DECEMBER 31, 2024
(Dollars in thousands, unless otherwise stated)
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| · · · · · Initial Cost to Company (b) · · · · · Gross Amount as of December 31, 2024 · · · · · |
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| · · · · · · · · · · · Costs Capitalized · · · · · · · · · · · · · · |
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| · · · · · · · · · · · Subsequent to · · · · · · · · · · · Accumulated · · Date of |
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| · · · · · Land & · · Buildings & · · Acquisition or · · Land & Land · · Buildings and · · · · · Depreciation and · · Construction or |
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| Description (a) · Encumbrances · Improvements · Improvements · Construction (c) · Improvements · Improvements · Total* · Amortization (d) · Acquisition |
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| Residential developments | | | | | | | | | | | | | | | | | | | | | | | | | | |
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| Bay County, FL | | | $15 | | | $2,626 | | | $— | | | $80,623 | | | $83,249 | | | $— | | | $83,249 | | | $— | | through 2024 |
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| Gulf County, FL | | | — | | | 4,000 | | | — | | | 25,681 | | | 29,681 | | | — | | | 29,681 | | | — | | through 2024 |
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| Walton County, FL | | | — | | | — | | | — | | | 32,234 | | | 32,234 | | | — | | | 32,234 | | | — | | through 2024 |
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| Franklin and Leon Counties, FL | | | 1,365 | | | 8,873 | | | — | | | (4,803) | | | 4,070 | | | — | | | 4,070 | | | — | | through 2022 |
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| Residential operating property | | | — | | | 6,247 | | | 9,549 | | | (5,277) | | | 6,527 | | | 3,992 | | | 10,519 | | | 2,172 | | 2004 - 2007, 2011 - 2012, 2018, 2023 |
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| Hospitality | | | | | | | | | | | | | | | | | |
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| WaterColor Hospitality | | | — | | | 1,137 | | | 17,984 | | | 12,586 | | | 2,639 | | | 29,068 | | | 31,707 | | | 12,461 | | 2002, 2013, 2022, 2024 |
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| The Pearl Hotel | | | 34,040 | | | 10,518 | | | 38,742 | | | — | | | 10,518 | | | 38,742 | | | 49,260 | | | 2,182 | | 2022 |
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| Embassy Suites by Hilton Panama City Beach Resort (e) | | | 50,882 | | | 5,500 | | | 57,962 | | | — | | | 5,500 | | | 57,962 | | | 63,462 | | | 3,144 | | 2023 |
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| The Lodge 30A (e) | | | 14,130 | | | 3,303 | | | 12,339 | | | — | | | 3,303 | | | 12,339 | | | 15,642 | | | 760 | | 2023 |
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| Hotel Indigo/Harrison's Kitchen & Bar (f) | | | 19,857 | | | 2,426 | | | 30,758 | | | 92 | | | 2,518 | | | 30,758 | | | 33,276 | | | 1,592 | | 2022-2023 |
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| Hilton Garden Inn Panama City Airport | | | 11,717 | | | 1,693 | | | 17,101 | | | — | | | 1,693 | | | 17,101 | | | 18,794 | | | 1,878 | | 2021 |
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| Homewood Suites by Hilton Panama City Beach | | | 15,473 | | | 1,953 | | | 20,193 | | | 22 | | | 1,975 | | | 20,193 | | | 22,168 | | | 1,780 | | 2022 |
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| Home2 Suites by Hilton Santa Rosa Beach | | | 12,307 | | | 2,304 | | | 14,959 | | | — | | | 2,304 | | | 14,959 | | | 17,263 | | | 772 | | 2023 |
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| Watersound Club - Camp Creek Inn, amenity and golf course | | | 27,377 | | | 34,475 | | | 46,892 | | | 319 | | | 34,794 | | | 46,892 | | | 81,686 | | | 11,512 | | 2001, 2023 |
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| Watersound Club other | | | — | | | 41,274 | | | 20,325 | | | 3,306 | | | 45,445 | | | 19,460 | | | 64,905 | | | 18,053 | | 2006, 2007, 2018, 2019, 2024 |
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| Marinas | | | — | | | 24,828 | | | 11,098 | | | 202 | | | 25,979 | | | 10,149 | | | 36,128 | | | 3,746 | | 2022 |
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| Other | | | 3,156 | | | 11,597 | | | 13,208 | | | (2,463) | | | 9,817 | | | 12,525 | | | 22,342 | | | 4,384 | | 2008, 2010, 2016, 2019 - 2020 |
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| Commercial | | | | | | | | | | | | | | | | | |
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| Leasing properties: | | | | | | | | | | | | | | | | | |
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| Pier Park North (e) | | | 40,370 | | | 13,175 | | | 35,243 | | | 4,072 | | | 13,320 | | | 39,170 | | | 52,490 | | | 18,045 | | 2014 - 2017 |
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| VentureCrossings | | | — | | | 7,199 | | | 29,824 | | | (1,791) | | | 5,717 | | | 29,515 | | | 35,232 | | | 10,117 | | 2012, 2017, 2019 |
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| FSU/TMH Medical Campus | | | — | | | 8,428 | | | 21,317 | | | 4 | | | 8,432 | | | 21,317 | | | 29,749 | | | 565 | | 2024 |
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| Watersound Origins Crossings (e) | | | 51,953 | | | 6,853 | | | 33,912 | | | 12 | | | 6,859 | | | 33,918 | | | 40,777 | | | 4,366 | | 2020 - 2021 |
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| Pier Park Crossings (e) | | | 34,153 | | | 8,456 | | | 28,663 | | | — | | | 8,456 | | | 28,663 | | | 37,119 | | | 5,930 | | 2019 - 2020 |
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| Pier Park Crossings Phase II (e) | | | 21,796 | | | 3,567 | | | 15,587 | | | — | | | 3,567 | | | 15,587 | | | 19,154 | | | 2,285 | | 2020 |
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| Mexico Beach Crossings (e) | | | 43,069 | | | 10,951 | | | 33,864 | | | — | | | 10,951 | | | 33,864 | | | 44,815 | | | 1,834 | | 2023 |
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| North Bay Landing | | | 22,746 | | | 3,502 | | | 34,383 | | | 38 | | | 3,540 | | | 34,383 | | | 37,923 | | | 2,240 | | 2022-2023 |
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| Origins Crossings Townhomes | | | — | | | 2,944 | | | 18,352 | | | — | | | 2,944 | | | 18,352 | | | 21,296 | | | 1,628 | | 2022-2023 |
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| Watercrest (e) | | | 19,555 | | | 3,083 | | | 18,475 | | | 11 | | | 3,094 | | | 18,475 | | | 21,569 | | | 2,389 | | 2020 |
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F 56
| · · · · · Initial Cost to Company (b) · · · · · Gross Amount as of December 31, 2024 · · · · · |
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| · · · · · · · · · · · Costs Capitalized · · · · · · · · · · · · · · |
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| · · · · · · · · · · · Subsequent to · · · · · · · · · · · Accumulated · · Date of |
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| · · · · · Land & · · Buildings & · · Acquisition or · · Land & Land · · Buildings and · · · · · Depreciation and · · Construction or |
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| Description (a) · Encumbrances · Improvements · Improvements · Construction (c) · Improvements · Improvements · Total* · Amortization (d) · Acquisition |
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| Self-Storage | | | 3,360 | | | 1,003 | | | 6,188 | | | — | | | 1,311 | | | 5,880 | | | 7,191 | | | 628 | | 2021 |
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| Beckrich Office Park | | | 5,014 | | | 2,200 | | | 13,298 | | | 340 | | | 2,223 | | | 13,615 | | | 15,838 | | | 2,401 | | 2017, 2020 |
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| Watersound Town Center | | | 8,086 | | | 13,906 | | | 51,590 | | | 17 | | | 13,916 | | | 51,597 | | | 65,513 | | | 3,913 | | 2020 - 2024 |
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| Watersound West Bay, WindMark Beach, WaterColor and WaterSound Gatehouse Town centers | | | — | | | 7,853 | | | 13,901 | | | 2,761 | | | 8,050 | | | 16,465 | | | 24,515 | | | 12,769 | | 2001 - 2007, 2016, 2024 |
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| Other leasing | | | 2,295 | | | 5,457 | | | 16,795 | | | 450 | | | 5,878 | | | 16,824 | | | 22,702 | | | 6,425 | | through 2023 |
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| Commercial developments | | | — | | | 31,028 | | | — | | | 29,476 | | | 60,504 | | | — | | | 60,504 | | | 35 | | through 2024 |
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| Forestry and other unimproved land | | | — | | | 6,542 | | | 1,774 | | | 17,393 | | | 23,935 | | | 1,774 | | | 25,709 | | | 2,282 | | N/A |
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| Mitigation banks and other | | | — | | | — | | | — | | | 4,234 | | | 4,234 | | | — | | | 4,234 | | | — | | through 2024 |
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| Total | | | $442,716 | | | $298,901 | | | $684,276 | | | $199,539 | | | $489,177 | | | $693,539 | | | $1,182,716 | | | $142,288 | |
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| * | 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 useful life) |
| (e) | Property is related to a consolidated JV. See Note 4. Joint Ventures for additional information. |
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| (f) | Properties are located on leased land. |
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Notes:
| (A) | The aggregate cost of real estate owned as of December 31, 2024 for federal income tax purposes is approximately $976.6 million. |
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| (B) | Reconciliation of real estate owned (in thousands of dollars): |
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| · · · · · · · · · |
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| · December 31, 2024 · December 31, 2023 · December 31, 2022 |
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| Balance at beginning of the year | | $1,137,092 | | $1,092,229 | | $777,279 |
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| Amounts capitalized | | 118,762 | | 165,474 | | 379,183 |
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| Impairments | | — | | — | | — |
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| Cost of real estate sold | | (65,151) | | (82,610) | | (48,646) |
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| Amounts retired or adjusted (a) | | (7,987) | | (38,001) | | (15,587) |
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| Balance at the end of the year | | $1,182,716 | | $1,137,092 | | $1,092,229 |
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| (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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| · · · · · · · · · |
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| · December 31, 2024 · December 31, 2023 · December 31, 2022 |
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| Balance at beginning of the year | | $118,474 | | $95,968 | | $87,168 |
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| Depreciation expense | | 27,092 | | 22,734 | | 13,886 |
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| Amounts retired or adjusted | | (3,278) | | (228) | | (5,086) |
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| Balance at the end of the year | | $142,288 | | $118,474 | | $95,968 |
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F 57
