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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2021

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     .

Commission file number: 1-10466

The St. Joe Company

(Exact name of registrant as specified in its charter)

Florida

59-0432511

(State or other jurisdiction of

(I.R.S. Employer

incorporation or organization)

Identification No.)

130 Richard Jackson Boulevard, Suite 200

Panama City Beach, Florida

32407

(Address of principal executive offices)

(Zip Code)

(850) 231-6400

(Registrant’s telephone number, including area code)

Securities Registered Pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol(s)

Name of Exchange on Which Registered

Common Stock, no par value

JOE

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   YES      NO  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   YES      NO  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   YES      NO  

As of April 26, 2021, there were 58,882,549 shares of common stock, no par value, outstanding.

Table of Contents

THE ST. JOE COMPANY

INDEX

Page No.

PART I

Item 1. Financial Statements (Unaudited)

3

Condensed Consolidated Balance Sheets - March 31, 2021 and December 31, 2020

3

Condensed Consolidated Statements of Operations - Three Months Ended March 31, 2021 and 2020

5

Condensed Consolidated Statements of Comprehensive Income (Loss) - Three Months Ended March 31, 2021 and 2020

6

Condensed Consolidated Statements of Changes in Stockholders’ Equity - Three Months Ended March 31, 2021 and 2020

7

Condensed Consolidated Statements of Cash Flows - Three Months Ended March 31, 2021 and 2020

8

Notes to the Condensed Consolidated Financial Statements

10

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

42

Item 3. Quantitative and Qualitative Disclosures About Market Risk

66

Item 4. Controls and Procedures

67

PART II

Item 1. Legal Proceedings

67

Item 1A. Risk Factors

68

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

68

Item 3. Defaults Upon Senior Securities

68

Item 4. Mine Safety Disclosures

68

Item 5. Other Information

68

Item 6. Exhibits

68

SIGNATURES

69

2

Table of Contents

PART I - FINANCIAL INFORMATION

Item 1.         Financial Statements

THE ST. JOE COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

(Unaudited)

March 31, 

December 31, 

    

2021

    

2020

ASSETS

 

  

 

  

Investment in real estate, net

$

569,201

$

551,653

Investment in unconsolidated joint ventures

40,776

37,965

Cash and cash equivalents

 

52,313

 

106,794

Investments - debt securities

93,973

48,051

Investments - equity securities

 

1,589

 

2,623

Other assets

 

62,315

 

63,243

Property and equipment, net of accumulated depreciation of $61,816 and $60,433 at March 31, 2021 and December 31, 2020, respectively

 

27,456

 

20,846

Investments held by special purpose entities

 

205,770

 

206,149

Total assets

$

1,053,393

$

1,037,324

LIABILITIES AND EQUITY

 

  

 

  

Liabilities:

 

  

 

  

Debt, net

$

169,730

$

158,915

Other liabilities

 

76,930

 

72,035

Deferred tax liabilities, net

 

61,272

 

60,915

Senior Notes held by special purpose entity

 

177,357

 

177,289

Total liabilities

 

485,289

 

469,154

Commitments and contingencies (Note 18)

Equity:

 

  

 

  

Common stock, no par value; 180,000,000 shares authorized; 58,882,549 issued and outstanding at March 31, 2021 and December 31, 2020

 

296,873

 

296,873

Retained earnings

 

253,701

 

255,216

Accumulated other comprehensive loss

 

(1,210)

 

(1,472)

Total stockholders’ equity

 

549,364

 

550,617

Non-controlling interest

 

18,740

 

17,553

Total equity

 

568,104

 

568,170

Total liabilities and equity

$

1,053,393

$

1,037,324

See accompanying notes to the condensed consolidated financial statements.

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THE ST. JOE COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

(Unaudited)

The following presents the portion of the condensed consolidated balances attributable to the Company’s consolidated variable interest entities, which, as of March 31, 2021 and December 31, 2020, include the Pier Park North joint venture (“Pier Park North JV”), Pier Park Crossings LLC (“Pier Park Crossings JV”), Origins Crossings, LLC (“Watersound Origins Crossings JV”), SJWCSL, LLC (“Watercrest JV”), Watersound Closings & Escrow, LLC (“Watersound Closings JV”), Pier Park Crossings Phase II LLC (“Pier Park Crossings Phase II JV”), Pier Park Resort Hotel, LLC (“Pier Park Resort Hotel JV”), the 30A Greenway Hotel, LLC (“The Lodge 30A JV”), Panama City Timber Finance Company, LLC and Northwest Florida Timber Finance, LLC as discussed in Note 2. Summary of Significant Accounting Policies. Basis of Presentation and Principles of Consolidation. The following assets may only be used to settle obligations of the consolidated variable interest entities and the following liabilities are only obligations of the variable interest entities and do not have recourse to the general credit of the Company, except for covenants and guarantees discussed in Note 10. Debt, Net.

    

March 31, 

    

December 31, 

2021

2020

ASSETS

 

  

 

  

Investment in real estate

$

170,550

$

170,853

Cash and cash equivalents

 

6,957

 

2,639

Other assets

 

18,119

 

13,821

Investments held by special purpose entities

 

205,770

 

206,149

Total assets

$

401,396

$

393,462

LIABILITIES

 

  

 

  

Debt, net

$

145,430

$

139,592

Other liabilities

 

7,356

 

9,596

Senior Notes held by special purpose entity

 

177,357

 

177,289

Total liabilities

$

330,143

$

326,477

See accompanying notes to the condensed consolidated financial statements.

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THE ST. JOE COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Dollars in thousands except per share amounts)

(Unaudited)

Three Months Ended

March 31, 

    

2021

    

2020

 

Revenue:

  

  

Real estate revenue

$

21,053

$

5,808

Hospitality revenue

 

13,067

 

6,610

Leasing revenue

 

5,594

 

4,300

Timber revenue

 

1,591

 

1,856

Total revenue

 

41,305

 

18,574

Expenses:

 

  

 

  

Cost of real estate revenue

 

10,544

 

1,799

Cost of hospitality revenue

 

11,495

 

7,320

Cost of leasing revenue

 

2,664

 

612

Cost of timber revenue

 

141

 

179

Other operating and corporate expenses

 

7,069

 

6,916

Depreciation, depletion and amortization

 

3,853

 

3,073

Total expenses

 

35,766

 

19,899

Operating income (loss)

 

5,539

 

(1,325)

Other income (expense):

 

  

 

  

Investment income (loss), net

 

1,195

 

(1,609)

Interest expense

 

(3,671)

 

(3,345)

Gain on contribution to equity method investment

 

120

 

4,277

Other income, net

 

1,294

 

255

Total other expense, net

 

(1,062)

 

(422)

Income (loss) before equity in loss from unconsolidated affiliates and income taxes

 

4,477

 

(1,747)

Equity in loss from unconsolidated affiliates

(468)

(83)

Income tax (expense) benefit

 

(1,052)

 

495

Net income (loss)

 

2,957

 

(1,335)

Net loss (income) attributable to non-controlling interest

 

239

 

(198)

Net income (loss) attributable to the Company

$

3,196

$

(1,533)

NET INCOME (LOSS) PER SHARE

 

  

 

  

Basic and Diluted

 

  

 

  

Weighted average shares outstanding

 

58,882,549

 

59,375,618

Net income (loss) per share attributable to the Company

$

0.05

$

(0.03)

See accompanying notes to the condensed consolidated financial statements.

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THE ST. JOE COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Dollars in thousands)

(Unaudited)

Three Months Ended

March 31, 

    

2021

    

2020

Net income (loss):

$

2,957

$

(1,335)

Other comprehensive income (loss):

 

 

  

Net unrealized loss on available-for-sale investments

 

(2)

 

Net unrealized loss on restricted investments

 

 

(10)

Interest rate swap

157

(729)

Interest rate swap - unconsolidated affiliate

211

Reclassification of net realized gain included in earnings

 

(15)

 

(4)

Total before income taxes

 

351

 

(743)

Income tax (expense) benefit

 

(89)

 

188

Total other comprehensive income (loss), net of tax

 

262

 

(555)

Total comprehensive income (loss), net of tax

3,219

(1,890)

Total comprehensive loss (income) attributable to non-controlling interest

239

(198)

Total comprehensive income (loss) attributable to the Company

$

3,458

$

(2,088)

See accompanying notes to the condensed consolidated financial statements.

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THE ST. JOE COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(Dollars in thousands)

(Unaudited)

    

    

    

    

    

    

    

    

    

    

    

    

    

Common Stock

Accumulated Other

Outstanding

Retained

Comprehensive

Treasury

Non-controlling

    

Shares

    

Amount

    

Earnings

    

(Loss) Income

    

Stock

    

Interest

    

Total

Balance at December 31, 2020

 

58,882,549

$

296,873

$

255,216

$

(1,472)

$

$

17,553

$

568,170

Capital contribution from non-controlling interest

 

 

 

 

 

 

1,745

 

1,745

Capital distribution to non-controlling interest

 

 

 

 

 

 

(319)

 

(319)

Dividends ($0.08 per share)

(4,711)

(4,711)

Other comprehensive income, net of tax

 

 

 

 

262

 

 

 

262

Net income

 

 

 

3,196

 

 

 

(239)

 

2,957

Balance at March 31, 2021

 

58,882,549

$

296,873

$

253,701

$

(1,210)

$

$

18,740

$

568,104

Common Stock

Accumulated Other

Outstanding

Retained

Comprehensive

Treasury

Non-controlling

    

Shares

    

Amount

    

Earnings

    

Loss

    

Stock

    

Interest

    

Total

Balance at December 31, 2019

59,414,583

$

305,631

$

214,225

$

(335)

$

$

10,149

$

529,670

Stock based compensation expense

27

27

Repurchase of common shares

(411,113)

(6,807)

(6,807)

Adoption of ASU 2016-13 Financial Instruments - Credit Losses, net of tax

(90)

(90)

Other comprehensive income, net of tax

(555)

(555)

Net loss

(1,533)

198

(1,335)

Balance at March 31, 2020

59,003,470

$

305,658

$

212,602

$

(890)

$

(6,807)

$

10,347

$

520,910

See accompanying notes to the condensed consolidated financial statements.

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THE ST. JOE COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollars in thousands)

(Unaudited)

Three Months Ended

March 31, 

    

2021

    

2020

Cash flows from operating activities:

    

  

    

  

Net income (loss)

$

2,957

$

(1,335)

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

 

 

  

Depreciation, depletion and amortization

 

3,853

 

3,073

Stock based compensation

 

 

27

(Gain) loss on sale of investments

 

(17)

 

48

Unrealized loss on investments, net

1,049

4,761

Equity in loss from unconsolidated affiliates

468

83

Deferred income tax expense

 

268

 

935

Cost of real estate sold

 

9,839

 

1,593

Expenditures for and acquisition of real estate to be sold

 

(12,038)

 

(6,323)

Accretion income and other

 

(188)

 

(268)

Gain on contribution to equity method investment

(120)

(4,277)

Gain on insurance for damage to property and equipment, net

(866)

Changes in operating assets and liabilities:

 

  

 

Other assets

 

816

 

4,390

Other liabilities

 

3,807

 

1,408

Income taxes receivable

 

 

(998)

Net cash provided by operating activities

 

9,828

 

3,117

Cash flows from investing activities:

 

  

 

  

Expenditures for operating property

 

(24,319)

 

(32,974)

Expenditures for property and equipment

 

(803)

 

(1,476)

Proceeds from insurance claims

866

Purchases of investments - debt securities

(84,971)

(49,927)

Purchases of restricted investments

(12)

Maturities of investments - debt securities

39,000

Sales of investments - debt securities

36

Sales of investments - equity securities

 

9

 

2,502

Sales of restricted investments

1,173

1,208

Maturities of assets held by special purpose entities

 

416

 

415

Net cash used in investing activities

 

(68,593)

 

(80,264)

Cash flows from financing activities:

 

  

 

  

Capital contribution from non-controlling interests

 

1,745

 

Capital distribution to non-controlling interests

 

(319)

 

Capital contribution to unconsolidated affiliates

(2,500)

(600)

Repurchase of common shares

 

 

(6,807)

Dividends paid

(4,711)

Borrowings on debt

 

11,343

 

6,545

Principal payments for debt

 

(449)

 

(272)

Principal payments under finance lease obligation

(21)

(11)

Debt issuance costs

 

(540)

 

(193)

Net cash provided by (used in) financing activities

 

4,548

 

(1,338)

Net decrease in cash, cash equivalents and restricted cash

 

(54,217)

 

(78,485)

Cash, cash equivalents and restricted cash at beginning of the period

 

110,119

 

188,677

Cash, cash equivalents and restricted cash at end of the period

$

55,902

$

110,192

See accompanying notes to the condensed consolidated financial statements.

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THE ST. JOE COMPANY

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

(Dollars in thousands)

(Unaudited)

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the amounts shown in the condensed consolidated statements of cash flows.

March 31, 

March 31, 

    

2021

    

2020

Cash and cash equivalents

$

52,313

 

$

106,427

Restricted cash included in other assets

 

3,589

 

3,765

Total cash, cash equivalents and restricted cash shown in the accompanying condensed consolidated statements of cash flows

 

$

55,902

 

$

110,192

Restricted cash includes amounts reserved as a requirement of financing and development for certain of the Company’s projects.

Three Months Ended

March 31, 

2021

2020

Cash paid during the period for:

Interest, net of amounts capitalized

$

5,207

$

5,110

Income taxes

$

$

Non-cash financing and investment activities:

 

  

 

  

Non-cash contribution to equity method investment

$

(574)

$

(5,476)

Decrease in Community Development District debt

$

(2)

$

(225)

Transfers of operating property to property and equipment

$

7,092

$

346

Decrease in expenditures for operating properties and property and equipment financed through accounts payable

$

(551)

$

(1,556)

See notes to the condensed consolidated financial statements.

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THE ST. JOE COMPANY

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands, unless otherwise stated)

(Unaudited)

1. Nature of Operations

The St. Joe Company together with its consolidated subsidiaries (“St. Joe” or the “Company”) is a Florida real estate development, asset management and operating company with real estate assets and operations in Northwest Florida. Approximately 86% of the Company’s real estate is located in Florida’s Bay, Gulf, and Walton counties. Approximately 90% of the Company’s real estate land holdings are located within fifteen miles of the Gulf of Mexico.

The Company conducts primarily all of its business in the following three reportable segments: 1) residential, 2) hospitality and 3) commercial. See Note 17. Segment Information.

2. Summary of Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

The accompanying unaudited interim condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for reporting on Form 10-Q. Accordingly, certain information and footnotes required by United States generally accepted accounting principles (“GAAP”) for complete financial statements are not included herein. The unaudited interim condensed consolidated financial statements include the accounts of the Company and all of its majority-owned and controlled subsidiaries and variable interest entities where the Company deems itself the primary beneficiary. Investments in joint ventures (“JV”) and limited partnerships in which the Company is not the primary beneficiary are accounted for by the equity method. All significant intercompany transactions and balances have been eliminated in consolidation. The December 31, 2020 condensed consolidated balance sheet amounts have been derived from the Company’s December 31, 2020 audited consolidated financial statements. Certain prior period amounts in the accompanying condensed consolidated financial statements have been reclassified to conform to the current year presentation. These reclassifications had no effect on the Company’s previously reported total assets and liabilities, stockholders’ equity or net income (loss). Operating results for the three months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2021.

A variable interest entity (“VIE”) is an entity in which a controlling financial interest may be achieved through arrangements that do not involve voting interests. A VIE is required to be consolidated by its primary beneficiary, which is the entity that possesses the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and has the obligation to absorb losses or the right to receive benefits from the VIE that are significant to the entity. The Company consolidates VIEs when it is the primary beneficiary of the VIE, including real estate JVs determined to be VIEs. The Company continues to assess whether it is the primary beneficiary on an ongoing basis. See Note 4. Joint Ventures.

The unaudited interim condensed consolidated financial statements reflect all normal recurring adjustments that, in the opinion of management, are necessary for fair presentation of the information contained herein. The unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. The Company adheres to the same accounting policies in preparation of its unaudited interim condensed consolidated financial statements as the Company’s December 31, 2020 annual financial statements, except for recently adopted accounting pronouncements detailed below. As required under GAAP, interim accounting for certain expenses, including income taxes, are based on full year assumptions. For interim financial reporting purposes, income taxes are recorded based upon estimated annual income tax rates.

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Concentration of Risks and Uncertainties

The Company’s real estate investments are concentrated in Northwest Florida. Uncertain economic conditions could have an adverse impact on the Company’s real estate values.

On March 11, 2020, the World Health Organization characterized the outbreak of the novel coronavirus (“COVID-19”), as a global pandemic and recommended containment and mitigation measures. The economic conditions in the United States have been negatively impacted by the continued threat by the COVID-19 pandemic. The Company’s hospitality operations have already been, and may continue to be, disrupted by the impacts of the COVID-19 pandemic and the federal, state and local government actions to address it. While the breadth and duration of the COVID-19 pandemic impact is unknown, it could have a material adverse impact on the Company’s results of operations, cash flows and financial condition.

Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash, cash equivalents, investments, other receivables, investments held by special purpose entity or entities (“SPE”) and investments in retained interests. The Company deposits and invests cash with local, regional and national financial institutions, and as of March 31, 2021, these balances exceeded the amount of F.D.I.C. insurance provided on such deposits. In addition, as of March 31, 2021 the company had $16.0 million invested in short-term U.S. Treasury Bills classified as cash equivalents, $17.0 million invested in U.S. Treasury Money Market Funds, $94.0 million invested in U.S. Treasury Bills classified as investments – debt securities, and $1.6 million invested in two issuers of preferred stock that are non-investment grade.

Earnings Per Share

Basic and diluted earnings per share are calculated by dividing net income attributable to the Company by the weighted average number of common shares outstanding for the period. For the three months ended March 31, 2021 and 2020 the Company did not have any potential dilutive instruments, therefore, basic and diluted weighted average shares outstanding were equal.

Recently Adopted Accounting Pronouncements

Income Taxes

In December 2019, the FASB issued ASU 2019-12, Income Taxes - Simplifying the Accounting for Income Taxes which simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendment also improves consistent application of and simplifies GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The Company adopted the new guidance as of January 1, 2021. The adoption of this guidance did not have an impact on the Company’s financial condition, results of operations and cash flows.

Investments – Equity Securities, Investments-Equity Method and Joint Ventures and Derivatives and Hedging

In January 2020, the FASB issued ASU 2020-01, Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 (a consensus of the Emerging Issues Task Force), which clarifies the interaction between the accounting standard on recognition and measurement of financial instruments in Topic 321, Investments—Equity Securities and Topic 323, Investments—Equity Method and Joint Ventures. The Company adopted the new guidance as of January 1, 2021. The adoption of this guidance did not have a material impact on the Company’s financial condition, results of operations and cash flows.

Codification Improvements

In October 2020, the FASB issued ASU 2020-10, Codification Improvements that improves consistency by including all disclosure guidance in the appropriate disclosure sections and clarifies application of various provisions in the Codification. The Company adopted the new guidance as of January 1, 2021. The adoption of this guidance did not

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have an impact on the Company’s financial condition, results of operations and cash flows and did not have a material impact on the disclosures to the financial statements.

Recently Issued Accounting Pronouncements

Reference Rate Reform

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting that provides temporary optional guidance to ease the potential burden in accounting for or recognizing the effects of reference rate reform on financial reporting. The new guidance provides expedients and exceptions for applying GAAP to contract modifications and hedging relationships affected by reference rate reform if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference LIBOR or another reference rate that is expected to be discontinued due to reference rate reform. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848) which clarifies the original guidance that certain optional expedients and exceptions in contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. This new guidance was effective upon issuance and may be applied prospectively through December 31, 2022, as reference rate activities occur. There is no current impact to the Company from this guidance and the Company is evaluating the impact that the adoption of this guidance will have on its financial condition, results of operations and cash flows.

3. Investment in Real Estate

Real estate by property type and segment includes the following:

    

March 31, 

    

December 31, 

2021

2020

Development property:

 

  

 

  

Residential

$

115,099

$

116,911

Hospitality

 

66,430

 

51,113

Commercial

 

98,352

 

123,389

Other

 

3,259

 

2,691

Total development property

 

283,140

 

294,104

Operating property:

 

  

 

  

Residential

 

13,253

 

13,254

Hospitality

 

105,046

 

103,687

Commercial

 

246,054

 

216,439

Other

 

129

 

129

Total operating property

 

364,482

 

333,509

Less: Accumulated depreciation

 

78,421

 

75,960

Total operating property, net

 

286,061

 

257,549

Investment in real estate, net

$

569,201

$

551,653

Development property consists of land the Company is developing or intends to develop for sale or future operations and includes direct costs associated with the land, as well as development, construction and indirect costs. Residential development property includes residential communities such as Watersound Origins, SouthWood and WindMark Beach, as well as other communities. Hospitality development property consists of land, improvements and construction and development costs primarily related to the Pier Park Resort Hotel JV, Watersound Camp Creek club amenity, HomeWood Suites by Hilton hotel in Panama City Beach, Florida, The Lodge 30A JV hotel and a Hilton Garden Inn near the Northwest Florida Beaches International Airport, as well as other properties. Commercial development property primarily consists of land and construction and development costs for commercial, multi-family and industrial uses, including the Watersound Origins Crossings JV, Watersound Town Center, land holdings near the Northwest Florida Beaches International Airport and Port of Port St. Joe as well as other properties. Development property in the hospitality and commercial segments will be reclassified as operating property as it is placed into service.

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Operating property includes property that the Company uses for operations and activities. Residential operating property consists primarily of residential utility assets and certain rental properties. The hospitality operating property includes the WaterColor Inn, WaterSound Inn, The Powder Room, golf courses, a beach club and certain vacation rental properties. Commercial operating property includes property developed or purchased by the Company and used for retail, multi-family, senior living and commercial rental purposes, including property in the Pier Park North JV, VentureCrossings, Pier Park Crossings JV, Pier Park Crossings II JV, Watersound Origins Crossings JV, Watercrest JV and Beckrich Office Park as well as other properties. Commercial operating property also includes the Company’s timberlands. Operating property may be sold in the future as part of the Company’s principal real estate business.

4. Joint Ventures

The Company enters into JVs, from time to time, for the purpose of developing real estate and other business activities in which the Company may or may not have a controlling financial interest. GAAP requires consolidation of VIEs in which an enterprise has a controlling financial interest and is the primary beneficiary. A controlling financial interest will have both of the following characteristics: (i) the power to direct the VIE activities that most significantly impact economic performance and (ii) the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. The Company examines specific criteria and uses judgment when determining whether the Company is the primary beneficiary and must consolidate a VIE. The Company continues to assess whether it is the primary beneficiary on an ongoing basis. Investments in JVs and limited partnerships in which the Company is not the primary beneficiary are accounted for by the equity method.

The timing of cash flows for additional required capital contributions related to the Company’s JVs varies by agreement. The Company, as lender, entered into a $10.0 million secured revolving promissory note with the unconsolidated Latitude Margaritaville Watersound JV as borrower. Some of the Company’s consolidated and unconsolidated JVs have entered into financing agreements where the Company or its JV partners have provided guarantees. See Note 9. Other Assets, Note 10. Debt, Net and Note 18. Commitments and Contingencies for additional information.

Consolidated Joint Ventures

The Lodge 30A JV

The Lodge 30A JV was created in July 2020, when the Company entered into a JV agreement to develop and operate a boutique hotel in Seagrove Beach, Florida. The JV parties are working together to develop and construct the 85 room hotel. The hotel is located on Scenic County Highway 30A on land that was contributed to the JV by the Company’s JV partner. As of March 31, 2021 and December 31, 2020, the Company owned a 52.8% interest in the consolidated JV. The Company’s partner is currently responsible for the construction activities of the JV, but once operational, a wholly-owned subsidiary of the Company will manage the day-to-day operations of the hotel. The Company has significant involvement in the project design and development and approves all major decisions, including annual budgets and financing. The Company determined The Lodge 30A JV is a VIE and that the Company is the VIE’s primary beneficiary as of March 31, 2021 and December 31, 2020.

Pier Park Resort Hotel JV

Pier Park Resort Hotel JV was created in April 2020, when the Company entered into a JV agreement to develop and operate an Embassy Suites hotel in Panama City Beach, Florida. The JV parties are working together to develop and construct a 255 room hotel. The hotel is located on land in the Pier Park area that was contributed to the JV by the Company. As of March 31, 2021 and December 31, 2020, the Company owned a 70.0% interest in the consolidated JV. The Company’s partner is currently responsible for the construction activities of the JV, but once operational, a wholly-owned subsidiary of the Company will manage the day-to-day operations of the hotel. The Company has significant involvement in the project design and development, annual budgets and financing. The Company determined Pier Park Resort Hotel JV is a VIE and that the Company is the VIE’s primary beneficiary as of March 31, 2021 and December 31, 2020.

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Pier Park Crossings Phase II JV

Pier Park Crossings Phase II JV was created in October 2019, when the Company entered into a JV agreement to develop, manage and lease apartments in Panama City Beach, Florida. Construction of the 120 unit apartment community was completed in December 2020. The community is located on land in the Pier Park area that was contributed to the JV by the Company. As of March 31, 2021 and December 31, 2020, the Company owned a 75.0% interest in the consolidated JV. The Company’s partner is responsible for the day-to-day activities of the JV. However, the Company approves all major decisions, including project development, annual budgets and financing. The Company determined Pier Park Crossings Phase II JV is a VIE and that the Company is the VIE’s primary beneficiary as of March 31, 2021 and December 31, 2020.

Watersound Closings JV

Watersound Closings JV was created in October 2019, when the Company entered into a JV agreement to own, operate and manage a real estate title insurance agency business. As of March 31, 2021 and December 31, 2020, the Company owned a 58.0% interest in the consolidated JV. A wholly-owned subsidiary of the Company is the managing member of Watersound Closings JV and is responsible for the day-to-day activities of the business. As the manager of the JV, as well as the majority member, the Company has the power to direct all of the activities of the JV that most significantly impact economic performance. The Company determined Watersound Closings JV is a VIE and that the Company is the VIE’s primary beneficiary as of March 31, 2021 and December 31, 2020.

Watercrest JV

Watercrest JV was created in May 2019, when the Company entered into a JV agreement to develop and operate a new senior living community in Santa Rosa Beach, Florida. Construction of the 107 unit community was completed in the fourth quarter of 2020. The community is located on land that was contributed to the JV by the Company. As of March 31, 2021 and December 31, 2020, the Company owned an 87.0% interest in the consolidated JV. A wholly-owned subsidiary of the Company’s JV partner is responsible for the day-to-day activities of the community. However, the Company approves all major decisions, including project development, annual budgets and financing. The Company determined Watercrest JV is a VIE and that the Company is the VIE’s primary beneficiary as of March 31, 2021 and December 31, 2020.

Watersound Origins Crossings JV

Watersound Origins Crossings JV was created in January 2019, when the Company entered into a JV agreement to develop, manage and lease apartments in Watersound, Florida. The JV parties are working together to develop and construct the remaining 163 units of the 217 unit apartment community. The community is located on land near the entrance to the Watersound Origins residential community, which was contributed to the JV by the Company. As of March 31, 2021 and December 31, 2020 the Company owned a 75.0% interest in the consolidated JV. A wholly-owned subsidiary of the Company’s JV partner is responsible for the day-to-day activities of the community. However, the Company has significant involvement in the design of the development and approves all major decisions, including project development, annual budgets and financing. The Company determined Watersound Origins Crossings JV is a VIE and that the Company is the VIE’s primary beneficiary as of March 31, 2021 and December 31, 2020.

Pier Park Crossings JV

Pier Park Crossings JV was created in April 2017, when the Company entered into a JV agreement to develop, manage and lease apartments in Panama City Beach, Florida. The 240 unit apartment community is located on land in the Pier Park area that was contributed to the JV by the Company. As of March 31, 2021 and December 31, 2020, the Company owned a 75.0% interest in the consolidated JV. A wholly-owned subsidiary of the Company’s JV partner is responsible for the day-to-day activities of the community. However, the Company approves all major decisions, including project development, annual budgets and financing. The Company determined Pier Park Crossings JV is a VIE and that the Company is the VIE’s primary beneficiary as of March 31, 2021 and December 31, 2020.

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Pier Park North JV

During 2012, the Company entered into a JV agreement with a partner to develop a retail center at Pier Park North. As of March 31, 2021 and December 31, 2020, the Company owned a 60.0% interest in the consolidated JV. A wholly-owned subsidiary of the Company’s JV partner is responsible for the day-to-day activities of the retail center. However, the Company approves all major decisions, including project development, annual budgets and financing. The Company determined the Pier Park North JV is a VIE and that the Company is the VIE’s primary beneficiary as of March 31, 2021 and December 31, 2020.

Unconsolidated Joint Ventures

Investment in unconsolidated joint ventures includes the Company’s investment accounted for using the equity method. The following table presents detail of the Company’s investment in unconsolidated joint ventures and total outstanding debt of unconsolidated JVs:

    

March 31, 

    

December 31, 

2021

2020

Investment in unconsolidated joint ventures

 

  

 

  

Latitude Margaritaville Watersound JV

$

26,714

$

24,288

Sea Sound Apartments JV

10,346

10,348

Pier Park TPS JV

 

2,314

 

2,149

Busy Bee JV

 

1,402

 

1,180

Total investment in unconsolidated joint ventures

$

40,776

$

37,965

 

  

 

  

Outstanding debt of unconsolidated JVs

Latitude Margaritaville Watersound JV (a)

$

7,599

$

3,297

Sea Sound Apartments JV

15,648

8,789

Pier Park TPS JV

14,340

14,388

Busy Bee JV

6,539

6,614

Total outstanding debt of unconsolidated JVs (b)

$

44,126

$

33,088

(a)See Note 9. Other Assets for additional information on the $10.0 million secured revolving promissory note Company entered into with the unconsolidated Latitude Margaritaville Watersound JV.
(b)See Note 18. Commitments and Contingencies for additional information.

The following table presents detail of the Company’s equity in (loss) income from unconsolidated affiliates:

Three Months Ended March 31, 

2021

2020

Equity in (loss) income from unconsolidated affiliates

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