ST JOE Co
For the period ended Dec 31, 2023. Filed Feb 21, 2024.
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FY2023 · Filed Feb 21, 2024
JOE$72.91-3.0%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Schedule III (Consolidated) — Real Estate and Accumulated Depreciation
DECEMBER 31, 2023
(in thousands)
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|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| · · · · · Initial Cost to Company (b) · · · · · Gross Amount as of December 31, 2023 · · · · · | ||||||||||||||||||||||||||
| · · · · · · · · · · · Costs Capitalized · · · · · · · · · · · · · · | ||||||||||||||||||||||||||
| · · · · · · · · · · · Subsequent to · · · · · · · · · · · Accumulated · · Date of | ||||||||||||||||||||||||||
| · · · · · Land & · · Buildings & · · Acquisition or · · Land & Land · · Buildings and · · · · · Depreciation and · · Construction or | ||||||||||||||||||||||||||
| Description (a) · Encumbrances · Improvements · Improvements · Construction (c) · Improvements · Improvements · Total* · Amortization (d) · Acquisition | ||||||||||||||||||||||||||
| Residential developments | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Bay County, FL | | $17 | | $2,626 | | $— | | $68,998 | | $71,624 | | $— | | $71,624 | | $— | | through 2023 | ||||||||
| Gulf County, FL | | | — | | | 4,000 | | | — | | | 28,411 | | | 32,411 | | | — | | | 32,411 | | | — | | through 2023 |
| Walton County, FL | | | — | | | — | | | — | | | 32,355 | | | 32,355 | | | — | | | 32,355 | | | — | | through 2023 |
| Franklin and Leon Counties, FL | | | 1,114 | | | 8,873 | | | — | | | (4,145) | | | 4,728 | | | — | | | 4,728 | | | — | | through 2022 |
| Residential operating property | | | — | | | 6,287 | | | 12,110 | | | (7,465) | | | 6,329 | | | 4,603 | | | 10,932 | | | 2,636 | | 2004 - 2007, 2011 - 2012, 2018, 2023 |
| Hospitality | | | | | | | | | | |||||||||||||||||
| WaterColor Hospitality | | — | | 1,137 | | 19,520 | | 13,802 | | 4,399 | | 30,060 | | 34,459 | | 13,530 | 2002, 2013, 2022 | |||||||||
| The Pearl Hotel | | | 35,520 | | | 10,518 | | | 38,742 | | | — | | | 10,518 | | | 38,742 | | | 49,260 | | | 1,136 | | 2022 |
| Pier Park Resort Hotel JV | | | 51,888 | | | 5,500 | | | 57,803 | | | — | | | 5,500 | | | 57,803 | | | 63,303 | | | 1,347 | | 2023 |
| The Lodge 30A JV | | | 14,655 | | | 3,303 | | | 12,339 | | | — | | | 3,303 | | | 12,339 | | | 15,642 | | | 363 | | 2023 |
| Hotel Indigo/Harrison's Kitchen & Bar (e) | | | 20,690 | | | 2,426 | | | 30,758 | | | 92 | | | 2,518 | | | 30,758 | | | 33,276 | | | 633 | | 2022-2023 |
| Hilton Garden Inn Panama City Airport | | | 13,010 | | | 1,693 | | | 17,101 | | | — | | | 1,693 | | | 17,101 | | | 18,794 | | | 1,341 | | 2021 |
| Homewood Suites by Hilton Panama City Beach | | | 15,937 | | | 1,953 | | | 20,193 | | | 22 | | | 1,975 | | | 20,193 | | | 22,168 | | | 1,151 | | 2022 |
| Home2 Suites by Hilton Santa Rosa Beach | | | 12,307 | | | 2,304 | | | 14,958 | | | — | | | 2,304 | | | 14,958 | | | 17,262 | | | 285 | | 2023 |
| Watersound Club - Camp Creek Inn, amenity and golf course | | | 27,999 | | | 34,475 | | | 45,830 | | | 456 | | | 34,931 | | | 45,830 | | | 80,761 | | | 9,036 | | 2001, 2023 |
| Watersound Club other | | — | | 20,906 | | | 29,483 | | | (92) | | | 34,439 | | | 15,858 | | | 50,297 | | | 16,805 | 2006, 2007, 2018, 2019 | |||
| Marinas | | — | | 24,252 | | 10,623 | | 202 | | 24,936 | | 10,141 | | 35,077 | | 2,327 | 2022 | |||||||||
| Other | | 3,331 | | 11,684 | | 12,983 | | (2,238) | | 9,904 | | 12,525 | | 22,429 | | 3,928 | 2008, 2010, 2016, 2019 - 2020 | |||||||||
| Commercial | | | | | | | | | | |||||||||||||||||
| Leasing properties: | | | | | | | | | | |||||||||||||||||
| Pier Park North JV | | 41,485 | | 13,175 | | 35,243 | | 4,064 | | 13,320 | | 39,162 | | 52,482 | | 16,294 | 2014 - 2017 | |||||||||
| VentureCrossings | | — | | 7,199 | | 29,823 | | (1,790) | | 5,717 | | 29,515 | | 35,232 | | 8,931 | 2012, 2017, 2019 | |||||||||
| FSU/TMH Medical Campus | | | — | | | 1,724 | | | 22,970 | | | — | | | 1,724 | | | 22,970 | | | 24,694 | | | — | | 2022-2023 |
| Watersound Origins Crossings JV | | | 52,546 | | | 6,853 | | | 33,912 | | | 12 | | | 6,859 | | | 33,918 | | | 40,777 | | | 3,149 | | 2020 - 2021 |
| Pier Park Crossings JV | | | 34,675 | | | 8,456 | | | 28,663 | | | — | | | 8,456 | | | 28,663 | | | 37,119 | | | 4,807 | | 2019 - 2020 |
| Pier Park Crossings Phase II JV | | | 22,215 | | | 3,567 | | | 15,587 | | | — | | | 3,567 | | | 15,587 | | | 19,154 | | | 1,725 | | 2020 |
| Mexico Beach Crossings JV | | | 42,405 | | | 10,929 | | | 33,787 | | | — | | | 10,928 | | | 33,788 | | | 44,716 | | | 452 | | 2023 |
| North Bay Landing | | | 26,750 | | | 3,502 | | | 34,383 | | | 19 | | | 3,521 | | | 34,383 | | | 37,904 | | | 1,123 | | 2022-2023 |
| Origins Crossings Townhomes | | | — | | | 2,944 | | | 18,352 | | | — | | | 2,944 | | | 18,352 | | | 21,296 | | | 959 | | 2022-2023 |
| Watercrest JV | | | 20,074 | | | 3,074 | | | 18,475 | | | 11 | | | 3,085 | | | 18,475 | | | 21,560 | | | 1,778 | | 2020 |
| Self-Storage | | | 4,666 | | | 1,003 | | | 6,180 | | | — | | | 1,303 | | | 5,880 | | | 7,183 | | | 439 | | 2021 |
F 59
| · · · · · Initial Cost to Company (b) · · · · · Gross Amount as of December 31, 2023 · · · · · | ||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| · · · · · · · · · · · Costs Capitalized · · · · · · · · · · · · · · | ||||||||||||||||||||||||||
| · · · · · · · · · · · Subsequent to · · · · · · · · · · · Accumulated · · Date of | ||||||||||||||||||||||||||
| · · · · · Land & · · Buildings & · · Acquisition or · · Land & Land · · Buildings and · · · · · Depreciation and · · Construction or | ||||||||||||||||||||||||||
| Description (a) · Encumbrances · Improvements · Improvements · Construction (c) · Improvements · Improvements · Total* · Amortization (d) · Acquisition | ||||||||||||||||||||||||||
| Beckrich Office Park | | | 5,014 | | | 2,200 | | | 13,298 | | | 360 | | | 2,223 | | | 13,635 | | | 15,858 | | | 1,994 | | 2017, 2020 |
| Watersound Town Center | | | 10,531 | | | 12,827 | | | 46,433 | | | 16 | | | 12,843 | | | 46,433 | | | 59,276 | | | 2,182 | | 2020, 2021, 2022, 2023 |
| Watersound West Bay, WindMark Beach, WaterColor and WaterSound Gatehouse Town centers | | — | | 5,505 | | 12,655 | | 2,571 | | 5,513 | | 15,218 | | 20,731 | | 12,139 | 2001 - 2007, 2016, 2022-2023 | |||||||||
| Other leasing | | 2,392 | | 4,575 | | 16,795 | | 449 | | 4,996 | | 16,823 | | 21,819 | | 5,740 | through 2023 | |||||||||
| Commercial developments | | — | | 31,247 | | — | | 23,873 | | 55,120 | | — | | 55,120 | | 35 | through 2023 | |||||||||
| Timberlands and other unimproved land | | — | | 6,649 | | 1,774 | | 16,046 | | 22,695 | | 1,774 | | 24,469 | | 2,209 | N/A | |||||||||
| Mitigation banks and other | | | — | | | — | | | — | | | 2,924 | | | 2,924 | | | — | | | 2,924 | | | — | | through 2023 |
| Total | | $459,221 | | $267,366 | | $690,773 | | $178,953 | | $451,605 | | $685,487 | | $1,137,092 | | $118,474 | ||||||||||
| * | Excludes unconsolidated JVs. |
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| (a) | All real estate properties are located in Northwest Florida. |
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| (b) | Includes initial costs to the Company to place the assets in service. |
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| (c) | Includes cumulative impairments. |
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| (d) | Depreciation is computed based on the following estimated useful lives. See Note 2. Significant Accounting Policies for additional information. |
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| (i) | Land improvements 15 – 20 years |
| (ii) | Buildings 20 – 40 years |
| (iii) | Building improvements 5 – 25 years |
| (iv) | Leasehold improvements 2 – 25 years (shorter of the minimum lease term or the estimated economic life) |
| (e) | Properties are located on leased land. |
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Notes:
| (A) | The aggregate cost of real estate owned as of December 31, 2023 for federal income tax purposes is approximately $1,055.3 million. |
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| (B) | Reconciliation of real estate owned (in thousands of dollars): |
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| · · · · · · · · · | ||||||
|---|---|---|---|---|---|---|
| · December 31, 2023 · December 31, 2022 · December 31, 2021 | ||||||
| Balance at beginning of the year | | $1,092,229 | | $777,279 | | $627,613 |
| Amounts capitalized | | 165,474 | | 379,183 | | 222,303 |
| Impairments | | — | | — | | — |
| Cost of real estate sold | | (82,610) | | (48,646) | | (55,932) |
| Amounts retired or adjusted (a) | | (38,001) | | (15,587) | | (16,705) |
| Balance at the end of the year | | $1,137,092 | | $1,092,229 | | $777,279 |
| (a) | Includes transfers of operating property to property and equipment, net. |
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| (C) | Reconciliation of accumulated depreciation (in thousands of dollars): |
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| · · · · · · · · · | ||||||
|---|---|---|---|---|---|---|
| · December 31, 2023 · December 31, 2022 · December 31, 2021 | ||||||
| Balance at beginning of the year | | $95,968 | | $87,168 | | $75,960 |
| Depreciation expense | | 22,734 | | 13,886 | | 11,730 |
| Amounts retired or adjusted | | (228) | | (5,086) | | (522) |
| Balance at the end of the year | | $118,474 | | $95,968 | | $87,168 |
F 60
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.