| Schedule of information by business segment |
| | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | | June 30, | | June 30, | | | 2025 | | 2024 | | 2025 | | 2024 | Operating revenue: | | | | | | | | | | | | | Residential | | $ | 38,097 | | $ | 31,731 | | $ | 71,081 | | $ | 62,546 | Hospitality | | | 71,157 | | | 63,249 | | | 111,708 | | | 103,281 | Commercial | | | 18,508 | | | 15,385 | | | 38,005 | | | 31,493 | Other | | | 1,320 | | | 1,241 | | | 2,485 | | | 2,072 | Consolidated operating revenue | | $ | 129,082 | | $ | 111,606 | | $ | 223,279 | | $ | 199,392 | | | | | | | | | | | | | | Cost of revenue: | | | | | | | | | | | | | Cost of residential revenue | | $ | 21,138 | | $ | 15,770 | | $ | 39,104 | | $ | 30,796 | Cost of hospitality revenue | | | 43,812 | | | 38,801 | | | 76,701 | | | 69,747 | Cost of commercial revenue | | | 7,838 | | | 6,559 | | | 14,872 | | | 13,557 | Cost of other revenue | | | 906 | | | 705 | | | 1,610 | | | 1,286 | Consolidated cost of revenue | | $ | 73,694 | | $ | 61,835 | | $ | 132,287 | | $ | 115,386 | | | | | | | | | | | | | | Gross profit: | | | | | | | | | | | | | Residential | | $ | 16,959 | | $ | 15,961 | | $ | 31,977 | | $ | 31,750 | Hospitality | | | 27,345 | | | 24,448 | | | 35,007 | | | 33,534 | Commercial | | | 10,670 | | | 8,826 | | | 23,133 | | | 17,936 | Other | | | 414 | | | 536 | | | 875 | | | 786 | Consolidated gross profit | | $ | 55,388 | | $ | 49,771 | | $ | 90,992 | | $ | 84,006 | | | | | | | | | | | | | | Corporate and other operating expenses: | | | | | | | | | | | | | Residential | | $ | 1,151 | | $ | 1,231 | | $ | 2,355 | | $ | 2,320 | Hospitality | | | 413 | | | 403 | | | 849 | | | 823 | Commercial | | | 1,153 | | | 646 | | | 2,272 | | | 1,829 | Other | | | 3,725 | | | 3,567 | | | 7,546 | | | 7,976 | Consolidated corporate and other operating expenses | | $ | 6,442 | | $ | 5,847 | | $ | 13,022 | | $ | 12,948 | | | | | | | | | | | | | | Depreciation, depletion and amortization: | | | | | | | | | | | | | Residential | | $ | 58 | | $ | 62 | | $ | 117 | | $ | 124 | Hospitality | | | 7,190 | | | 6,648 | | | 14,352 | | | 13,235 | Commercial | | | 4,640 | | | 4,499 | | | 9,452 | | | 8,930 | Other | | | 98 | | | 86 | | | 196 | | | 188 | Consolidated depreciation, depletion and amortization | | $ | 11,986 | | $ | 11,295 | | $ | 24,117 | | $ | 22,477 | | | | | | | | | | | | | | Investment income, net: | | | | | | | | | | | | | Residential | | $ | 357 | | $ | 401 | | $ | 891 | | $ | 821 | Hospitality | | | 31 | | | 38 | | | 62 | | | 78 | Commercial | | | 12 | | | 15 | | | 77 | | | 27 | Other (a) | | | 2,802 | | | 2,952 | | | 5,600 | | | 5,921 | Consolidated investment income, net | | $ | 3,202 | | $ | 3,406 | | $ | 6,630 | | $ | 6,847 | | | | | | | | | | | | | | Interest expense: | | | | | | | | | | | | | Residential | | $ | 90 | | $ | 99 | | $ | 181 | | $ | 199 | Hospitality | | | 2,650 | | | 2,984 | | | 5,310 | | | 6,001 | Commercial | | | 2,797 | | | 3,217 | | | 5,600 | | | 6,435 | Other (b) | | | 2,223 | | | 2,219 | | | 4,444 | | | 4,437 | Consolidated interest expense | | $ | 7,760 | | $ | 8,519 | | $ | 15,535 | | $ | 17,072 |
| | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | | June 30, | | June 30, | | | 2025 | | 2024 | | 2025 | | 2024 | Gain on contributions to unconsolidated joint ventures: | | | | | | | | | | | | | Residential | | $ | — | | $ | — | | $ | — | | $ | 11 | Consolidated gain on contributions to unconsolidated joint ventures | | $ | — | | $ | — | | $ | — | | $ | 11 | | | | | | | | | | | | | | Equity in income (loss) from unconsolidated joint ventures: | | | | | | | | | | | | | Residential (c) | | $ | 8,435 | | $ | 6,544 | | $ | 21,135 | | $ | 14,823 | Commercial (d) | | | (888) | | | (1,133) | | | (3,430) | | | (2,052) | Consolidated equity in income from unconsolidated joint ventures | | $ | 7,547 | | $ | 5,411 | | $ | 17,705 | | $ | 12,771 | | | | | | | | | | | | | | Other income (expense), net: | | | | | | | | | | | | | Residential | | $ | 75 | | $ | 35 | | $ | 181 | | $ | 109 | Hospitality | | | (63) | | | 29 | | | (154) | | | (351) | Commercial | | | (229) | | | (161) | | | (500) | | | (368) | Other | | | (9) | | | (5) | | | 19 | | | 48 | Other expense, net | | $ | (226) | | $ | (102) | | $ | (454) | | $ | (562) | | | | | | | | | | | | | | Income (loss) before income taxes: | | | | | | | | | | | | | Residential (c) | | $ | 24,525 | | $ | 21,549 | | $ | 51,532 | | $ | 44,872 | Hospitality | | | 17,060 | | | 14,480 | | | 14,404 | | | 13,202 | Commercial (d) | | | 976 | | | (815) | | | 1,957 | | | (1,651) | Other (a) (b) | | | (2,838) | | | (2,389) | | | (5,694) | | | (5,847) | Consolidated income before income taxes | | $ | 39,723 | | $ | 32,825 | | $ | 62,199 | | $ | 50,576 | | | | | | | | | | | | | | Capital expenditures: | | | | | | | | | | | | | Residential | | $ | 26,274 | | $ | 17,491 | | $ | 51,407 | | $ | 32,788 | Hospitality | | | 4,402 | | | 7,414 | | | 7,176 | | | 15,865 | Commercial | | | 5,554 | | | 7,145 | | | 10,104 | | | 14,443 | Other | | | 253 | | | 392 | | | 543 | | | 800 | Total capital expenditures | | $ | 36,483 | | $ | 32,442 | | $ | 69,230 | | $ | 63,896 |
| (a) | Includes interest income from investments in SPE of $2.0 million in each the three months ended June 30, 2025 and 2024 and $4.0 million in each the six months ended June 30, 2025 and 2024. |
| (b) | Includes interest expense from investments in SPE of $2.2 million in each the three months ended June 30, 2025 and 2024 and $4.4 million in each the six months ended June 30, 2025 and 2024. |
| (c) | Equity in income from unconsolidated joint ventures includes $8.4 million and $6.5 million for the three months ended June 30, 2025 and 2024, respectively, and $21.1 million and $14.8 million for the six months ended June 30, 2025 and 2024, respectively, related to the Latitude Margaritaville Watersound JV. See Note 4. Joint Ventures and Note 15. Other Income, Net for additional information. |
| (d) | The six months ended June 30, 2025 and 2024, include $1.3 million and $0.2 million, respectively, 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 June 30, 2025 and 2024, include $1.0 million and $1.1 million, respectively, and the six months ended June 30, 2025 and 2024, include $2.0 million and $1.9 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. |
| | | | | | | | | June 30, | | December 31, | | | 2025 | | 2024 | Investment in unconsolidated joint ventures: | | | | | | | Residential | | $ | 62,068 | | $ | 53,399 | Commercial | | | 11,786 | | | 13,055 | Total investment in unconsolidated joint ventures | | $ | 73,854 | | $ | 66,454 | | | | | | | | Total assets: | | | | | | | Residential | | $ | 263,425 | | $ | 241,435 | Hospitality | | | 454,634 | | | 460,604 | Commercial | | | 513,526 | | | 515,955 | Other | | | 316,817 | | | 320,580 | Total assets | | $ | 1,548,402 | | $ | 1,538,574 |
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