Risk Factors Update Summary

• Risks We may not be able to successfully implement our management estimates. As of December 31, 2022, we had approximately $1,018 million of real estate investments, $66 million of investment in unconsolidated joint ventures, and $66 million of property and equipment, net recorded on our books.
• Risks We face competition in our multi-family and senior living communities. The forestry business is highly competitive, including non-wood and engineered wood products.
• Risks Certain joint ventures may be material to our business. For example, for the year ended December 31, 2023, our equity in income from the unconsolidated Latitude Margaritaville Watersound JV accounted for over 20% of our pre-tax income.
• Risks Changes in fiscal monetary policy, interest rate levels, and market conditions may impact our developments and assets located in Northwest Florida.
• Risks Our partners' actions, economic instability, and capital markets volatility may affect our new business endeavors or product investments.
• Risks Our leasing projects are subject to fluctuations in the general economy, construction costs, and delays in project completion.
• Risks Our significant cash balances are invested in U.S. Treasury Bills and investment-grade securities, subject to price fluctuations and credit risk.