Financial Data and Key Metrics Changes - In Q4 2025, the company reported a 24% increase in revenue and a 58% increase in net income compared to the previous year [4] - For the full year, revenue increased by 27% to $513.2 million from $402.7 million, and net income increased by 56% to $115.6 million from $74.2 million [5] - Earnings per share rose to $2 from $1.27, marking the first time in 23 years that the company achieved this level [5][6] Business Line Data and Key Metrics Changes - Homesite gross margins increased to 51% from 47%, while leasing gross margins rose to 57% from 54% [7] - Hospitality gross margins slightly decreased to 31% from 32%, attributed to opening expenses related to new facilities [7] Market Data and Key Metrics Changes - The company has local and state government approval for 10 Detailed Specific Area Plans (DSAPs), each with at least 1,000 acres of mixed-use projects, indicating a strong pipeline for future growth [9] - The residential home site pipeline had approximately 23,900 home sites in various stages of planning, an increase of 2,200 from the end of 2024 [9] Company Strategy and Development Direction - The company aims to continue growing its recurring revenue, which currently constitutes 56% of its total revenue, as part of its sustainable business model [6][34] - Plans for breaking ground on new commercial buildings and an apartment complex in 2026 were discussed, reflecting ongoing development efforts [10][12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the performance of the new Delta flight from New York, indicating it has been performing well and may lead to increased demand for hospitality offerings [42] - The company is cautiously optimistic about the progress of the FSU Health Campus, which is expected to be a significant catalyst for the region [23] Other Important Information - The company accelerated stock repurchases in 2025, buying back 798,622 shares at an average price of $50.10, the highest repurchase in any quarter of 2025 [8] - The company has been actively managing its debt, with a focus on paying down higher-interest debt while maintaining low-cost long-term financing [24][26] Q&A Session Summary Question: Are there any new multifamily units or hotel operations planned for 2026 or 2027? - The company plans to break ground on a new apartment complex near the FSU Health campus and is constantly evaluating opportunities for new hotels and acquisitions [12] Question: What developments are coming in the Pier Park area? - The company is planning Pier Park East, which will include a family-oriented surf park as a second anchor alongside Topgolf [14] Question: Is stock buyback still a prudent allocation of capital given the recent price increase? - Management confirmed that stock buybacks remain a component of their capital allocation strategy [15] Question: How is the company addressing the high-value home sites at Camp Creek? - The company is planning new high-end retail custom home sites in Origins West, with ongoing planning and permitting [19] Question: What is the status of the Lake amenity and Pigeon Creek neighborhood? - The Lake amenity is in the planning phase, and discussions with a new builder for Pigeon Creek are progressing well [20][21] Question: How is the brokerage business performing? - The reception from the agent community has been positive, with more agents expressing interest in joining the brokerage than anticipated [43]