Segment Information (Tables)

3 Months Ended

Mar. 31, 2025

Segment Information

Schedule of Information by Business Segment

	Three Months Ended
	March 31,
	2025		2024
Operating revenue:
Residential	$	32,985	$	30,814
Hospitality		40,550		40,033
Commercial		19,497		16,109
Other		1,165		831
Consolidated operating revenue	$	94,197	$	87,787
Cost of revenue:
Cost of residential revenue	$	17,965	$	15,026
Cost of hospitality revenue		32,889		30,946
Cost of commercial revenue		7,034		6,999
Cost of other revenue		705		580
Consolidated cost of revenue	$	58,593	$	53,551
Gross profit:
Residential	$	15,020	$	15,788
Hospitality		7,661		9,087
Commercial		12,463		9,110
Other		460		251
Consolidated gross profit	$	35,604	$	34,236
Corporate and other operating expenses:
Residential	$	1,204	$	1,089
Hospitality		436		421
Commercial		1,119		1,183
Other		3,821		4,409
Consolidated corporate and other operating expenses	$	6,580	$	7,102
Depreciation, depletion and amortization:
Residential	$	58	$	62
Hospitality		7,161		6,587
Commercial		4,813		4,431
Other		98		102
Consolidated depreciation, depletion and amortization	$	12,130	$	11,182

	Three Months Ended
	March 31,
	2025		2024
Investment income, net:
Residential	$	534	$	420
Hospitality		30		40
Commercial		65		13
Other (a)		2,799		2,968
Consolidated investment income, net	$	3,428	$	3,441
Interest expense:
Residential	$	90	$	100
Hospitality		2,660		3,018
Commercial		2,803		3,219
Other (b)		2,222		2,216
Consolidated interest expense	$	7,775	$	8,553
Gain on contributions to unconsolidated joint ventures:
Residential	$	—	$	14
Consolidated gain on contributions to unconsolidated joint ventures	$	—	$	14
Equity in income (loss) from unconsolidated joint ventures:
Residential (c)	$	12,700	$	8,279
Commercial (d)		(2,541)		(919)
Consolidated equity in income from unconsolidated joint ventures	$	10,159	$	7,360
Other income (expense), net:
Residential	$	105	$	71
Hospitality		(91)		(380)
Commercial		(271)		(207)
Other		27		53
Other expense, net	$	(230)	$	(463)
Income (loss) before income taxes:
Residential (c)	$	27,007	$	23,321
Hospitality		(2,657)		(1,279)
Commercial (d)		981		(836)
Other (a) (b)		(2,855)		(3,455)
Consolidated income before income taxes	$	22,476	$	17,751
Capital expenditures:
Residential	$	25,133	$	15,297
Hospitality		2,774		8,451
Commercial		4,550		7,298
Other		290		408
Total capital expenditures	$	32,747	$	31,454

(a) Includes interest income from investments in SPE of $2.0 million in each the three months ended March 31, 2025 and 2024.

(b) Includes interest expense from investments in SPE of $2.2 million in each the three months ended March 31, 2025 and 2024.

(c) The three months ended March 31, 2025 and 2024, include $12.7 million and $8.3 million, respectively, of equity in income from unconsolidated joint ventures related to the Latitude Margaritaville Watersound JV. See Note 4. Joint Ventures and Note 15. Other Income, Net for additional information.

(d) The three months ended March 31, 2025, include $1.1 million of equity in loss from unconsolidated joint ventures related to the Pier Park RI JV. The hotel opened in April 2024 and activity in the current period primarily includes start-up, depreciation and

interest expenses for the project. The three months ended March 31, 2025 and 2024, include $1.0 million and $0.7 million, respectively, of equity in loss from unconsolidated joint ventures related to the Watersound Fountains Independent Living JV. The community opened in March 2024 and is currently under lease-up. See Note 4. Joint Ventures and Note 15. Other Income, Net for additional information.

	March 31,		December 31,
	2025		2024
Investment in unconsolidated joint ventures:
Residential	$	59,623	$	53,399
Commercial		12,221		13,055
Total investment in unconsolidated joint ventures	$	71,844	$	66,454
Total assets:
Residential	$	255,090	$	241,435
Hospitality		457,033		460,604
Commercial		514,730		515,955
Other		320,534		320,580
Total assets	$	1,547,387	$	1,538,574