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Midas Edge

ST JOE Co

For the period ended Dec 31, 2025. Filed Feb 25, 2026.

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About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 25, 2026

JOE$72.91-3.0%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Schedule III (Consolidated) — Real Estate and Accumulated Depreciation

DECEMBER 31, 2025

(Dollars in thousands, unless otherwise stated)

​​​​​​​​​​​​​​​​​​​​​​​​​​​
​ · ​ · ​ · ​ · ​ · Initial Cost to Company (b) · ​ · ​ · ​ · ​ · Gross Amount as of December 31, 2025 · ​ · ​ · ​ · ​ · ​
​ · ​ · ​ · ​ · ​ · ​ · ​ · ​ · ​ · ​ · ​ · Costs Capitalized · ​ · ​ · ​ · ​ · ​ · ​ · ​ · ​ · ​ · ​ · ​ · ​ · ​ · ​
​ · ​ · ​ · ​ · ​ · ​ · ​ · ​ · ​ · ​ · ​ · Subsequent to · ​ · ​ · ​ · ​ · ​ · ​ · ​ · ​ · ​ · ​ · Accumulated · ​ · Date of
​ · ​ · ​ · ​ · ​ · Land & · ​ · Buildings & · ​ · Acquisition or · ​ · Land & Land · ​ · Buildings and · ​ · ​ · ​ · ​ · Depreciation and · ​ · Construction or
Description (a) · ​ ​ ​ · Encumbrances · ​ ​ ​ · Improvements · ​ ​ ​ · Improvements · ​ ​ ​ · Construction (c) · ​ ​ ​ · Improvements · ​ ​ ​ · Improvements · ​ ​ ​ · Total* · ​ ​ ​ · Amortization (d) · ​ ​ ​ · Acquisition
Residential developments​​​​​​​​​​​​​​​​​​​​​​​​​​
Bay County, FL​$12​$2,626​$—​$80,288​$82,914​$—​$82,914​$—​through 2025
Walton County, FL​​—​​—​​—​​33,766​​33,766​​—​​33,766​​—​through 2025
Gulf County, FL​​—​​4,000​​—​​22,032​​26,032​​—​​26,032​​—​through 2025
Franklin and Leon Counties, FL​​971​​8,873​​—​​(3,923)​​4,950​​—​​4,950​​—​through 2022
Residential operating property​​—​​5,841​​6,393​​(5,542)​​5,856​​836​​6,692​​2,023​2004 - 2007, 2011 - 2012
Hospitality​​​​​​​​​​​​​​​​​
Watersound Club - Camp Creek Inn, amenity and golf course​​26,843​​34,475​​46,892​​327​​34,802​​46,892​​81,694​​14,217​2001, 2023
Watersound Club other​—​41,459​​20,081​​3,325​​44,309​​20,556​​64,865​​20,4382006, 2007, 2018, 2019, 2024
Embassy Suites by Hilton Panama City Beach Resort (e)​​49,817​​5,500​​57,962​​—​​5,500​​57,962​​63,462​​4,936​2023
The Pearl Hotel​​32,560​​10,518​​38,742​​—​​10,518​​38,742​​49,260​​3,176​2022
Marinas​—​28,737​10,478​263​29,320​10,158​39,478​5,1642022
Hotel Indigo/Harrison's Kitchen & Bar (f)​​19,024​​2,426​​30,758​​55​​2,481​​30,758​​33,239​​2,549​2022-2023
WaterColor Hospitality​—​1,137​17,376​12,454​2,632​28,335​30,967​13,4822002, 2013, 2022, 2024
Homewood Suites by Hilton Panama City Beach​​14,978​​1,953​​20,193​​22​​1,975​​20,193​​22,168​​2,406​2022
Hilton Garden Inn Panama City Airport​​3,227​​1,693​​17,101​​—​​1,693​​17,101​​18,794​​2,414​2021
Home2 Suites by Hilton Santa Rosa Beach​​11,215​​2,303​​14,959​​—​​2,303​​14,959​​17,262​​1,258​2023
The Lodge 30A (e)​​13,587​​3,303​​12,339​​—​​3,303​​12,339​​15,642​​1,157​2023
Other​1,621​11,507​13,816​(2,718)​9,253​13,352​22,605​4,9022008, 2010, 2016, 2019 - 2020
Commercial​​​​​​​​​​​​​​​​​
Leasing properties:​​​​​​​​​​​​​​​​​
Watersound Town Center​​4,682​​13,906​​59,479​​—​​12,407​​60,978​​73,385​​5,877​2020 - 2024
Pier Park North (e)​39,922​13,175​35,243​4,488​13,320​39,586​52,906​19,7972014 - 2017
Mexico Beach Crossings (e)​​42,510​​11,225​​34,765​​—​​11,225​​34,765​​45,990​​3,302​2023
Watersound Origins Crossings (e)​​51,328​​6,853​​33,912​​12​​6,859​​33,918​​40,777​​5,582​2020 - 2021
North Bay Landing​​27,619​​3,520​​34,383​​20​​3,540​​34,383​​37,923​​3,354​2022-2023
Pier Park Crossings (e)​​33,616​​8,456​​28,664​​—​​8,456​​28,664​​37,120​​7,052​2019 - 2020
VentureCrossings​—​7,199​29,824​(1,791)​5,717​29,515​35,232​11,3012012, 2017, 2019
FSU/TMH Medical Campus​​—​​8,484​​21,317​​—​​8,484​​21,317​​29,801​​1,687​2024
Pier Park Crossings Phase II (e)​​21,365​​3,567​​15,588​​—​​3,567​​15,588​​19,155​​2,845​2020
Watersound West Bay Center​​—​​8,825​​7,205​​—​​8,825​​7,205​​16,030​​97​2024
Beckrich Office Park​​1,111​​2,200​​13,298​​358​​2,223​​13,633​​15,856​​2,828​2017, 2020

F 56

​ · ​ · ​ · ​ · ​ · Initial Cost to Company (b) · ​ · ​ · ​ · ​ · Gross Amount as of December 31, 2025 · ​ · ​ · ​ · ​ · ​
​ · ​ · ​ · ​ · ​ · ​ · ​ · ​ · ​ · ​ · ​ · Costs Capitalized · ​ · ​ · ​ · ​ · ​ · ​ · ​ · ​ · ​ · ​ · ​ · ​ · ​ · ​
​ · ​ · ​ · ​ · ​ · ​ · ​ · ​ · ​ · ​ · ​ · Subsequent to · ​ · ​ · ​ · ​ · ​ · ​ · ​ · ​ · ​ · ​ · Accumulated · ​ · Date of
​ · ​ · ​ · ​ · ​ · Land & · ​ · Buildings & · ​ · Acquisition or · ​ · Land & Land · ​ · Buildings and · ​ · ​ · ​ · ​ · Depreciation and · ​ · Construction or
Description (a) · ​ ​ ​ · Encumbrances · ​ ​ ​ · Improvements · ​ ​ ​ · Improvements · ​ ​ ​ · Construction (c) · ​ ​ ​ · Improvements · ​ ​ ​ · Improvements · ​ ​ ​ · Total* · ​ ​ ​ · Amortization (d) · ​ ​ ​ · Acquisition
WindMark Beach, WaterColor and WaterSound Gatehouse Town centers​—​64​12,467​2,634​147​15,018​15,165​13,3462001 - 2007, 2016
Watersound Villas on the Fairway​​—​​1,904​​11,471​​—​​1,904​​11,471​​13,375​​1,155​2022-2023
Self-Storage​​—​​1,003​​6,208​​—​​1,331​​5,880​​7,211​​816​2021
Other leasing​—​5,221​16,933​449​5,499​17,104​22,603​7,324through 2023
Commercial developments​—​31,373​—​28,229​59,602​—​59,602​35through 2025
Forestry and other unimproved land​—​6,552​1,730​18,847​25,399​1,730​27,129​2,310N/A
Corporate, mitigation banks and other​​—​​350​​3,129​​5,346​​6,032​​2,793​​8,825​​187​through 2025
Total​$396,008​$300,228​$672,706​$198,941​$486,144​$685,731​$1,171,875​$167,017​
*Excludes unconsolidated JVs.
(a)All real estate properties are located in Northwest Florida.
(b)Includes initial costs to the Company to place the assets in service.
(c)Includes cumulative impairments.
(d)Depreciation is computed based on the following estimated useful lives. See Note 2. Significant Accounting Policies for additional information.
(i)Land improvements 15 – 20 years
(ii)Buildings 20 – 40 years
(iii)Building improvements 5 – 25 years
(iv)Leasehold improvements 2 – 25 years (shorter of the minimum lease term or the estimated useful life)
(e)Property is related to a consolidated JV. See Note 4. Joint Ventures for additional information.
(f)Properties are located on leased land.

Notes:

(A)The aggregate cost of real estate owned as of December 31, 2025 for federal income tax purposes is approximately $940.5 million.
(B)Reconciliation of real estate owned (in thousands of dollars):
​ · ​ · ​ · ​ · ​ · ​ · ​ · ​ · ​ · ​
​​ ​ ​December 31, 2025​ ​ ​December 31, 2024​ ​ ​December 31, 2023
Balance at beginning of the year​$1,182,716​$1,137,092​$1,092,229
Amounts capitalized​96,103​118,762​165,474
Impairments​—​—​—
Cost of real estate sold​(102,070)​(65,151)​(82,610)
Amounts retired or adjusted (a)​(4,874)​(7,987)​(38,001)
Balance at the end of the year​$1,171,875​$1,182,716​$1,137,092
(a)Includes transfers of operating property to property and equipment, net.
(C)Reconciliation of accumulated depreciation (in thousands of dollars):
​ · ​ · ​ · ​ · ​ · ​ · ​ · ​ · ​ · ​
​ · ​ ​ ​ · December 31, 2025 · December 31, 2024 · ​ ​ ​ · December 31, 2023
Balance at beginning of the year​$142,288​$118,474​$95,968
Depreciation expense​28,539​27,092​22,734
Amounts retired or adjusted​(3,810)​(3,278)​(228)
Balance at the end of the year​$167,017​$142,288​$118,474

F 57

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