Real Estate Joint Ventures (Tables)

6 Months Ended

Jun. 30, 2020

Investments

Schedule of financial information of unconsolidated joint venture

	June 30,		December 31,
	2020		2019
Investment in unconsolidated joint ventures
Latitude Margaritaville Watersound JV	$	18,518	$	791
Pier Park TPS JV		2,235		3,083
Sea Sound Apartments JV (a)		7,363		—
Busy Bee JV		1,177		1,210
Total investment in unconsolidated joint ventures	$	29,293	$	5,084
Outstanding debt of unconsolidated JVs
Latitude Margaritaville Watersound JV	$	55	$	—
Pier Park TPS JV		13,274		6,791
Busy Bee JV		6,394		1,451
Total outstanding debt of unconsolidated JVs (b)	$	19,723	$	8,242

a) JV was formed in January 2020.

b) See Note 18. Commitments and Contingencies for additional information.

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

	Three Months Ended June 30, 2020		Six Months Ended June 30, 2020
Equity in loss from unconsolidated affiliates
Latitude Margaritaville Watersound JV	$	(93)	$	(167)
Pier Park TPS JV		(3)		(6)
Busy Bee JV		(27)		(33)
Total equity in loss from unconsolidated affiliates	$	(123)	$	(206)

Latitude Margaritaville Watersound JV

Investments

Schedule of financial information of unconsolidated joint venture

	June 30,		December 31,
	2020		2019
BALANCE SHEETS:
Investment in real estate (a)	$	5,322	$	1,116
Cash and cash equivalents		166		525
Other assets		2		—
Total assets	$	5,490	$	1,641
Debt	$	55	$	—
Other liabilities		304		58
Equity		5,131		1,583
Total liabilities and equity	$	5,490	$	1,641

(a) As of June 30, 2020, investment in real estate includes the land contributed to the Latitude Margaritaville Watersound JV at the Company’s historical cost basis of $1.3 million.

	Three Months Ended June 30, 2020		Six Months Ended June 30, 2020
STATEMENTS OF OPERATIONS:
Total expenses	$	186	$	335
Net loss	$	(186)	$	(335)

Sea Sound Apartments JV

Investments

Schedule of financial information of unconsolidated joint venture

	June 30,
	2020
BALANCE SHEET:
Investment in real estate	$	14,705
Cash and cash equivalents		3
Other assets		509
Total assets	$	15,217
Other liabilities	$	2,910
Equity		12,307
Total liabilities and equity	$	15,217

Pier Park TPS JV

Investments

Schedule of financial information of unconsolidated joint venture

	June 30,		December 31,
	2020		2019
BALANCE SHEETS:
Property and equipment, net	$	18,502	$	14,775
Cash and cash equivalents		366		51
Other assets		512		12
Total assets	$	19,380	$	14,838
Debt, net	$	12,969	$	6,480
Other liabilities		1,952		2,193
Equity		4,459		6,165
Total liabilities and equity	$	19,380	$	14,838

	Three Months Ended June 30, 2020		Six Months Ended June 30, 2020
STATEMENTS OF OPERATIONS:
Total revenue	$	533	$	533
Cost of revenue		251		251
Expenses		260		260
Total expenses		511		511
Operating income		22		22
Interest expense		(34)		(34)
Net loss	$	(12)	$	(12)

Busy Bee JV (SJBB, LLC)

Investments

Schedule of financial information of unconsolidated joint venture

	June 30,		December 31,
	2020		2019
BALANCE SHEETS:
Property and equipment, net	$	8,301	$	3,886
Cash and cash equivalents		45		36
Other assets		883		28
Total assets	$	9,229	$	3,950
Debt, net	$	6,301	$	1,349
Other liabilities		553		181
Equity		2,375		2,420
Total liabilities and equity	$	9,229	$	3,950

	Three Months Ended June 30, 2020		Six Months Ended June 30, 2020
STATEMENTS OF OPERATIONS:
Total expenses	$	54	$	65
Net loss	$	(54)	$	(65)