Schedule III (Consolidated) - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2024

SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure

SCHEDULE III (CONSOLIDATED) - REAL ESTATE AND ACCUMULATED DEPRECIATION

THE ST. JOE COMPANY

SCHEDULE III (CONSOLIDATED) - REAL ESTATE AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2024

(Dollars in thousands, unless otherwise stated)

			Initial Cost to Company (b)						Gross Amount as of December 31, 2024
							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	$	15	$	2,626	$	—	$	80,623	$	83,249	$	—	$	83,249	$	—	through 2024
Gulf County, FL		—		4,000		—		25,681		29,681		—		29,681		—	through 2024
Walton County, FL		—		—		—		32,234		32,234		—		32,234		—	through 2024
Franklin and Leon Counties, FL		1,365		8,873		—		(4,803)		4,070		—		4,070		—	through 2022
Residential operating property		—		6,247		9,549		(5,277)		6,527		3,992		10,519		2,172	2004 - 2007, 2011 - 2012, 2018, 2023
Hospitality
WaterColor Hospitality		—		1,137		17,984		12,586		2,639		29,068		31,707		12,461	2002, 2013, 2022, 2024
The Pearl Hotel		34,040		10,518		38,742		—		10,518		38,742		49,260		2,182	2022
Embassy Suites by Hilton Panama City Beach Resort (e)		50,882		5,500		57,962		—		5,500		57,962		63,462		3,144	2023
The Lodge 30A (e)		14,130		3,303		12,339		—		3,303		12,339		15,642		760	2023
Hotel Indigo/Harrison's Kitchen & Bar (f)		19,857		2,426		30,758		92		2,518		30,758		33,276		1,592	2022-2023
Hilton Garden Inn Panama City Airport		11,717		1,693		17,101		—		1,693		17,101		18,794		1,878	2021
Homewood Suites by Hilton Panama City Beach		15,473		1,953		20,193		22		1,975		20,193		22,168		1,780	2022
Home2 Suites by Hilton Santa Rosa Beach		12,307		2,304		14,959		—		2,304		14,959		17,263		772	2023
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
Watersound Club other		—		41,274		20,325		3,306		45,445		19,460		64,905		18,053	2006, 2007, 2018, 2019, 2024
Marinas		—		24,828		11,098		202		25,979		10,149		36,128		3,746	2022
Other		3,156		11,597		13,208		(2,463)		9,817		12,525		22,342		4,384	2008, 2010, 2016, 2019 - 2020
Commercial
Leasing properties:
Pier Park North (e)		40,370		13,175		35,243		4,072		13,320		39,170		52,490		18,045	2014 - 2017
VentureCrossings		—		7,199		29,824		(1,791)		5,717		29,515		35,232		10,117	2012, 2017, 2019
FSU/TMH Medical Campus		—		8,428		21,317		4		8,432		21,317		29,749		565	2024
Watersound Origins Crossings (e)		51,953		6,853		33,912		12		6,859		33,918		40,777		4,366	2020 - 2021
Pier Park Crossings (e)		34,153		8,456		28,663		—		8,456		28,663		37,119		5,930	2019 - 2020
Pier Park Crossings Phase II (e)		21,796		3,567		15,587		—		3,567		15,587		19,154		2,285	2020
Mexico Beach Crossings (e)		43,069		10,951		33,864		—		10,951		33,864		44,815		1,834	2023
North Bay Landing		22,746		3,502		34,383		38		3,540		34,383		37,923		2,240	2022-2023
Origins Crossings Townhomes		—		2,944		18,352		—		2,944		18,352		21,296		1,628	2022-2023
Watercrest (e)		19,555		3,083		18,475		11		3,094		18,475		21,569		2,389	2020

			Initial Cost to Company (b)						Gross Amount as of December 31, 2024
							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
Self-Storage		3,360		1,003		6,188		—		1,311		5,880		7,191		628	2021
Beckrich Office Park		5,014		2,200		13,298		340		2,223		13,615		15,838		2,401	2017, 2020
Watersound Town Center		8,086		13,906		51,590		17		13,916		51,597		65,513		3,913	2020 - 2024
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
Other leasing		2,295		5,457		16,795		450		5,878		16,824		22,702		6,425	through 2023
Commercial developments		—		31,028		—		29,476		60,504		—		60,504		35	through 2024
Forestry and other unimproved land		—		6,542		1,774		17,393		23,935		1,774		25,709		2,282	N/A
Mitigation banks and other		—		—		—		4,234		4,234		—		4,234		—	through 2024
Total	$	442,716	$	298,901	$	684,276	$	199,539	$	489,177	$	693,539	$	1,182,716	$	142,288

* 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, 2024 for federal income tax purposes is approximately $976.6 million.

(B) Reconciliation of real estate owned (in thousands of dollars):

	December 31, 2024		December 31, 2023		December 31, 2022
Balance at beginning of the year	$	1,137,092	$	1,092,229	$	777,279
Amounts capitalized		118,762		165,474		379,183
Impairments		—		—		—
Cost of real estate sold		(65,151)		(82,610)		(48,646)
Amounts retired or adjusted (a)		(7,987)		(38,001)		(15,587)
Balance at the end of the year	$	1,182,716	$	1,137,092	$	1,092,229

(a) Includes transfers of operating property to property and equipment, net.

(C) Reconciliation of accumulated depreciation (in thousands of dollars):

	December 31, 2024		December 31, 2023		December 31, 2022
Balance at beginning of the year	$	118,474	$	95,968	$	87,168
Depreciation expense		27,092		22,734		13,886
Amounts retired or adjusted		(3,278)		(228)		(5,086)
Balance at the end of the year	$	142,288	$	118,474	$	95,968