Joint Ventures (Tables)

12 Months Ended

Dec. 31, 2020

Investments

Schedule of financial information of unconsolidated joint venture

	December 31,		December 31,
	2020		2019
Investment in unconsolidated joint ventures
Latitude Margaritaville Watersound JV	$	24,288	$	791
Pier Park TPS JV		2,149		3,083
Sea Sound Apartments JV		10,348		—
Busy Bee JV		1,180		1,210
Total investment in unconsolidated joint ventures	$	37,965	$	5,084
Outstanding debt of unconsolidated JVs
Latitude Margaritaville Watersound JV (a)	$	3,297	$	—
Sea Sound Apartments JV		8,789		—
Pier Park TPS JV		14,388		6,791
Busy Bee JV		6,614		1,451
Total outstanding debt of unconsolidated JVs (b)	$	33,088	$	8,242

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

(b) See Note 21. Commitments and Contingencies for additional information.

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

	Year Ended December 31,
	2020		2019		2018
Equity in loss from unconsolidated affiliates
Latitude Margaritaville Watersound JV	$	(524)	$	(71)	$	—
Pier Park TPS JV		(112)		(6)		—
Busy Bee JV		(30)		—		—
Total equity in loss from unconsolidated affiliates	$	(666)	$	(77)	$	—

Latitude Margaritaville Watersound JV

Investments

Schedule of financial information of unconsolidated joint venture

	December 31,		December 31,
	2020		2019
BALANCE SHEETS:
Investment in real estate (a)	$	18,255	$	1,116
Cash and cash equivalents		1,603		525
Other assets		136		—
Total assets	$	19,994	$	1,641
Debt, net	$	2,844	$	—
Other liabilities		1,794		58
Equity		15,356		1,583
Total liabilities and equity	$	19,994	$	1,641

(a) As of December 31, 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 $1.8 million.

	Year Ended December 31,
	2020			2019
STATEMENTS OF OPERATIONS:
Total expenses	$	1,005	$	142
Net loss	$	(1,005)	$	(142)

Sea Sound Apartments JV

Investments

Schedule of financial information of unconsolidated joint venture

	December 31,
	2020
BALANCE SHEET:
Investment in real estate	$	29,085
Cash and cash equivalents		15
Total assets	$	29,100
Debt, net	$	8,378
Other liabilities		3,439
Equity		17,283
Total liabilities and equity	$	29,100

Pier Park TPS JV

Investments

Schedule of financial information of unconsolidated joint venture

	December 31,		December 31,
	2020		2019
BALANCE SHEETS:
Property and equipment, net	$	17,946	$	14,775
Cash and cash equivalents		1,705		51
Other assets		483		12
Total assets	$	20,134	$	14,838
Debt, net	$	14,090	$	6,480
Other liabilities		1,745		2,193
Equity		4,299		6,165
Total liabilities and equity	$	20,134	$	14,838

	Year Ended December 31,
	2020		2019		2018
STATEMENTS OF OPERATIONS:
Total revenue	$	2,338	$	—	$	—
Expenses:
Cost of revenue		1,209		—		—
Other operating expenses		161		—		—
Depreciation and amortization		962		—		—
Total expenses		2,332		—		—
Operating income		6		—		—
Interest expense		(230)		(13)		—
Net loss	$	(224)	$	(13)	$	—

Busy Bee JV (SJBB, LLC)

Investments

Schedule of financial information of unconsolidated joint venture

	December 31,		December 31,
	2020		2019
BALANCE SHEETS:
Property and equipment, net	$	8,466	$	3,886
Cash and cash equivalents		227		36
Other assets		717		28
Total assets	$	9,410	$	3,950
Debt, net	$	6,532	$	1,349
Other liabilities		506		181
Equity		2,372		2,420
Total liabilities and equity	$	9,410	$	3,950

	Year Ended December 31,
	2020		2019
STATEMENTS OF OPERATIONS:
Total revenue	$	5,846	$	—
Expenses:
Cost of revenue		4,364		—
Other operating expenses		1,057		—
Depreciation and amortization		229		—
Total expenses		5,650		—
Operating income		196		—
Other expense:
Interest expense		(99)		—
Other expense, net		(145)		—
Total other expense		(244)
Net loss	$	(48)	$	—