville Watersound JV
Segments
Equity in income (loss) from unconsolidated joint ventures	3,902	(623)
Sea Sound JV
Segments
Equity in income (loss) from unconsolidated joint ventures	(36)	(17)
Residential segment | Latitude Margaritaville Watersound JV
Segments
Equity in income (loss) from unconsolidated joint ventures	3,900	(600)
Commercial segment | Electric Cart Watersound JV
Segments
Gain on land contributed		400
Operating Segments | Residential segment
Segments
Total revenue	28,030	32,715
Consolidated income before income taxes	15,577	16,566
Total assets	231,372		231,054
Operating Segments | Hospitality segment
Segments
Total revenue	24,855	16,238
Consolidated income before income taxes	(3,495)	(963)
Total assets	435,376		420,329
Operating Segments | Commercial segment
Segments
Total revenue	19,008	15,396
Consolidated income before income taxes	2,798	4,841
Total assets	491,600		470,629
Other reconciling items
Segments
Total revenue	1,098	522
Consolidated income before income taxes	(1,958)	(2,455)
Total assets	$ 307,911		$ 308,827
Other reconciling items | Hurricane Michael.
Segments
Gain on insurance recoveries		$ 700

Commitments and Contingencies -

Commitments and Contingencies - (Details) - USD ($)	1 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Mar. 31, 2023	Dec. 31, 2022
Obligations
Accrued liabilities for other litigation, claims, other disputes and governmental proceedings					$ 400,000	$ 400,000
Amount of letters of credit outstanding					9,100,000	17,300,000
Purchase obligations, total					76,900,000
Outstanding debt					426,777,000	391,411,000
Allowance for credit losses within other liabilities					100,000	100,000
Secured revolving promissory note with unconsolidated Latitude Margaritaville Watersound JV, homesite development - 5.0% interest rate, due June 2025
Obligations
Amount committed to fund			$ 10,000,000
Note receivable					0	0
Latitude Margaritaville Watersound JV
Obligations
Amount as lender of secured revolving promissory note					10,000,000	10,000,000
Surety bonds
Obligations
Commitment obligations					22,000,000	38,100,000
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%
Electric Cart Watersound JV | Electric Cart Watersound JV Loan
Obligations
Guarantor liability, Scenario 1 (as a percent)	50%
Initial period of loan after which the Company's liability as guarantor under the loan will be reduced upon reaching certain conditions	48 months
Unconsolidated joint ventures
Obligations
Outstanding debt					75,125,000	72,083,000
Pier Park TPS JV
Obligations
Outstanding debt					13,743,000	13,822,000
Pier Park TPS JV | Pier Park TPS JV Loan
Obligations
Loan amount				$ 14,400,000
Outstanding debt					13,700,000	13,800,000
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					25,142,000	30,001,000
Latitude Margaritaville Watersound JV | Latitude Margaritaville Watersound JV Loan, due December 2025
Obligations
Loan amount			$ 45,000,000
Outstanding debt					25,100,000	30,000,000
Floor rate (as a percent)			3%
Latitude Margaritaville Watersound JV | Latitude Margaritaville Watersound JV Loan, due December 2025 | SOFR
Obligations
Basis spread on variable rate (as a percent)			2.50%
Watersound Fountains Independent Living JV
Obligations
Outstanding debt					28,057,000	21,327,000
Watersound Fountains Independent Living JV | Watersound Fountains JV Loan, due April 2026
Obligations
Loan amount		$ 41,900,000
Outstanding debt					28,100,000	21,300,000
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%
Electric Cart Watersound JV
Obligations
Outstanding debt					2,252,000	923,000
Electric Cart Watersound JV | Electric Cart Watersound JV Loan
Obligations
Loan amount	$ 5,400,000
Outstanding debt					$ 2,000,000	$ 800,000
Floor rate (as a percent)	2.10%
Debt instrument, period subject to interest payments only	24 months
Electric Cart Watersound JV | Electric Cart Watersound JV Loan | SOFR
Obligations
Basis spread on variable rate (as a percent)	1.80%

Subsequent Event (Details)

Subsequent Event (Details) - $ / shares			3 Months Ended
	Jun. 15, 2023	Apr. 26, 2023	Mar. 31, 2023	Mar. 31, 2022
Subsequent Event
Dividends declared (in dollars per share)			$ 0.10	$ 0.10
Dividends paid (in dollars per share)			$ 0.10	$ 0.10
Forecast
Subsequent Event
Dividends paid (in dollars per share)	$ 0.10
Subsequent Event
Subsequent Event
Dividends declared (in dollars per share)		$ 0.10