Joint Ventures (Tables)

9 Months Ended

Sep. 30, 2020

Investments

Schedule of financial information of unconsolidated joint venture

	September 30,		December 31,
	2020		2019
Investment in unconsolidated joint ventures
Latitude Margaritaville Watersound JV	$	21,048	$	791
Pier Park TPS JV		2,192		3,083
Sea Sound Apartments JV (a)		10,348		—
Busy Bee JV		1,260		1,210
Total investment in unconsolidated joint ventures	$	34,848	$	5,084
Outstanding debt of unconsolidated JVs
Latitude Margaritaville Watersound JV (b)	$	1,542	$	—
Sea Sound Apartments JV (a)		1,260		—
Pier Park TPS JV		14,388		6,791
Busy Bee JV		6,638		1,451
Total outstanding debt of unconsolidated JVs (c)	$	23,828	$	8,242

a) JV was formed in January 2020.

b) 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.

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Equity in (loss) income from unconsolidated affiliates
Latitude Margaritaville Watersound JV	$	(136)	$	—	$	(304)	$	—
Pier Park TPS JV		(41)		—		(47)		—
Busy Bee JV		82		—		50		—
Total equity in loss from unconsolidated affiliates	$	(95)	$	—	$	(301)	$	—

Latitude Margaritaville Watersound JV

Investments

Schedule of financial information of unconsolidated joint venture

	September 30,		December 31,
	2020		2019
BALANCE SHEETS:
Investment in real estate (a)	$	10,328	$	1,116
Cash and cash equivalents		1,225		525
Other assets		162		—
Total assets	$	11,715	$	1,641
Debt	$	1,542	$	—
Other liabilities		551		58
Equity		9,622		1,583
Total liabilities and equity	$	11,715	$	1,641

(a) As of September 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 and additional completed infrastructure improvements of $0.7 million.

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020			2019	2020			2019
STATEMENTS OF OPERATIONS:
Total expenses	$	260	$	—	$	595	$	—
Net loss	$	(260)	$	—	$	(595)	$	—

Sea Sound Apartments JV

Investments

Schedule of financial information of unconsolidated joint venture

	September 30,
	2020
BALANCE SHEET:
Investment in real estate	$	20,729
Total assets	$	20,729
Debt, net	$	800
Other liabilities		2,646
Equity		17,283
Total liabilities and equity	$	20,729

Pier Park TPS JV

Investments

Schedule of financial information of unconsolidated joint venture

	September 30,		December 31,
	2020		2019
BALANCE SHEETS:
Property and equipment, net	$	18,320	$	14,775
Cash and cash equivalents		1,496		51
Other assets		531		12
Total assets	$	20,347	$	14,838
Debt, net	$	14,087	$	6,480
Other liabilities		1,876		2,193
Equity		4,384		6,165
Total liabilities and equity	$	20,347	$	14,838

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
STATEMENTS OF OPERATIONS:
Total revenue	$	1,001	$	—	$	1,534	$	—
Cost of revenue		515		—		789		—
Other operating expenses		92		—		130		—
Depreciation and amortization		379				578
Total expenses		986		—		1,497		—
Operating income		15		—		37		—
Interest expense		(98)		—		(132)		—
Net loss	$	(83)	$	—	$	(95)	$	—

Busy Bee JV (SJBB, LLC)

Investments

Schedule of financial information of unconsolidated joint venture

	September 30,		December 31,
	2020		2019
BALANCE SHEETS:
Property and equipment, net	$	8,670	$	3,886
Cash and cash equivalents		202		36
Other assets		760		28
Total assets	$	9,632	$	3,950
Debt, net	$	6,548	$	1,349
Other liabilities		582		181
Equity		2,502		2,420
Total liabilities and equity	$	9,632	$	3,950

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
STATEMENTS OF INCOME:
Total revenue	$	3,360	$	—	$	3,360	$	—
Cost of revenue		2,510		—		2,510		—
Other operating expenses		530		—		580		—
Depreciation and amortization		135		—		135		—
Total expenses		3,175		—		3,225		—
Operating income		185		—		135		—
Interest expense		(39)		—		(54)		—
Net income	$	146	$	—	$	81	$	—